Saturday 21 July 2018 | ShareProphets: The one stop source for breaking news, expert analysis, and podcasts on fast-moving AIM and LSE listed shares
Lighthouse Group – half-year trading update, is ‘in line with expectations’ sufficient for the valuation?
Tom Winnifrith Bearcast: ahead of his next helping of Reynolds humble pie,. Cynical Bear sticks his todger in the Versarien hornet's nest - FWIW
We have been calling out AIM-listed Inspirit Energy Holdings (INSP) here on ShareProphets for an age: we reckoned the boiler room had no cash and its shares were below nominal. On Friday, at 2.54pm, as the market was getting ready for a nice sunny bank holiday weekend (talk about no-one-is-watching o'clock), up popped an RNS entitled “Issue of Convertible Loan Notes”. It is only after reading the whole RNS that you realise that they are proposing to split the ordinary shares of 0.1p into one ordinary share of just 0.001p and a deferred share (with no rights) of 0.099p. Oh, and incidentally, where is the Confirmation Statement on Companies House, which was due on 30 March?
AIM-listed Inspirit Energy (INSP) has released its interim accounts to December 2017. We are told the company is pleased to announce its interims. What there is to be pleased about rather escapes me – the company is drowning in payables and has hardly any cash left (if any at all).
I note that things have been very quiet of late over in the boiler room of AIM-listed Inspirit Energy (INSP). Normally that might be seen as a good thing – the company quietly getting on with making shareholders money, and not getting bogged down in ramptastic RNSs. But I wonder if there is a nasty brewing here...
We have had no news from the Inspirit (INSP) boiler room run by John Gunn and once graced by the great Dave Lenigas since its last placing completed in early September. By my maths the company is once again insolvent so how about another placing Mr Gunn? As a reminder of the maths...
7.45am Tuesday brought news of a placing by AIM-listed Inspirit Energy Holdings (INSP) for just £300,000 at 0.12p. Even that figure had to be propped up by a £50,000 contribution from (corporate Red Flag) CEO and Chairman John Gunn. It won’t last long, even if they get it through a general meeting to allow it to happen.
Look at the daily chart below. Tell me there was no insider dealing or market abuse going on here. It is that of Inspirit Energy (INSP). And then at 2.10 PM we finally had two announcements.
Having featured in the ‘New Year bury bad news stakes’ and with questions having been raised about CFO Nilesh Jagatia, I note shares in Inspirit Energy (INSP) remain in the doldrums following half-year results announced on 31st March. I also note the announcement was made at 9.49am. An attempt to miss the usual 7am RNS scrutiny?...
Nilesh Jagatia the former FD at now delisted AIM bad boy Teathers Financial (TEA) is now enmeshed in controvery not only over Teather's serial ability to file accounts on time but over how shareholder's cash was used not only on entertainment involving semi clad young ladies but also for apparently personal spending by Nilesh. One hopes that by now the Old Bill and HMRC have been asked to have a butcher's. Amazingly Mr Jagatia remains as FD at two other AIM Companies both, as it happens, run by John Gunn: Inspirit (INSP) and Octagonal (OCT). I have now written to John Gunn.
Oh dear. Oh dear. It looks as if the cash position at John Gunn's boiler room Inspirit Energy (INSP) is getting so very tight indeed. With the shares slipping to just 0.24p to sell and there being no sign of jam tomorrow being turned into anything resembling an order, we have just been passed judgement in a court case which closed this week.
On May 17th 2016 Inspirit Energy (INSP) raised £750,000 gross ( call it £700,000 net) at 0.5p per share but since then the news from the boiler room has been limited. The shares have tanked to just 0.29p and, worse, still, basic maths suggests that the jam tomorrow producer will be out of cash again within weeks. Is it placing ahoy? Methinks yes. Here are the maths.
We know from an Inspirit Energy Holdings (INSP) announcement on 17 May 2016 that Octagonal (OCT) remains a major shareholder in Inspirit and that John Gunn is a director of both Inspirit and also Octagonal. This really is a cosy old relationship between the two AIM POS companies.
I have no problem with folks taking payment to promote a stock. If a company wishes to spunk shareholders cash to pay an IR firm like Proactive to record a soft interview with its CEO that is not an issue as long as commercial interests are declared. You have got to be transparent. But Proactive Investors and the Daily Mail are showing no transparency and this is surely wrong. I refer to Inspirit (INSP) ramping.
It is good to see that Inspirit Energy (INSP) is spending the £750,000 from the bailout financing of last month wisely. Canapes and stockmarket hookers all round.
There is trouble in the boiler room...not that you'd know it if you read the bollocks being pushed out by jam tomorrow POS Inspirit Energy (INSP). The company has today issued an RNS which is laughable. It really is the most blatant crap you will read all day. Over to the boiler room:
There has been a real attempt to ramp Inspirit Energfy (INSP) on a six month timeframe ahead of today's placing. There were tweets from my fave Monaco based Colonial with whom I have a summer truce and whom I thus shall not mention, the utterly meaningless share purchases (spoofed ya!) by John Gunn and a series of soft paid for interviews with Sith Lord Zak "Judas" Mir and others when Mr Gunn said there was no need for a placing. So today there was a placing.
It has all gone a bit quiet in the boiler room but in the absence of any real news who better to step up to the plate and pretend that there is good news than fat Aussie share ramper Jabba The Hutt? With just 25 days to go until he is 100% exposed at UK Investor Show by myself (SEE HERE), today David Lenigas tweeted:
Last week I pointed out that Inspirit Energy (INSP) is merely a relaunch of a company that went bust and as such any claims that its IP was either revolutionary or valuable were likely to be spurious. Just to demonstrate this compare its offering with that of a listed competitor
Annual accounts and other statements indicate that John Gunn has a very significant holding in AIM Casino listed Inspirit Energy (INSP) which some private investors probably take comfort from. The ally of Jabba The Hutt always says that he is in it with ordinary investors. Well, up to a point. Let's rewind.
The Jeremy Paxman of the financial world, Mr Zak Mir went into the boiler room to interview Inspirit Energy (INSP). Gosh this interview is probing. Not. Over to the Sith Lord.
And so, in the face of all the questions being asked about AIM-listed Inspirit Energy Holdings plc (INSP), rather than answer them we had news yesterday that the Chairman and CEO, Mr John Gunn, had dipped into the market and bought 5 million shares. But what of the elephant in the room?
I published a book last year "49 Red Flags" - there are actually 50 listed and the book explians why each is important in avoiding piss-poor investments. As a little exercise the deputy Sheriff of AIM and I have applied the check list to Inspirit Energy PLC (INSP) and the results are appalling.
Just to be helpful to AIM-listed Inspirit Energy (INSP), here is how ShareProphets Filthy Forty member Asian Citrus (ACH) announced a change of Auditor earlier today:
Having posed a few questions over the change of auditor already, another one crosses my mind. It concerns dates. We have already seen that AIM-listed Inspirit Energy Holdings (INSP) mis-stated in its results RNS of New Year's Eve that both the 2014 and 2015 acounts had been audited by Welbeck. Yet we know that the 2014 accounts were audited by PKF Littlejohn LLP - and elsewhere in the results RNS we are told that PKF resigned during the year. Something is wrong somewhere! One could explain this away perfectly reasonably, of course, by postulating that it was just a cut-and-paste error with regard to the statement about Welbeck. But there are a few more details....
AIM-listed Inspirit Energy Holdings plc (INSP) has confirmed that its change of auditor was due to the resignation of PKF Littlejohn. There is a statement in FY15 accounts that the auditor was appointed during the year following the resignation of PKF Littlejohn LLP. But that means that PKF resigned during the year to way back in June 2015. When an auditor resigns there is supposed to be a filing to Companies House to that effect, with an accompanying letter from the retiring auditor giving the circumstances relating to the resignation, or a statement that there is nothing to be brought to the attention of the members or creditors of the company. Those are supposed to be filed to Companies House within fourteen days. Here we are more than six months later: where are they?
I have already flagged up enough Red Flags with regard to the ex-Lenigas play, AIM-listed Inspirit Energy (INSP) - see HERE and HERE - to consider it a share to keep well clear of even Desperate Dan's bargepole. But a change of Auditor is also a Red Flag, and there appears to be no statutory filing showing on the Companies House website to explain why PKF Littlejohn LLP is no longer in post.
The ex-Lenigas stock that is AIM-listed Inspirit Energy (INSP) issued its full year results to 20 June 2015 on the day of its reporting deadline of New Year's Eve. Just the timing of the RNS during no-one-is-watching o'clock week is a Red Flag in itself. But quite how it has taken six months to collate its numbers when there are no sales is a mystery to me - that is another Red Flag, but there are plenty more. For a start, there is a change of auditor but a glaring error and a few other matters leave me reaching for the bargepole even before looking at the balance sheet.
Oh dear. This looks horribly like a breach of AIM Rules - perhaps the company (or some avid reader) can help me because I can't find an announcement that Beaufort Securities has stepped down as Broker to AIM-listed Inspirit Energy (INSP).
Naturally, ShareProphets is delighted to have been able to assist the Boiler Room in the Lenigas stable of AIM-listed companies, Inspirit Energy (INSP), in keeping up to date with its Companies House filings. Shareholders will be relieved to learn that it has now filed its Annual Return. But it has also filed a couple of Share Allotment returns....and the numbers don't seem to add up, unless you are a keen disciple of Leni-maths.
Oh dear, as if David Lenigas hasn't got enough on his plate already it appears that AIM-listed Inspirit Energy (INSP) has a pressing issue to deal with. For it seems that it has received a notice for compulsory strike-off - see HERE.
Featuring shares in Atlas Mara (ATMA), Inspirit Energy (INSP), Jubilee Platinum (JLP), Minoan (MIN) and Pinnacle Technology (PINN) with share price targets for all five stocks.
Featuring shares in Inspirit Energy (INSP), Lekoil (LEK), Pantheon Resources (PNR), Patagonia Gold (PGD), Plutus Powergen (PPG), UK Oil & Gas (UKOG), together with some share price targets.
If you want me to analyse a stock for you just drop me a line at [email protected] - Today I look at shares of Inspirit Energy (INSP), Minds + Machines Group (MMX), Shanta Gold (SHG) and offer some share price targets.
As you may expect, matters concerned with boilers of whatever variety are not within the intimate understanding of this Chartist. All I can say is that a technical appraisal of the shares of Inspirit Energy will be served up in the wake of today’s news from the company.
If you want me to analyse a stock for you just drop me a line at [email protected] - Today I look at Inspirit Energy, FastJet, Stratmin Global.
Where is the Inspirit (INSP) newsflow we were lead to expect? A good question and the main reason the share price has drifted back to 1.2p. Ennui. Boredom. A couple of days ago there was an attempt at news. The company said:
Today I just update the Inspirit (INSP) post I pushed out under 2 months ago - HERE. The share price was 1.13p and I suggested that Inspirit was a buy with a target of 1.75p.
Yesterday started not so well with an announcement that Inspirit (INSP) was to issue 3,398,056 new shares for professional fees. That normally means a company is low on cash – not good. But Inspirit is cashed up. The company tells us this is a contractually agreed deal with the scumbag Nomad which can elect to take half its fees in shares.
Inspirit Energy (INSP) has appointed Dr John Bannister is a full time consultant. Dr John who? He quit Flow Group – very big in boilers – a few months ago to join Inspirit having been head of New Technology Development at Flow for 6 years, managing the certification process for Energetix Group plc (prior to formation of Flow), which resulted in the first product certified for field trials in 2011.
A quick update on our share tip of the week from a fortnight ago Inspirit Energy (INSP) which we recommended at a 1.25p offer – the shares are now 1.55p-1.7p. They are still a buy and here’s why.
Inspirt Energy (INSP) is the one non-resources stock in the portfolio of AIM stocks where Mr David Lenigas is involved. And it might be fair to say that to date, his skills in stock promotion have yet to be evidenced in full here. We think this is a binary bet but at a 1.25p offer, it is one worth taking.
Brushing away a torrent of crazy abuse after calling sells on Afriag (AFRI) and Rare Earth Minerals (REM), I turn my attention to another Lenigas stock, Inspirit Energy (INSP). Inspirit is a technology stock that is looking to commercialise micro combined heat and power (mCHP) boiler. The boiler has been developed for a long time under the company's stewardship and the technology has come on leaps and bounds.
On Monday Inspirit (INSP) chairman David Lenigas bought, with the clearance of his Nomad, 1.5 million shares at 1.5p. On Tuesday a City spiv broker approached Inspirit and said he wanted it to place £250,000 shares with a client of his at 1.2p. We are lead to believe that this client has a short position opened up at 1.55p plus in Inspirit on the back of an RNS earlier this week which saw the shares hit 1.7p (some non-news on the manufacturing process).
We accept that to date our Inspirit* (INSP) tip has yet to fly. The shares are now 1.55p-1.6-p – compared to a 1.8p (offer) tip price. But the volumes on the sell-off are not great and it will not take much to turn this around BIG TIME.
Direct from the Queen Elizabeth Conference Centre a video featuring a UK Investor Show 2014 presentation by David Lenigas on Inspirit Energy (INSP)
Inspirit (INSP) has served up two pieces of news but neither is the news we want. But we had a good chat with the company and so with the shares at 1.90-2p we retain a buy stance ( we are marginally up on this tip).
Shares in Inspirit Energy (INSP) have perked up to 2.1p ( compared to the 1.8p offer price when we first tipped them last month) on news that it has signed a deal to have Malvern Boilers ( a credible private firm) manufacture its boiler once commercial orders flow. This is welcome but not the RNS we want. Patience, patience.
Hot stock watchers will remember how Inspirit Energy (INSP) shares were certainly flavour of the month in early September, having more than tripled in the space of a month to clear the 3p level.
Inspirit (INSP) which is developing a novel heating boiler has announced a contract but it is not the big news contract which we had hoped for – we gather that is imminent.
We do not really do tips of the year at HotStockRockets since our timeframe is three months. We thus offer three selections today with the caveat that we expect to tell our readers on HotStockRockets to bank gains well before the start of spring. The first tip for today is Inspirit (INSP) at 1.85p (offer).
The AGM statement from Inspirit (INSP), which we tipped on our Hot Stock Rockets website at a 1.8p offer price on November 25th did not exactly bring the buyers rushing out in droves. In a brief couple of lines the company stated:
A far as technical analysis/charting is concerned, as in many other walks of life, one would prefer to keep things as simple as possible. Alas, this is not always an achievable goal, but in the case of Inspirit Energy (INSP) we are in the fortunate position of having a stock before us which has a relatively straightforward chart pattern.
I met up the other day with David Lenigas who joined the board of AIM listed engineering group Inspirit (INSP) a couple of weeks ago. The shares jumped from 1.3p to 3.5p but have since retraced to 1.95p. So what is the story?
A mutual pal asked both Evil Knievil and I to assist in a small way in a recent placing at 1.3p for Inspirit (INSP) on AIM. I, or rather RMPC, assisted in a small way on this one as did Mr K
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