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This is a typical AIM Cesspit tale of woe and greed. CSF Group (CSF) listed on the AIM casino in 2010, a smallish Malaysian company of no interest to anyone. But the advisers raked it in with fat fees and fat promises to the board and shareholders. Coke and hookers all round in the Square Mile. Wind forward to August 28 last year.
Previously featured on this website in August, it was CSF Group (CSFG) – proposed AIM cancellation, a warning, with the warning to sell / avoid – and be very wary of small companies with operations principally based far away but listed in London – see also, for example, our China AIM 'Filthy Forty'. A September EGM saw the company get insufficient support for the proposed cancellation, but today it’s “Resignation of nominated adviser”… and worse…
CSF Group (CSFG) has announced it is to call an EGM as it’s “proposed cancellation of trading on AIM”. The shares have currently responded more than 25% lower, to comfortably below 2p…
Hardly a day goes by on AIM without some complete piece of junk being pumped up to some crazy share price level, and it often happens as a result of private investors failing to actually read RNSs properly and understand what they mean. Today has been the turn of failing IT company CSF Group (CSFG).
AIM-listed CSF Group (CSFG) announced this morning that it is to call an EGM for shareholders to consider a resolution to delist from the world’s most successful growth market. The reasons cited are the lack of institutional demand, liquidity which is effectively meaningless and the failure to secure additional capital by way of equity financing. So much for AIM as a source of growth capital.
Scouring the market or bargains has the unsurprising result that most (nearly all) of what you find are stock market duds. Unfortunately, I think that those investors who have piled into CSF Group (CSFG) and helped the price to treble on Friday are going to find that it is no exception. Indeed, it looks quite a bit riskier than the typical “value” investment.
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