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Even a few of our detractors have now come around
Yesterday, I revealed how, as CEO of Elephant Oil, Matt Lofgran had handed out 30% of its equity, gratis - most notably to a convicted pump-and-dump operator, currently facing 85 years in jail. Lofgran would happily sup with the devil, so as to get away an IPO, which would have netted him an immediate $500,000 and a 100% pay rise. I have thus written to the Oxymorons at AIM Regulation.
Today's shocking news is not evidence of illegal behaviour, I am told by a member of the death spiral community. I am not so sure. But investors were indeed deceived by Vast Resources (VAST), Atlas and Beaumont Cornish, which signed off on the May 3 release. The incident brings “the world’s most successful growth market” into disrepute, and I have written to Marcus Stuttard, the bogus Sheriff and head of the Oxymorons at AIM Regulation, urging him to investigate possible illegality and to censure all those involved.
Mr Westbrook is undeterred by his encounter with bully-boy charlatan, Neill Ricketts of Versarien (VRS). He has now waded into battle with SP Angel, London’s second-worst Nomad after Beaumont Cornish, on the matter of the Paragon Diamonds Scandal. Nigel and I covered this debacle at the time, making it clear that we believed Nomad Northland, now part of SP Angel, behaved disgracefully. Westbrook has fired off the letter below, which I shall now pass to AIM Regulation, asking the Oxymorons if they can explain why SP Angel still has a license to operate. Ian writes…
Devout Christian, Matt Lofgran of Nostra Terra Oil & Gas (NTOG), makes an announcement today, claiming to show the kind of generosity of which the Lord Jesus would be proud. Of course, it is nothing of the sort. I would suggest Matt reminds himself of the wise words of James, Chapter 1, verse 22*.
From Mobile Streams (MOS) today a “partnership with, and funding to, Quanta”-titled announcement. But an earlier this month “Major Contract win for Streams data platform” announcement emphasised a “deal… worth up to £480,000 over 4 years, with a minimum £10,000 per month for at least a year”… with Quanta, and Mobile Streams swiftly followed it with a £2.2 million equity raise. Now funding to Quanta?!…
Attis Oil & Gas (AOGL) formerly Mayan Energy and Northcote Energy has long been a stain on the underbelly of the AIM casino. Today it enters a new chapter of infamy and once again the architect is broker Peterhouse Corporate Finance. Before today there were 3.9 billion shares in issue. Now, following a debt for equity swap and a placing at just 0.0115p, there are 14.7 billion and Peterhouse has been given enough warrants to take the fully diluted total to 15 billion.
Previously writing on Mobile Streams (MOS), last month I noted the shares are down on this latest to currently 0.20p – and that also down from 0.40p in March though still up from 0.10p early last month… a loss-making company with declining revenue and already limited cash whose directors consider a public markets transaction “unlikely” and believe its “best interests” are to de-list from AIM, with a recent General Meeting showing circa 56% support for the latter (albeit below the 75% required). How’s that Nomad due diligence going to go?! Now though the shares are back to AIM trading!...
News last week that AIM diluter in Chief (and that’s saying something!) Charlie Wood of Northcote Energy/Mayan Energy/Attis Oil & Gas (AOGL) reincarnations has departed stage left at Attis brings to a close a quite unprecedented record of dilution on AIM. This individual raised more than £15 million over the last few years and, in the final analysis, produced the grand sum of just over £100,000 cash at the last set of interim results and a de minimis amount of oil from the company’s Texan oil fields. If ever there was an abject illustration of how AIM is run for the cosy cartel of Nomads, brokers, PR companies and inept management rather than shareholders this is it.
But it does not. Its Nomad is Beaumont Cornish, run by Roland “Fatty” Cornish who only acts for companies that are the dregs of the AIM Cesspit. They can say what they want in an RNS, fatty will sign off on it before waddling off for a four course breakfast, luncheon or dinner. Bad companies use Fatty as he will sign off on anything. Good companies do not want investors assuming they are dodgy so use another Nomad. And that brings us to Vast.
At tonight’s crony capitalist black tie AIM awards dinner paid for by you, long suffering AIM investors, I suggest there should be a special award honouring the rapacious greed of the man who floats and represents the bulk of the shittiest companies on the AIM Casino, Mr Roland “Fatty” Cornish. The annual report for calendar 2018 for his company Beaumont Cornish, has just been posted on companies house having been submitted three days before the nine month deadline (like client, like advisor) and is shocking as you can see below.
SVS, which is now in special administration, was the sole broker to AIM-listed Inspirit (INSP) so it is now operating without a broker – contrary to AIM Rule 1, which technically means it should be suspended forthwith. You might think that a little harsh, since there is no way Inspirit could have known its broker would have the lights turned out for it by the FCA all of a sudden. I daresay AIM Regulation is allowing a grace period for former SVS clients to sign up with another spivvy bottom-end of AIM broker. Inspirit announced on Monday that it would make a further announcement in due course, noting the demise of its (now former) broker. But here is the thing...
First we had a monster rise in the share price of AIM-listed POS Inspirit (INSP). Then yesterday Tom Winnifrith showed us that its factory appeared to have been vacated and re-let to someone else. But there is another small matter…..
Richard Jennings of Align Research has lost money on Mayan Energy (MYN) as have many others and he believes he has a strong case to try to reclaim that from ex CEO Eddie Gonzalez, director Charlie Wood and London's worst Nomad, Beaumont Cornish. He has today penned an open letter inviting other shareholders to join him. The, ever understated, Jennings writes:
Angus Energy (ANGS) shares may or may not be cheap on fundamentals. That debate is for another day. But weighing down on this company is one almighty issue of corporate governance: the lies its founder Jonathan Tidswell-Pretorius told about his dealings with loan provider America 2030 in June 2018 and the cover-up that continues to this day.
All things seem to be quiet down at the ranch that is Mayan Energy (MYN) but word reaches Mr Karma that the temperature is about to be ratcheted up there on one of AIM’s most value destructive CEO’s – Charlie Wood.
AIM-listed Imaginatik (IMTK) has beaten the odds and signed up a new Nomad to replace FinnCap which slipped out of the back door a month ago. Good news – and on deadline day too. And so WH Ireland steps up to the plate. We also learnt that the company got a placing away – at just 1.1p, plans an Open Offer and has signed up for a death spiral toboot. Great stuff – but I won’t be interested for now and here is why.
TLA Worldwide (TLA) was last week “pleased to announce that it has reached an agreement with SunTrust Bank to provide additional working capital headroom through deferment of principal and interest payments together with the waiver of covenants”. I bet it was as it had previously stated that “as a result of weak trading the group expects net debt for the 2018 full year to be significantly higher than previously anticipated and consequently is likely to breach its existing banking covenants”. Now a “Proposed Nominated Adviser Appointment” announcement…
Earlier today we published the call by Richard Jennings to shareholders in Mayan (MYN) to oust CEO Charlie Wood at Thursday's GM. That was part 1. Thanks to Winnileaks we now have the letters Jennings sent to Wood with questions that he will not answer. His silence is damning and anyone attending the GM should push him on this matter. I have ensured that Mayan's useless Nomad Beaumont Cornish is aware of them and hope that it will force answers to be given and published. Prepare to be shocked....
Almost out of cash, Andalas Energy (ADL) is gearing up for a bucket shop placing c/o joint bucket shop brokers Novum Securities & Optiva in the usual way: a ramptastic podcast with PR genius Steffi, 2 ramptastic RNS announcements and a ramptastic paid for podcast with Vox. The trouble is that its claims have now been directly contradicted by its partner in the North Sea Badger field, Atlantic Petroleum (see HERE). If it turns out that Andalas was making unverifiable fantasy claims, as it appears, and raises money at an artificial price on the back of that, this would be a clear case of Securities fraud. In order to stop that the shares must be suspended at once pending a statement. I have written to the fake Sheriff of AIM, Marcus Stuttard at AIM Regulation as you can see below.
As Roland “Fatty” Cornish settles down to his Sunday Lunch, and considers what to do about the growing scandal at AIM-listed Andalas Energy (ADL) – a company to which he is Nomad – I have something else for him to chew on as he munches through his double helping of spotted dick with extra lashings of custard. It concerns another company to which he is Nomad, namely AIM-listed Octagonal (OCT). I gather he is well aware of what follows, but has he done anything?
Today I explained HERE the mounting Badger scandal at cash-strapped Andalas (ADL) as it gears up for a bailout placing. In this podcast I explain why all involved should be concerned that they are not party to Securities fraud, notably Nomad Beaumont Cornish and broker Novum Securities - home to scallywag Gavin Burnell of Globo (GBO) infamy. This is a real test case for the integrity of the AIM Casino and I explain why.
I have already flagged up comments by those close to Atlantic Petroleum, which showed that in a desperate attempt to ramp its shares ahead of yet another bailout placing, Andalas (ADL) was over-egging the Badger Pudding. Now Atlantic has gone on the record in a way that exposes Andalas big time and surely Nomad Beaumont Cornish must now force Andalas to issue a correction and stop its misleading pre-placing ramping?
A 2017 sell tip of the year at a 3p bid price, I previously updated on Sabien Technology (SNT) in June – concluding I now await the outcome for the current year with interest – previously questioning how long will the new cash last? Presently, I still remain bearish. Today a “Trading Update”…
It is hard to know whether to laugh or to cry but it seems that the CEO of Angus Energy (ANGS), Jonathan Tidswell-Pretorious seems to have lost a stack of his shareholding in his company and, inadvertently, his range of advisers (led by London’s worst Nomad Beaumont Cornish) have misled investors. What a clusterfuck.
I hold shares in both Eridge (the re-named and redomiciled New World Oil and Gas (NEW) which was booted off the Casino following the most extraordinary run of events) and in AIM-listed Big Sofa (BST). I was therefore wondering what was going to happen to the convertible loan which Eridge held from the days when it was going to be the vehicle into which the Big Sofa was injected before a few things came to light which eventually saw that fine firm of Beaumont Cornish resign and run for the hills as Nomad in one final two-fingered salute to (then) New World’s shareholders.
Earlier this month Nigel Somerville reviewed just how bad the financial position was at Sabien Technology (SNT). Today a 'Fundraise and appointment of sole broker' announcement…
This morning it was announced that Alpha Returns Group (ARGP) has been unable to replace Roland Fatty Cornish as Nomad and that it is off to the AIM Execution Chamber over the weekend. With Haike Chemical (HAIK) having announced yesterday that it is considering (ie certain to) delist, that will be the ShareProphets AIM-China Filthy Forty down to just seven companies. They are still dropping like flies, then.
AIM-listed Alpha Returns Group (ARGP) is not only a member of our Filthy Forty, but also has an interesting past as the disaster that was Digital Learning Marketplace (DLM) under Angus Forrest (recently departed from Tern plc). Its Nomad, until 18 October, was ZAI Corporate Finance but ZAI lost its Nomad licence. So Alpha Returns turned (or, rather, returned) to Beaumont Cornish.
This must be a candidate for the AIM Casino’s shortest appointment as Nomad: Beaumont Cornish took the reins on 19 October (when ZAI Corporate Finance had its Nomad status revoked) and at no-one-is-watching o’clock on Friday (at 4.47pm) it announced that its shares would be cancelled from AIM first thing on Monday.
Plastered all over the telly for the past couple of days have been revelations from the Paradise Papers, the stack of documents reviewed by the International Consortium of Investigative Journalists as a major follow-on to the Panama Papers.
With ZAI Corporate Finance having lost its Nomad license, 12 companies were searching for a new Nomad all of a sudden, but four of the twelve are now suspended having failed (thus far) to attract the attentions of the Nomad community. However, for Roland “Fatty” Cornish it has been a case of déjà vu as it stepped up to the role for Alpha Returns Group (ARGP) – the AIM outfit formerly known as Digital Learning Marketplace (DLM) from which Fatty resigned as Nomad ahead of a questionable restructuring and CVA into the fine firm it is now.
Since our previous update, ZAI Corporate Finance has had its nominated adviser status removed - causing further issues amongst the (few) remaining ShareProphets China AIM 'Filthy Forty'. Who will be next to follow the likes of Geong International and co in 'Geong, Geong' and then Gone?...
At 5.45 PM yesterday Denzil Jenkins of the AIM Regulation team called Nomad ZAI. No-one answered so he left a message on its answerphone informing the Nomad that it was to lose its Nomad status at 6 PM that day and that its clients would be contracted at that time with the news. Jenkins followed this up with an email saying that ZAI could appeal but when you are going to lose all your clients what is the point? In fact the events of yesterday are just part of a story which shows AIM in a terrible light as a secretive and oppressive body covering its own failings with scapegoating and showing no regard for natural justice or any sense of fairness.
Last night at 5.25pm Nyota Minerals (NYO) announced that its shares were being booted off the AIM casino. The roll call of shame on this one is appalling. We have AIM Regulation, broker Peterhouse and the directors of the company seemingly all at fault here, not to mention former Nomad Beaumont Cornish and two further Nomads, ZAI Corporate Finance and Allenby being dragged in. It is a true horror show. But rather than look in the mirror, the directors pointed the finger at ShareProphets – blame the media, the investigative journalists, blame evil Tom Winnifrith and myself, Nigel Somerville. This is shocking.
Today is the day that Nyota was to have been booted off the world’s most successful growth market unless a replacement Nomad had been appointed, Beaumont Cornish having resigned in mysterious circumstances. Of course, today is a Sunday, so we should have heard something on Friday. But as predicted HERE, there was nothing. I guess the shareholders always knew where they stood, but now it is confirmed: you are at the bottom of the heap.
AIM-listed Nyota Minterals (NYO) seems to be leaving things to the wire with reference to the appointment of a new Nomad to replace Beaumont Cornish. The deadline falls over the weekend which presumably means that the guillotine should fall tomorrow if there is no news by close of play.
Beaumont Cornish resigned as Nomad from AIM-listed Nyota Minerals (NYO) on 17 August with the caveat that it reserved the right to go sooner, as per Nyota’s RNS of 18 July. That statement also announced that Peterhouse subsequently also informed the company that it would resign as broker. Both stepped down as planned, leaving the company suspended on the Casino with bugger all cash. Wind forward to last night (after-hours, natch) RNS and as previously flagged on 15 August, Peterhouse last night was announced to have withdrawn its notice of resignation and lined up a £550,000 placing at 0.005p. Meanwhile the company tells us that it is confident of appointing a replacement Nomad. It is full RTO steam ahead, then.
AIM-listed Nyota Minerals (NYO) announced a company update last night at no-one-is-watching o’clock. The good news is that we were watching, the bad news for anyone left holding the stock is that Peterhouse is planning to “unresign” itself if the company can attract a Nomad before it is kicked off AIM altogether, with a potential placing at a “substantial discount” to last night’s closing price.
Tom Winnifrith has already castigated Peterhouse, broker to AIM-listed (but no longer ASX-listed) Nyota Minerals (NYO), regarding its role in the non-payment on a £200,000 loan note to which it apparently acquired on May 3rd. The apparent reneging on a firm commitment seem bad, but I fear things are far murkier.
Yesterday at 5.57pm this RNS was released by AIM-listed (for now) Nyota Minerals (NYO). It followed this RNS at 7am that morning. Nothing extraordinary, two TR-1s issued but it seems that former chairman has been offloading shares issued to him by the company in lieu of director fees in short order.
Last week the Nomad and broker to Nyota Minerals (NYO) announced that they were quitting as of August 17. As I have exposed HERE and HERE the advisers have behaved disgracefully and if there was any justice they would be facing sanction. But I fear that it is Nyota that will suffer.
Our exclusive Winnileaks service has obtained a series of emails from May 3rd 2017 which show that Peterhouse Corporate Finance has misled investors in Nyota Minerals (NYO) - these emails compound the damning evidence of the secret document I published on Wednesday. This is so damning that maybe even the useless clowns at AIM Regulation will take an interest.
Thanks to the Winnileaks service I am able to bring you a document that shows that Nomad Beaumont Cornish and broker Peterhouse have misled investors, costing mug punters tens of thousands of pounds and as such both firms should lose theoir license to practice.
The Nomad and broker to AIM Casino listed Nyota Minerals (NYO) have today announced that they will cease to act as of August 17. So Nyota has one month from then to get new advisers or its shares will be booted off the market. Nyota may well be a worthless bag of shit but it is what the Nomad, disgraced scumbags Beaumont Cornish, and broker Peterhouse Corporate Finance are NOT telling you that is the real scandal.
Cloudtag (CTAG) the fraudulent AIM Company which has repeatedly raised money by telling lies to investors says that with Cairn Financial no longer prepared to sign off on its lies it is in advanced discussions about finding a replacement to avoid its shares being suspended on April 10. Really? Who do you think is so morally or financially bankrupt that they will sign off on lies for a fraudster. I am now starting a poll, if any of the Nomads's below want to deny that they are morally bankrupt and will not take on this work I will update the article. Vote now, deadline midnight Sunday 26 February. Update 1. It is not Allenby.
Oh joy upon joy, the accounts of ex-AIM Cesspit posterboy Daniel Stewart Securities plc and its subsidiary Daniel Stewart & Co plc have been published. As plcs they should have filed accounts to Companies House for the year to 31 March 2015 by the end of September that year, so the date stamp of Companies House of 22 December 2016 means that they were filed almost a year and three months late. But what joys there are to be had!
Oh, perhaps I shall have another small slice of stilton and another glass of port said London's worst Nomad Roland "fatty" Cornish to himself, as he tried to bury the memories of his visit from the ghostly apparition who was even scruffier than Tom Winnifrith. Clearly not a scholar or a gentlemen he repeated to himself several times although whether this was a reference to the ghost or Winnifrith was unclear at this point. Fatty did not enjoy being haunted but, after just one more "small" slice of Stilton and a small port Fatty decided it was time for beddybyes and headed up stairs with his faithful, if flatulent, poodle Stuttard following on behind.
It was the night before Christmas and Roland "Fatty" Cornish, a man widely known as the worst Nomad on the AIM casino staggered across the threshold of his £3 million luxury mansion in Chiswick. For the sake of Mrs Cornish he pretended that the stagger was because his chubby little arms were full of presents. The reality was that he had just enjoyed his final meal of the year at his favourite City restaurant, le Corchon Évitement fiscal.
On Monday Cantor Fitzgerald announced that as of December 7 it would no longer act as Nomad for the AIM fraud African Potash. So Potash needs a new Nomad to sign off on its lies to enable it to commit securities fraud. But who will act for it? We polled you yesterday and while many of you thought that cometh the day there was only on go to Nomad for a fraud, more of you thought that no-one, not even Roland "Fatty" Cornish, was that desperate. But that potential tax issue may prompt an urgent need for cash and that may yet sway Fatty! The results of who you thought would act for the fraud Potash are:
African Potash (AFPO) needs to find a new Nomad by December 7th or its shares will be suspended. Cantor Fitzgerald is tired of putting its name to outright lies published to facilitate Securities Fraud and has quit. Potash says its talking to a replacement but which Nomad would act for this proven fraud? You decide in the poll below. Voting deadline midnight tonight ( 22nd November).
I thought last week's odd one out contest was a piece of cake but no-one got it right although one person was getting there. Okay: it is all about tax if you think about the four images below.
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 a corporate update released at 4.03pm this afternoon, AIM-listed (pro tem) New World Oil and Gas has announced the bad news that its Nomad, the disgraced Roland “Fatty” Cornish at Beaumont Cornish is to walk as at the close of play today. It also announced that its scheduled AIM execution under AIM Rule 41 is on 10 Nov, not 9 Nov as previously advised. One last hurrah for checking and verifying RNS announcements for the now ex-Nomad to the company. How fitting.
There are two statements out today from Xtract Resources (XTR) and neither can be viewed in any way as good news. We own these shares thanks to Dragons Den choices by Steve Moore & Gary Newman at UK Investor 2016, and today's admissions prompt me to start filling in P45s for both those writers.
No doubt our in house comments section loon Wildes will be, once again, reporting me to the FCA for this but the winner of this week's Roland "Fatty" Cornish, the worst Nomad in London, Caption Contest is the Deputy Sheriff of AIM. We asked for captions to the picture below:
If you thought that the accounts of some of the crap Roland "fatty" Cornish floated on AIM smelled bad, you need to look at the annual report of his own firm Beaumont Cornish Limited. I shall be urging both the FCA and the HMRC to have a butchers as it looks well iffy. But if you have lost a packet in any, or all, of the junk Fatty has floated or acted for - not least Daniel Stewart and New World Oil & Gas - you will be delighted to know that in 2015 his "takings" from dividends alone were £270,000. How's that for transferring wealth from the 99% to the 1%?
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.
Today is a very dark day indeed for AIM as the scale of the white collar crime at New World Oil & Gas under its former management team has become clear. That former directors should be investigated by the SFO and others is clear. But AIM Regulation must act quickly to cut one cancer out of the system, it must stop Roland "Fatty" Cornish individually and his firm Beaumont Cornish from ever acting as a Nomad again. I urge you to email the boss of AIM Regulation Marcus Stuttard demanding this happen and suggest what to write below. You can email Marcus at
Tom Winnifrith has already commented on the appalling mess at AIM-listed New World Oil and Gas. I shall not repeat any of that, but there is one angle to this which is worth mentioning, and it regards the looming deadline as regards the suspension of the company’s shares from trading. Under AIM Rule 41 you get six months and then you are booted off the Casino. Except when you don’t…..
I have a few questions to add to Tom Winnifrith’s and Cynical Bear’s coverage of the fine outfit that is AIM-listed FastForward Innovations Ltd (FFWD). I’m sure there are perfectly reasonable explanations, but perhaps the company might like to share them – especially with a placing so obviously on the way as the (re-) renewal of what was once the AIM-China play called London Asia Chinese Private Equity Fund (CGOP) continues.
Shares in the former AIM-cesspit company Daniel Stewart Securities plc (DAN) were booted off the Casino in January this year after its latest – and last – Nomad, Roland “fatty” Cornish, found it all too much and resigned last December. Losing two Nomads in the space of just eight months proved terminal and the company was unable to find another Nomad prepared to represent it.
And so, at long last, the ISDX executioner has performed his task - almost seven months after POS China Sports Development (CSDP), the formerly ISDX-listed investment company was suspended for failing to make an investment. As discussed at some length HERE it seems that this should have happened some weeks back, but rather belatedly it appears that ISDX does apply its rules after all. Albeit three and a bit weeks late.
I'm still pinching myself. Have I been at Tom Winnifrith's magic mushrooms again? Surely it cannot be that ShareProphets has anything in common with Rob Terry's Quob Park Estate? But in the wake of the admission by AIM Death Row in-mate Daniel Stewart (DAN) that it cannot find a new Nomad to replace Beaumont Cornish (and thus is scheduled for the execution chamber next Friday morning) we find that Quob has been tweeting out its approval:
Having hinted previously that its AIM days may be numbered, last night at no-one-is-watching o'clock (5.29pm on a Friday) erstwhile AIM-listed Daniel Stewart (DAN) released an "Update on Suspension" RNS which admitted that following the resignation of Beaumont Cornish, the Nomad of last resort, the company had been unable to find a replacement. In other words no other Nomad is prepared to act and we should expect an AIM execution announcement on Friday of next week.
As far as I can see ISDX Rules are perfectly clear. Perhaps as a mere pleb I just don't understand, but my reading of the rules is that companies listed on the ISDX Growth Market will be booted off after a maximum of six months' suspension. China Sports was suspended on 9 July 2015 yet here we are six months and five days on and there has still been no execution. Why? Meanwhile we have a new board and all of a sudden proposals to raise new money....and Beaumont Cornish has been announced to have resigned as Corporate Adviser (the ISDX equivalent of a Nomad).
We have covered ISDX-listed China Sports Development (CSDP) a few times here on ShareProphets already (see HERE). The company has been suspended from trading since 9 July 2015 and as far as I can make out, the shares should have been booted off ISDX by now. Yet despite that, despite having had no Corporate Adviser signing off on its RNSs since 5 June 2015 (and we STILL do not know if Beaumont Cornish has resigned) and despite its interims to June 2015 showing negative assets (which were also the net current assets) to the tune of almost £12,000, just £1,530 of cash at period end but cashburn during the half year of almost £18,000 – and we are now more than six months on – yes, despite all that it was announced yesterday that two new directors had been appointed. What on earth is that all about?!!
Hooray! Merry Christmas - it looks as though AIM Casino dog Daniel Stewart (DAN) is now expecting to be booted off the world's most successful growth market. We will shed no tears here at ShareProphets.
Salvador Dali would have struggled to come up with anything more surreal than the ISDX farce that is China Sports Development (CSDP). On Tuesday 8 Dec (at no-one-is-watching o’clock, natch) it was announced that in had come Mr Pui Lan Patrick Tsang as a director with immediate effect. Companies listed on ISDX have to have a Corporate Adviser (the equivalent of a Nomad on AIM). But this RNS was not signed off by one, yet there has been no announcement of the resignation of our very good friends at Beaumont Cornish.
AIM-listed but currently suspended (for the second year in succession for failing to publish accounts on time) Daniel Stewart (DAN) has issued the most bizarre RNS explaining the issuance into Crest of 1,666,666 shares which do not appear to have been allotted, according to Companies House filings. Further, the recipient of the shares seems to be unable to return the stock. The statement - which raises all manner of questions - reads:
It is now a full calendar month since shares in AIM-Cesspit poster-boy Daniel Stewart (DAN) were suspended for the second year running for failing to publish its accounts on time. The suspension statement on 1 October said that the company expected to announce news of a fund-raising "shortly". Roll forward to 23 October and the company was now making progress, and expected to announce funding plans, ahem, "shortly". Mr Godot will definitely be here tomorrow. Or "shortly".
On 1 Oct - almost a month ago - shares in AIM-Cesspit poster-boy Daniel Stewart (DAN) were suspended as the company had, for the second year running, failed to publish its accounts on time. The statement issued by the company referred to a funding package, that it [Daniel Stewart] expects to announce shortly, following which it expects to be able to publish its FY 2015 Accounts and resume trading on AIM.
By now it is clear after the numerous scandals at New World Oil & Gas (NEW), Gate Ventures (GATE) and so many others that we’ve forgotten, that Roland “fatty” Cornish is officially London’s worst Nomad. His latest triumph is to allow shares in Golden Saint Resources (GSR) to continue to trade even though the company is insolvent and its Richard "Gollum" Gill crowd funded debt death spiral has only raised MINUS £1938.50. To celebrate this walking disaster story we have another caption contest. Don’t hold back…there is a prize.
On Friday Lenigas Cuba released its pathfinder document, prior to its forthcoming IPO - Tom has already savaged it HERE, but it is in fact worse than even he explained. Unlike previous Lenigas debuts, this one has a number of significant cautionary indicators that all might not be well. At 5p most of Lenigas’ adoring legion of fans will ask what can go wrong? The answer is possibly quite a lot, not least because so many of them have already bought in at 2p. We will soon see whether or not the market has exhausted itself of greater fools, but those that ignore the early warning signs could find themselves caught up in a fierce stock market hurricane from 02 November.
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”?
My understanding is that share allotments have to have a corresponding filing submitted to Companies House within a month. So I wonder why, given that AIM Cesspit listed Daniel Stewart (DAN) has had three rounds of confetti (and counting) this year, why there are thus far no share allotment filings showing on the Companies House website.
At risk of being accused once again of being a Companies House anorak by Tom Winnifrith (pots, kettles?) I note some very interesting filings by Rob Terry’s Quob Park Estate regarding shares in Daniel Stewart (DAN) and Rob’s old mucker Mr Mark Ford. Oh dear Rob's been a naughty boy again.
We’ve covered this one before (HERE), but it now seems that pointless ISDX POS China Sports Development (CSDP) is out of cash and out of time. Why has it not announced that it has been suspended from trading on ISDX? Why has the Corporate Adviser (the ISDX equivalent of a Nomad), Beaumont Cornish, not signed off the interims RNS? Why did the Chairman (Mr Geoff Morrow, of Gate Ventures fame) not quite get around to mentioning that the company was suspended from trading in his Chairman’s statement in those interims?
You can’t say were not warned! Shares in AIM-cesspit poster-boy Daniel Stewart (DAN) have been suspended yet again as the company has failed to release accounts for the year to March 2015 by yesterday’s deadline. But having just raised £1.2 million of cash just at the end of June at the ludicrous price of 3.35p, it looks as though the reason for the lack of accounts is because the company needs to raise even more money. It sounds horribly as though there is a little bit of an issue over getting an audit sign-off. Is this because of a lack of regulatory capital, a reluctance of the auditors (PWC) to pass the company as a going concern, or PWC foreseeing a shortfall?
In my last piece on ex-AIM Casino Gate Ventures (GATE) HERE it was noted that despite an apparent market capitalisation of £343 million as reported by Gate’s new listing venue (BritDAQ), there were surely only around £12.5 million of assets. There were some filings to Companies House which I had expected to find, but (thus far) are missing. But there are some strange anomalies in the filings to Companies House by Gate Ventures regarding its recent placement of 1.5 million shares at £6 a pop. Apparently, there are no new shares in existence as a result. Something is not right here.
I suppose a downgrade of fantasy oil estimates is about as worthwhile as an upgrade of fantasy oil estimates, but nevertheless this morning’s announcement from UK Oil & Gas (UKOG) represents a significant reduction in the embarrassing hype surrounding Horse Hill. Schlumberger’s last “independent report” about this absurd project estimated that total oil in place, across the three so-called target areas, was 255million barrels of oil per square mile (bopsm). This morning, Schlumberger slashed this figure to 199.9million bopsm. And yet there are still some out there hailing this as brilliant news…
Lucian Miers did a superb piece HERE which looked at some of the people involved in the ShareProphets AIM-China Filthy Forty poster boy, Gate Ventures (GATE). Gate, you may remember, had an extraordinarily short-lived existence on AIM in that it was given the order of the boot after even Beaumont Cornish found it all too much to represent this outfit as Nomad, and no-one else would either.
There are two very interesting firings today of Nomads. First Teathers Financial (TEA) has binned Roland “fatty” Cornish moving to Grant Thornton and secondly Quindell (QPP) has canned Cenkos (CNK), moving to Peel Hunt.
Golden Saint Resources (GSR) has been a dreadful stock on AIM and now I know why. The entire squad behind it could not give a damn about the company’s investors. From the its “PR agency” Cassiopeia Services, through its “Nomad” Beaumont Cornish (what a shock this firm is involved) to the company’s executives this “dream team” has to be one of the worst in the market. There is currently a sophisticated attack being made against Golden Saint, of which it is fully aware and cannot be bothered to deal with it. This is an appalling story of arrogance and laziness.
ISDX-listed wealth management company Asia Wealth has already featured on ShareProphets over the weekend because of an extraordinarily belated Related Party Transaction disclosure (see HERE) which seemed to have slipped under the radar of its Corporate Adviser, Roland “Fatty” Cornish for over a year. That was bad enough, but then to issue full year results to the end of February 2015 later that day, at no-one-is-watching o’clock really does take the biscuit. Not only that, but it seems that the related party incident is not the only example of tardy reporting to the market: whilst the results were released after-hours on Thursday 30 July at 5.14pm, it appears that the board sat on the accounts for a full two weeks before releasing them! I just had to take a look.
ISDX listed Asia Wealth Group Holdings Limited (AWLP) issued THIS RNS on Thursday of this week. Asia Wealth (Orwellian misnomer if ever there was) is a company which is represented by the much tainted Roland “Fatty” Cornish at Beaumont Cornish as Corporate Adviser (the ISDX equivalent of a Nomad for AIM companies). Anyone following the trials and tribulations of AIM’s worst Nomad (surely even surpassing the valiant efforts of ZAI Corporate Finance for that unsavoury crown) will appreciate that there has been a heavy case-load of self-inflicted disasters and you might have thought that this would persuade a fellow to be just a tad more careful. Not a bit of it - over to the ShareProphets RNS Translation Service (original in bold):
Tom Winnifrith may be on sabbatical but we would not want the Financial Reporting Council, FCA and AIM Regulation to get bored and so in light of today’s shocking revelations about the shambolic accounts of disgraced Daniel Stewart PLC HERE, we have AGAIN written to the regulators demanding an investigation. The letter reads:
Daniel Stewart & Company plc is the main subsidiary of AIM-cesspit listed Daniel Stewart Securities plc (DAN). I’ve been reviewing some, ahem, ‘interesting’ anomalies in the Companies House filings for the former. Shares have gone missing, or did they materialise out of thin air? And what about an issue of over £120million worth of stock to the parent, for cash? I kid you not! It is a dog’s breakfast, but one thing is clear: there will have to be resubmissions to Companies House and, I fancy, some corrective RNSs to clarify what exactly has been going on. With apologies for a technical article….
I have this morning from the train contacted the Financial Reporting Council, AIM Regulation and the FCA regarding the 2012 and 2013 accounts of Daniel Stewart PLC regarding the issue I raised yesterday HERE. It has long been my contention that DS is not fit to be a listed company and in that spirit I have asked that its accounting which appears, at best, to be aggressive, be formally investigated. The letter follows.
New World Oil & Gas (NEW) shares were suspended at 0.24p because of the inability of shareholders to get trades settled. Following a £3.5 million fund raise at 0.09p that seems to have been settled and the shares have restarted trading today, duly crashing to 0.08p -0.1p. Questions, questions.
We’ve just heard that New World Oil & Gas (NEW) returns to trading tomorrow. Denzil Jenkins, the Head of UK Compliance and Regulatory Policy for the London Stock Exchange, is now going to have to prove that his job isn’t just a pointless paper pushing exercise. Having failed utterly to enforce its three rulebooks (“Rules of the London Stock Exchange”, “AIM Rules for Nominated Advisers” and “AIM Rules for Companies”), the embarrassment the New World forward selling fiasco has caused to the London Stock Exchange is acute. There are now serious questions about the integrity of the exchange and the viability of the AIM model of self-regulation. Private investors have lost millions of pounds to the regulated City perpetrators of this mess. And so far nothing has been done.
The New World Oil & Gas (NEW) forward selling fiasco has been a disaster for the credibility of AIM. So far, every single safeguard that is meant to be in place to protect private investors has failed. Predatory regulated City firms are on the cusp of making millions of pounds of profit from the chaos they have caused, while hundreds of private investors stand to suffer unacceptable and unjust losses. Had the authorities been doing their jobs properly in the first place none of this would have happened, but such is the paucity of regulatory oversight on AIM that the conditions have been primed for this shambolic situation for a long time. Nevertheless, the London Stock Exchange has one last chance to prove itself deserving of its licence for self-regulation of “the world’s most successful growth market”.
I wrote about APR Energy (APR) two weeks ago after the shares had crashed from 360p to around 200p on a terrible trading statement and warned of the dangers of bottom fishing.
The growing scandal of blatant China frauds on AIM continues. What have the authorities done about it? Certainly, nothing to reassure. As I shall discuss, the London Stock Exchange is playing with fire.
After Beaumont Cornish’s shock resignation as China fraud Gate Ventures’ (GATE) Nomad (this one is so bad even Fatty isn’t prepared to touch it with a bargepole), ShareProphets has obtained an exclusive transcript of the phone call AIM Regulation put in to ask a favour from one of its old favourites.
At 1.15 PM on Tuesday 23rd June, the China fraud Gate Ventures (GATE) announced that its Nomad - Beaumont Cornish - had quit on the Monday. The statement that it issued was er...much as you'd expect from a bunch of Chinese criminals and their useful idiot British patsies.
At last the spineless crony capitalist pig Roland "fatty" Cornish of New World Oil & Gas infamy, has quit as Nomad to China fraud Gate Ventures (GATE) and hence the shares have been suspended at once. The shares were listed in March and via fees and from exercising warrants and flogging shares - even though the prospectus said he could not exercise for a year - fatty has trousered c£400,000 but now even this greedy pig, devoid of principle has had enough.
In my last piece on the latest twists in the ongoing shambles I looked at the apparent mis-match between what New World Oil and Gas (NEW) was saying, and the Market Notice issued by the London Stock Exchange. Ben Turney has since published this incredible article – I hope that he made sure that the board of New World had been offered a chat with the Priest and blindfolds all round before releasing the trap door. And if that was not enough, there are today’s revelations that placees of the failed placing were not informed of the required shareholders approvals. Meanwhile, a look at shareholder value.
Deputy Sheriff Towers is in receipt of an astonishing document - a Placing Letter sent out by Cornhill Capital pursuant to the abortive fund-raising announced by New World Oil and Gas (NEW) at the end of April. The placing was, of course, conditional on the passing of resolutions at an EGM, which shareholders blocked. But here is the thing: I see absolutely no reference to that requirement in the Placing Letter- indeed, the acceptance form describes the transaction to buy stock ‘Placed Firm’. Who will be first up to the gallows?
As ever, important company announcements being slipped out at no-one-is-watching o’clock on a Friday evening is a bit of a Red Flag. One immediately wonders what it is trying to hide. And so we turn to what must be the most pointless listed company in London: ISDX-listed China Sports Development (CSDP). I doubt anyone reading will own shares, but read on anyway – it is a hoot!
Does Nomad Cairn have a shred of inegrity? If it does why has it not quit the JQW(JQW) account as yet again it has emerged today how Chinese investors have totally ignored AIM rules as they screw mug punters in the UK.
By way of background JQW is capitalised, at 10.25p, at £19.6 million. According to the Norfolk it generated a calendar 2014 profit after tax of £14 million and increased its cash position during 2014 by £5 million to £39 million. So why on earth would anyone be selling?
On publishing this piece, I will send the following letter to ask formally for an investigation into the professional conduct of New World Oil & Gas’ (NEW) nominated advisor, Beaumont Cornish. Regular readers will be aware of Beaumont Cornish’s abysmal track record in discharging its duties as far as New World is concerned. It is high time the authorities investigated, so feel free to send a copy of the letter to the email address I give below.
Google Zainab Binte Mohamed Omar and not a lot comes up other than his ownership of 29% of troubled stockbroker Daniel Stewart (DAN) via a Singapore registered vehicle named Epsilon Investments.
Now that the Placing is all off (quite how they calculated whose EGM votes counted is a bit of a mystery, but I shall return to that in a moment) we are told that the company is now planning to go ahead with an Open Offer which we were previously told would be underwritten by Cornhill – the placing agent now with no placing to place.
Last night (after hours, of course) New World Oil and Gas (NEW) issued an RNS to report on the fiasco that was its EGM called to pass proposals which would allow the controversial Placing announced on 29 April to proceed. Every man and his dog knows that there has been a disorderly market in the company’s shares pretty much ever since, and so with speculation rife that the company would have a spot of bother working out who was entitled to vote as massive multiples of the issued share capital traded through the market and even a formal notice from the LSE that shares were not settling in a timely manner, the ShareProphets RNS Translation Service is pleased to help readers understand what is going on. Quotes are in bold with our interpretation in normal script.
Nomad Beaumont Cornish, run by Roland “fatty” Cornish may act for China fraud Gate (GATE) and have covered himself in opprobrium over New World and Digital Learning (see HERE) but even fatty draws the line somewhere and that is over getting involved with Rob Terry of Quindell infamy.
My first visit to the Greek Hovel prompts a wildlife diversity report which will appear on www.TomWinnifrith.com later. Meanwhile I explain why the Tories ARE the party of social justice and look at New World Oil & Gas on what is officially Fake Sheikh day, Insetco, Daniel Stewart, China Chaintek, Independent Resources, Falanx and Just Eat.
My tongue-in-cheek piece of Wednesday on New World Oil & Gas (NEW) seems to have set the cat amongst the pigeons. Clearly my attempt at making light of things was not appreciated by all, but there were serious points at the heart of the piece so I’ll do it in a more grown-up manner this time.
We are just such nice guys here at ShareProphets – we want to help out those least able to help themselves. And so we come to the case of Chris Oil (AKA Mrs Williams) and that holding of 48% of New World Oil and Gas (NEW) – as opposed to the 10% figure that Nomad and Broker Beaumont Cornish was happy to sign off just last week. Mrs Oil/Chris Williams (mix and match as appropriate) has a potential £7m problem – but YOU can help save him/her.
It is hard to imagine a messier situation than the current predicament of New World Oil and Gas (NEW). Having had the opportunity to force a temporary suspension while the mess over the proposed Placing and all that it entails, New World seems to have decided not to go down that path. Instead, we have had an RNS this morning. It was a little confusing, so the ShareProphets RNS translation service is pleased to offer its interpretation.
Quite simply, the firm of Beaumont Cornish is not fit for purpose as a Nomad. It epitomises all that is wrong with the AIM market. The epic fiasco surrounding the New World Oil and Gas Placing may be the last straw but Beaumont Cornish has form going back years. Even with regard to just this one company there have been serial disasters, but there are more cases where Beaumont Cornish has failed in its duties as Nomad.
That New World Oil & Gas (NEW) is an omnishambles is clear. Ben Turney has one route for going forward (see HERE) which has made him the hero of the LSE Asylum and the twitter lynch mob. I regard his actions as morally reprehensible but publish his articles anyway as I support free speech. But his case is both misleading and shocking in that it targets the very folk that I thought he, Brokerman Dan, Nigel Somerville, Malcolm Stacey and others who have written on this website wanted to protect – ordinary punters.
I’ll say from the start here that I have no position at all in New World Oil and Gas (NEW). That is just as well, I suppose, because viewing this from the sidelines is going to be a hoot. But it does ask a few questions of AIM Regulation (the gargantuan nature of this Orwellian misnomer is all too apparent these days), and the Nomad to New World – that fine upstanding firm of Beaumont Cornish.
Tom last night published this charming bear cast. Buried deep within his signature potty-mouthed tirade he made some points, which demand addressing. Tom would have us believe that the poor old forward sellers should be given a gimme by the London Stock Exchange and let off the hook for the appalling losses they are going to suffer, as soon as New World Oil & Gas (NEW) resumes trading. This is wishful thinking for very simple and practical reasons, as I explain below. What is about to happen to the forward sellers of New World’s placement could prove to be the caustic cleansing experience that the Alternative Investment Market is in such desperate need of.
In his bearcast earlier, Tom Winnifrith suggested that Beaumont Cornish should lose its Nomad licence for its appalling efforts this week, in overseeing RNS announcements from New World Oil & Gas (NEW). While I disagree wholeheartedly with Tom’s suggestion how the epic mess at New World might be resolved (cancelling trades would only leave the London Stock Exchange open to a massive class action lawsuit from and all those who bought New World stock), I agree entirely with Tom’s conclusion about Beaumont Cornish. Beaumont Cornish should have been investigated long ago for its conduct over New World, but this week’s succession of catastrophic errors leaves it extremely vulnerable. Here’s why.
And so a month after Westhouse quit as Nomad to disgraced City advisers Daniel Stewart (DAN) no nomad has been prepared to take on this bag of shite and – again – its shares have been suspended from the casino. If no-one wishes to destroy what reputation they might have and act as Nomad by June 1 then Daniel Cesspit shares will be booted off the casino for good. I warned you about this yesterday HERE. But Cesspit reckons that all is far from lost.
Is there a better example of why AIM is in such desperate need of reform than New World Oil & Gas (NEW)? This is a company that has habitually lied to and misled its shareholders, paid its rapacious board of directors inordinate sums, delivered next to nothing for over two years and, lest we forget, foolishly gave €1million to a fake sheikh, in the bizarre hope of breaking into the Kuwaiti oil market. You couldn’t make this stuff up, so it almost defies belief that the company has been able to raise £1.5million this morning.
For the first time in ten months the keystone cops at AIM Regulation has fined and privately censured a NOMAD for assisting its AIM listed client in misleading investors. But we do not know which Nomad has been a naughty boy and the level of the fine is a total Rum & Coke.
Worthington asked me for an address where it can serve legal letters on me for libel citing all sorts of legalese as to why I should comply and adding that if I had nothing to hide I should have no concerns. I have nothing to hide as it is a fraud and so I provided an address. Eight days ago I demanded that Worthington’s lawyers provide a service address for Doug Ware…
Over the past months we have seen an astonishing array of articles clearly demonstrating that company directors, Nomads, Brokers, Auditors – just about every profession involved in running AIM-listed companies – have broken rules or been negligent in performing their duties. Tom’s ongoing exposee on Quindell (plc), Daniel Stewart (broker and Nomad), KPMG (auditor to QPP) are recent examples. Ben Turney’s revelations about New World Oil and Gas show the most extraordinary behaviour by its management and by its Nomad – and now Broker – Beaumont Cornish. I’ve been a right old bore about Digital Learning Markerplace plc from 2012 which has posed questions about its management, Broker, Nomad and Auditor. There are more. Many, many more.
In the RNS announcing its AGM, New World Oil & Gas (NEW) forgot to mention it had posted on its website the notice of the AGM together with the proposed resolution for shareholders to vote on. The proposed resolutions and voting papers can be found here and, as is ever the case with New World, there are some extremely interesting omissions. First, despite having committed to it in the annual report, new CEO Peter Sztyk is no longer retiring as a director and seeking re-election. Second, and possibly much more significantly, there is no proposed resolution concerning the Niel Petroleum deal. Considering that the Takeover Panel’s verdict was that New World requires shareholder approval to complete this deal, this leads to the obvious question; is the Niel deal off?
What is happening at New World Oil & Gas (NEW) is simply outrageous. This is fast becoming the perfect case study to demonstrate why AIM is in such desperate need of reform. Not content with the royal shafting it has already inflicted upon its shareholders, the wretched board of this wretched company has the nerve to claim its actions are being done in their interests. New non-executive chairman Chris Einchcomb must have had a good belly laugh when he said his fellow porcine directors are “committed to… maximising the value to shareholders and believes the actions taken above are important steps to achieving this”. Retaining Bill Kelleher on a consultancy contract so he can “repay” the loan he took out to participate in March 2013’ controversial placement is hardly the act of a board committed to maximising shareholder value. No, it’s more a case of the parasites bleeding every last drop from the now rotting carcass that has been such a generous meal to gorge upon. These people give leeches a good name.
Shame on Roland Cornish and Felicity Geidt of Beaumont Cornish, New World Oil & Gas’ (NEW) nominated advisor. Shame on Stephen Polakoff, Roland Hodder and Chris Einchcomb, New World’s non-executive directors, who comprise the company’s remuneration committee. Above all, shame on Peter Sztyk, Georges Sztyk and Bill Kelleher. Shame on all of you, shame on your wilful lack of disclosure, shame on your disregard for New World’s shareholders and shame on your greed.
If you thought that sending €1million to a man you hadn’t completed due diligence on, in the hope of receiving $20million, was the height of stupidity, you’d be wrong. Taking €1million out of an escrow account, set up expressly for a deal that has failed to close after more than a year’s worth of delays, to pay said amount to said man, in the hope of receiving $20million, is probably a good deal more stupid. Yet this is exactly what New World Oil & Gas’ (NEW) $1.75million a year board of directors did, at some point between the middle of May and end of June this year. Unless Niel Petroleum has taken leave of its senses and given, as a gift, this money to New World, this spells big trouble if Dr Alfahaid doesn’t soon make good on the $20million he was meant to have paid by August 8th.
Things go from dire to abysmal at New World Oil & Gas (NEW). With the after market release of New World’s interim figures last Tuesday, there are disturbing questions about the company’s financial position and the nature of its financial arrangement with Niel Petroleum. I plan to return to these tomorrow, but in the meantime there is a much more serious problem concerning the €1million payment made by New World to Dr Alfahaid of Al-Maraam Al Ahliya Trading & Contracting before June 30th this year. It appears, by its own admission, cash-strapped New World has paid what amounts to a €1milion deposit to an individual it had not completed due diligence on. Even by the calamitous standards of what passes for corporate decision making at New World, this action could prove to be the most inept. Here’s why.
In 2012 Digital Learning Marketplace plc (DLM) was in financial trouble which eventually saw the company restructured into a cash shell. I’ve already written on a placing of shares in Aug 2012 which contravened the Placing Letters, untrue RNS releases, the issue of unannounced loans - in particular a £50k convertible loan issued 1st Oct 2012 which mysteriously survived a CVA which was part of the restructuring and a whole lot more besides.
The silence from New World Oil & Gas (NEW) is deafening. It’s been a week since I first revealed that CEO and Chairman Bill Kelleher’s February 2011 $550,000 default on a loan, which he secured against his private yacht Neftegaz. The company hasn’t sent its lawyers into battle nor made any attempt to deny the allegations. By mid-January this year, Mr Kelleher still owed $298,000 on the debt, despite having earned $1.56million from New World. A Texan court then ordered he surrender all of his eligible stock in New World in partial settlement of the loan. None of this has been announced to the market. I have previously asked what the company’s Nominated Advisor, Beaumont Cornish, knew about this. Today, I reveal what they should have known and question whether the historical relationship with Mr Kelleher has clouded the firm’s professional judgement.
On Friday, I revealed the Texas Community Bank’s legal action against New World Oil & Gas (NEW) CEO Bill Kelleher for his apparent default on a $550,000 debt. This was immediately before New World listed on AIM. Mr Kelleher had secured his unpaid loan on his private yacht, Neftegaz. In the original action the Texas Community Bank sought to take possession of Neftegaz, but by January 14th 2014 it seems that Mr Kelleher still owed $298,846.25 of the original debt. On this date the US District Court Southern District of Texas granted an Order for Turnover Relief against Mr Kelleher. It ordered him to “turn over for levy to the Harris County Constable… within ten days… all shares of stock in New World Oil and Gas, PLC, except those that he is restricted from transferring or selling under the terms of the agreement with his employer, cash and securities in bank and safety deposit accounts totalling $298,846.25”. Funnily enough, I can’t find any reference to this court order in an RNS.
In February 2011, just over two months before New World Oil & Gas (NEW) came to market, the Texas Community Bank brought a court action against CEO Bill Kelleher for failing to repay a $585,000 loan. This loan was a mortgage on Mr Kelleher’s private yacht, Neftegaz. With less than a month until Mr Kelleher is due to repay New World whatever he owes the company on the $333,000 he borrowed in March 2013 to participate in that month’s controversial placement, troubling questions have arisen about the state of Mr Kelleher’s finances, the extent to which he disclosed his financial difficulties and how these might have affected corporate decisions at New World. Would British private investors have been prepared to back a company, whose CEO had apparently defaulted on an outstanding $550,000 debt? More to the point what did New World’s Nomad Beaumont Cornish know about this? Surely mention of this live legal action should have been published in the original prospectus?
I’ve spent a fair amount of time today wondering whether or not life is too short to get involved in the David Lenigas debate. After the fiery “we love/we hate Rare Earth Minerals (REM)” schoolyard spat this week, whatever I say runs the risk of pouring fuel on the fire. But I can’t ignore today’s Leni Gas and Oil (LGO) placement. It has a bit of everything.
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.
I have flagged to AIM Regulation the numerous failings of Roland “Fatty” Cornish and his Nomad firm Beaumont Cornish. Once again I have written to Regulation today asking it to investigate why Fatty allowed Digital Learning Marketplace to publish as an RNS a total lie in August 2012. My start witness is….Angus Forrest now at Tern PLC (TERN) but then at DLM. Forrest is an honourable man and so has, I suspect inadvertently, dobbed Fatty in to The Sheriff of AIM
We are pleased that Angus Forrest has given his side of the story with regard to what went on at DLM in 2012 - HERE. Whilst we believe his explanations fall short of satisfactory, at least he has taken the time and trouble to respond to some of the questions raised but we still call for the noose. Answering his points in turn…
Angus Forrest of Tern (TERN) has asked that we publish in full a letter in which he laments the piss poor journalism of Tom Winnifrith and Nigel Somerville. We are delighted to publish Mr. Forrest’s letter since we believe it incriminates him even more in scandal. Our response will follow within ten minutes. Forrest writes:
After nearly nine months of inadequately explained delays to the completion of the Niel deal by New World Oil & Gas (NEW) there are serious questions whether or not the original shareholder approval granted to New World remains valid or if the company needs to call another general meeting to ratify the proposed new deal. Apparent material changes resulting from the introduction of the mystery Kuwaiti partner, Al Maram Trading & Contracting Ltd, to the transaction have raised concerns and New World’s shareholders remain in the dark. I have now drafted a letter to the Takeover Panel to ask them to look into this matter.
For the fourth time I have written to AIM regulation asking for a formal investigation into whether Roland “fatty” Cornish and his firm Beaumont Cornish carried out its supervisory duties adequately in the period June-September 2012 with regard to Digital Learning Marketplace (DLM), now Alpha Returns (ARGP), a firm then run by crony capitalists Angus Forrest & Bruce Leith who are now running Tern PLC (TERN) into the ground. This is prompted by the shock whistle-blower letter from July 17 2012 which I published in full yesterday, HERE.
A letter sent on 17th July 2012 by a whistle-blower to Roland “fatty” Cornish of Beaumont Cornish, Nomad to Digital Learning Marketplace (DLM) now Alpha Returns (ARGP) relating to its financial position and the conduct of Angus Forrest & Bruce Leith has fallen into the hands of The Sheriff of AIM. Oh dear, oh dear...shall I publish this explosive document and ruin some crony capitalists? Hmmmmm.
Between myself and Tom Winnifrith we have shown you ample evidence that while at AIM listed Digital Learning marketplace (DLM) now called Alpha Returns (ARGP) Angus Forrest and Bruce Leith misled investors in RNS after RNS and also committed corporate malfeasance regarding its CVA, I have also show how Forrest has misled investors at Tern (TERN) the AIM Cesspit company where the two men are now in charge. Surely Tern’s Non Exec and advisors must know that no-one will buy shares in their company until these two men face the guillotine. The peasants have had enough. Just for the hell of it I flag something else…
For the AIM casino to work, allowing investors to trust PLCs to tell the truth, every statement they issue in an RNS must be verified by the company’s Nominated Advisor (Nomad). Nomads like Roland “Fatty” Cornish of Beaumont Cornish are paid fat fees for doing this work. If they fail to verify an RNS so that a company lies to investors they should be censured by AIM regulation and, in an ideal wold, prevented from acting as Nomad in future. In that vein I have now issued a third request to the AIM Team to investigate Beaumont Cornish and Fatty in particular regarding lies told in 2012 by Digital Learning Marketplace.
Various regulators are now looking at what happened between August 2012 and November 2012 at Digital Learning Marketplace (DLM) – now AIM Cesspit listed Alpha Returns (ARGP). Heads will roll and further actions will be taken in the coming week. The story now steps up a pace..
The AIM Regulation Team have confirmed to me that they are already looking into my first formal request to investigate Nominated advisor Beaumont Cornish and its head honcho Roland “Fatty” Cornish. I have today formally requested that the regulators open up a second investigation into what appears to be yet another blatant failure by Fatty to do the job for which he is so generously rewarded.
Mild mannered music teacher turned forensic corporate investigator Nigel Somerville continues his series into events at Digital Learning marketplace (DLM) now Alpha Returns (ARGP) – the noose is tightening on a number of City folk, careers are set to be terminated by these shocking revelations.
TW writes: This five part series of how private investors were lied to and ripped off on the AIM Cesspit is already making waves. Make no mistake heads will be rolling, folks will be getting fired and the regulators will be acting as a result of the dynamite revelations of Nigel Somerville. The story continues in part 3…
We seem to be having a bit of a run in with Roland "Fatty" Cornish of Nominated Advisor Beaumont Cornish. First there was the little matter of New World Oil & Gas – see HERE. Now we come to events at what is now Alpha Returns (ARGP) and matters from 2012 revealed by Nigel Somerville earlier today HERE
We continue our 5 part series on the tale of Digital Learning Marketplace, now Alpha Returns (ARGP). This is a simple tale of crony capitalism, the transfer of wealth from the many to the few. But was it all legal? Were investors lied to? The plot thickens as we meet Angus Forrest.
I have asked very serious questions of New World Oil & Gas (NEW). But still we get no answers. One fellow who seems remarkably unkeen to pick up his phone is Roland Cornish, Nomad to this company. You will be aware that under AIM rules a Nomad must verify all statements made by listed companies. As such I have today sent Mr Cornish the following letter.
