Peterhouse Corporate Finance, Mr Greg Colliar, crap Nomad Northland, Mr William Vandyk are you sitting comfortably? You sure? Now read on for yet another horror story emerging from the AIM casino....
Continuing our wanderings through the accounts of those who promote and look after companies listed on the Casino, we turn here to the FY (to Mar 16) accounts of Northland Capital Partners – Nomad to such fine enterprises such as AIM-listed Edenville Energy (EDL) and the now executed Eastbridge Investments (EBIV), Broker to AIM-listed Octagonal (OCT) and introducers of Vast Resources (VAST) to the fine fellows at Bracknor. A truly magnificent contribution to life on the Casino I’m sure we all agree.
Another filthy forty company has officially gone bust. Eastbridge Investments (EBIV), a company that was promising an RTO until just a couple of months ago has gone tits up. Its official. But will anybody ask any questions of those responsible. Let's name the guilty men. First the news of corporate death.
Of the original 40 AIM-China companies we identified as our ShareProphets Filthy Forty, the steady attrition has seen that number whittled down to just 17 companies. The period either side of the reporting deadline for calendar 2015 numbers (30 June) saw further departures, but last year’s interims deadline saw a queue for AIM’s Death Row develop. How are we looking this time?
As previously noted HERE, ShareProphets AIM-China Filthy Forty constituent GTS Chemical (GTS) was proposing to delist from the Casino (which was why it cancelled its previously promised dividend despite a growing cash-pile, er…) and today’s AGM statement confirmed that this will take place at the close of play on 1 August.
As predicted HERE ShareProphets AIM-China Filthy Forty play Eastbridge Investments (EBIV) had its one-way trip to the AIM execution chamber last night. It becomes the twenty-first AIM Casino departure on the Filthy Forty. There are more to come, it is just a matter of time.
Nigel Somerville has already explained why Eastbridge Investments (EBIV) is toast in that it has no Nomad and sweet FA chance of completing an RTO in the next few days and thus avoiding being booted off AIM. But it gets worse: there is the matter of the Court Case.
It seems that Yougov, Mori and whatever else the pollster are called these days have a thing or two to learn from ShareProphets polling. They keep on getting it wrong, but our readers responded to the question of how many delistings and suspensions were coming on the ShareProphets AIM-China Filthy Forty over four weeks from 17 June and half of respondents said two or three. So far, it is bang on. Mind you, there are still a few days to go.
Three strikes and you’re out: ShareProphets AIM-China Filthy Forty Eastbridge Investments (EBIV) – the former China Wonder and then Quihang – announced the resignation this morning of its Nomad, Northland Capital Partners, with immediate effect. The shares are consequently suspended, and if no replacement is found within a month then it is lethal injection time. Mind you, there is a rather more pressing deadline in ten days, in that Eastbridge will be given the boot anyway if it can’t fulfil its investing policy as an AIM investment company by then. Since that was reliant on some hare-brained plan to raise more cash, that surely will now not happen. In short, Eastbridge is toast.
The race to see which of the twenty remaining ShareProphets AIM China Filthy Forty companies clocks up a suspension/delisting is hotting up as we enter the final furlong. Yesterday saw the loose horse of Grand Group (GIPO) – a non filthy forty runner but an otherwise well qualified AIM-China play nonetheless – cross the line first with a suspension as it can’t get its accounts out on time. But with a surprise late run GTS Chemical (GTS) now looks clear of the field as they head for the line after announcing plans to delist in August, subject to the forgone conclusion of a vote at its AGM.
I previously highlighted that a good few of the twenty remaining ShareProphets AIM-China Filthy Forty faced a reporting deadline of Thursday this week, 30 June. In honour of Royal Ascot we ran a poll which showed that readers of ShareProphets reckoned on two or three suspensions/delistings to come over the next (now) just under three weeks. The race has now entered the final three furlongs…how are the runners and riders looking?
Cynical Bear’s piece last week, covering strange events at Carduus Housing, whose bonds were trading on ISDX (ticker: CHPB) had my ears pricking up at the mention of ISDX-listed Etaireia Investments (ETIP) – covered last July (see Who’s been telling Porkies?). At the same time it is hat-tip to a reader for spotting that Miami-based publication OffshoreAlert had called Etaireia as an out-and-out fraud well before I got my grubby mitts on the story.
Eastbridge Investments (EBIV) has in various incarnations losts its original shareholders more or less 100% since it joined the AIM casino. Its shares were suspended today on the back of an announcement that just stinks to high heaven.
This morning saw a total bullshit announcement from AIM-listed (and F40 member) Eastbridge Investments (EBIV). The ShareProphets RNS Translation Service explains all (original text in bold).....
Phew, what a scorcher! The heat really was turned up on the ShareProphets AIM-China Filthy Forty over the past two weeks. Last week we had one AIM-execution, a suspension (and subsequent restoration) as Vmoto (VMT) announced a transaction which we find less than credible (HERE) and results from Jiasen (JSI) which prompted Tom Winnifrith to present us with a choice that he was a banana or Jiasen is a fraud. And JQW (JQW) had its operations suspended by the Chinese authorities for contraventions of advertising and pyramid-selling regulations before releasing less than convincing interims. This week saw fourteen of the Filthy Forty racing to the line to get results filed by close of play Wednesday so as to avoid automatic suspension, two of which added to the overcrowding problem on AIM’s Death Row as their Nomad quit. Here is the ShareProphets round-up of AIM-China Red Flags served up this past week.
We started the week awaiting interims and FY results from 14 of the ShareProphets AIM-China Filthy Forty. Following this morning’s round of 7am RNSs, who is still to report? And there is one other we await with considerable interest – the FY results from Daniel Stewart (DAN). Any of the companies which fails to report by the end of the day will be suspended from trading on the Casino.
It was a storming week last week on the ShareProphets AIM-China Filthy Forty. But there is more to come, for Wednesday sees the end of the month and the reporting deadline for any company with a half year to the end of June, or a full year to the end of March. So what is there to look forward to?