Neil Woodford Disaster of the day 3: Kier – trading in-line (i.e. grim) and the rats are leaving the sinking ship
Tom Winnifrith Bearcast: Lucky Lord Lucan don't bludgeon the Angus share price to death, it's time to 'fess up
Neil Woodford disaster of the day 2: Non-Standard Finance “moderating” targets & warning on profits. Ouch!
Neil Woodford disaster of the day 1: Eddie Stobart refinancing via 25% interest rate loan, equity almost worthless
It seems that someone wants out of ShareProphets AIM-China Filthy Forty play China New Energy – the shares plunged 18% yesterday to just 1p on no news. And yet only on Monday we were told that some outfit in the BVI had offered up a £1.118 million loan “for general corporate expenses”, convertible at 4.7p upon a listing in Asia. This, from a company which claims to be profitable!
AIM-listed member of the ShareProphets AIM-China Filthy Forty, China New Energy (CNEL) has announced a £1.118 million (before expenses) convertible loan with an entity called Double River Limited of the BVI. With the shares previously at just 1.125p, the conversion price of 4.7p seems a little on the too-good-to-be-true side of things, and is conditional on China New gaining a listing on a stock market in Asia. What’s not to like?
Last Night at 4.39pm – after hours at no-one-is-watching o’clock, ShareProphets AIM-China Filthy Forty member (one of just seven remaining) China New Energy (CNEL) issued a Trading Update. Except the meat of the dish was not about the company’s trading, it was about trading in its shares. We are told the Company is currently considering and assessing all the options available for fund raising in other stock exchanges. Aha - it is voluntary execution ahoy!
AIM-listed China New Energy (CNEL) of the ShareProphets AIM-China Filthy Forty has this morning delivered its interims ahead of Friday’s deadline. So no pending execution here, then! Chairman Yu Weijun tells us that he is very pleased to report that the Company's continued revenue growth and profitability……The company has a current order book and work in progress of RMB 294 million (c. £34m) to be fulfilled by December 2019, and I am confident that the business outlook is for continued profitability. Well, that’s great news. Of course, there are a few questions to be raised, though….
ShareProphets AIM-China Filthy Forty play China New Energy (CNEL) put out its full year numbers for 2017 at 7am on deadline day, last Friday. It boasted significantly increased revenues and profits, so all’s well? Er…
On 27 December 2017, ShareProphets AIM-China Filthy Forty play China New Energy (CNEL) announced an EGM to allow it to buy up to 20% of its shares back. The EGM duly passed the relevant resolutions on 17 January 2018. So how many shares has it bought back?
AIM-China play China New Energy (CNEL) is one of the few remaining members of our Filthy Forty still trading on the Casino. This morning saw its interims to 30 June 2017 released and it claims to have turned over hugely increased revenues of RMB 69 million (c. £7.7 million) and registered a net profit of RMB 17 million (c. £1.2 million) as against the market capitalisation of £6 million. So why are the shares trading 4% lower? Er…look at the cashflow statement! And the company wants to conduct a buy-back of its shares! Ho ho, what with?
ShareProphets AIM-China Filthy Forty play China New Energy announced its AGM today. As I suspected HERE the company’s full year results revealed a bit of a need for cash and the AGM notice (HERE) confirms that the company is leaving the door wide open on that score.
ShareProphets AIM-China Filthy 40 play China New Energy (CNEL) posted its FY16 numbers this morning. On the face of it a profit of RMB 3.6 million (about £400,000) reads well, but a look at balance sheet suggests that as ever we are on the cusp of a placing, and what about those receivables?
It is five weeks since our last update on the portfolio of seven AIM stocks selected for Marcus Stuttard, the sham sheriff of AIM, to put his money into to show his faith in the system of regulation last September. As you will recall, these were all companies which we had Red Flagged but about which AIM Regulation had done nothing. Last month the losses were 61.7% in about 8 months.
ShareProphets AIM-China Filthy Forty play China New Energy (CNEL) updated the market on trading for FY2016. The company reported a profit at the interim stage and continued to perform well in the second half of 2016 with revenue (subject to audit) expected to be up to about RMB 72 million. There are also contracts announced totalling about RMB 80 million expected to see project completion in Q3 of this year. So all is going swimmingly – except that the company has raised more money. Clearly the profits are not turning into cash. Why?
If you ever wanted a case-study in Red Flags then look no further than the FY15 results of ShareProphets AIM-China Filthy Forty poster-boy China New Energy (CNEL). This is a company festooned in them. Just for starters, let’s take a look at yesterday morning’s RNS and the involvement of its “independent” NED. It just stinks. Never mind about AIM Rules, let’s get the share price up so that we can get more confetti issued.
ShareProphets AIM-China Filthy Forty play China New Energy (CNEL) has seen us hoist the Red Flag on several occasions before (see HERE) but its FT15 results, released on deadline day (Thursday) take the biscuit. The company is, quite simply, a disgrace and its advisers (Nomad Cairn and disgraced Broker Daniel Stewart) should be ashamed.
On 9 June 2016 ShareProphets AIM-China Filthy Forty play China New energy (CNEL) announced that it had raised £750,000 from a subscription by funds managed by an institutional fund manager at a price of 2p (a 25% discount to the prevailing price). Ah, so the big boys had invested? Er….
ShareProphets AIM-China Filthy Forty play China New Energy (CNEL) has seen its shares heading higher in the last few sessions on the back of expectations of contract developments in Zambia. It is all still yet to be confirmed, of course, and in any case the mooted deal seems a tad incestuous to me. Oh, and it involves an Investment and Protection Agreement (IPPA) – whatever that may be (but I fancy that an IPPA is a different thing to a contract!) Well blow me down with a feather: this morning we had a placing announced – at a very healthy 25% discount to yesterday’s close.
Just three weeks ago, during the no-one-is-watching fortnight of Christmas and New Year, ShareProphets AIM-China Filthy Forty play China New Energy (CNEL) completed a keep-the-lights-on placing in what I wondered was the fastest pump and dump in history. It was, in my view, a disgraceful affair: announce what appears to be a significant contract to send the shares rocketing higher (it did) and then 39 minutes later announce a massively discounted placing into the rise. The grateful company brought in some meter money (just £200,000 before expenses) but the new shares issued represented 3.28% of the enlarged capital. Surely that is a notifiable holding?
This morning at 8.47am F40 AIM-listed China New Energy (CNEL) announced a contract worth CAD$3 million. The shares rocketed on the news, from an open at about 2p to peak at over 2.5p. Thirty-nine minutes later came the dump, in the form of a placing at just 1.5p in a keep-the-lights-on issue which raised just £200,000. Nice work, fellas - I'll bet anyone who piled in on the contract news at up to 2.5p is delighted with their purchase, with the shares now languishing at just 1.725p last seen. This is a disgrace.
Following THIS PIECE at the weekend we have had a communication from Mr Richard Bennett, the independent NED at ShareProphets AIM-China Filthy Forty member China New Energy (CNEL). To remind readers, we were wondering who or what was Sunbird Bioenergy Africa Limited - the outfit with which China New announced a MOU had been signed last week regarding projects in Zimbabwe and Zambia.
ShareProphets AIM-China Filthy Forty outfit China New Energy (CNEL) announced a memorandum of understanding with Sunbird Bioenergy Africa Limited on Friday, in relation to projects in Zimbabwe and Zambia. It also announced that the signing of any binding agreement would be treated as a Related Party Transaction since Mr Richard Bennett, China New’s sole independent NED (see HERE) is a director of Sunbird. I’ve already discussed the potential corporate governance Red Flag that I see from that (HERE) but what or who is “Sunbird Bioenergy Africa Limited”?
Shares in the ShareProphets AIM-China Filthy Forty outfit China New Energy (CNEL) have been on the up lately, rising from around 0.65p in mid-October to peak yesterday at over 5p a share, before closing at 3.7p. Quite a ride! This appears to have been on the back of indications that a deal was in the offing and yesterday some flesh was put on the bone.
ShareProphets AIM-China Filthy Forty member China New Energy (CNEL) has announced a Statement re Press Comment which appears to raise a number of corporate governance issues. I wonder how the Nomad, Cairn, will react. The shares are flying – up by a whopping 186% last seen. Mind you, at 1.35p there is an awfully long way to go before the shares get back to the IPO price of 7p. But what is really going on here?
AIM-listed China Companies with characteristic Red Flags seem to be coming thick and fast as featured articles here on ShareProphets. Tom Winnifrith was on record some time ago saying that any Chinese company listed on AIM was an automatic bargepole, and with good reason. We’ve had Naibu (NBU) and Sorbic International (SORB) already given their marching orders by AIM, after spending over month looking for a new Nomad. Indeed, with Naibu’s CEO jailed and evidence that the cash it claimed to have was all fiction, and Sorbic’s rather more straightforward situation that the CEO ran off with the cash and the assets (and the Chinese authorities seem reluctant to intervene) it is hard to avoid the conclusion that these were just plain, abject frauds from top to bottom.
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