Sunday 22 July 2018 | ShareProphets: The one stop source for breaking news, expert analysis, and podcasts on fast-moving AIM and LSE listed shares
When Fishing Republic (FISH) joined the AIM Casino at 15p in June 2015 it published an admission document bulging with red flags which I pointed out in numerous articles HERE. But brokers Northland pumped the stock shamelessly up to well over 40p to get away more placings. But today the shit hit the fan with a shock (lack of) profits warning but the maggots are only now starting to emerge. At 22.5p this is a zero in waiting.
Fishing Republic (FISH) is a company that I have been keeping a close eye on ever since it first listed on AIM back in June 2015 and, although I find it hard to see value at the current market cap, it is showing signs that it could grow into it.
As someone who works in the fishing tackle industry as my day job, and have done so for nearly 20 years, I watched with interest as the first retailer in the sector floated on the AIM market last June.
One of the more curious recent entrants to AIM is Fishing Republic (FISH), which claims to be the largest fishing tackle retailer in the UK. At first glance, it doesn’t look particularly suitable for the public markets. But the shares have more than doubled since flotation, so investors certainly seem to be excited about it!
AIM-listed Fishing Republic (FISH) only came to the Casino on 4 June 2015. Apparently newly listed companies are supposed to come to the world’s most successful growth market with 18 months’ working capital in the bag. But on Friday it was announced that Fishing Republic is calling a General Meeting in order to seek shareholder authorities to allow it to issue yet more confetti.
A trading statement today from joke company Fishing Republic (FISH) does nothing to dispel the idea that this is little more than a well spun can of maggots. Good try Fishing on sneaking out this gibberish when I am in New York on global shorting conspiracy business. Sadly for you I’m in the City that never sleeps and when in Rome…
I have already demonstrated how AIM listed Fishing Republic (FISH) has inflated reported profits by ignoring related party property costs HERE and how the valuation is a rum and coke HERE but now the real maggots are starting to emerge. With thanks to reader David, I conclude that this company is a shocker and simply not investment grade material.
Thanks to Paul Scott for his help on this one. I know that Gary Newman is a fan but I just do not get Fishing Republic (FISH) at all - the red flags are now highlighted. The Crony Capitalist City parasistes trousered fees of £550,000 ( two years after tax profits) from a £1.5 million fund raise at IPO (with directors pocketing £106,000) but I somehow suspect investors will not propser with this AIM casino chip.
Fishing Republic (FISH) is a company that I’ve been following with interest, and yesterday it announced its maiden half yearly results since listing on AIM on June 4 this year.
The sportfishing industry is one that I know well, as it has been part of my day job for many years! So it was with great interest that I followed the listing of Fishing Republic (FISH) on the AIM market earlier this month.
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