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First Derivatives – surprise banking news raises new questions & 8 questions for tomorrow's rampfest

2019-02-06 04:02:58

First Derivatives (FDP) has rather shocked us all with news that it has secured a new banking facility for £130 million.  But that begs another big question which I have added to my list for tomorrow’s capital markets rampfest. 

ARTICLE

First Derivatives – top broker Berenberg slashes target price by more than 50%

2019-01-07 05:09:33

Oops a daisy. It looks as if some folks in the City have finally been reading our exposes on First Derivatives (FDP) and are finally waking up to the issues of cash generation, or rather lack of it. Top broker Berenberg was a major bull but has slashed its target price, as you can see in the full note below, from £43 to just £21.  Welcome to the party fellows but you are still way too generous – fair value is well under £10 a share.

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First Derivatives – now tell us about Kx and Shakti: does this make your $53.8m ( which you don't have) a pure spunk?

2018-12-24 01:20:49

Given that its IPO prospectus was fraudulent and how its earnings have been materially overstated in recent years as demonstrated here, only the sort of moron who would back the fraud Globo to the hilt would still be owning shares in First Derivatives (FDP). They are an outstanding short at 2125p. But now lets look at kX and something that might just blow up First early in the new year.

ARTICLE

A Formal Request to the Financial Reporting Council to investigate First Derivatives

2018-11-14 03:08:52

As you may be aware, the accounting watchdog, the Financial Reporting Council (FRC) is a great admirer of the work of The Sheriff of AIM. And always keen to give my good friends a pointer, I have today submitted a formal request to investigate the last three year’s accounts of First Derivatives (FDP).  The issue is whether stated earnings represent the underlying picture. My letter, below, is to the point.

ARTICLE

First Derivatives - it is smoke & mirrors - keep selling

2018-11-08 07:51:54

Reading the interims of First Derivatives (FDP), purveyors of smoke and mirrors to the gullible analyst community, the questions continue to stack up. 

ARTICLE

First Derivatives shares surge on interims but 11 points you may wish to consider

2018-11-06 08:22:56

As I write, shares in First Derivatives (FDP) the company floated via a fraudulent IPO and which has overstated its earnings by c50% for each of the past three years, are surging. Interims have gone down well and the stock is up 160p ( c5%) at £34.10. But hang on Henry… here are 11 points you may wish to consider before buying

NEWSFLOW ARTICLE

D day Looms for First Derivatives - keep selling

2018-10-28 14:04:22

It could be that the current market turbulence is no more than an entry point for easily the most successful investment strategy of the last ten years: BTFD (Buy the Fucking dips) but I sense that this time we might be about to discover who has been swimming without trunks.

ARTICLE

BREAKING: First Derivatives - will "interesting" sales tactics be revealed in a US court?

2018-10-18 12:48:34

Anyone still owning shares in First Derivatives (FDP) after our string of revelations culminating in today's uber-aggressive mega-earnings flattering accounting policies HERE, is bonkers. Well it never rains but it pours...

ARTICLE

First Derivatives - are its reported earnings real? After 20 years is KPMG sure?

2018-10-18 07:10:38

A few days ago I showed hard evidence that the 2002 IPO of First Derivatives (FDP) was based on false earnings. That was dismissed by supporters as being so long ago that it did not matter. It does! But how about we move to the issue of whether reported earnings in the past three years are "real" or cooked up. I suggest it may well be the latter in which case the stock is going to tank at some stage, soon, when investors realise this. Let me explain...

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The fund manager who defended the Globo fraud to the end weighs in to bat for First Derivatives

2018-10-16 09:14:58

We pointed out numerous red flags at Globo (GBO) for two years before finally sinking the fraud by publishing Gabriel Grego’s dynamite dossier but some folks knew better. In the fund management community the fraud’s biggest supporter was Harry Nimmo of Standard Life whose fund (other folks cash) were on the register to the bitter end. Harry was a true Globo believer. Now he has weighed into bat for First Derivatives (FDP) which has also, arguably, committed fraud as we revealed HERE.

ARTICLE

Shenanigans at First Derivatives Don’t Look Good. Sell

2018-10-15 11:16:55

I doubt that there was the slightest sense of embarrassment at last week’s AIM awards (a ghastly sounding knees up for the world’s seediest stock market) when First Derivatives (FDP) picked up two gongs: Best Technology award for the company itself and Entrepreneur of the Year Award for its founder and CEO Brian Conlon. Presumably these awards were decided well before First’s price tanked amid some serious concerns being raised and the organisers, in true AIM style, were too gormless to think on their feet and give them out to a less dodgy enterprise.

ARTICLE

First Derivatives & the NASA "Customer win" er....

2018-10-11 09:53:25

Okay this is not a slam dunk pig and pork like the one that enabled the really dodgy IPO handled by bent broker JM Finn, bit it seems that every "deal" announced by First Derivatives (FDP) now has to be examined to see if it is what it purports to be.  Following on from the “contract win” with Red Bull Racing, which appears to be more akin to a sponsorship deal, another “contract win”, which should bear much closer scrutiny is the one with NASA.

ARTICLE

Tonight’s AIM awards Black-tie Dinner will nauseate more than ever but will a hat-trick of wins for First Derivatives expose this sham to one and all?

2018-10-11 07:48:47

I cannot remember the last time a Northern Ireland player scored a hat-trick in an international. But tonight I am hopeful that Belfast’s finest, First Derivatives (FDP), will pick up three gongs at the annual AIM Awards crony capitalists bean-feast and do the six counties proud. Heading the charge is CEO Brian Conlon who is short-listed for “entrepreneur of the year” sponsored by Octopus Investments. The Judges will have ruled on that before we pointed out that his whole IPO was based on a fraud. It gets better…

ARTICLE

First Derivatives – another curious deal: 1010 Data

2018-10-09 08:06:09

In a weekend bearcast I flagged up that the real issue with First Derivatives (FDP) is that its core business is a rotten generator of cash. And that – as well as the fraudulent IPO and dodgy related party deals is why the shares ( off again this morning to £28.35) remain massively overvalued.  So what do you do if you are set to report dire free cashflows? Natch turn to the Sam Antar playbook – meet 1010 Data   

ARTICLE

First Derivatives and its “Customer Wins”

2018-10-08 10:30:50

While readers reflect upon the various related party transactions undertaken by First Derivatives (FDP) over the years, see HERE and HERE, and in anticipation of  further revelations to come do the smart thing and SELL, it seems an opportune moment to consider more recent “contract wins”.

ARTICLE

First Derivatives - another related party deal that stinks, Carrickbridge Developments Limited

2018-10-08 08:58:25

The related party deal exposed HERE on Saturday that helped First Derivatives (FDP) to list via crooked broker JM Finn should have made any sane investor run for the hills. But for insane investors still on board there are more whiffy deals to examine. So here is number two...

ARTICLE

First Derivatives - is this a smoking gun?

2018-10-06 08:37:04

Matt Earl has already done valuable work on First Derivatives (FDP). But is there a smoking gun? Let's rewind sixteen years...2002 was a tough year to launch a tech IPO.  

ARTICLE

Table of shorted AIM shares - week to 05/10/2018

2018-10-06 07:29:43

From the FCA's spreadsheet of short positions required to be disclosed to it, the following shows the shorted AIM shares with positions from 2017 and thus far in 2018 (by net short position %) - and if this position has increased (red), reduced (green) or remained unchanged (black) since last week...

ARTICLE

Matthew Earl, the Dark Destroyer sticks the knife into First Derivatives ( he's right)

2018-10-03 11:22:06

The September letter from Matt Earl to investors in his Shadowfall fund has found its way, via Winnileaks, into my possession. I gather Matt does not want it published but Winnileaks works both way Mr DD! I had a pop at First Derivatives (FDP) myself back in June despite it hailing from God's chosen lands of Ulster, as you can see HERE.  Matt goes into far more detail in the 47 page document you can see below. 

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First Derivatives & scandal plagued KPMG Belfast – this is all too cosy: Sell

2018-06-28 00:47:55

I am the last person to berate the fine folks from my family’s ancestral homelands  of the Kingdom of Ulster or indeed the modern day province. SUFTUM is what I say as I wake up every morning to retweet - with my own comments - @onthisdayPira . But some communities are just perhaps just too tightly knit, too cosy. I refer to the accounting arrangements of First Derivatives (FDP).

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