SRT Marine Systems – interims, how “comfortable” can the board really be re. achieving full-year expectations?…
Diversified Gas & Oil (DGOC), the largest oil company on AIM and an enterprise whose accounts are being scrutinised by the FRC for a wholesale breach of IFRS guidelines, has announced it plans to move from the Casino to the Premium segment of the Main Market of the London Stock Exchange in Q1 2020. Both Avanti (AVN) and Quindell (QPP) made similar promises to try to keep their shares afloat. Neither actually made it off AIM as promised although, several years later, an almost bankrupt Avanti will be delisting altogether.
I am delighted to say that my good friends at the Financial Reporting Council have acknowledged receipt of my dossier on Diversified Gas & Oil (DGOC) and are now looking at accounts which clearly need massive restatements. Meanwhile I see that the company is hosting a lunch for private investors on June 26 in London. Sadly I’m busy that day, as it is the day major renovations start at my Welsh hovel but if you want to attend email James Husband DGO@buchanan.uk.com . More pressing are the forthcoming interims….
As I noted in my earlier bonus bearcast, Diversified Gas & Oil (DGOC) or its agents at Cenkos, Stifel and Mirabaud are almost certainly briefing the dumb fucker insitutions who own this stock that I do not understand IFRS 3 and so my claim that its accounts grotesquely overstate "profits" and must all be restated are hogwash. Au contraire...I now refer you to PWC.
Yesterday I highlighted the numerous issues which make Diversified Gas & Oil (DCOG) the most overvalued oil stock on AIM. The crux of the issue is that its freported profits since IPO have been generated almost entirely from aggressive accounting as opposed to producing hydrocarbons. I believe its accounts breach IFRS 3 and must therefore be completely restated which will wipe out nearly all of its retained profits. Let me explain.
I take my hat off to a chap who has created the blog Oarfish Research for he is a truly talented individual who has produced some spectacular research on £878 million capitalised ( at 126p) AIM listed Diversified Gas & Oil (DGOC). Reading Mr Oarfish’s truly spectacular analysis I can only conclude that this company is monumentally overvalued. It could be the most overvalued stock on AIM.
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