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Wednesday 12 December 2018 | ShareProphets: The one stop source for breaking news, expert analysis, and podcasts on fast-moving AIM and LSE listed shares



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Servision updates again and it is even worse news - another Kill for the Sheriff of AIM

2018-03-30 00:47:29

AIM-listed Servision (SEV) has updated the market once again regarding its suspension pending clarification of financial position. We had already been told that investors are unlikely to get much (or, indeed, anything at all) but previously a third party had expressed an interest in acquiring Servision Ltd (the operating business) – good(ish) news, but for Servision Ltd having come under the bankruptcy protection of the Israeli court. We were told yesterday that the court rejected an application from Servision plc to pursue a sale. Oh dear.

Servision admits that shareholders are fecked, another vindication for the Sheriff of AIM

2018-03-13 02:48:29

With its shares suspended pending clarification, long time aggressive accounting, cash guzzling, AIM uber dog Servision (SEV) has updated those dumb enough to hold its shares, despite all the warnings here, about the slide into the abyss.

UPDATED: Servision - shares suspended pending clarification, i.e its fecked! Told y'all

2018-02-20 08:55:42

"CEO Gidon Tahan, ex broker Beaufort Securities, Auditors Hays Macintyre, PR himbo Christian Taylor Wilkinson, lacky Nomad Nick Athanas of Allenby, financiers Yorkville, the Bulletin Board Morons we have beaten them all, we have beaten them all!). Servision, can you hear me? Servision ... your boys took a hell of a beating! Your boys took a hell of a beating!"

AIM Dog Servision: another warning and it is death spiral and dilution frenzy ahead

2017-08-17 01:16:07

When serving up god-awful FY numbers on deadline day ( June 30th) it was shown that uber dog Servision (SEV) had serially misled investors and indeed told outright lies over the prior half year. Rover also served up its second profits warning in two weeks with the god-awful numbers and 'fessed up "Our working capital position is tighter than we anticipated" - I should cocoa. Today it got worse.

BREAKING: FRC Letter - Servision forced to change accounts by Tom Winnifrith, delayed profits warning explained

2017-08-04 00:33:11

The big issues for AIM uber dog Servision (SEV) have always been its lack of cash generation which has forced bailout placing after bailout placing and its aggressive revenue recognition policies designed to boost the share price to allow the placings to take place. Lately there has also been an issue with withholding (bad) price sensitive information. On the revenue recognition issue I went into battle 19 months ago, reporting the company to the Financial Reporting Council and now we have another small win for the Sheriff of AIM. A letter from the FRC has just arrived...

Servision - from bad to worse - 2 profits warnings in less than a month, lying to AIM on June 15, shares crashing but still 100% too high

2017-06-30 05:31:51

A couple of weeks ago AIM uber dog Servision (SEV) warned that its calendar 2016 results would be worse than expected. Today we have those numbers and guess what? Not only was that June 15 trading statement a slam dunk lie but we also have a new (lack of) profits warning about 2017. Why the AIM Rule breaching delay in announcing that bad news. It gets worse...

Servision - how do you keep lots of idiots in suspense? We'll tell its shareholders on Friday

2017-06-27 04:41:06

Worthless AIM listed piece of excrement Servision (SEV) always seems to report its results at the last possible moment to avoid suspension on the casino. In 2016 calendar 2015 numbers (piss poor) arrived on the 30 June deadline day. For 2016 its a slam dunk bet that the numbers (piss poor) will arrive this Friday on deadline day. Why is that? 

Servision and that breach of AIM rules with the delayed (lack of) profits warning - is it even worse that we thought?

2017-06-19 00:15:39

I have been deeply troubled by the most recent lack of profits warning from AIM listed worthless POS Servision (SEV). My initial view, expressed HERE, is that in not admitting to order slippage from December for almost six months it had committed a massive breach of AIM Rules regarding timely disclosure of price sensitive news. But I fear it may be far worse than that.

Servision - (lack of) profits warning and surely market abuse & breach of AIM Rules?

2017-06-15 01:27:50

Servision (SEV) the AIM listed POS has today slipped out a horrible calendar 2016 profits warning but the fact that it has waited five and a half months to do so is surely market abuse. AIM Regulations state that price sensitive information must be anounced as soon as it is known. How on earth can the company's hapless Nomad, Allenby, tolerate this state of play? Or does it not care as long as it is paid?

Servision – great news for Cynical Bear’s Sub-Standard Shockers XI

2017-05-26 01:15:43

You really do have to feel sorry for Cynical Bear. One minute he has a fully fit squad to choose from and then one by one they drop like flies, either with fitness issues or just simply keel over. I’d been getting a bit concerned that he’d struggle to put out a full team, but out of the blue there is good news for him. No need to turn to the back pages of the tabloid press for the big stories of sporting drama, we have it all here at ShareProphets: AIM-listed Servision (SEV) is to put in a transfer request. 

Servision – Hurrah! A TR-1 from Cascade. But if it walks like a spoof and quacks like a spoof…..

2017-03-29 01:41:25

So after all the questions, AIM-listed Servision (SEV) has provided answers. The AIM Rule 26 pages have been updated (after a year, vs 6-months under AIM rules), the personal guarantee of head honcho Gidon Tahan to white knight investors Cascade has been clarified and yesterday lunchtime we even had a TR-1 showing that Cascade was indeed holding the shares issued to it at over 400% of the previously prevailing share price ahead of the announcement of the funding package. But I still think the whole deal is a massive spoof and here is why.

Servision – AIM Rule 26 webpage almost a year out of date, and where is Cascade TR-1?

2017-03-19 08:13:22

AIM-listed Servision (SEV) still looks to be a story too good to be true. With the company scraping by on boardroom emergency loans and running out of cash, along comes Cascade which agrees to pump in boat-loads of cash at more than 400% of the prevailing share price. We have been told that the first tranche of shares has now been issued (and, indeed, admitted to trading on the Casino), and the cash received. But we’ve not had a TR-1. And why is the company’s AIM Rule 26 major shareholdings web-page almost a year out of date?

Servision: House broker says Spec Buy - shares tumble agin - this smells all horribly wrong

2017-03-02 06:45:53

The odour coming out of long term AIM cash guzzling hound Servision (SEV) grows stronger by the day. I sense that this is going to blow up badly and when it does you do not want to be owning the shares. There is something very odd going on. Today's intervention sees house broker Beaufort pushing the stock as a speculative buy. The shares have fallen by 8% and we will come to the, er.... not very good, note later.

Servision – first tranche of (not Bill Gates’) cash received…..and a clarification

2017-03-01 04:36:15

There was no great surprise from AIM-listed Servision (SEV) in relation to the arrival of the first lump of cash from (nothing to do with Bill Gates) Cascade as announced this morning. But there were a few interesting clarifications in relation to the personal guarantee of Servision head honcho Mr Gidon Tahan which are worthy of comment. As for the subscription at a (still) incredible premium, it still all looks too good to be true.

Servision – come on Nomad Allenby, the silence is deafening

2017-02-27 04:26:46

AIM-listed Servision (SEV) has some questions to answer. I hope it is currently answering them to its Nomad Allenby Capital and that we will have a statement shortly. Having announced a funding deal with US-based Cascade (which has nothing to do with Bill Gates) which seemed way too good to be true – at over 400% of the previously prevailing share price – backed by a personal guarantee from chairman and CEO Gidon Tahan, the nature of that guarantee became rather murky on Friday when it emerged after-hours that he had put up his entire shareholding as security. On what terms?

Servision – more on that grant of security over c. 10m shares

2017-02-25 04:22:52

Yesterday we asked a series of question relating to AIM-listed Servision and its dealings with an obscure American entity called Cascade which has nothing to do with Bill Gates, when it emerged that it seems that the personal guarantee offered to Cascade by Servision Chairman and CEO (corporate governance Red Flag) Mr Gidon Tahan looks to be taking the form of a grant of security over about 10 million of his shares. Did the grant of security involve Cascade being able to dump said shares on the market? But two other details catch my eye.

Servision - vulture loan keeps it afloat for a couple of months

2016-12-07 08:35:41

My analysis of interim results from AIM dog Servision (SEV) which came out in September was that it was not generating cash and that its balance sheet was a trainwreck. I summarise of course but you can see the full analysis here.

Servision - When Insolvency looms, accidents can happen

2016-10-25 02:50:57

In the greater scheme of things this is a trivial matter. Having been exposed for revenue recognition policies that were so bizarre as to teeter on the verge of fraud, of being shown to have issued pre-placing RNS statements that were er..untrue and now facing looming insolvency, Servision (SEV) is in deep trouble. So maybe I should be charitable?

Servision - overtakes the fraud African Potash with the most expensive loan in AIM history - 33%

2016-09-30 01:21:00

Servision (SEV) has today announced its interim results and they are dismal. The company is bust and why it's advisors (Nomad Allenby, broker Belfort Securities & PR himbo Christian Taylor Wilkinson at Cadogan Leander) do not call it a day and walk defies belief. It shows all three are morally bankrupt.The results are analysed in a bearcast special HERE. But I flag up in itw own right a loan Servision has taken from Yorkville which seems to be the new, most expensive loan , in AIM Casino history - at 33% - it is 5 percentage points dearer than the loan the FRAUD African Potash (AFPO) took out from Katrina Clayton, the wife of its FD. Frankly Servision would be better off borrowing on Christian T-W's credit card and splitting the difference.

Servision - new NED to reassure on dodgy accounts? You're 'avin' a giraffe!

2016-08-01 06:26:33

AIM-listed Servision (SEV) has announced the appointement of a new NED. If that is supposed to reassure in the face of Tom Winnifrith's complaint to the FRC over the "interesting" accounting going on at the company then the CV of new appointment Mr Anthony Legge is just jaw-dropping.

Servision – increased undrawn SEDA Death Spiral which it does not intend to draw?

2016-07-09 00:58:23

Tom Winnifrith has stuck the knife into AIM-listed Servision plc (SEV) more times than Avanti (AVN) has missed performance targets – see HERE. And so today we learn that the company has amended the terms of a financing package with YA II PN Ltd (otherwise known as Yorkville) which involved a loan agreement backed by a standby equity distribution agreement (SEDA) – for that, read “death spiral”. But the comedy is in the text of the RNS.

Servision - where are the ffing results - is a suspension looming?

2016-06-30 02:28:48

I pointed out at the weekend why cash guzzling, dodgy accounting, jam tomorrow, RNS misleading, worthless piece of Turkish Servision (SEV) may have a few issues with its results. But where are those results for calendar 2015?

POS AIM dog Servision - painting itself into a corner next week

2016-06-25 05:24:09

AIM dog with fleas Servision (SEV) waits until the wire to report its calendar results, ie until June 30. That is partly because it is a shoddily run company and partly because it always need a placing to get its accounts signed off without a horrible emphasis of matter statement. No new cash = not a going concern. But this year it looks rather different and the wire day is Thursday. This looks grim.

Tom Winnifrith Bonus Bearcast - RNS from Servision today was bollocks, so was the last one - this company is bust

2016-03-21 06:30:08

This is not hard. The RNS from Servision (SEV) today is designed to ramp the shares ahead of a rescue bailout placing. It is bollocks if you add up the numbers. So too was the last RNS by the way. I have reported this POS to the FRC for dodgy revenue recognition policies, it almost certainly now has negative net current assets and is burning cash. There is a bailout placing looming and you should sell now. This company deserves to, and could well, go bust.

Formal Request to FRC to investigate Revenue Recognition at Servision

2016-02-11 04:14:23

I am still waiting for Servision (SEV) to man up and send the threatened lawyers letter to me as I am spoiling for a fight with this worthless POS as it rapidly runs out of cash. Just to keep PR Himbo Christian occupied as he briefs his new best friends the Bulletin Board Morons, I have today requested that my VERY GOOD FRIENDS at the Financial Reporting Council (FRC) open a formal investigation into the revenue recognition policy of Servision. The letter follows.

Servision: Make My Day please can I see you in Court Bitchez?

2016-02-10 01:34:56

It seems that folks round at Servision (SEV) the AIM Casino listed company with atrocious revenue recognition policies, a track record of issuing RNS contract wins that turn out not to be true and which is heading for insolvency, don't like me very much. You know what? I don't like POS Servision for all the reasons demonstrated HERE. But the Servision chaps want to fight back.

Servision - now tell us about your deal with the Nigerians, do the numbers really stack up?

2016-02-07 11:59:24

We have already demonstrated that not only is Servision (SEV) teetering on the brink of insolvency (HERE), has a ludicrously aggressive revenue recognition policy (HERE) but that also it announces deals as pre-placing ramps then patently does not deliver on them HERE & HERE & HERE. Now lets look at its dealings in Nigeria.

Servision - now tell us about your deal with the Brazilians - another pre-placing LIE?

2016-02-06 09:55:09

We have already demonstrated that not only is Servision (SEV) teetering on the brink of insolvency (HERE), has a ludicrously aggressive revenue recognition policy (HERE) but that also it announces deals as pre-placing ramps then patently does not deliver on them HERE & HERE. Now lets look at a pre-placing ramp from Brazil from April 2015. This is a shocker.

Servision, after the lies let us look at the joke accounts

2016-01-28 01:32:17

Nomad Allenby still appears happy to take the filthy money offered by Servision (SEV) to act on its behalf notwithstanding the now clear demonstration that its RNS statements are, on a serial basis, utterly misleading. So let us now look at the accounts which, natch, are a total joke. I refer to the issue of bad debts.

Servision - a totally monstrous lie from China - this company is a worthless lie factory

2016-01-27 03:34:02

So far Nomad Allenby has refused to act when shown clear evidence that its client Servision (SEV) has issued RNS statements which have not actually been born out by reality in terms of new orders. Clearly Allenby regards getting its corporate retainer as more important than its reputation. So after yesterday's shocker here is an even more monstrous lie . This company is a worthless lie factory and given that it is almost insolvent its shares are worth 0p.

Servision - grotesquely misleading investors in summer 2015 to get placings away

2016-01-26 02:02:30

Yesterday I demonstrated that AIM casino posterboy Servision (SEV) was both almost insolvent and in need of a placing ASAP HERE and b) was happy to mislead investors to ramp its worthless shares ahead of a placing HERE. Right now it is ramping as it needs a placing pronto to avoid going tits up. Now I take you back to 2015 to show how it misled the market in a shocking manner to get a bailout placing away.

Servision US deal - I dont believe you because your last US deal RNS was all bollocks

2016-01-25 03:49:45

Earlier today I explained why Servision (SEV) is ramping its shares ahead of a placing - it is because it is almost insolvent as is burning cash. The company responded with news of a new distribution agreement in the US. But I dont believe a word these tossers say. Why? Lets look at the last big US distribution agreement signed. I put it to you that this stinks to high heaven.

Serial D. O. G. DOG Servision - when is the placing?

2016-01-25 00:29:19

AIM casino listed Servision (SEV) went public on New Year's Eve 2004 ad has been a serial disappointer ever since. More than eleven years on its shares have collapsed, more than $14.672 million has been sent to money heaven and the only commendation one can make is its consistency. It is always losses, more losses, more jam tomorrow and when's the placing? And it is that matter that needs addressing for the answer must be soon. Beware the ramp.

Zak Mir's Bull Call of the Day No. 2: Servision: 4.5p Gap Fill Target Initially

2015-12-04 03:05:11

Clearly what dominates the daily chart of Servision is in the post summer period is the way that we are trading in the wake of a quadruple top for the shares through 5.5p.

Zak Mir's Bull Call Of The Day No.2: Servision: 2 Year Base Should Lead To 9p Resistance Line

2015-08-01 02:24:54

Servision shares have something of the oil tanker about them on a technical basis, with the turnaround over the past couple of years reminiscent of the way that such vessels tend to take an extended timeframe to change direction, even when it is important to expedite a quick move. 

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