As its old auditor walked, and the new one needed more time, today’s results for the 12 months to March are unaudited interims – the prelims will be for the 18 months to 30 September. But one cannot dodge the numbers: even Neill Ricketts is forced to ‘fess that Versarien (VRS) may soon run out of other folks’ cash. Anyone holding the shares is, thus, certifiably insane.
I warned comrade Malcolm Stacey and you all that his March 7 enthusiasm for advertising group Mirriad (MIRI) was misplaced and dire results with a piss poor set of excuses vindicate this perma bear once again. Crack out the ouzo. At 21p, down 14% so far today, the market cap is £59 million making this still a stonking short.
After my weekend revelations, following on from Friday’s bombshell admission of rank dishonesty, I had expected Kinovo (KINO) shares to be suspended by now. For those weekend reports suggest that, very soon, the company will be reliant on its banks for its survival. I have written to the Oxymorons at AIM Regulation, about what is a major scandal of non-disclosure.
On 25 January Amur Minerals (AMC) announced that it was in talks to sell its Russian Mining assets “at an indicative price of up to £100 million.” Today came the actual deal and it raises big questions. Let’s start with the price!
On Friday, I showed how Kinovo (KINO) had misled investors about the £5 million sale of its construction business, DCB, by hiding the fact that it could – and now is – on the hook for potentially unlimited liabilities. But, as a sharp reader explains, this scandal could be far worse. This is truly shocking, and heads at Nomad Canaccord, or Kinovo, must surely roll. must surely roll.
Surely, AIM Regulation must publicly censure Kinovo (KINO), and possibly its Nomad and broker, Canaccord Genuity. One - or both - of them has grotesquely misled investors to the tune of £8 million and rising, only fessing up to the scale of that deception today, which has sent the shares tumbling.
When I suggested Shield Therapeutics (STX) was a nailed-down short, on the basis that it would face a cash crisis by May, my analysis was met with derision by Bulletin Board Morons. “He does not understand biotech, he does not understand Shield, he’s a failed fund manager, he is ALWAYS wrong, he works in a pizza store, he’s fleeing the UK to Greece to avoid jail”, were some of the more polite comments. It is now May, and the shares are just 17p to sell. So, what next?
Some of those who know him say that Eenergy (EAAS) CEO Harvey Sinclair is arrogant and unpleasant. After the second profits warning of 2022 I supect that he is a bit less arrogant but as he ponders a looming funding crisis, probably more unpleasant. Advisers to this green energy play might be asking how I can suggest that there have been two warnings and why a bailout placing is almost inevitable. Here goes.
I write this as someone who operates a small venture with ADVFN (AFN), and, at this point, nobody has bothered to tell me where I stand; so, what follows is informed speculation - I am in the dark as much as you. Yesterday afternoon, the GM results came in.
I have already flagged how Canadian Overseas Petroleum (COPL) and Pure Gold (PUR) misled investors, by hiding auditors' warnings. Now, Mkango Resources (MKA) has joined the deceiving club. The FCA, as regulator of the Standard List, must act. I have penned the letter below to Mark Steward at the FCA, and the bogus Sheriff of AIM, Marcus Stuttard.
