Today Edge Performance VCT (EDGH) finally holds its reconvened AGM from last August, and a separate General Meeting to decide whether to sack the Board and replace it with a new one intent on liquidating the portfolio or not. In the rebel corner sits ShareSoc with the strong support of SHareProphets, a former director who stepped down on the announcement that the now defunct I-Class shares would be paid off from the sale of an asset owned by the H-class shareholders whilst the H-shares got nothing, a proposed new director and, of course, a stack of H- and former I-class shareholders who requisitioned the meeting.
An email from David Glick, the founder of Edge Performance VCT (EDGH) and the founder and CEO of the VCT’s investment manager, noting untrue and deliberate disinformation about Sir Peter Bazalgette, a so-far unelected by the VCT’s shareholders director of Edge Performance VCT and Chairman of FTSE100 stalwart ITV (ITV) has turned up at ShareProphets Towers in the run-up to Edge’s reconvened (from August!) AGM and the sack-the-board EGM to be run the same day, 17th January 2022. He is not pleased!
In response to the second sack-the-board EGM requisition as detailed HERE the Board of Edge Performance VCT (EDGH and EDGI) has issued a letter to its H-share holders. The arrogance is breath-taking but the ShareProphets RNS Translation Service wonders if it is the longest corporate suicide note in history. The statement reads (in bold, with the ShareProphets RNS Translation in normal type):
ShareSoc has not always seen eye-to-eye with ShareProphets, but on this occasion we stand firmly behind ShareSoc as it again attacks the Board of Edge Performance VCT (EDGH and EDGI). Sharesoc has now taken the unusual step of releasing an RNS which states:
I noted yesterday that in a late-afternoon RNS Edge Performance VCT (EDGH and EDGI) was proposing to consign its I-shares to the dustbin, paying out the remaining 3.39p due to shareholders (by borrowing the cash from the H-share pool) and denying I-shareholders the chance to vote at the still to-be-reconvened AGM. This, despite a promise in the full year results published 24 August, to see all its directors face re-election in 2021.
At 3.41pm yesterday Edge Performance VCT (EDGH and EDGI) released an RNS announcing an Interim Dividend to be paid to I-class shareholders of 3.39p per share. Good news, one might think – but there is more to this than meets the eye.
Yet again I write to the FCA the regulator, no sniggering at the back, of the Standard List about Wildcat Petroleum (WCAT), a company which lied in its first ever RNS, on 30 December 2020, and is still at it. At some stage, surely, the FCA must act to protect the integrity of the market. Is that more sniggering I hear at the back?
On Tuesday 24th August 2021 Edge Performance VCT (EDGH and EDGI) released its Annual Report for the year to February 2021 – almost two full months after the usual four month reporting deadline. It was the only VCT to claim an extension lamely citing Covid as the reason. In that report we were told, under the Statement of Corporate Governance on page 25 that:
I see that the incumbents at Edge Performance VCT (EDGI and EDGH) haven’t yet got around to alerting the market that an EGM requisition proposing to give the majority of the board the boot has been in the in-tray for around a week now. Since ShareProphets reported that the requisition had gone in over a week ago and now The Telegraph has reported the same, is it not time for the board – including the chairman of ITV, Sir Peter Bazalgette, to ‘fess up?
I’ve been rummaging through the prospectus for the IPO of Edge Performance VCT I- and H-Shares from 2011 (EDGH and EDGI). Given the abject returns on the I-shares, which listed at £1 but will only see a total return after some nine or (for the fleetest of foot) ten years of about 46p once this class of share has been dispensed with shortly, I wonder what they were expecting upon investment. Let’s take a look.
I must say that those people at Edge Performance VCT must be very nice chaps, for I had an email yesterday purporting to be from them thanking me for my continued support in backing the founders and management team. Clearly describing the Edge VCT as a shit-show is pushing all the right buttons.
I noted on Friday that the I shares from the alphabet soup that is Edge Performance VCT (EDGH for news, EDGI for the shares) are going to be wound up and sent off to the great share repository in the sky. This is after I shareholders got an 8.5p dividend with roughly another 3.5p to come following the disposal of Coolabi via a takeover on an enterprise value of £35 million. But I fancy I shareholders will be bitterly disappointed, given that they lost over half of their money over a nine-year period. A look at what happened with Coolabi may begin to explain why.
I have commented (bearishly) on the Edge Performance VCT and its alphabet-soup of share classes in the past. Yesterday the company released its Interim Results to August 2021: I couldn’t resist taking a look…..
In bearcast yesterday I discussed whether Andrew Bell would be given the order of the boot at the December/January Red Rock Resources (RRR) AGM where he is up for re-election. There was, I suggested, a reason why some shareholders might feel this was a risk worth taking. Mr Bell has – at my request – responded with his case for the defence. We, as shareholders, can all make up our own minds but a sub 0.5p share price will not help Mr Bell’s cause. His detailed case follows:
I start with the wish of Joshua’s best pal to be a sheep in the school play. Like father like son, natch my boy is one of the three wise men. Then I ask if Andrew Bell will be fired at the Red Rock Resources (RRR) AGM before looking at Simec Atlantic (SAE), Feedback (FDBK), the fraud Chill Brands (CHLL) and my next missive to the FCA and British Honey (BHC) where, following up from my earlier piece, it seems an entire family was at the trough.
The results for the year to March 31 2021 came out on August 31 but the audited annual report is not out until today, the day of Chill Brands (CHLL) AGM so a second AGM will be needed to approve this sad document. I can see why Chill does not want folks reading the report for it contains multiple horrors all of which indicate that the shares are going to crater. My target price remains 0p-5p but, after today, 0p looks far more likely.
Shares in the fraud Chill Brands (CHLL), formerly the fraud Zoetic (ZOE), are falling again and now trade at a new year low of 24.75p to sell. With suspension possible as soon as Friday, with almost no sales now in the US and with the market cap still a bonkers £53.3 million, of course, anyone with half a brain cell should sell. But then nobody with half a brain cell would own the shares in the first place. The big question is when will the long delayed annual report arrive? What do you think. Vote below:
A company does not have to say anything on trading, on its prospects or on other matters at an AGM but it can do so and if it has anything good at all to say you can bet the ranch, especially with smaller AIM promotes, that it will say it. And that brings us to the Versarien (VRS) AGM yesterday.
I start with one big story, the Stagecoach (SGC) & National Express (NEX) bid talks. The other big story is the word “bird” being dubbed sexist at an insane Barclays (BARC) employment tribunal which I cover HERE. I also look at Versarien (VRS) ahead of its AGM, Chill Brands (CHLL) ahead of its AGM and at regulatory issues for Eurasia (EUA) and Deepverge (DVRG) where the wrongdoing is as plain as day.
The fraud Supply@ME Capital (SYME) held its AGM on 3 July and it took until 16 September to provide responses to the questions raised by the morons who own its shares. Admittedly there were 182 questions but there was a large degree of overlap in the questions and Supply resorted to standard answers for many of the questions. For instance, 22 questions related to trading (numbers Q27, Q40, Q44, Q69, Q73, Q77, Q87, Q118, Q121, Q122, Q123, Q124, Q135, Q140, Q141, Q146, Q156, Q166, Q168, Q169, Q174, Q178) were answered with a one sentence reply essentially stating refer to revenue guidance. Similarly, 12 questions on Negma convertible loan note (Q67, Q82, Q83, Q95, Q96, Q97, Q112, Q120, Q125, Q126, Q161, Q172 were answered with the statement “The Company recently updated the market regarding the termination of the Negma arrangement.”
After the farce of the diabolical and unaudited annual results for the year to March 31 issued at 6.25 PM on August 31 attention now turns to the annual report and AGM of the Chill Brands (CHLL) fraud. Today the company is posted its required 21 day notice that the AGM will be held at 4PM London time in the US on 30 September. All well and good, but…
I start on the issue of PLCs with unpaid bills from lockdown. There will be some catch-ups and icebergs ahead. Cineworld (CINE) is a case study. Then the stock I am buying tomorrow. It is NOT Open Orphan (ORPH) or Red Rock Resources (RRR) as some of you think and I discuss both. Then to Ben & Jerry’s and its hatred of the Jewish state. I am tempted to buy a share in Unilever (ULVR) to go to its next AGM.
Back in May here, I observed that the Irish international sales, marketing and support services group DCC (DCC) was a buy on ‘a bad day below the current sixty quid share price’. And so I did a few weeks ago. So following a numbers update on Friday, am I still excited?
Early Equity plc (EEQP) is an investment company listed on the Aquis lobster-pot and has been kicking around since 2007. Its last results – for the year to August 2020 – showed that accumulated losses had topped £2 million, a fine achievement for a £7 million market cap company! Last week it announced the result of its reconvened AGM – which doubled as a sack-the-board EGM: time to reach for the beer and popcorn!
Less than two weeks ago AIM-listed jam-tomorrow (but never delivered) Internet of Things investment company Tern plc (TERN) saw its shares trading at 30p – a monstrous overvaluation when compared to its last stated NAV per share of just 7.3p. Now, just a few days later, the stock is down to just 15.75p (last seen) – which is, of course, still a monstrous overvaluation. But there is plenty more pain to come for shareholders.
The FY20 Accounts for the latest investee of AIM-listed jam-tomorrow investment company Tern (TERN) were released by Companies House at the end of April: Talking Medicines carried on sending cash to the great central bank in the sky at an alarming rate and retained profits – or, rather, retained losses, ballooned further……which might raise an interesting question with regard to a share buy-back conducted by the company!
AIM-listed jam-tomorrow IoT investment company Tern plc (TERN) held its AGM yesterday and posted a bullish update – obviously containing no figures - and the BBMs went mad pushing the shares up. But for me the real news was the result of the AGM.
Okay, this is all about maths and voting at yesterday’s, quite possibly illegal, 2019 AGM held by the fraud Supply@ME Capital (SYME). Follow the logic thread below and then decide whether it is answer a, b or c?
You may remember that the, now technically insolvent, fraud Supply@ME Capital (SYME) forgot to hold an AGM for calendar 2019 and only called one for April 30 2021 after I raised this as an issue. But is this AGM itself illegal? I have repeatedly asked the company’s PR man Mr Paul Vann 2 questions and still he refuses to answer.
Belatedly, the fraud Supply@ME Capital (SYME) fessed that my expose was correct and that it had, indceed, forgotten to hold an AGM for 2019. And thus on 8 April it announced that this meeting would take place on 30 April but, with a hat tip to reader MJ, I wonder if it has not goofed once more. The answer, might just be no or it may be yes.
Just once in a while, how about you morons admit that I was right and you guys are dumb arsed poltroons? I refer you to today’s announcement.
It is a simple question I have put to its PR man repeatedly over the past couple of days. So far there has been no answer. I can find one when the name was Imaginatik on 12 December 2018 but none since. So why should this matter, when I raise it with the FCA later today?
You member Rutherford (RUTH), the company listed on NEX, now Aquis, on a bonkers valuation with Neil Woodford opting to put cash in at a far higher price than was needed so his funds could cut their unquoted holdings and book gains on earlier investments so earning more management fees for the disgraced multi-millionaire fund manager? Yes, that one. It is still going but it seems to have burned its way through all of Woodford’s investors’ cash and some…
Here in Wales, thanks to First Minister, Mad Mark Drakeford, all 50 JD Wetherspoon (JDW) pubs are shuttered and will stay so for the foreseeable future. As I noted in a photo article just published, life just over the border in “free” England is not much better for the boozers. Tim Martin is, yet again, my hero of the day, using Wetherspoon’s AGM as a platform to expose the Government and a supine 4th estate which laps up lockdown lies without question. The great man opines:
You know that if a board member farted in a positive way, shameless Neill Ricketts of Versarien (VRS) would rush to issue an RNS stressing what good news this was for his company. And that brings us to today’s AGM.
AIM-listed Yu Group (YU.) has released its AGM statement to be delivered to an empty room at 11.30 today. Of course, the empty room is because of the continuing COVID-19 restrictions, but that is not my gripe. It is the statement, which offers absolutely no insight at all.
Today’s AGM at Kier (KIE) will not be a jolly affair. There is no update on planned disposals. The ghost in the room is the absence of Mr Neil Woodford the expert catcher of falling knives and the shares now trade at less than 90p, down from 800p a year ago and 1400p three years ago.
In the days before his Nomad ticked him off for his ludicrous tweets, Neill Ricketts of Versarien (VRS) would have been on twitter like a maniac 24 hours ahead of the AGM telling folks of all the good news in store. Well tomorrow, in a dingy side room at Gloucester Rugby Club the faithful will gather for an AGM where Neill has promised big news from China. But has he got any?
Last week I asked a few questions of Begbies Traynor (BEG) about its office space and dealings wiuth the pension fund of boss Ric Traynor. It answered via RNS but I scored that response at 5/10. Someone has availled themselves of the Winnileaks service and as you can see below, the company now has a big question to ansswer ahead of its AGM tomorrow at 340 Deansgate Manchester.
Once upon a time I had shares in Edge Performance VCT over several classes of share. It proved a disaster, and I sold out at a loss. I did cover some of the problems (see HERE) some time ago, but it seems that the shit show has continued ever since. On 29th August the shareholders decided enough was enough at the AGM, booting out three of the board and the auditor. This leaves the company with just one director – I believe company law is that it must have two as a fully listed plc, but the shares have not been suspended, nor has there been any announcement of an interim appointment.
In today's podcast I look at the latest news from AIM bad boy Management Resoiurce Solutions (MRS) where I think my critics really do owe me an apology (again). Then at Neil Woodford's latest woes at the Woodford Patient Capital Trust (WPCT) which are the beginning of the end. Will I get to monster the board at an AGM in 2020 as I did this year? I fear I may be denied that entertainment.
For reasons that will become apparent I wish to attend the AGM of Begbies Traynor (BEG) in Manchester on September 19 as I have a few questions for its esteemed chairman. If there is a shareholder out there would would be willing to make me a proxy might they drop me an email at email@example.com - thanks in advance.
Following my weekend comments when I suggested readers have beer and popcorn to hand as Rutherford Health (RUTH), the ex- Proton Partners (PPI), has called its AGM for tomorrow as investors are asked to approve the share issuance required to take Neil Woodford’s £45 million of other peoples’ committed money, today the CFO has resigned!
Neil Woodford investee Proton Partners, the joke listing on NEX which has seen just one trade since IPO in February, has changed its name to Rutherford Health (RUTH) and sees a general meeting this week which seeks shareholder authority it issue more confetti. Why does this matter? Well, there is the outstanding £45 million due from Neil Woodford – and we know that the board of WPCT (which is on Neil’s hook for the whole lot) is considering sacking him. With a hat-tip to Cynical Bear, I fancy this could be an entertaining week.
Unfortunately for any holders, Nu Oil and Gas (NUOG) has played out pretty much as I expected it to over the past couple of years, and anyone holding through this period will have seen their investment decimated.
So much for Woodford’s problems being the nasty press! Only this week, Neil Woodford was complaining bitterly about all these nasty hacks out to destroy his reputation at the Woodford Patient Capital Trust (WPCT) AGM which our very own Tom Winnifrith attended. But MorningStar is a different kettle of fish and its analyst has put up a new report on Woodford’s Equity Income Fund (EIF) which is, quite simply, devastating. In the light of the new report, I would suggest that even the most sycophantic IFA cannot recommend to its clients that they leave cash in this fund. Prepare for an even greater tsunami of redemptions.
Today's bearcast is a full report on the AGM of Neil Woodford's Woodford Patient Capital Trust (WPCT) which I'd score as a win for me against the great fund manager and his chairman Susan Searle. I did manage to get Cheryl Cole into the debate and I did ask Neil woodford to donate to rogue bloggers for Woodlarks, as you can do here,, but I also took the board to task on a number of other matters and managed to get Neil pretty riled. Happy days.
The Woodford Patient Capital Trust AGM has opened by denying entrance to the press. Peter Smith, the venerable asset manager editor of the Financial Times has been sent off on his bicycle. The company has decreed that only registered shareholders may enter. Of course, Tom Winnifrith is a registered shareholder.
At 10.30 AM tomorrow I shall be in the City of Lost Causes for the AGM of Neil Woodford’s investment trust dog Woodford Patient Capital Trust (WPCT) where, as the loyal owner of 10 shares, I have a few questions for Britain’s most conceited fund manager.
I guess that GLI Finance (GLIF) thought that sneaking out an AGM statement with a ghastly admission of management reward for failure at 4.52 PM on a Friday evening might go un-noticed. It reckoned without the stockmarket anoraks who run this website. Its attempt to bury bad news thus deserves, and will now get, a wider audience.
The threat of a photo of Dan Levi's Y Fronts post sore bottom training walk remains, so please donate to Rogue Bloggers for Woodlarks HERE. In today's podcast I look at Condor Gold (CNR), the struggling explorer backed so heavily by my good friend Jim Mellon. It looks to be in real trouble. Then good news for Neil Woodford. As of today I am a loyal shareholder in his Patient Capital Trust (WPCT) and looking forward to the AGM greatly. I have a favour to ask of bearcast listeners living close to Oxford who fancy a day out in the City of Lost Causes in late May or early June.
As any regular readers of my ramblings will know, I’ve never exactly been a fan of Nu-Oil and Gas (NUOG), nor of the people running the company.
It never ceases to amaze me how much of a gamble some PIs will take with their money, even when the company itself has warned that it is in real trouble and it is almost impossible to see a way out of a bad situation which would result in a higher share price.
AIM-listed online ladies clothing purveyor Sosandar (SOS) had its AGM today and offered a few nuggets of information which suggest that things are pretty much on track with management expectations. Since we already know that management is “very comfortable” with the forecast numbers offered by house broker Shore Capital (I would translate that as meaning easy to beat!) and we know those numbers (see HERE). So that looks pretty positive. Mind you, we were not offered actual numbers for summer trading as the Adam Reynolds computer keyboard struck again!
In 2017 Purplebricks (PURP) held its AGM on 29 September and pushed pout an H1 trading update on November 6. The news was not blisteringly good but enough lipstick was put on the dog to fool the sell side analysts. Wind forward 12 months…
Shareholders in AIM-listed Adam Reynolds stable Sosandar (SOS) have an AGM to look forward to next Tuesday, and I am very hopeful that a trading update will accompany proceedings. At the last count the company reported quarter on quarter growth of 70-odd percent – a remarkable achievement, even for a near start-up. The market is clearly hoping for more of the same, although I’m not sure that rate of growth will have been repeated over the summer holidays. But it has been growing like mad – and we loyal shareholders have done very well.
At the risk of upsetting retail-guru Thirsty Paul Scott who thinks it is bad for the share price if any expert other than he pontificates, I thought it was time to mention once again my hot tip of AIM-listed Sosandar (SOS) from the UK Investor Show earlier this year. Having offered favourable mention at 12.5p I tipped it at 13p, cashed in a slice at 27p and the shares closed last night at about 35p. It is all good news!
Further to my “Exclusive” on Friday in which I predicted the outcome of the Stobart (STOB) Boardroom battle, the results finally came out yesterday more than 24 hours after the AGM began confirming that Tinkler and his gang had lost; however, it is worth considering what happens next as I doubt very much that this is the end of it.
Did you see Friday's AGM trading update from oil services company John Wood Group (WG.)? Obviously I was all over it like a rash given it was one of my two tips of the year in late December and - as I noted here - a couple of months ago or so, it had a slightly sluggish start. The better news is that after Friday's move the stock is now back to where it started the year - and I think we go higher from here.
The day, that after 28 years as a journalist,, I take lectures on my vocation from a lying toe-rag like UK Oil & Gas (UKOG) boss Steve Sanderson is the day I quit. Lyin' Steve attacked me at his company's AGM and blames me for the death spiral which - along with drilling disasters - has cratered his company's share price.
I can’t say I know alot more about Yolo Leisure & Technology (YOLO) than I’ve learned in the last hour or so, but on no news the shares are near the top of the ADVFN losers leaderboard at -17.65%. I wonder why.
With “the number of active engagements increased significantly in the year and currently stands at around 100”, an AGM statement from Applied Graphene Materials (AGM) emphasises “the board remains pleased with the progress that the group is making towards the commercialisation of its products and proprietary technologies… Following on from our initial production orders the business secured additional production orders”. Sounds encouraging…
An AGM statement from Swallowfield (SWL) includes that “trading in the first four months of the year is in line with expectations” and that “we expect to maintain our positive progress.”
Roger Lawson of ShareSoc bought a few shares in Rosslyn Data (RDT) as a recovery punt in a placing. That he was able to get EIS relief added to the attraction although I still worry he will lose money on this company which I have highlighted many times (HERE) as a howling dog even by the standards of AIM. Lawson attended the AGM yesterday and reports back on what appears to have been a curate's egg in his mind. I think he is being well generous.
Some companies are so transparent. I look at the RNS from Savannah Resources (SAV), do the maths and predict a placing within weeks. I then crow about one I called earlier, Applied Graphene Materials (AGM). Then it is onto Interquest (ITQ) which is back on the AIM casino thanks to Nomad Allenby, a firm that I take to task for being morally bankrupt. I look at Johnston Press (JPR) which is nothing to do with Luke Johnson who is also mentioned. I then look at Advanced Oncotherapy (AVO) and i3 Energy (i3E) as well as the dog Haydale (HAYD)
On September 15 2017 I explained why the folks who run Applied Graphene Materials (AGM) were slam dunk proven liars and predicted a bailout placing. Hey ho. Vindication did not take long. Today we are told that there is a book build on a placing to raise £9 million + at a minimum of just 36p with a £1 million open offer also planned. The shares have crashed by 23p to just 40p bid. Another win for the Sheriff.
Recorded at the Teeling distillery in Dublin (no jokes please, I am stone cold sober ahead of battle with evil Professor Conroy shortly), I reflect on 45 minutes of my life wasted at the San Leon (SLE) AGM. I am a bit angry with all sorts of folk and the language might reflect that.
As Tom Winnifrith pointed out on today’s Bearcast, there seems to be no value in contractual arrangements any more. Shares subject to a lock-in? No problem, we’ll sell them anyway. And that brings me to K3 Capital Group (K3C). Like Tom, I have no idea what the company does and frankly nor do I care. But I do wonder whether things are going quite so well at the company in the light of this morning’s news. It wasn’t the sales which concerned me (although that was bad enough), it was what came with them.
Main market-listed Entertainment One (ETO) is a company I had a soft spot for until not so long ago, but the voting results from its AGM yesterday leave rather a bitter taste – especially in view of the company’s reaction to it.
Well it did arrive in a brown envelope! The eagle eyed among you will see that I appear not to have cashed the last cheque from this source, for 51p. I think I lost it. But I'm now entitled to 80p as a result of being a loyal shareholder in the London Stock Exchange (LSE). Of course my real "dividend" is being able to attend the AGM to berate the hapless head of AIM Regulation, Mr Marcus Stuttard. Truthfully, notwithstanding today's cheque I can say that I am not in this one for the money.
Companies that tell lies to investors are ones that should be avoided like the plague. If you pick a company up on one lie the odds are that there are stacks of others going undetected. That brings me to Applied Graphene Materials (AGM) where I will demonstrate a slam dunk lie. Then we will turn to its looming cash crisis.
Big Sofa's (BST) AGM went smoothly enough but the market seems to have overlooked the statement from chairman Nicholas Mustoe. It really is very exciting indeed. Mustoe stated:
It was a case of the good, the bad and the ugly but on balance there were a lot more goods than bads. Let's start with the ugly from the Fox Marble (FOX) AGM..
Alliance Pharma (APH) has made an AGM update announcement, including that trading “is good and in line with the board's expectations” and that “cash flow in the business remains strong”. This is a healthy reaffirmation of our BUY tip of last month which is now well in the money.
I do not always agree with Richard Jennings of Align Research. As you know he has some crazy views. But on the subject orf Tony O Reilly Jnr and Providence Resources (PVR), Jennings is bang on the money. Ahead of the AGM he has written to O'Relly. The letter follows:
AIM-listed Frontera (FRR) has rather slipped since I last wrote about it last month HERE and HERE, concluding that it had a gaping black hole in its balance sheet. The shares were then trading at around 0.4p. This afternoon the shares are 0.31p in the middle (last seen) and it has announced its AGM. Just one thing: where are the full year results? The company is trying to raise c. £40 million in cash and loan settlements, and won’t show us the balance sheet? How big a RED FLAG do you want?
Fitbug Holdings (FITB) has updated that all resolutions were passed at its AGM today – including meaning it’s soon goodbye the jam-tomorrow entity that is Fitbug Holdings Plc and hello a, er, jam-tomorrow entity that is to be Kin Group Plc...
Fraud Cloudtag (CTAG) may have been booted off the AIM Casino but in the few months before insolvency the comedy continues. The company has held an AGM the highlight of which was news that the 2 NEDS Tony Reeves and Jerry Bereika have resigned. Lyin' Amit Ben Haim says that the a search for new directors with the requisite skills to match the Company’s future requirements is underway. Hmmm what would that skillset be?
AIM-listed Cloudbuy (CBUY) this morning issued an AGM statement which offered yet more jam tomorrow, even more jam next year but the only jam today is the one the company seems to be in.
AIM-listed Milestone Group (MSG) has released an AGM statement – but it is not the voting result, it is the Chairman’s statement – to be delivered by Deborah White, who is (corporate governance Red Flag) also CEO. Of course, some of us think that there should have been a change at the helm some while back in the midst of the non-arrival of placing funds scandal which the company was, to say the least, tardy about ‘fessing up to.
Oh dear, oh dear, I am sorry to have to break the news to WH Ireland (WHI) but a shareholder in the esteemed firm of pensioner muggers has agreed to appoint both myself and Jim Bagot as its "corporate representative" ahead of the AGM on March 30th.
It has been drawn to my attention that the pensioner mugging free speech hating, free press threatening bastards at WH Ireland (WHI) are holding a GM on 30th March, a day when I just happen to be in London. I would very much like to attend as would Mr Bagot, a pensioner WH Ireland knows well. But we need your help.
Last week, Tom accused me of bailing on on my 2017 tips as I was too busy dancing naked around the Winterval Pole praying for Gaia to weaken the minds of good people around the world to accept ciimate change. Or something like that, I didn't read it too closely. Now, my role here at ShareProphets is to keep the plates spinning, not make the tips. But that changes today.
John Barr of Mosman (MSMN) has today made an AGM statement which marks him out as a total wanker of the highest order and a disgrace at every level. I am livid, I explain why this man should be forced to resign at once and why his career should end at once. There is no apology for the chart below which tells its own tale of corporate ineptitude.
The word on the street is that the AGM of Sefton Resources (SER) is to be held today at the Essex offices of ADVFN PLC (AFN) - the head honchos at both company's being the same. Flip flop Ben Turney, who now owns almost 13% of the stock says that ADVFN boss Clem Chambers has slammed the phone down on him as he tried to confirm this.
The AGM of Falanx (FLX) on Thursday was a cheerful affair. We tipped these shares at a 4.25p offer in May. They are now 6.75p-7.5p. ot only were all the usual tedious resolutions passed but there was an upbeat trading statement.
AIM-listed CloudTag (CTAG) has a lengthy charge sheet against it from this site. But now I want to go through the maths on the headroom available to the company to issue shares and warrants to L1 as it converts its loan notes. No doubt the company will wish to clarify the situation – perhaps with the able assistance of its Nomad, Cairn Financial, which we know is watching carefully. Draw your own conclusions from what follows - I've drawn mine!
Well here is an early Christmas present for all good bears, Avanti Communications (AVN) has sort of fessed up to the fact that its shares may be suspended from the AIM Casino on 30th December and that it may be facing a new bond default. Oh dear. If that is not a cue to sell as fast as you can, what is?
Oh dear, AIM-listed jam- (and product) tomorrow (or sometime, maybe) CloudTag (CTAG) closed last night notching up (or, perhaps down) a bid price of just 6.75p per share. This might be causing a few headaches over at L1 Towers as it seeks to convert its remaining £1.2 million of convertible notes from Tranche 1 of its death spiral funding package. My plan to become a death spiral financier on the Casino seems to have hit a nasty problem – that of headroom in already existing share issuance authorities of the investee company running out and leaving me lobster-potted in unconvertible notes. Of course, I can “persuade” the company to increase the authorities, but time is of the essence: I want to offload ASAP and bank my bunce.
The Red Flags plastered all over the currently suspended pending accounts ShareProphets AIM-China Filthy Forty play Asian Citrus Holdings (ACHL) can all be found HERE and the latest development is that it has now called its AGM – still with no accounts published – on 28 December, right in the middle of the Christmas and New Year break. I guess the board is saving precious shareholder cash in that it will be able to book a very small room.
Oh dear, oh dear, oh dear. There’s trouble brewing at AIM-listed Blenheim Natural Resources (BNR) in the wake of a total disaster at the company’s AGM. In an RNS released yesterday at 3.19pm (HERE) the company announced that every single one of the resolutions put to the AGM were rejected. Thus, following the departure of Chris Cleverly of African Potash (AFPO) infamy, two further directors have been ousted as their retirement by rotation became permanent as shareholders voted down their re-election.
Last night after hours AIM-listed New World Oil and Gas updated the market on a number of matters and it looks to be bad news all round. Having already announced that its proposed RTO with Big Sofa was off the table, the latest bombshell was that under AIM Rules it is to lose its listing on 9 November and that it had already agreed to part company with its Nomad (the useless Beaumont Cornish) as from the close next Monday. The mess could hardly seem worse.
Tungsten Corp (TUNG) has announced at its AGM “a positive start to its new financial year ending 30 April 2017”, though the shares have responded approaching 4% lower to 61.25p. Hmmm, let’s take a closer look...
Why on earth it took Wishbone Gold (WSBN), the owner of the Black Sand gold trading business, two working days with a weekend in between to release an AGM statement is beyond me. Amid the uncertainty that caused we loyal shareholders suffered as the shares slid. But better late than never we had an RNS yesterday and it was good news indeed.
AIM-listed Fishing Republic (FISH) only came to the Casino on 4 June 2015. Apparently newly listed companies are supposed to come to the world’s most successful growth market with 18 months’ working capital in the bag. But on Friday it was announced that Fishing Republic is calling a General Meeting in order to seek shareholder authorities to allow it to issue yet more confetti.
ShareProphets AIM-China Filthy Forty play MoneySwap (SWAP) has made no secret lately of its dire financial predicament. The investment case appears to be that it either gets a refinancing (with a new board) and survives – but with the new money coming in at a significant discount, or it does not in which case it is bust.
One swallow does not a summer make, according to Aristotle. I guess he would baulk at two as well but it does seem that a few swallows are getting the idea. I refer, of course, to the growing number of AIM companies facing shareholder activism. It is a good thing.
Having warned on profit in February – as reviewed HERE, today there is an AGM update and a “Directorate Change” announcement from industrial chains and related power transmission products company Renold (RNO). Let’s take a look…
AIM-listed cancer-buster ValiRx (VAL) has its EGM today at 11.30am at the offices of DAC Beachcroft LLP, 100 Fetter Lane, London EC4AS 1BN. After shareholders voted to reject a resolution to disapply pre-emption rights at the AGM a couple of weeks back, the company has called a new gathering at which shareholders are being asked to vote on it again with management hoping that this time the shareholders get the answer right. Heck, it works for the EU, so why not here? Update - motion passed, shares down.
Some naughty, naughty chappies appear to have taped the entire AGM of LGO Energy (LGO) on Monday. You naughty, naughty boys. Transparency for an AIM listed PLC. Whatever next? This is political correctness gone mad. If Neil finds out who is responsible he will get his favourite PR genius Steffi to spank bottoms at once. I digress lets go 14 minutes and 30 seconds into the recording...
Drone company Strat Aero (AERO) has announced results for the 2015 calendar year ridiculously late and after its AGM earlier on 30th June. I wonder why? …
I highlighted yesterday that it seemed to me that the failure of shareholders in AIM-listed cancer-buster ValiRx to pass a special resolution at last week’s AGM to disapply pre-emption rights cast a bit of a shadow over the company’s funding arrangements. In a move straight out of the EU rulebook on democracy, shareholders are to be given the (ahem) opportunity to vote again in the hope of coming up with the right answer this time.
Shareholders in AIM-listed cancer-buster ValiRx (VAL) rejected a disapplication of pre-emption rights special resolution at the AGM held last Monday. The company said a further announcement would follow “in due course” but since then there has been silence. But it seems that there might be a few implications for the financing of the company going forward.
blinkx has announced a change of name to RhythmOne (RTHM), with the first announcement under the new name a replacement “Result of AGM” as “the titles in the final two columns were incorrect as were some of the numbers”. Oops. This following the management guff of ‘RhythmOne’ “encompassing the go-forward product strategy and commercial proposition for the company”…
Regular readers will know that I have been following with interest the rather dramatic developments at Fastjet (FJET) over the past year or so. This morning sees publication of a letter from the Board, asking shareholders to support their Chairman against easyGroup’s move to remove him from office.
Shares in provider of professional business services and stock & inventory systems and services, Christie Group (CTG) are currently trading lower on the back of an “AGM Statement” announcement. Let’s take a look…
Last month, I brought to readers’ attention the binary outcome facing investors at Havelock Europa (HVE), which must surely be worth multiples of the current share price if it can ever stage a successful turnaround. We have not had to wait long for further news.
This morning saw AIM-listed ValiRx (VAL) appoint Beaufort Securities as Joint Broker. This coincided with a quarterly update RNS full of good news and Beaufort included a generous write-up in today’s morning note, with a “speculative buy” rating. All jolly good, but I fear that yet more errors have been made by the company.
ShareProphets likes to bring you the news that companies don’t want you to see. In that vein we bring you yesterday’s RNS from the AIM-listed mile-high croc of **** with no CEO and which is running out of cash otherwise known as Fastjet (FJET) which was entitled Notice of AGM. To make things look really kosher it came out at 3.36pm on a Friday: no-one-is-watching o’clock. Whilst some in the square mile may already have been off lining up the Friday night coke and hookers, we were still watching. Blow me down with a feather, it wasn’t just a notice of AGM.
Oh dear, oh dear. I have the utmost respect for Richard Poulden who had the grim task of overseeing today’s awful trading update from AIM-China play PCG Entertainment (PCGE) and like Tom Winnifrith I had hoped that his outfit might prove to be a rare winner on the Filthy Forty. My experience of him has been one of immense integrity a very sharp mind so it is with considerable sadness that I am writing this. But a bit more digging later, it looks just awful – although, I must stress, not on Mr Poulden - and there is a worrying implication on fellow Filthy Forty play MoneySwap which is already is considerable trouble. Sadly, I fear that AIM Regulation needs to do a full steward’s here.
Shares in Safestyle UK (SFE) are heading further higher on the back of an AGM update including that “the group's new financial year has begun very well” and that it is “confident that the group will deliver excellent results for 2016”.
Yesterday we had a funding update from cash-strapped ShareProphets AIM-China Filthy Forty play MoneySwap (SWAP). It seems that there are negotiations going on, with hopes that a funding deal worth $4.5 million (call that £3.125 million) can be closed. Meanwhile we are told that some keep-the-lights-on short term funding has been arranged.
AIM-listed ValiRx (VAL) operates in the biotech space, developing cancer drugs. I’ve been pretty beastly in previous pieces (see HERE) but I am pleased to note that the company has seen fit to address the questions asked over Companies House filings. As pointed out HERE they were indeed wrong and they have now been corrected. Good news. My hope is that the questions over the Bracknor funding deal will now be addressed.
I couldn’t make the London Stock Exchange (LSE) AGM on Wednesday but by all accounts it was more amenable than last year’s disgraceful affair at which bona fide shareholders were frisked and refused entry by boot faced, thuggish bouncers, but I am disappointed that the board still seems blissfully unaware of the reputational damage being inflicted on the LSE by the dysfunctional AIM Market.
Hello to the chairman of the LSE and all other readers of this website and welcome to the daily podcast. In detail I look at Outsourcery (OUT) the crock of Turkish run by serial business failure Piers Linney and Blur (BLUR) the piece of Turkish run by uber-poltroon Phil Letts. Which is more worthless? Discuss. Having behaved myself with no bad language at the London Stock Exchange (LSE) AGM I am aware that my standards rather slipped in this podcast. You have been warned. I also cover MX Oil (MXO), Cambian (CMBN), Hunter Resources (HUN) and the uber Turkish Rose Petrooleum (ROSE) whose RNS today screams SELL - PLACING AHOY!
Not only did I get into the AGM of the London Stock Exchange (LSE) but in response to one of my two questions chairman Donald Brydon fessed up to being a reader of my work, saying how glad he was that I had got in this year. And as I chatted to my new best friend afterwards up wandered the bogus Sheriff, Marcus Stuttard, head of the oxymorons at AIM Regulation and guess what?...He's a reader too.
I shall endeavour, as the owner of two shares, to gain admittance to the AGM of the London Stock Exchange tomorrow morning. Im coming up from Bristol so may be a few minutes late but I trust that Lucian will be there for the 10 AM kick off at the Banksters Hall but it seems that only 11% of you reckon that the crony capitalists will take my questions on AIM fraud. We asked how the LSE would treat me - having barred my last year as its press office lied: You said:
The market is bent and no-one cares. Well I do and will be raising a number of issues at the AGM of the London Stock Exchange next week and hope you will join myself and Lucian there. In this podcast I cover moral choices about who you do business with and some nasty shocks in store for certain folks at www.UKInvestorshow.com then look at how markets are rigged and bent, leaving all involved just fealing sordid. I look at both Greka Drilling (GDL) and Falcon Acquisitions (FAL) as case studies.
Tom has been assured by the London Stock Exchange that a share certificate and a passport will get him into the LSE AGM this year. But the same folks lied to him in 2015 so will he get in and if not why not? Vote now in our reader poll:
The complacent and overpaid useless bastards who run the London Stock Exchange (LSE) hold an AGM at the Bankers Hall on Cornhill in the City at 10 AM on 27 April. I shall be there with a share certificate and passport and so cannot be denied access. Last year the press office lied to me and blocked my entry.
Yesterday I had a few comments to offer with regard to AIM-listed ValiRx (VAL) and its £4 million (or is it £8.6 million, or is it £8.6 million plus proceeds from exercise of 5 million warrants at 9p?) CUL deal with Bracknor. My fear is that details of that deal offered up in the RNS of 21 March 2015 look (from Friday’s RNS) to have been incredibly lacking. But wandering over to the Companies House website leaves me wondering if the company can’t get simple Companies House filings right, what hope is there for the mechanics of a complex CUL deal to be fully understood and conveyed to shareholders?
Nudged by a reader as we await the imminent death of Old Mother Worthington (WRN) in the snows of Greenland we bring you our latest spot the crook/caption contest - a photo of the Nuna Minerals AGM. Over to you, answers in the comments section below with a deadline of midnight today.
X-ray imaging for security and industrial inspection-focused Image Scan Holdings (IGE) has updated that “over £1 million of new orders have been added to the £600k of orders carried forward from the prior year” and that it is “optimistic for our first half performance and look for continued strong order intake to support the second half”. Is a current more than 18% share price increase, to 2.375p, justified though or is it still possibly cash crunch ahoy? ...
The scouse blogger Doc Holliday has today said that he will be stealing a few hubcaps so that he can buy one share in the London Stock Exchange (LSE). That will alllow him to join the protests at its AGM in late April about its wholesale failure to tackle fraud and PLC lies on the AIM Casino. So that makes three comrades pledged to attend: Doc, myself and Lucian Miers. Will you come too? Here's the deal...
Last year the London Stock Exchange (LSE) managed to deprive me of access to its facistic AGM even though its press office had previously said I could attend. This year they will not stop me as I have just dematerialised my two shares ( the certs are with me) and so will arrive in London in late April will all the documents I need to get in. So what trouble will I cause?
Our coverage of the AIM Casino fraud Naibu (NBU) was detailed and we called it out as a fraud openly more than six months before its shares were suspended. Staff at Daniel Stewart (DAN) knew it was a fraud and did nothing. The NEDS were in denial when I ambushed them at the AGM - HERE. The NEDS and Daniel Stewart staff were a bunch of upper class twits who patronised me and failed investors. But now it is mea culpa time. The hooray Henry's who took the Naibu shilling as NEDS have today published a full update on what is going on. It is horriffic reading.
So there we have it. Adam Reynolds and Nick Lee have received an overwhelming mandate to transform New World Oil & Gas (NEW). Both men got elected to the board with over 99% of votes cast. This represents a great victory for shareholders and goes to show that positive, organised shareholder activism on AIM can work.
The laughter keeps on rolling at Carry On Up The Sefton (SER). It seems that the company’s new management team has managed to spend £950 on the AGM it cancelled because it needed to “reconstruct necessary access and information” (whatever the hell that means). It appears that confidence in Sefton’s new board is at an all time low, which is a most impressive achievement when you think about it. Not trusting that the AGM was truly cancelled, one plucky shareholder turned up to the Novotel at London Bridge this lunchtime and has sent us some photos. Apparently Novotel’s catering manager repeatedly attempted to contact Sefton to confirm the booking, but no one replied. Quelle surprise!
The vote at New World Oil & Gas’ (NEW) forthcoming AGM on 17 November is not yet won. Shareholders still need to unite behind Adam Reynolds and Nick Lee to give them as strong a mandate for change as possible. A cleansed New World could present a fantastic prospect, but the market remains sceptical. The toxic legacy of the current board will take time and effort to clean up, but for once on AIM private investors have a genuine opportunity to make a decisive difference in the company they own.
The clocking is ticking down on Sefton Resources (SER) being booted off the Casino. Despite not having a Nomad, the company is still subject to the disclosure rules. So why, therefore, has Sefton’s new board not told shareholders that it has decided to cancel/postpone this month’s AGM?
Yesterday I urged you to back rebel shareholders who wish to oust the useless board at AIM listed confetti issuing machine, PeerTV (PTV) – HERE. You have until 3.30 PM today to contact the registrar to vote at the AGM on Monday and I urge you to do so NOW. Details on what to do can be obtained by emailing firstname.lastname@example.org - the rats are already deserting but the confetti issuance also continues.
On 23 October Sefton Resources (SER) announced its AGM to be held on 13 November. As a shareholder I should have received the circular for this by now, but I haven’t. Others seem to be in the same boat. I spoke with my broker TD Direct Investing today and it isn’t aware of the AGM. There is nothing in TD’s system signalling a corporate action. Even more confusingly it appears that Sefton has taken the proxy forms down from its website, which it previously had published. So what is going on?
PeerTV (PTV) has been a complete disaster story of the AIM Casino. Its first (lack of profits) warning came within weeks of its IPO at 45p per share in December 2010 and in fact related to events prior to the IPO which it had neglected to mention at the time. The shares are now 0.03p. And so it is now time to sack the board at the AGM on Monday. If you own any of the 2.4 billion worthless pieces of confetti in issue here is how to vote and why you should.
New World Oil & Gas (NEW) has finally announced the date of the AGM. This marks the culmination of months of hard work behind the scenes, ensuring an orderly transition for the company from being one of AIM’s most despised stocks to one with an extremely bright future. As expected, Adam Reynolds is on the ticket for election to the board, but in a surprise twist he is joined by Nick Lee of Paternoster Resources (PRS). Lee will have the full support of NWOGaction, so his appointment is almost a foregone conclusion. Fred Hodder is retiring and Peter Sztyk now deservedly faces the wrath of his shareholders. This is all fantastic news.
We have an interesting share chart in many ways as far as Applied Graphene Materials (AGM) is concerned, something which is said in the wake of the recent relatively choppy share price action in the post April period.
Despite knowing that its execution is booked as soon as soon as it gets around to calling the now overdue AGM, the Board of AIM-listed New World Oil and Gas (NEW) has announced the triumphant extension to its exploration license in Belize. To help you understand what is really going on, here is the ShareProphets RNS Translation Service on today’s announcement (original in bold)
Entries in Wednesday's caption competition were entertaining as readers poked fun at AIM Regulation's ineptitude over the Quindell (QPP) and the ShareProphets AIM-China Filthy Forty scandals. We have a winner - and a new contest in honour of Xavier "L'Atruche" Rolet, CEO of the London Stock Exchange Group as we celebrate AIM-China execution number 13, ARC Capital (ARCH).
On 21 September I received an incredibly snotty letter from New World Oil & Gas (NEW). The letter was marked strictly private and confidential, so I won’t publish it. However, now that New World has decided to smear NWOGaction in our latest TR1, I will publish my response to Peter Sztyk. What’s the Ukrainian for “piss off”?
This morning two boardroom departures have been announced at AIM-listed Rurelec (RUR). The chairman was announced to have gone first thing this morning, and now he has been followed by a NED who is departing as of the end of the month. Is this a sign of further woes to come?
NWOGaction, the shareholder action group for New World Oil & Gas (NEW), is delighted at this morning’s staggeringly incompetent announcement from the company. Having previously announced that New World’s Production Sharing Agreement (PSA) comes to an end on 15 October, today it’s dawned on the board that the actual end date for the PSA is 31 October. Arguably this is an honest mistake, but New World has two (yes, TWO) lawyers on its board (Peter Sztyk and Stephen Polakoff, who will both be up for re-election at the AGM), yet still it took “legal advice in Belize” to uncover this basic error. Jesus wept. These men can’t even be bothered to read their own contracts.
That AIM-listed Rurelec (RUR) has been in a spot of bother was already well known (see HERE and HERE), and the full extent of the fiasco is clear from yesterday’s Interims. But it is the Chairman’s statement which most raises the eyebrows – here we are given an explanation as to what went on at the AGM when the board members up for re-election were unceremoniously rejected by the major shareholder…..whose head honcho is the company chairman!
Although I am not yet an expert on Graphene, the concept and what it could do for companies with a business model built around appear to be quite enticing. That said, until the middle of last month the experience for bulls of Applied Graphene Materials was clearly not a great one.
This morning NWOGaction, the shareholder action group for New World Oil & Gas (NEW), announced its support for Adam Reynolds and his team’s bid for election to the board, at the forthcoming AGM. This is an exciting turn of events for New World’s long-suffering shareholders. It promises to set this stricken company on a much more positive path, led by the value creating force behind the recent flyaway successes of Optibiotix (OPTI) and Premaitha Health (NIPT). Reynolds and his experienced team of turnaround specialists have identified a project and new executive management for New World, in the booming Med Tech space. Now all shareholders have to do is vote in favour of this radical change in direction.
New World Oil & Gas (NEW) has announced interim results – noting “as a result of the Placing and Open Offer that concluded in July 2015, the company's cash position (as at closing of business on 28 August 2015), stands at approximately US$4,479,266”. This equates to a current £2.93 million.
As you know I was filming with the BBC today. I shall let you know when the programme is set to run. We started off with an interview on the 24th floor of a very tall building. If I look a bit green at the gills it is because I suffer from chronic vertigo so I really did not enjoy that much. Then we moved over to film a few shots outside the Stock Exchange…
This morning, New World Oil & Gas’ (NEW) board of directors was true to its word and published the company’s unaudited interim figures nearly a month early. The numbers are encouraging. The company had £2.9million cash on Friday, the executive directors have been offsetting all fees since March against their outstanding loans and the board continues not to draw salary or accrue benefits. The company is not yet out of the woods, but today represents a tangible step forward. Next up is the AGM…
Over the last six weeks the New World Oil & Gas (NEW) shareholder action group, NWOGaction, has been quietly laying the foundation for a most surprising turn of events. Where the market has given up hope, thirty-seven private shareholders have continued fighting for their company’s future. Their efforts are about to bear fruit.
First up, news Friday that Rurelec (RUR) has finally sold its Canchayllo hydro-electric plant in Peru for net proceeds of $6.4m. This announcement comes after the previously announced sale for $6.5m back in March, an update in April that the $6.6m cash had not arrived but was expected “shortly” and an update in May that a loan which had been expected to have been settled out of that cash had been extended, before the Annual Report and Accounts for FY14 revealed deep in the notes that the sale had failed.
Once every three years, the long suffering shareholders in AIM casino listed Bahamas Petroleum (BPC) get the chance to get rid of CEO Simon “Harry” Potter – the next chance is next week and this is why I urge all investors to send Harry packing.
Boy, oh boy - an after-hours RNS from Rurelec. Last time we had one the Red Flag count hit twelve (see HERE). But it got worse when Rurelec dished up five RNSs in a single day (see HERE) which included FY14 results, but buried deep in the notes to the accounts it emerged that a previously announced sale of assets intended to fund the repayment on loans had, in fact, not taken place. Yesterday, on the dot of the end of the day’s trading, the company released a stunning AGM result.
It would appear that Graphene is something of a miracle substance. In the end it will be surprising if at some point in the near future this material which apparently is an allotrope of carbon, did not help cure everything from the common cold to baldness.
Hello Share Twiddlers. I hold shares in Tesco (TSCO). I have written before on this lip-smacking site in anticipation of a big recovery after disastrous figures. But now I am not so sure.
AIM casino listed China fraud Camkids (CAMK) has helpfully published an English language transcript of a Q&A from its AGM yesterday. There are moments of sheer comedy but also a killer admission which should tell you this is heading for 0p.
Having recommended shares in Restore plc (RST) on the Nifty Fifty at a 181p offer price in June, we opted to take profits at 260p in January – questioning whether the remaining upside potential was great enough to justify hanging on amidst our general market nervousness. The following updates with the shares now at circa 270p following an AGM update today.
I am off shortly to the London Stock Exchange AGM and events today show why AIM is such a joke of a casino. I refer to statements by Mosman, the er..lies of New World Oil & Gas and the total farce over Horse Hill. I give you full details of the next Dave Lenigas IPO and where to apply, not that I shall be doing so I stress. I cover the latest disaster to hit my good friend JimMellon, this time it is at Webis. and what the Benchmark and Hardide profits warnings tell us about wider equity valuations.
It is a 12 O’clock kick off in West Smithfield for the AGM of the London Stock Exchange and myself, Lucian Miers and various co-conspirators will be there to lick up a fuss about the joke that is regulation of the AIM Casino. We thought this was a peasant’s revolt but in his morning email to clients, top broker Andrew Monk, a respected member of the establishment has come out in our support! Well I never. Mr Monk ( who will not now be getting a knighthood) writes:
At the AGM of the London Stock Exchange (LSE) tomorrow, Lucian Miers, Nigel Somerville and others will be quizzing it over the lack of regulation on its in house casino. I refer to AIM. So here is something I might ask and it comes from the fraudster and insider dealer Mr Robert Terry, formerly of Quindell.
In this podcast I look at the bleating customers of IG Index, the nature of AIM in relation to a chat with Doc, the Labour/SNP threat to Britain in the context of HSBC threatening to quit, Rosslyn Data and James Courtis Pond and again at the forthcoming AGM Of the LSE.
On April 29th the London Stock Exchange (LSE) holds its AGM and this is a call to arms to all you peasants out there, that is to say ordinary decent private investors who have been shafted and screwed by the way that the LSE has mismanaged AIM turning it into a crime infested casino. It is time to hold the Board of the LSE to account.
The AGM of dual AIM and Aussie-listed eServGlobal (ESG) has not gone smoothly – with an update that the company is currently trading in line only with revenues and EBITDA to be “at least equal to the 2014 financial year” and that “Resolution 2 (the Remuneration Report) did not pass” seeing the shares currently down more than 10% today at 21.5p. Having concluded in October that the declining share price – to a then 27p – looked perfectly understandable, the following updates...
We’ve hardly been chief cheerleaders for New Range Resources (RRL) here at ShareProphets. However, the efforts of CEO Rory Scott Russell and his team were slowly starting to win me (but not TW) over. In dealing with the Augean stables left behind by Peter Landau, Mr Scott Russell had embraced an openness, never before experienced by long-suffering shareholders of this wretched company. It is true that there were some justified complaints about the level and speed of some of Mr Scott Russell’s disclosures, but for the most part this man was a paragon of virtue compared to his predecessor. To be dumped from his job, because shareholders couldn’t be bothered to vote in the latest AGM is a travesty.
K3 Business Technology (KBT) has updated that trading in its new financial year to date “has been in line with management expectations” and also announced the appointment of an experienced interim Chairman, Lars-Olof Norell, following the retirement of its current Chair at its AGM.
Quindell’s numbers for accrued revenue on Industrial Deafness will prove to be fantasy, in my opinion. That will mean massive writebacks of revenue and profits already booked, that all earnings forecasts are wrong and that a company threatening cash crisis is on the way by early 2015. Prompted by a former senior Quindell staffer to whom I have been speaking I went “undercover” today to show why.
I previously wrote on specialist recruiter Hydrogen Group (HYDG) in January – concluding that, with the shares at 108p, the prospective rating looked reasonable but that the cautious would await further clarity (see HERE). The shares remained above 100p until a May AGM update which included that “in some areas we have observed a delay in conversion to completed placements and we are yet to see an across-the-board uplift in Net Fee Income. It is therefore still too early to say with certainty when the different practices and regions will see sustained acceleration”. Ahead of the 16th September-scheduled interim results, I take another look at this stock following a further update on trading last month and with the shares currently at 80.5p.
I previously wrote on shares in power and data cabling provider Volex plc (VLX) in February – noting early signs of the business recovering but that I’d want further, solid, evidence that the transformation plan is delivering before considering an investment at the then approaching 120p per share (see HERE). I update in the following with the shares currently little more than 80p, despite the company updating positively at its AGM last month.
In May I noted attractions as a recovery play in shares of foundry and engineering company Chamberlin plc (CMH) at a then 73.5p – see HERE. The following updates with the shares now up to 87p following an AGM trading update and subsequent director share purchase.
Shares in identity technology company GB Group (GBG) currently trade slightly higher today, at 149p, on the back of an AGM update of a “strong start to the financial year” and with the board “confident that GB Group will deliver another year of positive progress”. The following updates my April view – with the shares then at 145p – which concluded that the risk/reward was not then overly appealing for a share purchase.
A Trading statement from China based AIM Cesspit POS Naibu (NBU) today is sheer comedy genius. The shares are off again at 51.5p and I am now minded to revisit my 1p target price as I am being generous.
Four times, or perhaps it is five, we have asked the AIM Regulation Team to investigate whether Roland “Fatty” Cornish and his firm Beaumont Cornish, is fit to continue acting as a Nominated Advisor (Nomad) in light of our revelations about events at Digital Learning Marketplace (DLM) in 2012. We now publish a full charge sheet. If Fatty wants to exercise a right to reply we will publish it. Pro tem we will pass this too onto AIM Regulation.
AIM-listed developer and provider of offerings based on the ‘Automatic Identification System’ maritime domain awareness technology, Software Radio Technology plc (SRT) has followed recent results and a placing by welcoming “both shareholders and non-shareholders” to attend its AGM and open day on 15th July (an approach in stark contrast to another (still) AIM-listed company - see HERE). The following update looks at the recent news flow.
Until now bear raider Evil Knievil has been the highest profile supporter of Chinese gym shoe producer Naibu (NBU) arguing that on a PE of c1 and yielding 12% the shares were cheap. However I can reveal that he has seen the light and sold out completely.
Outside the palatial offices of City financiers Daniel Stewart I considered a quite bizarre AGM. The chairman had a few problems with his visa so could not be there leaving two hapless NEDs to field questions. I congratulate the Naibu (NBU) shareholders who attended – they seemed a well informed and perceptive bunch.
Outside the palatial offices of City financiers Daniel Stewart I waited for the massed herds to arrive at the Naibu (NBU) AGM. In the end seven other folks attended. Before going into battle I composed a few thoughts and recorded them on video.
Being a bear of Naibu (NBU), I don’t think it would be appropriate for me to attend Monday’s AGM at the offices of Daniel Stewart, but if anyone is going they might like to ask the boss Mr. Houyan Lin ( via his interpreter) the following questions. And as it happens someone is going, Tom Winnifrith, the Sheriff of AIM. If he has nothing better to ask how about?
This time I shall gain admittance! Naibu (NBU) has just confirmed in writing that I shall be allowed to attend as the representative of Evil Knievil who (for reasons that I cannot understand) is long of this stock. And I have a few questions for the board. For starters:
It now looks like the recent weakness in Gulf Keystone’s (GKP) share price has been caused by not one, but two civil wars. I covered events in northern Iraq a fortnight ago, yet it is boardroom infighting that is once again the greater concern. Greed does funny things to people and it is high time the directors of Gulf grew up and got their acts together. Failing that, they should just take off their shirts and go and wrestle in the car park until one side cries uncle. Anything would be better than having to watch this never-ending struggle for control of the company.
Following my article on (HUR) Hurricane Energy, HERE, I hot footed it down to the AGM on Monday Morning in my city and private investor capacity. I was lucky enough to sit near to a BP official I knew. Of course, he told me he was there as a private investor but we had a decent chat about North Sea fields in the West Shetlands and how interesting a development would be in shallow waters in the Greater Lancaster project area.
This article on Quindell (QPP) should be self-explanatory. I have this morning made a Freedom of Information Request to the FCA/UKLA regarding the failed attempt by Quindell (QPP) to make it onto the main list and off the Cesspit. The reasons given for the failure in the RNS of 11th June and the AGM Q&A on 19th June 2014 seem to differ. I would like this matter cleared up once and for all and argue that it is in the public interest that it should be.
Thanks to Quindell (QPP) excluding me and also the Fleet Street guys there were very few questions at the AGM which would have troubled Rob Terry greatly. What did we actually learn from what went on there and from the accompanying trading statement?
And then myself and the chaps from the FT and the Sunday Times were also booted out of the building. Not even allowed to wait to interview folks coming out of the AGM or management as they left. Why is Quindell (QPP) running so scared?
My new best pals are Henry from the FT and investigative business reporter John from the Sunday Times. They too were both excluded from the Quindell (QPP) AGM.
Poor Foxy Bex. She is not a bad person, but Quindell's (QPP) PR bird had to defend the indefensible. I was feeling a tad angry by this point and so I confronted her...
I showed my Contract Note. Quindell (QPP) knows that I am a shareholder but they would not let me in. The shares are in a nominee account. PR Bird Foxy Bex was there and she knew it was all kosher. They had a shareholder register with me on it. They could have let me in but did not. Why cannot Rob Terry face tough questions?
Ahead of the Quindell (QPP) farce of an AGM today, I recorded a short video with a few thoughts and questions for the company.
Filmed outside the building where the AGM was to be held, the Sheriff of AIM, was in full dress.
More to follow...
What has Rob Terry got to hide from the press? It is reported that the Quindell (QPP) boss has banned the media from attending tomorrow’s AGM shoot-out. Why on earth would he do that? Perhaps he does not want press reports of institutions questioning him on corporate governance? Or nasty questions about how Quindell projections do not tally with Government data (see my exclusive of earlier today) or perhaps it is questions about the UKLA debacle, the 2012 accounts restatements or untrue RNS statements that he would rather Fleet Street did not pick up on. But…
One of the reasons that Quindell (QPP) had its application for a main market listing canned by the UKLA was that its business had changed so quickly. We are still waiting for Quindell boss Rob Terry to tell us ALL the reasons for his regulatory rejection. But the speed of change at the main “profits” generator Quindell Legal Services is breathtaking. Numbers presented to City analysts yesterday leave me utterly baffled. I am, of course, thick as two short planks - perhaps a Bulletin Board Moron might care to explain it all to me.
Tom Winnifrith returns to record his weekly financial video postcard ahead of a trip to the grim North to see the Mother-in-law. Some folks have all the luck. In this video Tom looks forward to an intense week of shareholder activism with particular reference to Tern (TERN) and Quindell (QPP)
The AGM of Quindell PLC (QPP) will be at 10 AM on Thursday 19th June and as a loyal shareholder (as of Monday) I shall be attending and am planning my questions as of now. A few months ago this would have been a love-in with his fan club taking turns to praise CEO Rob Terry, I wonder if the mood may have changed. I still expect to get lynched by Bulletin Board morons as I ask my questions. On what you ask?
As it happens I was just having a long chat with my good pals at the UKLA (part of the FCA) today. What fine fellows they are. So they have turned down Quindell’s application to move up from the AIM Cesspit to the main market. Rob Terry tries to spin it as a minor issue but this is a disaster. Across the UK Bulletin Board Morons are feeling the pain as the shares have plunged to 12p. Guys you should have listened to The Sheriff of AIM with my many red flag warnings (another one today HERE) rather than slating me. You can all buy me a drink after the AGM next week to say sorry.
I am busy gemming up on Quindell Property Services (QPS) ahead of the AGM of Quindell (QPP) which I am going to next week. I expect to be lynched by BB Morons and will update my will over the weekend. I am sorry to be a pedant and you may regard this as trivial but there appear to be some jolly interesting things about this deal. This may take several articles to explain fully but let’s start with what is the bulk of QPS, that is the 360globalnet business, 360GN.
I am getting tired of Quindell’s (QPP) lamentable failure to answer basic questions, notably in regard to Quindell Property Services (see HERE and HERE) and hence I have done something I thought I would never do – I have bought shares in the company. Norra lot.
Alliance Pharma (APH) has updated investors attending its AGM that “trading in the first four months of 2014 has been in line with expectations” and that “we continue to work towards delivering further earnings enhancing acquisitions to outperform those plans”.
International specialist staffing group, Empresaria (EMR) has updated at its AGM that it “has made a promising start to the year” and “remains on course to meet market expectations for the full year”. Jolly good. We are now 58% ahead on an offer to bid basis on this share tip but there is more to come.
A copy of the Northern Petroleum (NOP) annual report lands on my desk. Thud. A lot of trees went to produce this weighty tome which places undue prominence on 'elf n safey, Corporate & Social Responsibility, etc, etc. That is all a smokescreen of sanctimony to mask an act of brutal AIM Cesspit crony capitaism. Naturally I turn straight to page 87 of 96 and there it is. Bonuses for directors! WTF?
Kosovo and Balkans region-focused marble company, Fox Marble (FOX) has updated investors attending its AGM that it continues to believe that “2014 will be a pivotal year in establishing Fox Marble in the market”, though “as a result of the unexpected weather conditions and one quarry site being extended to acquire the premium quality resource, production has been set back and thus booked revenues will be more strongly second half weighted”.