Hello Share Trundlers. Here’s a tip. If you have loads of shares don’t only use one broker. Remember the strife many of us had when Beaufort Securities went bust. If you had more invested than the FCA’s compensation limit allowed you may have stood at one stage to be in peril of losing some shares. And although this turned out not to be the case, if you have more than £85.000 of shares or cash with one broker then, for safety, you probably need to open other accounts.
With some folks having paid 8p+ for shares in Xtract Resources (XTR) late last week, today the company did a placing to the sewer-dwelling clients of Novum Securities at just 4.5p. The shares are now just 4.8p to sell. Boy those folks suckered in by the Colin Bird ramping must be hurting today. This is so familiar but I did warn you explicitly what the old scoundrel was up to.
Having advised readers to bank big gains on Xtract Resources (XTR), I waited the requisite period and then dumped my own shares, disgusted by the way that Chairman Colin “Calamity” Bird seemed determined to dilute his mug punters in a shameless and un-needed fashion. Today, vindication.
I see that AIM-listed Advanced Oncotherapy (AVO) has appointed a new joint broker, in the form of SI Capital Ltd. Normally for an AIM-listed company surely one broker would be enough – unless someone wants to rattle the tin.
I had thought that Gavin Burnell, the broker who used to work at disgraced Beaufort Securities and who floated and sat on the board of the fraud Globo, making a packet from fees and share sales, was no longer working in the City, that Novum Securities had parted company with him when the FCA refused to re-authorise him. But...
Oh dear, oh dear, Julie “lingerie on expenses” Meyer really has lost the plot now sending out a letter to business contacts in which she declares she is innocent of everything and then tears into her critics including me. Thanks to Winnileaks I have that letter.
I have highlighted before the curious way that Gavin Burnell of Globo (GBO) infamy was working at Novum Securities even though the FCA had not re-authorised him to conduct investment business following the demise of Beaufort Securities. All good things must come to an end.
That insolvent Andalas Energy (ADL) is undertaking a placing is no shock. It is insolvent with negative net current assets of at least £400,000 but thanks to some fairly sordid share ramping it has managed to raise a gross £1 million at 0.02p. The ramping of shares in this company with worthless assets is pretty unpleasant but what is laid bare in the news is the sheer greed of City advisers notably brokers Novum – of Jon Belliss and Gavin “I made £750k from Globo - Burnell infamy – and Optiva.
Hello Share Twingers. As I'm on the road, I lack my usual research resources. So I'll take the opportunity to review a few philosophical thoughts on that most difficult of shares: IQE (IQE). I'm attending the 50 year celebrations of BBC Radio Leeds, where I was shocked to find that two of my old friends didn't remember me at all. So sad. Dementia I fear.
I know sweet FA about Thor Mining (THR) other than its CEO knows a lot about snakes from his time in the field. And that is it, so I make no comment about what follows other than to say that in this private email sent to the chosen few the broker has not held back and has used very un-broker-esque language. He opines:
A load of people respected in the Big City, including our own Uncle Tom, believe that thinking ‘Gold’ is a jolly good mindset to have. After my current experience with Beaufort Securities, I am minded to buy a bar of gold and stick it under my bed. I could also buy the real thing from an agent and he or she will keep it for me.
I start with the latest developments on Julie Meyer and hint at what is coming next from myself and also from John Galt. Julie you ain't seen nothing yet. Praise be the Lord. Then it is onto Westminster Group (WSG) and someone almost as loathsome as Meyer, that is to say ex Tory MP fat Tony Baldry. Then I look at Eden Reseearch (EDEN) which fat Tone knows well, Pantheon Resources (PANR), Advanced Oncotherapy (AVO), the tossers at the FT, Jubilee Metals (JLP) and other Beuafort Securities victims and Interserve (IRV) and the tools at the FCA.
I week after UK Investor I reflect briefly on our show, on its plans for 2019 and on the massive flops of two also rans. I ask if the Maltese Old Bill have collared Julie Meyer yet? I think not. I hear she has skipped the Island to head to London. And then I have yet more absolutely shocking revelations about the administration of Beaufort Securities.
The scandal at Beaufort is that fat cat administrators are pillaging the accounts of 14,000 customers to fund theior own bloated fees of £100 million, something - that as explained here - is totally unnecessary since 10 other firms would have bought and transferred these accounts weeks ago. Customers are being screwed. So what is the FCA doing to help protect investors - step forward mentally retarded employee of the month xxxxxx xxxxxxx ( name redacted following a fascist letter from the FCA see HERE).
Hello Share Chewers. Are we all ready for the big investment show of shows in Westminster on Saturday? I’m really looking forward to it, as I’m of the opinion that private share trading is becoming ever more complicated and we all need more expert advice.
Today I have a new exclusive on the shambles that is the administration of Beaufort Securities where 14,000 clients are having their savings pissed away by fat cat administrators PWC. This will shock you.
Hello, Share Minders. I predict I'm not the only one still shocked by the news that administrators of Beaufort Securities may, if necessary, be able to arrange for some of the assets in ring-fenced accounts to service a shortfall in costs. It seems odd that the assets of innocent third parties could be forfeit to pay for the failure of others. Perhaps I've misread the email. At least the wording suggests that little has been finalised yet.
Nearly all clients of Beaufort Securites, now in adminstration, will end up losing nothing but will not get their cash and shares back until September at the earliest. But for 700 of the largest customers the news is not so good. They have today been told that their FSCS compensation, which is capped at £50,000, will not be enough to offset the steep charges being levied against client accounts by greedy fat cat administrators.
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.
Beaufort clients will get their cash and shares back but it looks as if it may take a while. Special Administrators to the City broker, PWC, has just written to all customers and it looks as if this is an almighty mess. I suspect there are a few connected with Beaufort who will be sweating. PWC writes:
It is not yet a done deal but my sources tell me that the corporate broking team led by Jon "for 5% I will raise cash for any old crap" Bellis from shamed Belfort Securities, now in administration, has this very morning just arrived at Novum Securities.
When MySquar (MYSQ) misled investors to get away a £1.2 million fund raise in on July 31 2017 it said it would never have to raise cash again. Well it did not take long for a change of mind from the holocaust denying fraudsters did it? And this fund raise announced today is dodgy as hell, yet another mega red flag. So lets go through the lies and spoofs in order up to the latest spoof.
Thanks to our Winnileaks service we can bring you a letter sent to AIM Regulation this week regarding Andalas Energy (ADL) the AIM listed POS which is almost certainly insolvent. The letter is detailed and is below:
Following the sad demise of Beaufort Securities yesterday one chap looking for a new job is Gavin Burnell, the man who brought the fraud Globo to market and made a killing as one of its NEDS, the man who brought you uber dog Magnolia and whose CV is a resume of shareholder value destruction. Natch he was an obvious candidate to work in corporate broking at a place like Belfort but where will shamed Burnell go next? You can win a bottle of champagne in our new prize contest.
Almost exactly three years ago, Kibo Mining (KIBO) raised funds from Hume Capital, a couple of weeks before it went into administration still holding the placing proceeds. Somewhat unbelievably, history has repeated itself with Beaufort Securities going into insolvency on Friday. It looks like a right old mess.
Is this why the FCA put Beaufort into special administration today? Not only is it insolvent but here is a press release from New York. Ouch.
I leave Kalamata shortly but when I get to Athens will there be a flight to take me home to Bristol or will I be dossing down at the Sofitel until the next flight on Monday? As I ponder that matter I consider the great news for we shareholders from Big Sofa (BST) and the real import of today's shocking news that Beaufort Securities has gone tits up. Postscript from Kalamata bus station: Bristol flights have been cancelled. With frightening efficiency I have transferred to a Gatwick flight. I am now working out how to get from Gatwick to Bristol in the middle of the night.
Its troubles started with a rogue salesman last year. Beaufort fessed up and compensated clients but the FCA insisted on a total overhaul of its compliance systems and clients found themselves unable to withdraw cash for a while. Broking is a tough business anyway with the staff demanding the fat via bonuses in good years and the shareholders picking up the tab in bad years. And so that run in with the FCA was the straw that broke this camel's back. The FCA said it feared Beaufort was insolvent and so...
I know that MySquar (MYSQ) prefers to leak speculation and innuendo as news via the fraudsters poodle journalist of choice, Rob Terry's pal Ben Harrington, but perhaps the holocaust denying fraudsters might consider an RNS PDQ!
Richard Jennings of Align Research is, to his credit, a great Hellenophile and an even greater ailurophile. He also have some views which are pretty nutso. But his stern words on Nick Trew the CEO of Pathfinder Minerals (PFP) are ones that I have real sympathy with. Jennings reckons that it is black bag time for Trew and is prepared to call an EGM to get his way. I support his call to oust Trew and would urge all shareholders to contact him on the address below to set the wheels in motion. Over to the cat lover who writes:
As it happens, I reckon that Falanx (FLX) shares, which we own, are a stand out buy as well after yesterday's superb news. My thoughts will follow in due course. First up is the joint broker, Beaufort, with its thoughts and its video interview with boss Mike Read.
Perhaps ValiRx (VAL) should be making a statement about events at Valiseek?
I shall cover the abject results from fraud MySquar (MYSQ) in detail later. But first there is the matter of why the souls of CEO Eric Schaer and chairman Piers Pottinger will burn in hell. They are men beneath contempt - I refer you to a statement in today's numbers relating to events in Myanmar.
Some folks have no shame. I talk not of serial promoter of dogs and frauds Gavin Burnell but of AIM Regulation who are allowing another Burnell backed "winner" to list. The high point of Gavin's career was of course Globo which he brought to AIM via an RTO, where he was a very well paid NED, made a killing selling shares and which was then exposed as a fraud HERE and went bust within 72 hours. Of course Gavin did nothing wrong. The CV gets better
I laughed at last week’s announcement from URU Metals (URU) concerning the acid leaching results but I wasn’t necessarily going to comment on the meaningless tripe. However, I feel I almost have a moral duty to counter the “Speculative Buy” nonsense from its corporate broker, Beaufort Securities, so here goes.
Shares in Strat Aero (AERO) have slumped by 30% in early trade to just 0.04p-0.05p - the question is what will the next RNS say: shares suspended pending clarification or confetti blizzard in hugely discounted share placing?
Erik, your company MySquar (MYSQ) has committed securities fraud so I guess that makes you a fraudster. Do you think that is libellous or will you accept that I have a solid defence, viz I write what I have already proved to be 100% true: Go on you criminal low life scum please threaten to sue me? In this podcast I ask more questions about MySquar and suggest that Beaufort Securities might just put Erik out of his misery. The shares are now 1.8p to sell and 0p is inevitable.I also look at another zero in waiting BNN (BNN) where today's whitewash stinks., Finally we have a profits warning at Carpetright (CPR) which tells you all you need to know about the British consumer and his nightmare on debt street. I once again discuss BCA Marketplace (BCA) in this context. The big short.
What on earth is clueless Nomad SP Angel thinking? Its client MySquar (MYSQ) last week issued a (lack of) profits warning which means that it has either committed securities fraud or merely a massive breach of AIM Rule 11. Investors need to know what its sales were in July (as opposed to the July-September average given) in order to know how bad this will be. I have pressed SP Angel to force a statement and indeed the retained broker Beaufort has - to its enormous credit - also pressed but instead...
Clearly no-one told Belfort Securities that its star client in the fraud sector, MySquar (MYSQ) was going to have a disastrous lack of profits warning today which exposed how it had massively misled investors for months. Because yesterday it urged its clients to fill their boots at 4.02p with a 21p target. At least this shows that at Belfort the Chinese walls between research and broking have no chinks in them. The shares are now 2.98p and are worth 0p. Over to Belfort....
Okay Beaufort is house broker to Obtala (OBT) and so is biased. As we own the shares so am I! But this 60 page report is detailed and so worth a read. Beaufort writes:
I am forced into doing a follow-up on Kibo Mining’s (KIBO) convertible loan funding arrangement announced on Wednesday last week which I covered HERE due to the fact that all loans were converted on the very next day on Thursday. What was the bloody point? Well, I reckon I worked it out.
Regular readers will know that I am not the greatest unadulterated fan of Beaufort Securities. And thus when I saw an email it sent out on Friday to clients, for a moment I read the worst for it. Au contraire.
Andalas Energy (ADL) and its loathsome boss Dave "the rule breaker" Whitby represent all is worst about the AIM Casino. The company is worthless and its sole achievement has been an industrial scale transfer of wealth from the many to the few. Even by its own tawdry standards yesterday was a low point and it is a matter that I shall now be asking the authoriies to investigate as, blatant, market abuse. But first we must rewind to August 8.
I always take house broker notes with a heavy pinch of salt as they will paint as optimistic a picture as possible so this morning’s effort from Beaufort Securities on its client, MySQUAR (MYSQ), surprised me somewhat with its honesty but it’s good to finally put the nonsense about “operating break-even” to bed.
Having previously noted shares in Transense Technologies (TRT) retaining their something of a recovery, they are currently further higher today, at 80p, on the back of an announcement of a “New iTrack Contract Win with BHP in Australia”…
Shares in Transense Technologies (TRT) are currently retaining their something of a recovery from an end of June “Glencore - Further Contract Win” announcement, following a trading update for the company's year ended 30th June 2017…
Yesterday I flagged up that, according to a reliable source, MySQUAR (MYSQ) was trying to get another bailout placing away. As ever, the Bulletin Board Morons mocked me. Well guess what happened at 7 AM today?
Shares in Fox Marble (FOX) fell by almost 10% to 8.25p-8.5p on the back of news that it had appointed Beaufort Securities, Belfort Secs to its legion of admirers, as the company's joint broker. The assumption is that Belfort, whose clients are mainly bucket shops, will be doing a discounted placing. that is not the case, Fox has enough cash to get it through to profitability but Belfort's reputation proceeds it. Fox has gone on the record to say there is no placing.
Nu-Oil and Gas (NUOG) is all the rage at the moment amongst PIs, but I’m finding it hard to get quite so excited about its prospects and am getting a feeling of déjà vu when I look back at some of the old Enegi Oil announcements.
Beaufort Securities acts as house broker to Solo Oil (SOLO) so it is paid to write research on the company. Think of the relationship as being like that as between a hooker and a punter. The punter pays the bills. The hooker assures him that he is hung like a donkey. With that minor caveat I bring you a fairly detailed note from research analyst Charles Long at Beaufort out today. Apparently the shares, now 0.24p are worth 0.91p. But Hang on Henry...
I warned you in explicit terms yesterday that the doubling of the Strat Aero (AERO) share price to 0.14p on the back of results which can best be described as a shit sandwich with dollops of jam tomorrow on top, was not justified. The shares have now slumped back to 0.09p-0.11p (TW 7, BBMs 0 once again) but do not BUY now for there are still deluded fools abroad.
Shares in Strat Aero (AERO) have almost doubled today to 0.14p which amazing as the final results for calendar 2016 are out and are utterly crap. Okay they are less crap than 2015 but they are crap and indicate that the company must be as near as damn it, bust. Yes we are promised more jam tomorrow but before we get there surely it is placing ahoy?
If it is not it is close. Alecto Minerals (ALO) shares in which are expected to resume trading on AIM has announced that it has secured a £800,000 loan repayable in six months for £800,000. But look at the terms. They are outrageous.
A chap for whom I have some time some of the time asked me why bother sticking it to Arian Silver (AGQ), a worthless piece of crap on AIM. Will it make any difference to the charade, to the game which sees userless tossers like Arian's CEO Jim Williams get ever richer, crony capitalists earn fat fees and investors get buggered again and again and again. No. My writings won't change that. And the chap is right in that it will just make a few more pathetic wretches who would rather lose money than accept the truth hate me. Yup. He is right.
Katoro Gold (KAT) was once the joke stock Opera Investments which did appear "accident prone". But it has now had the gold assets of Kibo (KIBO) injected into it, done a fund raise, moved to the AIM Casino and is, apparently, a whole new beast. House broker Beaufort has published a detailed note explaining why the shares should soar from 5.25p to 11.7p. I should note that Kibo retains a 56% stake in Katoro and we own a few Kibo shares.
Take a look! European investors are clearly failing to grasp the very significant financial and commercial benefits available for Orphan or Rare Disease drug developers. So much so in fact, that sector-focussed Amryt Pharma (AMYT) finds no quoted peers in London, yet a good basket of NASDAQ-listed comparables are seen to command a significant premium despite mostly being pre-revenue and somewhat earlier in their development. Such anomalies can and, of course, do rapidly correct.
With some great investigative journalism of which this website would have been proud, Brokerman Dan flushed it out a few weeks ago. The former bank robber - correctly - stated that Andalas (ADL) was looking to raise £1 million at 0.06p and the AIM listed crock of shit suspended its shares. Today they are unsuspended after the company raised £600,000 at 0.1p. It says this is at a premium to the suspension price. But it is a spoof, Andalas is still bust. It is insolvent as of today!
I feel partly to blame for the ongoing war between the bears and bulls on MySQUAR (MYSQ) as I started covering the company at the start of the year on this site with a piece that was largely a writing exercise to see if I could write 400 words without using the letter ‘e’ (HERE). So I thought I’d better give it a more considered view now as I do have a bit of relevant expertise.
He gets much wrong, but I take my hat off to the old bank robber as he has got Andalas Energy (ADL) shares suspended today by revealing that it was trying to get away a bailout placing at 0.05p-0.06p. Dan has compared Andalas to " a crock of shit" but his assessment is unfair. Unfair on a crock of shit that is.
I won’t claim to be a mining expert and will leave the technical analysis to Gary Newman who is much better at that sort of thing (see HERE); however, with the odd looking share movements and the Zorbas connection, I couldn’t resist digging through past RNS’s to find something ridiculous and what was clear is that this isn’t really a mining company at all, unless you think rinsing shareholders of cash counts, of course.
I looked at MySQUAR (MYSQ) recently commenting on the apparent conflict between the broker, Beaufort Securities, and its lender, Sandabel Capital (HERE). The good news is that the Sandabel deal has now come to an end. The less good news is that the average PI here has just been played like a fiddle with a classic pump and dump and it is worth taking a closer look.
I wrote about MySQUAR (MYSQ) at the start of the year (HERE) in part because I thought the share price was only going one way and nothing in the many announcements since including yesterday’s result have changed my stance; however, I did want to raise what I believe to be a massive conflict of interest involving its joint-broker, Beaufort Securities, and its lender, Sandabel Capital.
No doubt the spivs are on the ramp again but shares in Independent Resources (IRG) have dived by 30% to 0.415. That is because the stock has today on ex-rights on the open offer announced today. If you buy now you do not get to take part in a 2 for 3 offer at 0.065p! So do the maths again.
Well, this is awkward.. Prime Minister Theresa May will be visiting newly minted US President Donald Trump next week and hopes to initiate some sort of trade deal, a mere 48 hours after Trump told the world of his plans: “From this day forward, it’s going to be only America first. America first.” But I am sure that he'll make an exception for us. TW Note - Does Darren actually bother to check what Trump says on Trade deals? More fake news from remoaning liberal losers...
Those who do not like Beaufort Securities have been lining up to send me copies of an FCA notice varying its permissions to shut down its Discretionary Fund Management (DFM) services with immediate effect. Indeed, for weeks, I have been told by a number of folks tales of the FCA pitching up at Beaufort to remove computers. For those viewing this as part of a wider clampdown on City brokers or a massive blow for Beaufort, I have bad news...
We picked up some of these shares at the Dragon's Den pitch at the UK Investor Show. We sold this morning at a loss and in disgust at 91p. The order was just to sell after United Cacao (CHOC) served up the most god-awful trading statement on a day when most folks are just not around but are off doing Christmas shite. Sadly for Cacao Scrooge's biggest fan is at his desk and my comments on this horror are in bold.
As you may remember, by February 14 AIM listed Strat Aero - a company that has committed fraud - will be both out of cash and £300,000 in debt to a loan shark. As it munches its way through a hundred grand a month the outlook looks bleak, in fact it looks terminal. This has 0p written all over it. The man who exposed the frauds we know about is a chap called Hulsey Smith who was given a stack of cash and 12% of the equity to settle a legal case and shut up. And so today we learn that Hulsey has been dumping more shares.
As joint house broker to the exponent of Securities fraud that is Advanced Oncotherapy (AVO), Beaufort has to sound bullish and has thus reiterated its speculative buy stance today. But read the note carefully. Beaufort is frit. I have highlighted key phrases that have not appeared before for you. Key phrases which show goalposts being moved and a broker that is sick of being made to look foolish.
By my maths Strat Aero (AERO) now has cash of er...about...roughly...sweet FA. It is completely out of cash and continues to burn cash and indeed when publishing results that were drowning in red ink on September 30th the management were reported as admitting that it needed to place before Christmas. I should cocoa. You don't need the brains of Cheryl Cole to work that one out.
I was starting to warm to Colin Bird at Xtract Resources (XTR) with his decisive action and straight-talking, although today’s hugely disappointing funding RNS which needs about five reads and three espressos to understand leaves me feeling cold, although I’m guessing Beaufort Securities and Beaumont Cornish should shoulder some of the blame.
In this bearcast special I take apart a share price ramp being orchestrated today by Solo Oil's (SOLO) broker Belfort Securities, PR fecking genius Steffi and the rampers nest of snakes that is the Justin the Clown podcast at Vox Markets. Investors need to be aware there is a massive stock overhang and a placing ahoy. They are being hoodwinked not by the company I stress but by its crony capitalist advisers and by those for whom Lenin's phrase "useful idiot" could not be more apt.
I owe every single reader of ShareProphets an apology. I mean this most sincerely and am deeply repentant for I have sinned. I hope that old father Stacey will this weekend pray for my soul and I ask each one of you for forgiveness. So here goes...
Just when Wishbone (WSBN) shares were getting going again after the last placing conducted by Belfort Securities to their spiv share flipping bucket shop mates, here we go again. Boy my morning has started well: not only do I have to suffer more laziness and abusive emails from my lazy, greedy bitch of a selfish bitch of an ex wife but this as well. I want to go back to bed.
My last comment on Wishbone Gold (WSBN) was not exactly positive. The company's shares had raced ahead, in part methinks, down to comments made by me saying I'd not be selling until the shares were closer to 2p than 1p. It then raised £600,000 at just 0.75p with broker Beaufort Securites trousering not just commission but warrants. I write a fairly vicious piece HERE. But we did not sell and at 1p are still holding and hoping for better. I swapped emails with chairman Richard Poulden last week.
I am in a bad mood because a) baby with no name is screaming a lot and I am tired and b) some little shit for brains round at Beaufort Securities was slagging me off to a client today. This little turd of little brain turned out to have his facts wrong and so I am now officially on the warpath and, hence, go through today's morning note from Belfort and dissect its utterly 100% shite research on Strat Aero (AERO), Advanced Oncotherapy (AVO) and Servision (SEV). I also look at Audioboom (BOOM) and Kodal Minerals (KOD).
Lying to your investors is bad. I suppose committing fraud is even worse. But advisers without morals such as Nomad SP Angel and broker Beaufort Securities do not care about such matters as long as they get paid. But that may pose a problem as interims today from Strat Aero (AERO) show that it is completely bust. That SP Angel and Belfort will sign off on an RNS like this says everything you need to know about them. The only thing they should be signing is a resignation letter as Strat is bankrupt both morally and financially.
At almost no-one-is-watching o’clock yesterday (4pm) a complete waste of space POS on AIM called Draganfly Investments Limited (DRG) announced that it had raised a poxy £145,000 before expenses through the good offices of its Broker Beaufort Securities at 0.8p a share – a discount to the prevailing share price of 27% - representing 35% of the existing equity. Ouch and double ouch. But the whole thing is a complete joke of an enterprise.
It was rather inevitable but I bring you below the Companies House Notification which confirms the good news, the worst company on AIM, Motive Television (MTV) is now officially a dead parrot. Naturally what actually happened is nothing like what Motive told its moronic shareholders.
Following the example set by Paul Warwick the chairman of worthless penny stock Andalas (ADL) in starting a blog, Sir Benjamin Dover of AIM listed Global Mining Endeavours has decided to follow suit and like Paul promises to be Candid in his approach. Blog number thirteen...
Following the example set by Paul Warwick the chairman of worthless penny stock Andalas (ADL) in starting a blog, Sir Benjamin Dover of AIM listed Global Mining Endeavours has decided to follow suit and like Paul promises to be Candid in his approach. Day 4
Following the example set by Paul Warwick the chairman of worthless penny stock Andalas (ADL) in starting a blog, Sir Benjamin Dover of AIM listed Global Mining Endeavours has decided to follow suit and like Paul promises to be Candid in his approach. Day 3
Its a ramp based in Australia which in the current climate of fevered bulishness is perhaps ideal. Shares in Harvest Minerals (HMI) started August at c5p - they are 21p today. The word from a reliable source is that Beaufort Securities - appointed as joint broker last month - was trying to do a placing at 8p. But...
I am not kidding you but there really is an AIM Rulebook for the Casino. But I guess round at Strat Aero no-one has bothered to read it. Sadly ignorance is no defence. Having declared war on this worthless piece of crap yesterday I now bring to its disgusting breaches of rule 11 and also obscene corporate greed.
The more one reads of the explosive legal dossier packed with damning emails, filed by Hulsey Smith in the Texas Courts against Strat Aero (AERO), the more one sees the massive implications for the whole of AIM. In yesterday's bearcast I discussed the massive conflict of interests at Strat's broker Beaufort Securities. Now let's take that further...if you are a Beaufort client this should concern you.
A detailed dossier posted by Hulsey Smith as part of his legal claims against AIM Casino listed Strat Aero (AERO) is in our possession and can be accessed below. It contains numerous internal emails appearing to show clear fraud by Strat as it raised money time and time again on AIM, the payment of a poster to ramp on Bulletin Boards and that the business model was just not viable. It will be humiliating both for Strat and for its broker Beaufort Securities which raised all that cash and which is involved in many of the email exchanges. Shares in Aero, appear to be utterly worthless in light of what appears here and the potential for regulatory fall out and thus must be suspended at once and the FCA must step in.
Having written about the dreadful Sanderson Capital Partners loan arrangement with Eurasia Mining (EUA) yesterday (HERE), I thought it might be insightful to provide a case-study in greed from the same guys at Kibo Mining (KIBO) and what it might mean for the stock going forward.
I’ve been following the antics of Sanderson Capital Partners for a while now and yesterday’s latest shocking funding deal with Eurasia Mining (EUA) has tipped me over the edge and forced me to write.
I really don't take any notice at all of most (no make that nearly all) resaerch from Beaufort Securities but its mining analyst Sheldon Modeland is a sensible fellow and thus I bring you his latest note on Alecto Minerals (ALO).
I really don't take any notice at all of most (no make that nearly all) resaerch from Beaufort Securities but its mining analyst Sheldon Modeland is a sensible fellow and thus I bring you his latest note on Sierra Rutile (SRX).
Beaufort Securities is joint broker to grossly over-ramped Advanced Oncotherapy (AVO). That means a fat retainer and also a good slug of the commission earned for the regular placings this company needs to keep paying its bloated boardroom payroll and other costs. The commission on the May 2015 fundraise at 8p would have been £1 million. Coke & hookers all round! Except for the shareholders, that is, as the share price is now 5.25p and its going to fall further as the next placing is imminent. So how do you ramp a stock ahead of a placing?
When it comes to cash, Cyan (CYAN) is the AIM equivalent of a crackhead. That is to say if shareholders pony up for a placing, the company responds with a marginal increase in sales but a huge increase in losses and then comes back for ever more. FFS cries executive chairman John Cronin in today's results, "give me some more fecking scrabble" I'm almost out. And that brings us to the £12.5 million placing which Mr Cronin was planning to do at 0.21p on May 24th when I spoiled his party with this scoop HERE.
A good City source tells me that Beaufort Securities is trying to raise £12.5 million for uber jam tomorrow play Cyan (CYAN). The shares are 0.28p now the word is that the placing is being priced at 0.21p or lower.
Our friends at Beaufort Securities acted as lead sponsor of Gold & Bears and for that we are thankful. Graham Hatch from the broker presented his views on the day. Enjoy.
TW Note: I do not agree with the thesis of this article at all but allowed it to run. I have, however, amended it to reflect the fact that there are no related Party transactions involving Richard Poulden as had been stated on Proactive and which the author referred to. This is a factual error for which I apologise on behalf of the website. The rest of the article - which I still disagree with - stands and reads: With all the China frauds and the dismal performance of China-focused shares exposed by Shareprophets, one begins to wonder if any link at all with China is a red flag. Take PCG Entertainment (PCGE), a Gibraltar incorporated holding company, for example.
Shares in Jiasen International Holdings (JSI) are down another 22% to just 4.875p last seen this morning (down from an IPO price of 82p only a year ago) to leave this obviously squeaky clean outfit from Fraud Central (Fujian Province in China) valued at just £5.9 million, down from c. £100 million at IPO.
As the self-congratulatory celebration of AIM’s twentieth birthday reaches a crescendo, the odd share trades (just coincidence we are sure) continue unabated. This morning, in a perfectly timed manner, we found out why StratMin Global Resources’ (STGR) share price mysteriously jumped 19% in the last hour and a half of trading yesterday. This morning, the company announced a strategic partnership with India’s Tirupati Carbons & Chemicals Group. What is brilliant about this example is that we’ve been here before with StratMin. Better yet, I reported the last time well-timed traders got their hands on StratMin’s price sensitive information to the FCA.
Yes you read the headline correctly. The CEO of an AIM listed company has been languishing in prison since mid-November and no-one has been told about it. Two Nomads, the non-execs, AIM Regulation you stand accused of contributing to the darkest hour of the Casino. Anyone who has bought shares since the incarceration you know who to sue. Surely heads must roll?
The market did not react terribly generously to the operations update published last week by AIM listed Northcote Energy (NCT) marking the shares down by 7.5% to 0.72p. House broker Beaufort reckons that was not right and says the shares are a speculative buy. It writes: