The good Professor Conroy and his team at AIM-listed Conroy Gold and Natural Resources (CGNR) must be feeling very pleased with themselves this morning, as the company announced a decent-sized fundraise to bring in £1.87 million in cash (before expenses) and a debt-for-equity swap regarding outstanding director fees and other debts to wipe out £379,000 of monies due. So does this finally cure Conroy’s long-running illness of technical insolvency, as highlighted by the Auditor in November’s FY accounts to May?
Like its AIM-listed little sibling Karelian Diamonds (KDR), fellow AIM-listed Conroy Gold and Natural Resources (CGNR) has had six months to release its FY numbers and waited until no-one-is-watching o’clock on deadline day to admit the grizzly truth. But luckily once again ShareProphets was indeed watching.
AIM-listed Karelian Diamonds (KDR) has had six months to release its full year numbers to the end of May. For a company with no income and operating expenses of €447,000 one can only wonder why it took a full six months to get the numbers out – but the Red Flag of releasing them after everybody in the City has gone home is surely a warning. And so at 6pm last night came the results RNS – no-one-is-watching o’clock. But ShareProphets was watching…..
Sometimes something comes out of left field and takes you by surprise. This morning, AIM-listed Conroy Gold & Natural Resources (CGNR) announced a proposed joint venture with fellow AIM-listed Anglo Asian Mining (AAZ) aimed at bringing Conroy’s Irish gold assets to production. Anglo Asian is a serious player, so this deal is a great achievement for Conroy – even if, as things stand, it remains heavily technically insolvent.
AIM-listed lifestyle company Karelian Diamonds (KDR) has issued what must be the most ludicrously ramptastic RNS this morning. It is, and has been for ages, technically insolvent and yet this morning it has issued a statement telling the market that it has been granted new diamond exploration reservations in Finland. Given that it has no money, or at least it has negative net current assets last measured at MINUS EUR 1 million as at last November, what’s the point? It can’t explore what it already has!
Roll up, roll up – buy now, pay whenever you like! AIM-listed Conroy Gold and Natural Resources (CGNR) seems to be behaving more like a cheap furniture shop, rather than a serious company when it comes to raising money. On Thursday afternoon it updated on the placing way back in February, under which (unbeknown to the market) most of the cash it said it had raised didn’t arrive. Updates last month detailed some cash which finally dribbled in and on Thursday we learnt that another £50,000 had arrived. Good news……just £100,000 to go out of a £302,500 fundraise.
Back on 2 April, AIM-listed jam-next-century gold play (apparently) Conroy Gold and Natural Resources (CGNR) finally got around to fessing up that its much celebrated fundraise six weeks previously has seen a shortfall in that £188,000 of the £302,500 supposedly raised (ie well over half) had not arrived. The whole episode stank of AIM Rules breaches and a letter duly landed on Oxymoron-in-chief Marcus Stuttard’s desk. We were told a further update would follow as soon as possible and in classic Red Flags at Night fashion, yesterday at 4.51pm on a Friday evening – no-one-is-watching o’clock – the update duly arrived. Now if all the money had arrived, I reckon we would have found out at a more normal time like 7am……
On 18 February 2020 AIM-listed lifestyle company Conroy Gold and Natural Resources (CGNR) announced a successful placing to raise £250,000 and that it had undertaken a subscription to raise a further £52,500 all at 12p per share. Yesterday, more than six weeks later, the company ‘fessed up that a total of £188,000 was still outstanding. It seems to me that the “successful placing” was anything but at time of announcement, given that the cash was yet to arrive, and that the company had not “undertaken” a subscription to the extent originally advised for the same reason. “Undertaking” maybe, but not “undertaken”.
All bear markets are different, but it strikes me that the current one does bear some resemblance to the banking crisis of 2008. For a start, the apparent solution is more money printing from the central banks and more record-low interest rates. And that brings me to gold.
I covered technically insolvent Conroy Gold and Natural Resources’ (CGNR) interims and came to the obvious conclusion that it was technically insolvent. Yesterday its sister company (with largely the same management), AIM-listed Karelian Diamonds (KDR) followed with its own half-year numbers and guess what. But the statements are just unutterable tripe which, I suggest, are intended to mislead.
Not content with leaving burying bad news on polling day to the likes of Purplebricks (PURP) or Versarien (VRS), this morning – election results day – AIM-listed Anglesey Mining (AYM) joined the fray with its Interims to September. They are truly horrid.
As has been pointed out on numerous occasions on the website, AIM-listed Karelian Diamonds has a balance sheet in a complete mess and I reckon it has been techinically insolvent in that it has negative net current assets for an age. Not only that, like Conroy Gold and Natural Resources (CGNR), it is run by the goodly Professor Conroy, has money owed back and forth between the two, used to be part of Conroy anyway, shares its head office, has been under attack from disgruntled shareholders (twice) and has little to show for its existence. So today someone has ponied up £240,000 to keep the lights on. Nothing surprising there – this is AIM, after all – but the price is surely bonkers!
This morning AIM-listed Karelian Diamonds (KDR) - the Prof Conroy sister to Conroy Gold and Natural Resources (CGNR) - offered up its Interims to the end of November. Prof Conroy was pleased, but should shareholders be enthused?
AIM-listed Conroy Gold and Natural Resources (CGNR) has announced a new gold outcrop discovery in Ireland, between its Clontibret gold deposit and the Corcaskea gold target. So will this discovery transform the company’s prospects, or – bearing in mind that it has to report year-end results to May of this year by the end of next month – does this news mark the beginning of a pre-placing ramp?
I first heard about Bitcoin in 2010, when it was it was about 5 cents per coin. At the time, I thought that maybe I should buy £100 of it to see what it's about. Things being what they were at the time, I never bothered. My back of the envelope calculation says that £100 in 2010 would have been worth around £7,000,000 today, and that's after a recent crash.
I cover Conroy (CGNR) elsewhere but its the sort of seedy waste of space nonsense that makes me despair of AIM. And so i turn to a follower of JC, Archbishop Justin Welby. The JC I refer to is of course Jezza not Jesus. Welby's comments yesterday are so utterly wide of the mark, no wonder he leads a failing organisation.
AIM-listed Conroy Gold and Natural Resources (CGNR) has announced a placing at 13.75p to raise £0.5 million, boasting a 20 per cent premium to the market price. Well that’s fine and dandy – so why has the market not piled in behind the placees? The shares are up just one penny, leaving the stock at 12p to sell.
I look at a Winnifrith Rule AIM must introduce for board outsing EGMs ref Pathfinder (PFP), Magnolia (MAGP) and Conroy (CGNR) and I look at why we are in a bear market but why I'm not panicked. If you like bearcasts then remember that at UK Investor on April 21 one of many highlights will be a live bearcast with myself and Paul Scott. Make sure you book a free ticket HERE using the promotional code WINNIFRITH
Yesterday the good professor Conroy’s elder child, AIM-listed Conroy Gold and Natural Resources (CGNR) released its interims to last November and it needs cash. Today it is the turn of little brother, Karelian Diamonds (KDR) and the picture is no better. And as you shall see, there is an air of one insolvent partner funding the other. At least, that’s how it looks. And I wonder about the maths….
AIM-listed Conroy Gold and Natural Resources (CGNR) published its interim accounts to 30 November 2017 this morning. Ignoring the jam tomorrow (we’ve seen that all before) it is clear that the company was up to its eyes in debt, not that chairman Prof Richard Conroy was bothered by that as he introduced his chairman’s statement with “I have great pleasure in presenting your Company’s Half-Yearly results”. He’s pleased – but I doubt any shareholder with half a brain cell will be.
Yesterday I described the FY17 results of Karelian Diamond (KDR) and a series of Red Flags to be found. Today we look at its stable-mate, AIM-listed Conroy Gold and Natural Resources (CGNR) and find a similar story. It is a car-crash festooned with more Red Flags.
AIM-listed Karelian Diamonds (KDR), like fellow AIM-listed Conroy Gold and Natural Resources (CGNR), is run by the good Professor Richard Conroy. Tom Winnifrith has exposed a pretty gruesome histoire at Conroy, but what about its little brother?
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.
I have a question for Professor Conroy, of AIM-listed Conroy Gold and Natural Resources infamy. Tom Winnifrith tells us that the paperwork for the warrants exercised by him and by his sidekick (which were announced on Wednesday last week) was filed last Sunday. We also learnt yesterday that the cash went straight back out of the kitty to repay Conroy/Jones by settling director loans - apparently ahead of term.
I have received a note from Maureen Jones, the close boardroom ally of Professor Richard Moriarty the founder and embattled chairman of Moriaty Gold & Natural Resources (CGNR). Maureen reckons my coverage of the last GM is unfair and wishes to put the record straight. But I am afraid that she and Professor Conroy simply just do not understand why they are in the wrong here and why that forces me and other campaigners such as the top Irish blogger Wexboy, to ensure that we will turn the next Conroy GM into a media circus to see the two ousted. Maureen writes and my comments are in bold.
Thanks firstly to those kind folks who showed some appreciation for the introduction to yesterday's bearcast - praise is always welcome. I am still in a bad mood so watch out for some choice French as I discuss Cloudtag (CTAG), Starcom (STAR), ECR Minerals (ECR), Kibo Mining (KIBO), Conroy (CGNR), Iofina (IOF) - in detail - and Sunrise Resources (SRES) and its broker Belfort Securities. Watch out it is placing ahoy at Sunrise as I explain in detail. Just do the math!
In reflective mood on election day I cover just a few companies. Falanx (FLX) where we backed the placing and the shares have tanked! LGO Energy (LGO) where the morons were spoofed and death is postponed, Centrica where shareholders are paying for CEO crack, that is debt addiction and Feedback (FDBK) which seems like a rum and coke to me. I also cover, en passant, Conroy after getting a pleasant ambush, but an ambush none the less, post dentists, from Ireland.
AIM-listed gold explorer Conroy Gold and Natural Resources (CGNR) produced its results to May 2015 this morning, and separately announced a capital reorganisation. It makes grim reading.
We quite like SP Angel when it comes to research as lead analyst John Meyer is an honest chappie, who produces detailed work and can be critical when needs be. Today's detailed note covers Centamin, Conroy and Thor as well as offering a detailed macro view on the news that is shaping global mining and the AIM mining pond. We have now agreed to carry the SP Angel note every working day going forward.