Wednesday 18 October 2017 | ShareProphets: The one stop source for breaking news, expert analysis, and podcasts on fast-moving AIM and LSE listed shares
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The September 2017 edition of the UK Investor Magazine is now live: Adam Reynolds speaks, seven hot tips, gay penguins, and much more
Tom Winnifrith Bearcast: Another slam dunk lie in the MySquar trading statement - time for correction number 2
I have often grumbled about the inadequacies of the AIM NOMAD system which has always seemed to me to be an inherent conflict of interest. That is to say that NOMADs are expected to ensure that their client companies adhere to the AIM rules and given that they are paid by these companies, the temptation to ignore transgressions is irresistible, particularly given the reputation for inaction by the regulatory authorities.
I revealed yesterday how the ramptastic boss at uber-pump Harvest Minerals (HMI), Mr Brian McMaster, had branded Lucian Miers as an "internet troll" for having the temerity to (rightly) call the shares as a sell at 21.5p. The outrageous behaviour of this spivvy promoter makes me look at the shares, now 17.25p to sell, and I have to say that it is "red flags ahoy" - Lucian is 100% correct.
In an article just before Christmas Lucian Miers explained very clearly why at 21.5p shares in uber-ramped harvest Minerals (HMI) were a slam dunk sell. He makes hard and valid points - including that a placement is looming - HERE. The shares are now 17.5p to sell. And so a loon has emailed Brian McMaster who runs Harvest and posted his reply on the LSE Asylum. Brian the ramper fails to answer Lucian's points, fails to deny that it is placing ahoy but instead brands Lucian an "internet troll." McMaster writes:
On the face of it, Harvest Minerals (HMI), whose shares have quadrupled since they switched horses from the ASX to the AIM Casino a year ago, seem like a cracking good investment.
We do like to provide balance here on ShareProphets and in that vein we bring you yesterday’s morning note from Beaufort Securities, house broker to Harvest Minerals. As exclusively revealed HERE by Tom Winnifrith with his Sheriff’s hat on, the company pulled a placing at 8p last week, in the hope of getting one away at a higher price. But that appears to have triggered a short squeeze as forward-sellers were forced to cover their positions. But it now seems that it is full rampety-ramp steam ahead for a second attempt.
Its a ramp based in Australia which in the current climate of fevered bulishness is perhaps ideal. Shares in Harvest Minerals (HMI) started August at c5p - they are 21p today. The word from a reliable source is that Beaufort Securities - appointed as joint broker last month - was trying to do a placing at 8p. But...
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