For a potted background on the joke of a firm that is City of London Markets (COLM) see HERE. The fact that the company is still operating defies belief and illustrates precisely why the FCA is not fit for purpose.
Releasing news on the last trading day of the year, particularly late in the day is usually a red flag. None more so than when the party delivering it is serial value decimator Zafar Karim of Eight Peaks Group (8PG)
It did not come as a surprise that last week Eight Peaks Group (8PG) carried out a new placing given that the company was running on fumes as flagged by us only days before. We were surprised however at Karma Towers that boss Zafar Karim managed to convince more punters (err, investors) and, indeed, NED Lord Monson to throw more good money after bad.
Following on from the piece published here at ShareProphets, the long awaited release of Eight Peaks (8PG) principal investment Virtual Stock Holdings yesterday reiterates the point we made as to how the end game is now upon Karim and his long suffering shareholders.
Last week’s release of half year results from Zafar Karim’s personal plaything (sorry, listed entity) 8 Peaks Group (8PG) provided much amusement here at Karma Towers. Where to start?
The spoof on the markets that Zafar Karim has played out over the last few years, largely built around a self inflated (ie existing shareholders setting the price in a raise) valuation of VirtualStock is, we suspect, coming to the end game as evidenced by the incessant decline in the stock price on relatively modest volumes this last few months post the name change and consolidation.
All things seem to be quiet down at the ranch that is Mayan Energy (MYN) but word reaches Mr Karma that the temperature is about to be ratcheted up there on one of AIM’s most value destructive CEO’s – Charlie Wood.
Yesterday saw yet another decline in the share price of Blue Jay Mining (JAY) and that has continued this morning. This is perhaps the biggest small cap mining promote seen in recent years but reality is starting to dawn on the mug punters as they consider the options the company now has going into 2019 absent an offtake agreement, EIA & SIA approval and the all important Exploitation licence.
The issue of disclosure of holdings and conflicts of interest by those giving investment advice is currently a live topic in the industry. At heart, writing about a stock and disseminating one’s ideas is, I would posit, for many retail investors who have been pushed even further down the pecking order post Mifid 2 and the lock out on their receiving much research, a welcome activity. Information is what feeds stock prices and what prompts investors to act. Without info everybody including the companies are worse off.
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