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This morning it was announced that Alpha Returns Group (ARGP) has been unable to replace Roland Fatty Cornish as Nomad and that it is off to the AIM Execution Chamber over the weekend. With Haike Chemical (HAIK) having announced yesterday that it is considering (ie certain to) delist, that will be the ShareProphets AIM-China Filthy Forty down to just seven companies. They are still dropping like flies, then.

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AIM-listed Alpha Returns Group (ARGP) is not only a member of our Filthy Forty, but also has an interesting past as the disaster that was Digital Learning Marketplace (DLM) under Angus Forrest (recently departed from Tern plc). Its Nomad, until 18 October, was ZAI Corporate Finance but ZAI lost its Nomad licence. So Alpha Returns turned (or, rather, returned) to Beaumont Cornish.

NEWSFLOW

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Yesterday’s shock revelation by Tom Winnifrith HERE  that Ray Zimmerman’s ZAI Corporate Finance had been on the receiving end of an 80-page reprimand for its failures as a Nomad in due diligence and monitoring of its clients was stunning.

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You read that correctly: as discussed HERE one of the two subsidiaries of Alpha Returns (ARGP), Shidu Investments Ltd, filed two conflicting sets of full year accounts for the same period to April 2013. The first set says it raised £50k in cash by issuing shares and turned it into £102k of cash, but ran up £122k of payables over the year. The second set of accounts says the company was dormant and the only asset was £50k of UNPAID share capital.

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The Deputy Sheriff’s Office is in a state of perplexed confusion. Quite what to make of what follows is, well, stretching sanity. It concerns a subsidiary company of Alpha Returns Group plc (ARGP) called Shidu Investments Ltd, which was formed in Apr 2012 and by Apr 2013 was wholly owned by the plc. As such, it had to file full annual accounts, but only filed abbreviated accounts to Companies House. Hang on to your hats, this is not an easy read – but it is shocking. Oh, the stench….

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I noted in my article HERE  that the company formerly known as Digital Learning Marketplace plc (DLM), then Shidu Capital plc (SDC) and is now called Alpha Returns Group plc (ARGP) has a subsidiary called Shidu Investments Ltd, which filed just an abbreviated balance sheet as its annual accounts to April 2013 under a smaller companies exemption. But as part of a group of companies containing a plc this exemption does not apply. I wondered why the board of Shidu Investments had seemingly broken the rules: was there something to hide?

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Tom Winnifrith has described in detail how Ingenie, a subsidiary of Quenron (QPP) filed an abbreviated set of numbers for its 2013 Accounts to Companies House, claiming a smaller company exemption when it was not entitled to as it was part of a group of companies which included a listed plc – and, indeed its business was in insurance. Tom wonders why – is somebody trying to hide something? But is is not just Quindell which seems to be playing this game….

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In 2012 Digital Learning Marketplace plc (DLM) was in financial trouble which eventually saw the company restructured into a cash shell. I’ve already written on a placing of shares in Aug 2012 which contravened the Placing Letters, untrue RNS releases, the issue of unannounced loans - in particular a £50k convertible loan issued 1^st Oct 2012 which mysteriously survived a CVA which was part of the restructuring and a whole lot more besides.

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Mild mannered music teacher turned forensic corporate investigator Nigel Somerville continues his series into events at Digital Learning marketplace (DLM) now Alpha Returns (ARGP) – the noose is tightening on a number of City folk, careers are set to be terminated by these shocking revelations.