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In 2015 I exposed InternetQ (INTQ) as a fraud with my "From Athens with Love" dossier. The FCA did nothing at all. And major shareholder both PA and via his fund, Martin Hughes of Tosca Fund, worked with the management to take the fraud private. Tosca took a seat on the board. They repackaged it as Akazoo and in 2019 floated it again on Nasdaq. Then my pal Gabriel Grego exposed it as a fraud all over again and this time the company fessed. Gabriel made it clear in the opening paragraph of his report that we had exposed exactly the same fraud in 2015.
Thanks to the good works of Gabriel Grego, Akazoo (InternetQ as was) has now been thrown off Nasdaq and the SEC are crawling all over it, its main backer and author of its corporate deals, Martin Hughes’ Tosca Fund and various advisors. One firm that has narrowly avoided a massive bullet, as I can reveal today, is auditor BDO Global.
Back in 2015 I demonstrated, without any doubt, that AIM listed InternetQ (INTQ) was a fraud. I doorstepped it in Athens. I crawled all over its bogus websites in Greece. The Greek management and fund manager Martin Hughes of Tosca - a shareholder PA as well as via his fund - responded by taking it private. They then rebranded it as Akazoo and listed it on Nasdaq, Earlier this week Gabriel Grego again exposed it as a fraud. On Friday, the shares were suspended, the CEO fired and investors warned that ALL historic financials may be fiction. The SEC filing below is damning.
The latest dossier from Gabriel Grego is damning. I believe he has spotted a nailed down fraud that will go to zero. Grego is presenting in New York this afternoon - and of course at the ShareProphets show on May 9 - but the dossier is below. We are mentioned at the front of Grego's dossier for exposing this as a fraud four years ago when it was known as InternetQ (INTQ) - as you can see HERE - . Our work saw the company delisted from AIM with management and Martin Hughes of Tosca Fund taking it private. They then renamed it Akazoo and relisted it in the US. Gabriel shows the company is still a total fraud. Enjoy.
In December 2015 from my winter base in Greece I ran a series of articles, starting from Athens with Love, which, I believed, quite clearly showed that the Greek, AIM listed company InternetQ (INTQ) was a fraud. Specifically I demonstrated that its music streaming business Akazoo was a sham. The company denied this and in the end its boss Panagiotis Dimitropoulos and fund manager Tosca paid c£20 million to buy out minority shareholders and take InternetQ private. It is now called Akazoo Ltd. The Sheriff is still on the case
In the December 2015 from my winter base in Greece I ran a series of articles, starting from Athens with Love, which, I believed, quite clearly showed that the Greek, AIM listed company InternetQ (INTQ) was a fraud. Specifically I demonstrated that its music streaming business Akazoo was a sham. The company denied this and in the end its boss Panagiotis Dimitropoulos and fund manager Tosca paid c£20 million to buy out minority shareholders and take InternetQ private. A cute deal or burying the truth in private? This is going to shock you.
Toscafund has surprised us all with an announcement yesterday that it is indeed backing a buyout of InternetQ (INTQ) at 180p per share in cash. I see that it was paying 180p in the market last fall so it had no choice - that was the lowest that its new SPV could offer. This is madness. It strikes me that an embarasment is being swept under the carpet.
I have sent this letter. I don't expect a response on the matter of InternetQ (INTQ).
On Dec 14th last year I pointed out that if Toscafund and its partner Penta Capital were still happy with their madcap €104 million valuation for Akazoo, the music streaming business they bought in to last year, they could buy out the whole of InternetQ (INTQ), their majority partners, for less than half of that amount and still have the rest of its business thrown in for free.
InternetQ (INTQ) the dodgy Greek outfit exposed repeatedly HERE for all sorts of nonsense has published a totally meaningless trading statement. It hides behind the fact that the Chief Bubble is considering an MBO if he can persuade fund manager Tosca to back him.
I am in no doubt whatsoever that InternetQ (INTQ) is a worthless enterprise which smells all wrong and cannot generate cash - something I believe is demonstrated HERE. And that is why its shares have slumped from 350p last spring. But they have been rallying in recent days and now we know why, the CEO is mulling a bid. The shares soared on that news to close at 139p. So what next?
You may have noticed that over Christmas the Beatles (or whoever controls the estate) released their material for streaming services, It is now available on 9 leading streaming services. Strangely...
In the end it all comes down to cash. Good companies generate it. Bad companies run out and in the end go bust. The shares go to 0p. And that brings me to Greece based InternetQ (INTQ) which - as a sell - is my first share tip of the year.
When Toscafund and Penta Capital invested €17 millionn for a 16% stake in InternetQ (INTQ) subsidiary Akazoo in July, they can hardly have imagined that their Greece based partner who retained 70% would be worth not a lot more than that after a spectacular share price collapse amid a series of very serious questions being posed which have not been answered - see HERE.
On Saturday, in Athens, I took the short walk (no more than 800 yards) from the former HQ of the now defunct fraud Globo (GBO) to the headquarters of AIM listed InternetQ (INTQ). Join the dots...
If a company tells a demonstrable lie in an RNS that tells you everything you need to know. I turn now to the Greek operations of InternetQ's (INTQ) Akazoo unit. I spent an hour last night with a friend of mine in Kalamata, George the architect. He is Greek and what we discovered demonstrates that InternetQ has lied to investors.
So Mr Richard Penny of Legal & General, as well as the toscas from Tosser Fund, you still believe in InternetQ (INTQ) - as Mr Penny believed in Globo (GBO) - even after the first three exposes I have run on its dodgy dossier, its weedy rebutal to From Athens With Love. Well try this, with assistance from the Global Shorting Conspiracy (GSC) man on the ground in Poland.
My series rebutting the weedy rebuttal provided by InternetQ (INTQ) to my From Athens with Love article HERE, continues. You can read Part 1 HERE, Part 2 HERE and now we move on. Do you still believe what InternetQ tells you?
Yes, it is indeed InternetQ (INTQ) which joined the AIM Casino exactly five years ago today claiming to be a "profitable and cash generative company" as it raised £6.8 million at 120p giving it a market capitalisation of £31 million with 25,697,435 shares in issue . Hmmmmmm.
Yesterday saw part one of my demolition of InternetQ's (INTQ) weedy rebuttal of my article, from Athens with love, of last week. Before I move onto more juicy points, the accounting policies do deserve two more mentions.
Full marks to InternetQ (INTQ) for effort. The company has published a lengthy response to the points I raised. here when our initial target price (for the whole company) was one drachma. My response will come in several parts, each begging yet more questions. Part 1.
Up until it quit as joint broker to the Fareham fraud, Canaccord had its tech analysts urging clients to buy shares in the POS Quindell (QPP). Four days before the Globo (GBO) fraud saw its shares suspended the same monkeys published a buy note on that stock. And now for the hat-trick.
Hot on the heels of Globo (GBO), the Internetq (INTQ) saga raises interesting questions about the nature of the due diligence practiced at firms such as Canaccord and RBC the brokers to both of these fraudulent enterprises.
Unsurprisingly, this was a banner week for ShareProphets page views, and we can chalk it up to Internet Q (INTQ). The little company that didn't took four of the top 10, including the top three.
At the Gold & Bears show some speakers insisted that institutional investors were so much smarter than retail investors. I am not so convinced. Just to show you that some mug punters wear expensive suits, meet Richard Penny, a high flying fund manager at Legal & General. After the Globo (GBO)scandal broke Mr Penny stated that the accusations levelled at the app developer were 'the worst I have seen in 10 years'.
Just think about the late Richard Nixon. It is sometimes not the act but the cover-up that nails you. Having described my bombshell article yesterday as "innacurate", InternetQ (INTQ) has spent the past 24 hours attempting to hide the evidence that allowed me to ask such grave question. Presumably Non Executive Chairman Tim Weller and advisers RBC capital Markets and Canaccord are happy about this?
Today's From Athens with Love report from ShareProphets sent shares in Greece based AIM listed InternetQ (INTQ) tumbling by more than 50% at one point. Finally we get a weedy but all to predictable response and on the back of it I have cut my target price (for the whole company) from 1 drachma to half a drachma.
The Nomad and broker team that brought us the Globo (GBO) fraud from Greece was RBC Capital Markets and Canaccord. This dynamic duo act for another Greek Company InternetQ (INTQ). And here I am - with a hat tip from a good reader - reporting on the spot in the Hellenic Republic with some very hard questions for InternetQ. The GlobalShortingConspiracy also has agents on the ground in Moscow and Poland as well as myself in Greece. This is, as they say, developing...
If you want me to analyse a stock for you just drop me a line at email@example.com - Today I look at shares in Ideagen, InternetQ and Trackm8 setting share price targets for all three stocks,
With its shares falling sharply in the Globo plc fallout having closed the prior week at 218.25p, Greece-originated technology company InternetQ (INTQ) sought to reassure on its credentials – though I highlighted balance sheet and cash flow concerns (see HERE and HERE). The company has now announced a self-declared “positive trading update” to 30th September…
I highlighted earlier HERE the balance sheet issues which saw Tom note in a recent Bearcast that shares in InternetQ (INTQ) looked not ones to be touched with a bargepole. The following details the cash flow performance behind this, highlighting areas of particular interest and reinforcing that much improved net cash generation looks needed to justify the valuation…
Shares in Greece-originated technology company InternetQ (INTQ) have fallen sharply having closed last week at 218.25p. This has prompted a statement from the company including that “the board would like to advise the market that it is not aware of any undisclosed reason for this decline”. Hmmm…
My attention was brought to InternetQ by one of the more reliable and friendly trader Twitterati, and actually at a price rather lower than where the stock is now.
AIM-listed mobile marketing and entertainment provider InternetQ (INTQ) has announced it has completed the, as expected (see HERE) “c.£5 million”, acquisition of Atlas Interactive Deutschland GmbH...
AIM-listed provider of mobile marketing and digital entertainment for mobile network operators and brands, InternetQ (INTQ) has announced “revenue and EBITDA are expected to be in line with market expectations for the six months ended 30 June 2013”, driven by record levels of new business within the mobile marketing division and increased levels of subscriber growth from digital content platform, Akazoo...
AIM-listed InternetQ (INTQ) plc is a Greece-originating mobile marketing and digital entertainment provider – the latter via its platform, ‘Akazoo’, which offers access to music, games and the like. The company has fast developed its business internationally and away from its homeland – with just announced results for the 2012 calendar year noting, that at 4%, Greece represented a further declining proportion of total revenues.
hares in AIM listed tech play, InternetQ (INTQ), a provider of mobile marketing and digital entertainment for mobile network operators and brands, were a February 2012 recommendation on t1ps.com – the website I departed in September, 12 years after founding it, in order to set up the Nifty Fifty. Having fallen back in the second half of this year, the shares are, at 182.5p, now little changed on the initial t1p price. The following takes a look at the outlook from here…
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