Keyword results: EGM

Edge Performance VCT – This Is Getting Desperate Ahead of Sack-The-Board EGM A Week Tomorrow!

Another missive, this time from the Chairman of Edge Performance VCT (EDGH) has found its way to ShareProphets Towers. You would never know there is a sack-the-board EGM called for a week tomorrow! The ShareProphets Translation Service explains…..

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Edge Performance VCT – Fund Manager David Glick Hits Back Over “Untrue And Deliberate Disinformation” About Sir Peter Bazalgette

An email from David Glick, the founder of Edge Performance VCT (EDGH) and the founder and CEO of the VCT’s investment manager, noting untrue and deliberate disinformation about Sir Peter Bazalgette, a so-far unelected by the VCT’s shareholders director of Edge Performance VCT and Chairman of FTSE100 stalwart ITV (ITV) has turned up at ShareProphets Towers in the run-up to Edge’s reconvened (from August!) AGM and the sack-the-board EGM to be run the same day, 17th January 2022. He is not pleased!

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Edge Performance VCT – Is This The Longest Corporate Suicide Note In History?

In response to the second sack-the-board EGM requisition as detailed HERE the Board of Edge Performance VCT (EDGH and EDGI) has issued a letter to its H-share holders. The arrogance is breath-taking but the ShareProphets RNS Translation Service wonders if it is the longest corporate suicide note in history. The statement reads (in bold, with the ShareProphets RNS Translation in normal type):

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EDGEing Toward The Abyss

I see that the incumbents at Edge Performance VCT (EDGI and EDGH) haven’t yet got around to alerting the market that an EGM requisition proposing to give the majority of the board the boot has been in the in-tray for around a week now. Since ShareProphets reported that the requisition had gone in over a week ago and now The Telegraph has reported the same, is it not time for the board – including the chairman of ITV, Sir Peter Bazalgette, to ‘fess up?

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Edge Performance VCT – Early Fireworks This Year as EGM Requisition Arrives: Bravo Cliff Weight and ShareSoc.

The Board of Edge Performance VCT (EDGH and EDGI) may not have quite got around to updating the market on this yet, but an EGM requisition has arrived with proposals to remove the entire board (barring one who was supposed to be standing down anyway). For Edge I-shareholders, it may not give them any extra cash back on their disastrous investment, but at least they will have the chance to take some satisfaction from sacking the board. But I fancy any potential reform may not be limited to just that – probably, in my view, to the advantage of the H-shares, the other remaining class left over from the alphabet soup that was Edge Performance VCT.

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Block Energy – Management Comes Out Fighting as EGM 2 Approaches

When I last looked at the ongoing shenanigans at AIM-listed Block Energy (BLOE), the rebels had lost their first attempt to get their own way at the requisitioned EGM failed to support their attempts to remove Block Energy’s Chairman. As the second requisitioned EGM approached (next Wednesday), the rebels, whose behaviour in light of their track record is questionable as I revealed here, attempted to move the goalposts by offering to pay for the requisitioned forensic investigation into the company’s affairs. Now the sitting board had come out fighting: grab your beer and popcorn, and read on…..

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Block Energy – More Rumblings From Rebels

Not satisfied with having lost the first requisitioned EGM, where shareholders in AIM-listed Block Energy (BLOE) were invited to sack the chairman and replace him with the one remaining NED, the rebels have another requisitioned EGM for shareholders to consider appointing one of the big four accounting firms to conduct a full forensic. This will, of course, be expensive – and having lost round one the rebels have made a seemingly helpful suggestion.

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Block Energy – Rebels Lose Round One but Keep Beer and Popcorn to Hand

The first of two EGM’s requisitioned by rebels at AIM-listed Block Energy (BLOE) saw the Chairman, Philip Dimmock, see off resolutions to give him the boot and appoint independent NED Charles Valceschini in his place.  In the meantime, the company has appointed a new NED in the form of Jeremy Asher, current chairman of fellow Casino listed Tower Resources (TRP).

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BREAKING: Block Energy – More Bombs Drop as Pressure Mounts on the Chairman

Shares in AIM-listed Block Energy (BLOE) are up this morning by 7.5% on no news, although yesterday the company announced a series of nil-cost options being issued to its directors and employees in lieu of salary. In this mad market, nothing surprises me and the dilution is apparently a good thing as far as shareholders are concerned! Meanwhile, more bombs have been dropped by the rebels looking to oust current chairman Philip Dimmock in favour of the last independent NED still standing, Mr Charles Valceschini and commission an independent forensic report into the affairs of the company. Oh dear…..

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Block Energy: Let the Sh*t Show Begin!

A group calling itself the Block Energy Support Group has emerged, representing around 20% of the currently issued shares in AIM-listed Block Energy (BLOE). Unlike some shareholder support groups, such as the Quindell one, this support group is not for the support of current management and already two EGMs – one to remove the chairman and the other to commission a forensic report into the affairs of the company – have been called. One would imagine that such aggressive action might suggest that somebody knows something and via the support group’s website the bombs have started to drop.

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Block Energy – Double Portions of Beer and Popcorn Time as Rebels Rock Boat with Second GM Requisition

Last September some rebel shareholders were so concerned as to what was going on at AIM-listed Block Energy (BLOE) that there were rumours of an imminent requisition of a sack-the-board EGM. That time the rebels were placated and by the end of the month all was apparently well. Or was it: for now there is a sack-the-chairman EGM Requisition on the table and this morning a further EGM was requisitioned to commission an independent forensic investigation into the company’s affairs by one of the “big four” accountants. Best order in double portions of beer and popcorn – this could get very entertaining.

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Iconic Labs – Sack-the-Board EGM called by 15% holder OTT Holdings as it puts the boot in

Oh dear, oh dear: things seem to be going from bad to worse at David Sefton’s former (and apparently still currently) stamping ground Iconic Labs (ICON). Last night at 5.35pm, 15% shareholder OTT Holdings released a statement announcing it has requested an EGM with a view to changing three (out of four) of the board as the major shareholder considers share price performance, lack of financing, management and board performance and now a lawsuit for breaching a financing agreement. Oh…..and toxic Dave Sefton gets a mention in despatches as well. It’s beer and popcorn time!

Inspirit – An odd turn of events in the Boiler Room……or not!

Chris Heminway has called for an EGM to boot off one member of the board of AIM-listed Inspirit and see himself and one other elected instead. In response to the onslaught, Inspirit has suddenly sprung into action, announcing two deals which saw the shares roof it.

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Inspirit – Boiler Room Battle takes a shocking new turn

Suspicions that the shareholder register of AIM-listed Inspirit Energy (INSP) were not correct were confirmed yesterday lunchtime (the new no-one-is-watching o’clock) when the company admitted that CEO and Chairman John Gunn’s total interest was not 28% as previously claimed on November 25 last year, but 25.4%. Needless to say, the original announcement was signed off by Inspirit’s hapless Nomad, Roland “fatty” Cornish – the worst Nomad in town.

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Trouble at t’ Mill brewing in Inspirit's boiler room as 6.5% holder launches blistering attack

AIM-listed boiler-room Inspirit Energy (INSP) has been a long-term non-performer on the Casino ever since the reversal of its technology (having failed as a private company) was reversed into Kleenair Systems in 2013. Almost anyone who has had the misfortune of investing here will be nursing very heavy losses, and the company seems to have little or nothing to show for the last 7 years as an AIM Casino chip. But now the company is under attack from 6.5% holder Chris Heminway, who launched a scathing attack late on Monday via the RNS system.

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SOU
SOU

Calling all Sound Energy shareholders – it is time to sack the board, can you help?

The Sound Energy (SOU) shareholder action group now has more than 300 members and speaks for 9.5% of the, in my view, almost worthless, equity. At 10% it can call an EGM and seek to oust the board. And if you own any stock in the company I urge you to contact me at tomat49@gmail.com NOW and here is why….

PPG
PPG

Plutus Powergen - just 1 table which shows why you must vote to sack the board

On January 10 2020 those mad enough to own shares in Plutus Powergen (PPG) have the chance at an EGM to vote to sack the board. The table below is damning and shows why the board must be sacked. Plutus should be for the many not the few. Right now it is not.

KDR
KDR

Karelian Diamonds – it’s beer and popcorn time again as requisitioners return for round 2

I’ve made no secret that I view AIM-listed Karelian Diamonds (KDR) as a lifestyle company, as per its big brother (and under largely the same management), AIM-listed Conroy Gold and Natural Resources (CGNR). Both have achieved very little, both have balance sheets in a total mess and shareholders in both have endured massive shareholder value destruction over the years. In July a group of shareholders forced a sack-the-board EGM but as per CGNR last year, the vote went against them. Now they are back for round two.

KDR
KDR
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Karelian Diamonds – settlement issues: more shenanigans on the AIM Casino

I noted yesterday that AIM-listed Karelian (KDR), of the Conroy stable, had issued £100,000 worth of equity following a subscription. Since then, two directors bought in the market but word has reached Deputy Sheriff Towers of settlement issues. With a sack-the-board EGM coming up next Friday this looks a mess: will the shares have to be suspended?

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KDR
KDR

Shenanigans at Conroy Gold and Karelian Diamonds

Two RNSs yesterday from AIM-listed Conroy Gold and Natural Resources (CGNR) and its under-fire little brother, AIM-listed Karelian Diamond Resources (KDR), raised my eyebrows...

KDR
KDR

Karelian – the sack-the-board battle hots up

I noted a couple of weeks back that it was beer and popcorn time at Prof Richard Conroy’s smaller lifestyle enterprise, AIM-listed Karelian Diamonds (KDR). The battle is hotting up nicely...

Bearcast
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Tom Winnifrith Bearcast: I want to call an EGM to sack the entire board at WPCT unless they fire Neil Woodford, who will join me?

I start this podcast with a look at some of the shite press coverage of the Woodford scandal today, notably Patrick Hosking in The Times and the Daily Mail. Then it is onto what ios the end game for Neil personally: jail? insolvency of WIM? A lifetime ban from financial services? Another OBE and more tea with his pal David Cameron? Finally I look at Woodford Patient Capital Trust (WPCT) and reach out to fellow shareholders. I wish to call an EGM to sack the board and explain why. can you help me?

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KDR
KDR

Beer and Popcorn time at Karelian Diamonds

Oohhh goodie! It was announced on Friday morning that AIM-listed insolvent POS Karelian Diamonds (KDR) had received a EGM requisition to sack the board……but due to a technicality the requisition received was not valid. However, on the expectation that another is on the way minus any technicalities causing problems, it looks as though the Prof Richard Conroy soap opera is set to take another turn.

Catenae Innovation announces placing warrants on fantastic terms - for the warrant holders anyway!

I’ve never been a fan of Catenae Innovation (CTEA), but I know that some of the other ShareProphets writers are more bullish on it and that it has been making some progress with its business.

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EXPOSE: Nu-Oil appears to have screwed up the vote on Resolution 7!

As any regular readers of my ramblings will know, I’ve never exactly been a fan of Nu-Oil and Gas (NUOG), nor of the people running the company.

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WDC
WDC

Richard Jennings of Align, sticks knife into his own client, Widecells, wants EGM to oust the board

Let's be clear here. Widecells (WDC) was a client of Align Research run by Richard Jennings. That is to say it paid Align to publish research. It is thus all the more remarkable that Jennings is prepared to stock the knife in, attack recent actions by the company and is now buying shares in the market to call an EGM to fire the board. Get your beer and popcorn ready, for what it is worth I agree with Jennings on this matter and urge all shareholders to contact him to offer their support. He writes:

POG
POG

Petropavlovsk – sack the board & former directors return requisition

Last year an EGM at Petropavlovsk (POG) saw the dodgy Russians win, Hambro et al out. Today an announcement of a Potential Shareholder Requisition

PFP
PFP

Pathfinder Minerals: the Tory MP, the CEO, the hapless Nomad and the allegations of mortgage fraud

Nick Trew, the CEO of Pathfinder Minerals (PFP) is currently attempting to fight off an EGM request to oust him and Toff Tory MP Sir Henry Bellingham of 3DM infamy from the board. Their record of non delivery should be enough to see them sent packing but another allegation has now been made which - if proven - would make their dismissal a black and white issue. Nomad WH Ireland and AIM Regulation must investigate this at once.

PFP
PFP

Exclusive: Pathfinder Minerals - white knight appears - will Sir Henry Bellend MP do the decent thing and walk?

As Richard Jennings at Align prepares to respond to the woeful EGM defence of Pathfinder Minerals (PFP) incumbents serial trougher Sir Henry Bellingham MP of 3DM infamy and Nick "Not for the many but for the" Trew, a new player has emerged.

PFP
PFP

An Open letter to shareholders in Pathfinder Minerals

As you know I disagree strongly on a number of matters with Richard Jennings of Align Research but on the matter of Pathfinder Minerals (PFP) he is 100% right to want to oust the current management who are overpaid, inept and now acting in a way that puts their own interests ahead of those of the company. They are frequently accused of misleading investors. So we back Jennings in this case. He has written an open letter to his fellow shareholders which is hard hitting and raises very valid points. Over to Jennings.

PFP
PFP

EXCLUSIVE: Pathfinder Minerals you can run but you cannot hide - new EGM request submitted

Pathfinder Minerals (PFP) has yet to fess up but it has been served with a new EGM request by Richard Jennings of Align, seeking to oust disgraced trougher CEO Nick "Not for the Many but for the " Trew and Tory Toff NED Sir Henry Bellingham of 3DM infamy.

Filthy Forty Haike Chemical – the long goodbye

Anyone foolish enough to be a shareholder in AIM-China play Haike Chemical (HAIK) has until 1pm today to accept an offer for their shares at 30p. An EGM on 12 March passed resolutions to delist from the Casino, the execution scheduled for close of play on 19 March.

Haike Chemical – doop, doop, doop,…..another one bites the dust

And so the ShareProphets AIM-China Filthy Forty will be down to just 7 members after Haike Chemical (HAIK) confirmed its previous suggestion that it may delist. The EGM is set for 12 March (in China, even though the parent company is registered in the Cayman Islands and listed on AIM), at which time we can wave bye-bye to another Chinese value destroyer.

Cloudbuy – more borrowing from Sella as alternative to insolvency: SELL

As predicted HERE, AIM-listed Cloudbuy (CBUY) has again run out of cash and proposes to take further loans from white knight Roberto Sella to keep the lights on. Obviously the company wants all of its shareholders to approve the proposed deal – why is why it has called an EGM for 27 December. I’m sure all shareholders will want to break off from Christmas celebrations to attend. Not!

AVO
AVO

Advanced Oncotherapy – EGM clock ticking again as shares resume slide

I can’t help but notice that in the wake of a couple of Bracknor death-spiral loan note conversions, shares in AIM-listed Advanced Oncotherapy have rather slipped again. Indeed, having scraped onto the 27.5p watermark on Monday last week (and thus avoided an EGM to drop the nominal price of the shares) as the result of spoof boardroom buying, it has been one-way traffic ever since, down to 22.75p last seen.

AVO
AVO

Advanced Oncotherapy – yet another director ponies up, EGM seemingly avoided and Bracknor converts. Most bizarre

Well this is most bizarre! Lobster-potted Bracknor has converted another lump of its death-spiral loan notes. That, of course, is not a great surprise until you study the detail of yesterday morning’s announcement from AIM-listed Advanced Oncotherapy (AVO), where we discover that the conversion shares have been issued not at the lowest daily volume-weighted average price of the past 15 days (21.35p) as per previously announced conversion terms, but at 25p (par price of the shares). Why has Bracknor elected to pay a 17% premium?

AVO
AVO

Advanced Oncotherapy – a last-ditch effort to avoid an EGM?

Well it looks as though D-day is today after all for the triggering of an EGM to drop the nominal (par) price of AIM-listed Advanced Oncotherapy (AVO) stock so as to allow Bracknor to resume its convert-and-dump operations. With the shares edging a little higher this morning, one is tempted to wonder whether some heavy boardroom buying might be enough to lift the shares back over the 27.5p mark just in the nick of time. But there is a fair way to go, with the stock still 2.25p short of salvation. 

AVO
AVO

Advanced Oncotherapy – is it D-Day today, or Monday?

Under its Bracknor death-spiral funding package, AIM-listed Advanced Oncotherapy (AVO) has to call an EGM proposing resolutions to drop the current nominal, or “par”, 25p price of its shares by at least half in the event of 10 consecutive closes below 110% of nominal (ie below 27.5p). But the company has never defined the closing price used: is it mid-price, bid-price, offer-price at close, or perhaps some more convoluted closing daily VWAP (volume weighted average price) calculation? But one thing is for sure, the match is right next to the blue touch-paper. Is it today or Monday, fellas?

AVO
AVO

Advanced Oncotherapy – another day, another spoof? Spot the missing statement....

Advanced Oncotherapy (AVO) has announced that NED and highly respected senior clinical oncologist at Great Ormond St and Barts Dr Nick Plowman “will” invest £250,000 in the company – at 30p a share, a 36% premium to last week’s close. Why am I not convinced that this morning’s announcement is anything other than the most desperate of spoofs in a long line of spoofs here?

AVO
AVO

Advanced Oncotherapy – Uh-oh: Aviva bailing as 25p nominal dam buckles under the strain

Oh dear. Oh dearie me. AIM-listed Advanced Oncotherapy (AVO) has released a TR-1 from institutional investor Aviva showing that it has been dumping shares and went below the disclosable threshold to 2.44% last Friday in terms of its directly held interests. It had a further 0.66% interest via loaned out shares. Meanwhile Advanced Onco shares today fell below the 25p nominal price of its confetti, leaving death-spiral funder Bracknor in a bit of a pickle just five days after ponying up tranche 2 of convertible loans which it can’t convert for less than 25p. Ouch.

AVO
AVO

Advanced Oncotherapy – more spoofery as NED buys yet more shares

AIM-listed Advanced Oncotherapy (AVO) – teetering on the brink of having to call an EGM to reduce its nominal share capital under the terms of its death-spiral funding package with Bracknor – has announced yet another director share purchase, the fourth just this month (if we ignore the botched 7am RNS of 4 April). As ever, this is just a spoof in order to encourage more buying in the market so as to allow Bracknor to offload more of its death-spiral conversion shares as Advanced hopes and prays for the next £1.235 million tranche of funding before the coffers run dry.

AVO
AVO

Advanced Oncotherapy – Bracknor ups the ante, converts £200,000, tick tock to EGM o'clock

This morning AIM-listed Advanced Oncotherapy (AVO) announced another conversion by Bracknor. Having previously converted three lumps of £100,000 of death spiral loans, Bracknor has gone for £200,000 worth this time – but at the lowest price yet, just 26.74p. That leaves things looking decidedly sticky for the company, which got authority to issue Bracknor with enough loan conversion shares based on the assumption of an average loan conversion price of 44p and the associated warrants at 57p.

AVO
AVO

Advanced Oncotherapy – SPOOF, SPOOF AND SPOOF some more

Under its death spiral funding package with Bracknor, AIM-listed Advanced Oncotherapy (AVO) has to call an EGM to seek shareholder approval to reduce the nominal price of its shares (currently 25p) by at least half if the closing share price is below 110% of nominal (ie 27.5p) for ten consecutive trading days. And that brings us to the latest spoof director share purchase announced this morning (which hasn’t worked: the shares are down 4% last seen this morning).

AVO
AVO

Advanced Oncotherapy – Bracknor converts again, shares crumbling: when will the EGM be forced? SELL!!!!

AIM-listed Advanced Oncotherapy (AVO) has this morning announced another loan conversion by its white knight death spiral funding provider Bracknor. The lack of liquidity of late makes it hard to imagine that Bracknor is having an easy time offloading. Meanwhile the shares have again slipped and now sit below the threshold at which an EGM to reduce the nominal price of the shares is triggered. Oh dear….

AVO
AVO

Advanced Oncotherapy – Bracknor converts again but is it selling?, can it sell?

AIM-listed Advanced Oncotherapy (AVO) has announced a second conversion of death-spiral loan by Bracknor. As per the first conversion, it is £100,000 (nominal) but this time the conversion price was just 27.89p. Given that the recent EGM gave approval for the company to convert the full package at an average 44p per share that might mean a bit of a headache.

Bowleven – ShareProphets RNS Translation Service reviews Termination of Strategic Review

AIM-listed Bowleven (BLVN) has announced the termination of the strategic review initiated by the previously hung board in the wake of the sack-the-board EGM requisitioned by Crown Ocean, before former Chairman Billy Allan departed the scene. The ShareProphets RNS Translation Service has been taking a look (original in bold).

Bowleven – ShareProphets RNS Translation Service dissects Board Changes

This morning AIM-listed oiler Bowleven (BLVN) announced the departure of Chairman Billy Allan and two former board members from the company. Not before time. With a second EGM in the offing the writing was on the wall for them all anyway. The ShareProphets RNS Translation Service has been taking a look at what the company had to say (original in bold).

Bowleven – did Artemis plunge the knife before bailing out to Crown and if so where is the TR-1?

A brief line in an announcement by Crown Ocean has caught my eye in the latest twist in the battle to remove the useless board of AIM-listed Bowleven (BLVN). The board’s supposedly flagship farm-out transaction, with which CEO Kevin Hart expressed pleasure, seems to me have placed a maximum valuation of around $25 million on the company’s $100 million spent on Bomono. But I wonder whether major institution Artemis has sold out of the 14 million shares the market was told it held on Monday. If so, where is the TR-1, and did Artemis vote the shares against the board ahead of selling them to Crown Ocean? 

JSI
JSI

Filthy Forty Jiasen – EGM passes delisting motion, no NEX application filed, might go for HK instead (or not….)

That’s it then, ShareProphets AIM-China Filthy Forty play Jiasen (JSI) is to leave the Casino, with the last day of dealings on the 27th of this month. If you still hold, you know the deadline for claiming your bag of Tesco value crisps. But the statement is a hoot. A listing on the Hong Kong exchange? You’re ‘avin’ a bubble.

ShareProphets RNS Translation Service – Bowleven names the day

And so finally, this morning, AIM-listed Bowleven (BLVN) has named the day for the requisitioned sack-the-board EGM. The company first announced receipt of the EGM requisition from Crown Ocean on 24 Jan and three weeks on it has finally got around to calling it – for 14 March. Hurried this is not. The ShareProphets RNS Translation Service explains all…..(original in bold)

Bowleven – ill-considered statement as Crown Ocean ups stake again

AIM-listed Bowleven (BLVN), in the sights of activist investor Crown Ocean which has already requisitioned a sack-the-board EGM, has released a “provisional response” to the proposals. It looks pretty desperate from a board too used to sitting on its hands and overpaying itself and which looks slam-dunk for the tickety-tack when it finally gets around to calling the requisitioned EGM.

Bowleven – sack-the-board requisitioner Crown Ocean ups the ante, increases stake

This morning came a TR-1 announcement from AIM-listed Bowleven (BLVN): Crown Ocean, which has requisitioned a sack-the-board EGM upped its stake by about 5 million shares to 47.6 million shares, or 14.87% of the company, last Wednesday...

JSI
JSI

FRAUD Jiasen - ouzo time as Filthy Forty AIM departure #24 is booked, NED walks

Did it jump or was it pushed? ShareProphets AIM-China Filthy Forty posterboy Jiasen (JSI), one of the Fujian four, has announced this morning that it is proposing to delist from AIM and move instead to NEX (the lobster-pot formerly known as ISDX) - just when we thought that the race to AIM departure #24 from the Filthy Forty was down to a two-horse race between Asian Citrus (ACHL)and MoneySwap (SWAP). Jiasen also announced the departure of a NED with effect from the end of February.

Bowleven: What value Etinde?

Yesterday morning Crown Ocean launched its requisition for an EGM at Bowleven (BLVN). I explained why the coup is a “no-brainer” here. Bowleven’s management is surely toast. Having taken tens of millions in remuneration over the years, and spent hundreds of millions on failed projects, this company has been a classic value trap. But could that all be about to change?

Bowleven - The palace coup is underway & the management is doomed

Hedge fund Crown Ocean Capital P1 Ltd has called an EGM to oust six utterly useless and grossly overpaid board members (the dirty half dozen) at Bowleven (BLVN) and replace them with Christopher Ashworth and Eli Chahin. We can reveal that the coup is a nil brainer - management is toast. Here is why...

TEA
TEA

Teathers releases Annual Results: where has all the money gone?

Formerly AIM-listed Teathers Financial (TEA) has released numbers for the year to 31 October 2016. They are truly shocking. In its year to October 2015 the group balance sheet sported a net assets value of about £800,000 having raised just over £1 million in the year. That is pretty bad. But as at 31 October 2016 (having raised no further cash) net assets came in at about just under £70,000 with just £658 in the bank. Where did it all go?

CloudTag – “Fiske”ing yesterday’s “clarification” RNS: was it more an “obfuscation” RNS? Answers required from Cairn.

The ‘fessing-up RNS of yesterday leaves a few unanswered questions – so many that I just can’t help but wonder whether what we think we are being told is not actually the same as what we are being told. Let me explain as we “Fiske” the text and wonder whether there had, in fact, been a retrospective alteration to the terms of the loan conversion and associated warrant terms.

Cloudtag - was the EGM approval for share issuance invalid? How can Nomad Cairn not quit NOW?

It seems like an eternity of lies ago but the EGM of AIM fraud Cloudtag (CTAG) was in fact just 11 days ago and at that meeting shareholders approved two motions relating to share issuance that allowed the L1 death spiral to go ahead. But they were lied to.

CloudTag – draws first half of Tranche 2, but where did £50k expenses come from?

After last week’s “cleansing” RNS which saw the previous suspension finally lifted, you would have thought that there were no further little surprises to come from AIM-listed CloudTag (CTAG). So imagine my surprise at reading yesterday’s RNS announcing the drawdown of the latest lump of cash from L1: just where did £50,000 of expenses come from?

CloudTag – the maths on the headroom available to issue L1 conversion shares and warrants

AIM-listed CloudTag (CTAG) has a lengthy charge sheet against it from this site. But now I want to go through the maths on the headroom available to the company to issue shares and warrants to L1 as it converts its loan notes. No doubt the company will wish to clarify the situation – perhaps with the able assistance of its Nomad, Cairn Financial, which we know is watching carefully. Draw your own conclusions from what follows - I've drawn mine!

CloudTag – my plan for great riches takes a turn for the better

As I consider my new career as a death spiral financier on AIM, I am watching developments at AIM-listed jam-tomorrow (if it ever has a product to sell) stock CloudTag and its funding deal with L1 with great interest. Boy, those death spiral chaps are clever!

CloudTag – EGM circular published, my plan for great riches hits a snag but there is a get-out

Oh dear. They say that no news is good news and so conversely it was beginning to seem that every time AIM-listed CloudTag (CTAG) opened its mouth via the RNS system these days it was bad news. What a come-down from the good old days when it could announce anything it liked and the market loved it. Perhaps the company’s fortunes will change with this morning’s ramptastic RNS, although the reaction seems a tad muted already. Watching this unfold I wonder if my plan for instant wealth as a death spiral financier might hit a snag.

SER
SER

Sefton - call to arms: Flip Flop Ben Turney now at 21% support to oust the board

The board of Sefton (SER) was informed eight days ago that Flip Flop Ben Turney owned 13% of the issued share capital and was demanding an EGM to oust the current directors, ADVFN (AFN) bosses Clem Chambers and Mike Hodges with Ben taking control. The resolution arrived in the BVI yesterday by snail mail but after eight days Flip Flop has not had a response. But he seems to have growing support and there are other developments.

TEA
TEA

ShareProphets Exclusive: Teathers and Sefton all-paper merger proposal as return to AIM is mooted

ShareProphets has learned that the management of EX-AIM-listed Teathers (TEA) which was put in place by shareholder activism is to put formal merger proposals to ex-AIM-listed Sefton Resources (SER) with a view to the combined entity eventually relisting on AIM. The plan, subject to due diligence and shareholder approval by both companies, would see a new project (yet to be disclosed) injected into the combined entity, alongside the Teathers App business with the aim of getting back on to the Casino. This would, of course, represent a most remarkable turnaround for shareholders in both companies if it were achieved.

SER
SER

ShareProphets Exclusive: Sefton Resources gets an EGM Requisition after Chris Oil sells shares to Ben Turney

The ex-AIM-listed Sefton Resources (SER) disaster story looks set to take an extraordinary new turn. ShareProphets hears that Ben Turney has now amassed enough of a holding to requisition an EGM proposing sack-the-board resolutions, appointing himself and one of his Teathers Action Group colleagues instead. Oooh, er.  But the most bizarre twist of this is that we hear that the source of Ben Turney’s holding of 585.1 million shares (out of 4.7 billion) is none other than a certain Mr Chris Oil, via a private sale. Aceeeeeeeed!!

AVR
AVR

Avarae Global Coins – review of full-year results, tender offer & proposed delisting

Avarae Global Coins (AVR) describes itself as “the UK's only publicly traded specialist company dedicated to purchasing, holding and selling rare and high quality coins”. If it gets its way, that is not to be the case for much longer…

OPP
OPP

Filthy 40 Origo Partners – still a bargepole ahead of EGM

A week on Monday sees ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) put a series of proposals to its shareholders which it hopes will finally draw to an end the ongoing dispute with Brooks Macdonald in relation to the non-redemption of a tranche of its zeros dividend convertible preference shares. The last effort at this ended up with shareholders defeating proposals aimed at a resolution, but perhaps this time – with the threat of an orderly wind-up under the watchful eye of the Isle of Man Court in mind – perhaps it will be different this time. But the shares remain a bargepole in my view.

SDY
SDY

Speedy Hire – 1 round each in the General Meeting dust-up with Toscafund

Following a largest shareholder (Toscafund)-requisitioned General Meeting, Speedy Hire (SDY) “is pleased that shareholders strongly support Jan Åstrand's position as Chairman and welcome David Shearer as a director”

SDY
SDY

Speedy Hire – notice of General Meeting circular hits back at Toscafund…

With Toscafund having last month requisitioned a General Meeting to seek the removal of Chairman Jan Astrand from, and appointment of David Shearer to, the board of Speedy Hire (SDY) and earlier this week further hitting out in an Open Letter, the tools, equipment and plant hire and support services company has today published a General Meeting notice - and hit back...

SDY
SDY

Speedy Hire – having already requisitioned a General Meeting, Toscafund hits out...

Having last month requisitioned a General Meeting to seek the removal from the board of Speedy Hire (SDY) of Executive Chairman Jan Astrand and appointment of David Shearer, the largest shareholder in the company has now further hit out...

Highwayman

Core Blimey! Wednesday’s final shareholder liquidation meeting looks set to be a bun-fight

I said at the time of suggesting ordinary shares in Core VCT (CR3) as a share for 2015 that I didn’t like the management, but that fundamentals looked set to deliver a positive return at the then share price. Happily, shareholders have now had a return of cash comfortably in excess of the recommendation price. But….oh, there are plenty of buts. The shareholders’ final liquidation meeting is on Wednesday at 11am, at CCT Venues Plus, Level 32, 40 Bank St, London E14 5NR and it looks set to be a lively affair.

Fishing Republic – more confetti to come as 18-month just not an issue

AIM-listed Fishing Republic (FISH) only came to the Casino on 4 June 2015. Apparently newly listed companies are supposed to come to the world’s most successful growth market with 18 months’ working capital in the bag. But on Friday it was announced that Fishing Republic is calling a General Meeting in order to seek shareholder authorities to allow it to issue yet more confetti.

VAL
VAL

ValiRx – EGM today as turkeys are given a second chance to vote for Christmas

AIM-listed cancer-buster ValiRx (VAL) has its EGM today at 11.30am at the offices of DAC Beachcroft LLP, 100 Fetter Lane, London EC4AS 1BN. After shareholders voted to reject a resolution to disapply pre-emption rights at the AGM a couple of weeks back, the company has called a new gathering at which shareholders are being asked to vote on it again with management hoping that this time the shareholders get the answer right. Heck, it works for the EU, so why not here? Update - motion passed, shares down.

NEW
NEW

Well done Flip Flop Ben Turney - New World's shite directors ousted

I am happy to congratulate flip flop Ben Turney. Of course he remains a clown capable of bollocksing up much in life but yesterday he claimed notable scalps as three disgraced, discredited and utterly shite directors of New World Oil & Gas (NEW) walked the plank with immediate effect and that is down to Flip Flop.

TEA
TEA

Exclusive: Teathers sack-the-board EGM sees resounding win for rebels

And so the rebels have won hands down at the sack-the-board EGM of formerly AIM-listed Teathers Financial (TEA). ShareProphets can exclusively reveal the voting numbers - it wasn't even close.

TEA
TEA

Teathers – where did 3 million shares suddenly appear from on the eve of EGM?

I just love Companies House. You can flick through so many companies in just a few moments and last night I came across a share allotment filing for ex-AIM Casino stock Teathers Financial (TEA) which turned up out of the blue only yesterday, and was filed on 25 June 2016 – just two days after Justin Drummond stepped down from the board. It seems that 3.05 million shares were issued on 29 Sept 2015. So why does this smell so badly of anchovy-stuffed rotting kippers?

TEA
TEA

Teathers – Drummond QUITS & speaks exclusively to Tom

Well, well – another twist in the formerly AIM-listed Teathers (TEA) saga has emerged, as a wander through Companies House filings reveals that a certain Mr Jason Drummond quit as a director on 23 June 2016 (last Thursday), ahead of the forthcoming sack-the-board EGM on Tuesday. The question, of course, is why?

NEW
NEW

Flip Flop Ben Turney submits EGM request for New World - wants cull of useless old guard directors

There are five directors at New World Oil & Gas (NEW), two new regime (Adam Reynolds and Nick Lee) and three of the utterly loathed and discredited old guard who spunked £33 million of other folks cash on deals that were either fraudulent (the fake Sheikh) or just crap. How Messrs Einchcomb, Polakoff and Sztyk have the brass neck to hang around like a lingering mega fart defies belief. But not for much longer.

TEA
TEA

Un-fecking-believable: Disgraced Teathers board blames action group for failure to publish accounts

Over the weekend shareholders in Teathers Financial (TEA) started to receive circulars for the forthcoming EGM. Having tried and failed to bully its shareholders into calling off the EGM, Teathers’ board has adopted new tactics in the circular - lies and smears.

Pssst! Ssshhhh!! Don’t mention the Fastjet EGM

ShareProphets likes to bring you the news that companies don’t want you to see. In that vein we bring you yesterday’s RNS from the AIM-listed mile-high croc of **** with no CEO and which is running out of cash otherwise known as Fastjet (FJET) which was entitled Notice of AGM. To make things look really kosher it came out at 3.36pm on a Friday: no-one-is-watching o’clock. Whilst some in the square mile may already have been off lining up the Friday night coke and hookers, we were still watching. Blow me down with a feather, it wasn’t just a notice of AGM.

PTR
PTR

Petroneft – it’s all peace and love!

AIM and Dublin ESM-listed Petroneft (PTR) has announced that the second EGM which had been requisitioned by disgruntled shareholders in an attempt to sack the board has been withdrawn. So was the first one - it has all gone happy-clappy in the boardroom! 

TEA
TEA

BREAKING: Teathers waters down its attempt to blackmail its own shareholders, lies from Olly Fattal exposed: sack the board

Yesterday I exclusively revealed HERE that Teathers Financial (TEA) had told rebel shareholders that if they did not withdraw an EGM request to sack the board, a mystery £1 million investor would walk. Teathers boss Oliver Fattal gave the rebs until 3 PM to pull the request. They declined. Today Teathers has changed its tune. That on its own tells you the board are worse than poltroons and should be fired. I now publish Olly's email.

TEA
TEA

Exclusive: Teathers Financial tries to bully its own shareholders - they stand firm: the board will be sacked!

I have obtained emails that show clearly how the board of Teather's Financial (TEA) have tried to bully dissident shareholders into not ousting the directors who are culpable as it gets slung off the AIM. The bullying has not worked. The board will be sacked.

PTR
PTR

Petroneft – negotiations at gunpoint?

So the sack-the-board EGM (the sequel) was adjourned at AIM- and Dublin ESM-listed Petroneft (PTR) when it was announced that the company was pleased to announce that it was in advanced discussion with (almost) 30% shareholder and EGM requisitioner Natlata over and agreement on Board and management composition. I hope that not many shareholders bothered to make the trip to Dublin for that, given that it only announced at 2pm on Monday – the day of the 11am EGM.

Lakehouse – EGM to be cancelled, Climbdowns R’ Us! Mark Slater wins!

Having earlier this month stated on Steve Rawlings “does not believe that he has the necessary skill set to be able to provide a meaningful contribution to the board or the group going forward”, Ric Piper “workload… gives rise to the board’s concern as to whether he would be able to devote sufficient time to the company” and Robert Legget “the relative lack of recent listed company board experience”, Lakehouse (LAKE) has now announced “Steve Rawlings, Ric Piper and Robert Legget will join the board as new non-executive directors… it is the intention of the new board to appoint Ric Piper as Chairman and Robert Legget as the Senior Independent Director”. Quite the climbdown! …

PTR
PTR

Petroneft sack-the-board EGM – the plot takes a new twist

The supplies of pop-corn are topped up and just as well, for today AIM- and Dublin ESM-listed Petroneft (PTR) has announced that now a second sack-the-board EGM requisition has been received - just two and a half hours before the first of those meetings (today at 11.00am). But it gets more bizarre….

LGO
LGO

The biggest Lenigas blizzard of confetti ever - have you read the LGO EGM notes?

It rather seems to have passed folks by but having failed to raise £6 million in a placing he masterminded a month ago (as leaked emails show HERE), Jabba The Hutt is still determined to see dilution on an unprecedented scale - even by his standards - at LGO Energy (LGO). There is an EGM on Monday 18 April.

Cloudbuy – Bravo for the transparency: full documents regarding finance package published

I have been very critical of AIM-listed Cloudbuy (CBUY) of late, but in fairness there is much to praise after the company published on its website all the documentation in relation to the funding package announced with Mr Sella on 24 March 2016. It is a model of transparency, and the answers to my questions (HERE) are all to be found. The paperwork is HERE.  Other AIM-listed companies should take note.

PTR
PTR

Petroneft - lifts restrictions on Natlata

Well, at least this part of the AIM- and Dublin ESM-listed Petroneft (PTR) soap opera won't end up in the hands of the lawyers - not for now at any rate. (Almost) 30% shareholder, Natlata - which has requisitioned a sack-the-board EGM - has had the restriction notice served upon it lifted by the company. We await news of the second restriction notice which was served upon General Interest Overseas S.A. which held a further 10.7%.

PTR
PTR

Petroneft – the plot thickens with a mystery shareholder

AIM- and Dublin ESM-listed Petroneft (PTR) has hit back at its requisition-hungry and (just shy of) 30% shareholder Natlata, which has forced a sack-the-board EGM to be called (for the second time). Yesterday Natlata complained that it had been handed a Restriction Notice which would prevent it from taking part in the EGM. Today Petroneft has announced that it has, in fact, handed out not one but two Restriction Notices. 

Lakehouse – responds to last week’s statement from EGM rebels

Ahead of a 19th April-scheduled EGM and including and in response to a statement last week from “the requisitionists” (Slater Investments and Steve Rawlings), Lakehouse plc (LAKE) has published a letter to its shareholders…

PTR
PTR

Petroneft – it’s handbags as requisitioner barred from taking part in sack-the-board EGM

I would not like to say who is right and who is wrong, but it will certainly be an interesting to follow events at AIM- and Dublin ESM-listed Petroneft (PTR) in the run-up to an EGM shin-dig on 18 April. The largest shareholder, BVI-registered Natlata Partners Ltd (with just under 30% of the shares) requisitioned a sack-the-board EGM. Now it seems that the incumbent board has issued a Restriction Notice to Natlata preventing it from attending, speaking or voting at the EGM. The handbags are out!

Goldenport – EGM resolutions passed, now for the toast

Main market listed Goldenport (GPRT) has announced that the resolutions put to an EGM to allow the disposal of its remaining fleet of ships have been passed. I highlighted HERE and HERE that it would appear that the equity is worthless and so it would seem that shareholders are set to lose everything. One thinks of turkeys voting for Christmas, although there seems to have been little choice in the matter.

Cloudbuy – kitchen sink RNS. Buy or Bargepole? Part 3

Looking through the lengthy RNS from AIM-listed Cloudbuy (CBUY) of last Thursday afternoon a few things caught my eye. I have already discussed the refinancing (HERE) and the repricing of director share options (HERE) but there is plenty more to look at. Here we consider the trading update, corporate governance and a few other matters.

Cloudbuy – kitchen sink RNS. Buy or Bargepole? Part 2 – refinancing

I have already taken a look at the kitchen sink RNS of Thursday afternoon, issued by AIM-listed Cloudbuy (CBUY) an hour before the city packed up for Easter, with regard to re-priced options and concluded that we were looking at a reward for failure. There is much more to discuss from that RNS and here we look at the bailout refinancing which is proposed.

Lakehouse – GM announced & battle lines drawn with Mark Slater

Earlier this month I commented on Mark Slater driving for boardroom change at Lakehouse plc (LAKE) following an abrupt profit warning from the company last month. The requisitioned General Meeting has now been called for 19th April and the board has put forward its reasons for a “unanimous recommendation to vote against the resolutions”. Let’s take a look…

No Gold to be found in this Port – just a stench

I covered proposals by the board of fully-listed Goldenport Holdings (GPRT) to dispose of its remaining fleet of container ships last weekend with an unequivocal “sell” stance, having previously given the company a wide berth (by more than the length of your average bargepole). The shares duly collapsed by more than 50% last week but I  think that they are worthless and so still a sell at any price. But I have grave misgivings about how this whole thing has been handled by the company.

Goldenport – down 53% today but shareholders still facing a zero. Will Tom W offer a bag of crisps?

On Saturday we showed why we think that main market listed Goldenport Holdings (GPRT) is a zero following its after-hours burial of bad news on Friday. With the shares (last seen) down 52.6% today, on a spread of 8p – 9p it is red faces all round at Panmure Gordon which rated the stock a buy with a price target of 125p as recently as November 2015 (down from its previous buy recommendation with a target of 200p - itself reduced from 450p - back in April of last year). 

Fancy going to a swanky EGM in Athens Greece, roll up roll up

It would have been an added bonus if Goldenport (GPRT)  - heading to zero as Nigel explains here - was to had its headquarters in the same Athens neighbourhood as InternetQ (INTQ) and Globo (GBO) because, as it happens, I am in the mighty Hellenic Republic on the date of its EGM on March 31st. However I have just checked out its HQ on Google maps as you can see below...

Red Flags at Night – Goldenport Holdings sets sail into the sunset: SELL!!

Talk about burying bad news. Quite apart from now scoring a hat-trick of appearances in the Red Flags at Night column (see its previous gracings of this fine website HERE), fully-listed Goldenport Holdings (GPRT) didn’t even bother to include the bad news in last night’s no-one-is-watching o’clock RNS, released at 5.20pm when everyone had gone home for the weekend. It did say there is a Notice of EGM but you then have to find it on the Company’s website. And even that does not spell out the true horror. If the shares are still trading on Monday, it should be treated as a last chance to get out with one of Tom Winnifrith’s bags of crisps.

NYO
NYO

Nyota Minerals - Useless overpaid pig CEO Richard Chase ignores another EGM request: an Open Letter to the swine

Finally, yesterday afternoon, the swine that has earned almost £600,000 running Nyota Minerals (NYO) into the ground - Mr Richard Chase - fessed up that he had received another EGM request asking for his head on a plate. We told you about this some days ago but sod AIM Rules abut timely disclosure, Chase fessed up only at the last minute. Will the mother listen to the owners of the company, long suffering shareholders?

NYO
NYO

Richard Chase at Nyota - fess up you've had another EGM request have you not?

The disgusting POS that is Richard Chase of Nyota Minerals (NYO) is not telling you something. Naughty boy. Mr Chase is now breaking AIM Rules as well as trousering £10,000 a month for running the company into the ground as well as ignoring all his shareholders requests..

Stelios says Fastjet profit forecasts fantasy, says cash crisis looming as he calls EGM

Oh dear. Baby Bear called this one to 0p at Gold & Bears HERE since when shares in Fastjet (FJET) have soared but now the chickens are coming home to roost with Sir Stelios Haji-Ioannou warning that the company has misled investors and is facing a cash crunch.

DQE
DQE

DQ Entertainment – requisitioners force EGM: shareholder wipe-out ahoy?

Anyone who held on to their shares in AIM-listed (pro tem) DQ Entertainment (DQE) ahead of the Nomad resignation-induced suspension had better look the other way now. The company has called the long-awaited EGM which was requisitioned to force through board changes and it looks as though a shareholder wipe-out very much on the cards.

Timebomb

F40 Origo - Trading Statement: how long until suspension pending clarification, or will Nomad walk first??

At 12.41pm today ShareProphets AIM-China Filthy Forty commodity investment company Origo Partners (OPP) issued a trading statement which reads like a suicide note. One wonders how long this one has left on the Casino: will it be suspended pending clarification, or might we see the Nomad, Smith & Williamson, walk the plank first?

GLS
GLS

Galasys – court update on farcical boardroom bust-up

We have previously reported (HERE) on the farce that is AIM-listed Galasys (GLS), the company where two directors were announced to have stepped down only for those directors to resort to law. There are three sets of legal proceedings – in the UK, Jersey and Malaysia and the company updated the market on Friday morning: it looks set to drag on for some time. Just who is in charge in the meantime? Anyone?

MXO
MXO

SCOOP: MX Oil completes placing at 0.5p - raises £2.5 million

MX Oil (MXO) has not announced it yet but then we do tend to announce these things for it. But the placing needed to bail it out has been completed...at just 0.5p. 

GLS
GLS

Galasys – curiouser and curiouser, cried Alice

AIM-listed China and Malaysia hybrid Galasys (GLS) is turning into a fascinating soap-opera and the entertainment was turned up another notch yesterday. Entertainment for onlookers that is, but not for shareholders who might be more than a little concerned at the ongoing difficulty in establishing quite who is in charge – or, at least, who should be in charge – of the company.

GLS
GLS

Galasys – handbags farce in the Boardroom

There’s trouble at t’mill. AIM-listed Galasys (GLS) is turning into something of a soap-opera as boardroom infighting has spilled into the public arena. Quite what happens next remains to be seen, but as things stand shareholders cannot be certain who is actually running the company. According to AIM, Galasys’ country of operation is China. It is a holding company registered in Jersey, with its main assets rolled up into a BVI vehicle.

ESG
ESG

eServGlobal – “Notice of EGM” = funding crunch ahoy! You were warned…

Having warned since more than a year ago now on shares in ‘mobile money’ technology company eServGlobal (ESG), I note a further more than 16% fall, to 3.875p, currently today on the back of a “Notice of EGM” announcement…

RUR
RUR

Rurelec - noose tightens as shareholders again vote no

That AIM-listed Rurelec (RUR) is in a tight spot has already been admitted by its (new) Board of Directors in the RNS announcing a proposed Open Offer to shareholders. We have already pointed out that the Offer seemed to be doomed from the outset as the minimum funding level set looked impossible to achieve, given that the company's 54% major shareholder (Sterling Trust) was itself in administration. But we didn't have to wait for that to play out, for yesterday it was announced that shareholders had rejected all the resolutions put to an EGM called to approve measures needed to progress the attempted Open Offer. The Offer is a dead duck. 

SER
SER

Exclusive: Clem Chambers confirms the Sefton Resources EGM requisitioners did not have a Nomad

Today is Sefton Resources’ (SER) last day as a publicly traded company. In a shock email to one aggrieved shareholder, recently installed CEO Clem Chambers has admitted that the EGM requisitioners did not have a replacement nominated advisor to take over from Allenby Capital. This is despite all the public claims and propaganda to the contrary. Shame on all involved. Their reckless actions have destroyed Sefton and it’s the company’s innocent shareholders who have been made to pay.

SER
SER

Did market abuser Chris Oil deliberately lie about having a Nomad for Sefton Resources?

Over the weekend I’ve been sent a couple of interesting screenshots. It seems that market abuser Chris Oil is up to his usual tricks and attempting to rewrite the history of his disastrous intervention at Sefton Resources (SER). At the heart of Oil’s dismal coup was his claim that he had a Nominated Advisor (Nomad) lined up to replace Allenby Capital. As we repeatedly warned at ShareProphets this was not true and Oil now appears to have attempted to backtrack on his false promise. Unfortunately for him he has simply managed to reopen the wound. With Sefton’s inevitable delisting imminent, will shareholders pursue Oil for causing their losses?

PTV
PTV

PeerTV – the day the AIM Casino told investors “fuck you”

Last week PeerTV (PTV) – IPO’d at 45p a share four years ago now 0.02p – accepted that four shareholders had the right to stand for election to its board at an EGM on Monday. Today shareholders were told that they no longer had the right to decide who runs the company they own. AIM has allowed PeerTV to execute shareholder democracy. It has sent a message to all investors – FUCK YOU: the crony capitalists run the show.

SER
SER

Exclusive: Put your questions to Raylene Whitford, CFO of Sefton Resources

Over the last few days I’ve had a number of requests from Sefton Resources’ (SER) shareholders asking me to interview CFO Raylene Whitford. Broadly speaking, half of the requests have come from supporters and half from opponents. Next month’s vote at the EGM will be crucial for Sefton’s future. As much as I am a vocal opponent of convicted armed robber Daniel Levi’s bid to hijack the company, I won’t give Whitford an easy time. There are tough questions that need answering about Sefton and if you’d like to throw some into the ring, please do so below.

SER
SER

Save Sefton Resources: Why won’t the bank robber and the market abuser name their Nomad?

Why won’t convicted armed robber Daniel Levi and market abuser Chris Oil name the Nomad, willing to back their bid to seize control of Sefton Resources (SER)? Levi has form in failing to disclose crucial information, but in this instance his deliberate clouding of the truth has incredibly serious implications for Sefton and its shareholders. If Oil and Levi are successful in their bid to commandeer the company, Sefton will be forced to delist within 28 days, unless they can find a Nomad prepared to commit professional suicide. Only naïve fools are downplaying the severity of this problem and the strong likelihood it is going to happen.

SER
SER

Sefton – management delivers stark warning of delisting ahead of EGM

As indicated HERE in Tom Winnifrith’s comic snipe at the unfolding Greek Tragedy that is AIM-listed (for now) Sefton Resources (SER), things are getting serious. Very serious. Shareholders, however small their holdings may be, have a decision to make and a vote to cast. Get it wrong or ignore it and it could be a total wipe-out. Here is why.

HCP
HCP

Hotel Corporation: Marcus Yeoman bites back against the crony capitalist board: back Yeoman

Marcus Yeoman has today written to shareholders in Hotel Corp (HCP) giving a full explanation of why they should back him and not the discredited fat cat slug crony capitalist chairman Derek Short at the forthcoming EGM. Time is running out to give Yeoman your proxy and all shareholder should do this by 11 September. If you own shares in Hotel Corp please contact Yeoman NOW on marcus@springtimeconsultants.co.uk – the letter from Yeoman is below.

HCP
HCP

Hotel Corporation – Pledge your Proxy to Marcus Yeoman: a call to arms

Shares in Hotel Corporation (HCP) have moved back to 1.3-1.5p because there are signs of life. This is an ideal cash shell for someone with a track record of doing deals. But right now it is doing nothing. The two directors are Derek Short – a septuagenarian crony capitalist drawing £25,000 a year for sipping G&Ts in Jersey ( no tax there) and David Craine an Isle of Man Crony Capitalist drawing another £25,000 for doing sweet FA from another tax haven.

NEW
NEW

Exclusive: New World Oil & Gas shareholder action group to relaunch tomorrow, with an indicated 4.11% of the company.

Last night, NWOGaction set the date for relaunching itself as the formal New World Oil & Gas (NEW) shareholder action group; tomorrow. Early indications are that the new action group will receive confirmed support from 4.11% of New World’s shareholders. This number is expected to grow in the coming weeks. The full statement can be read below.

AFR
AFR

Red Flags at Night - Afren postpones restructuring indefinitely as it discusses further funding

As predicted HERE the currently proposed restructuring of Afren is dead in the water. Given that the shares are already suspended from trading, I see absolutely no excuse for this announcement coming after-hours, at 4.31pm – see HERE - it is contemptable. The General Meeting scheduled for Friday and the Scheme Meeting scheduled for Wednesday of next week have both been adjourned until further notice.  


PCI
PCI

Petroceltic; open conflict breaks out with Worldview, not looking good for the share price

This lunchtime, Worldview released details of the subject matter of the EGM it has called for at Petroceltic International (PCI). In response to the “past history of very poor financial management and false claims”, Worldview now seeks to place restrictions on the board and to stop it pledging the company’s “crown jewel, namely its participation in the Ain Tsila asset, as a security for a contemplated $175 million bond issuance”. Reading through Worldview’s full announcement and it looks like things are about to get bloody over at Petroceltic.

SER
SER

ShareProphets Translation Service; Daniel Levi Associates’ last attempt at an EGM

Just in case anyone is bonkers enough to believe that Daniel Levi Associates is genuinely able to fill in the paperwork properly to call an EGM at Sefton Resources (SER), we now present a helpful translation of this self-styled corporate raider’s highly entertaining last attempt at requisitioning a meeting. (Spoiler alert -- It didn’t go too well). 

NEW
NEW

New World Oil & Gas: Did Chris Oil vote yes and betray private shareholders?

Wednesday night’s result of New World Oil & Gas’ (NEW) EGM threw up an intriguing figure; 68,105,573. Now that figure might not seem particularly stimulating to the casual observer, but this block of votes voted in favour of Resolution 1 (for the placement) and against Resolution 2 (for the director/advisor warrants). Quite why anyone would have been in favour of the placement yet against the warrants is a bit on the peculiar side. Then again the New World debacle has attracted its fair share of odd characters. Speaking of which, did I mention that Chris Oil’s broker held 69,815,402 New World shares on the morning of the EGM?

NEW
NEW

ShareProphets Exclusive; The hidden truths of New World’s EGM result

Tomorrow’s AIM-related headlines will be dominated by news of New World Oil & Gas’ (NEW) resounding shareholder rejection of its highly controversial placement. While this is cause for much celebration, this story is far from over. New World’s board appears determined to push ahead with the proposed open offer, to save the reckless forward sellers, despite such categorical resistance from the company’s rightful owners. The situation is now more explosive than ever, as illustrated by the figures from the vote.

NEW
NEW

New World Oil & Gas EGM votes No - Shares to stay suspended as Omnishambles rolls on

At No-one is watching O'clock ( 6.29 PM) the news finally came through. Congratulations to Ben "pitchfork" Turney - the EGM of AIM casino posterboy New World Oil & Gas (NEW) has not passed either proposal made by the board.

  • 2434 days ago
NEW
NEW

New World Oil and Gas – ShareProphets RNS Translation Service

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. 

NEW
NEW

Exclusive: Observations from New World Oil & Gas’ EGM

I took notes during New World Oil & Gas’ (NEW) EGM. Although these aren’t a comprehensive record of what turned out to be a very long meeting, they should hopefully provide some insight to those shareholders who were not able to attend.

NEW
NEW

Why New World Oil & Gas cannot, in good conscience, proceed with Open Offer

We still don’t know which way the vote from New World Oil & Gas’ (NEW) EGM will go. No doubt recognising that a show of hands would have resulted in defeat of Resolutions 1 & 2, meeting Chairman Peter Sztyk’s first action was to announce a poll. He was well within his rights to do this. The poll results should be available in the near future, but there is one point I have to make, while we wait. Based on what Mr Sztyk said in the meeting, in front of New World’s solicitor and brokers (four of whom were in the room), if Resolution 1 is defeated it is inconceivable that the company can proceed with an open offer in good conscience.

NEW
NEW

New World Oil & Gas EGM farce details emerge

Detail is slowly emerging from the farcical New World Oil & Gas (NEW) EGM in Jersey today. Criminal market abuser Chris Oil was not present - maybe his passport has already been confiscated. But Ben Turney was attending as were no less than four heavies from broker Cornhill Capital.  The bottom line is, knowing that a show of hands would go against the company, it started the meeting by calling a poll - that is to say a vote of those actually casting votes on the two resolutions. However...

NEW
NEW

New World Oil & Gas; the London Stock Exchange sails into uncharted waters

Since arriving in Jersey yesterday morning, it is clear that whatever happens at New World Oil & Gas’ (NEW) EGM today the aftershocks of this fiasco will continue to be felt for quite sometime. New World has 702million shares in issue, yet in the twelve trading sessions after the company announced its unconfirmed placement somewhere between 6.5billion to 9.5billion shares exchanged hands. So far the authorities have largely washed their hands of this mess, but sooner or later it is going to dawn on them that they cannot ignore it indefinitely. Heads have to roll.

NEW
NEW

When will the New World Oil share price crash?

I’ve been following the New World Oil (NEW) story with interest, and also a fair amount of surprise. The surprise element has largely come from reading the various chat forums, and even Twitter, and seeing the general lack of understanding of the situation the company and those taking part in the potential placing have found themselves in. 

NEW
NEW

Serious (impossible?) questions about this morning’s RNS from New World Oil & Gas

New World Oil & Gas (NEW) issued this RNS announcement this morning, in response to the omnishambles it now finds itself in. Crucially, New World did not deny the “Internet Commentary” it referred to, all but confirming that its unconfirmed placement has been legitimately and excessively forward sold. As of writing 460million shares have traded hands in New World stock (nearly half the issued share capital) and the price is off slightly at 0.08p. My personal view is that there are some incredibly lucky forward sellers out there who are covering their positions, but the epic mess is still a long way from resolution. As for the message circulating, that the Rights Issue is going to solve the problem, it seems that people just have not thought this through properly. Here’s why.

NEW
NEW

New World Oil and Gas – who is regulating this Omnishambles?

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.

NEW
NEW

New World Oil & Gas, additional issues & thoughts - bearcast extra

I stand by my thought on New World from yesterday's bearcast HERE. But having slept on the matter new issues arise. Could the turnout at the EGM exceed 100%? Yes. Should the shares be suspended? Who is Mrs Williams? Should trades be unwound? Arguably yes. Should Roland "fatty" Cornish lose his Nomad license? No question - yes.

Listen to the Bearcast:
NEW
NEW

NWOGaction; why I am voting against New World’s placement

As co-founder of NWOGaction (www.nwogaction.co.uk) I intend to vote against New World Oil & Gas’ (NEW) placement at the forthcoming EGM on May 19th. After an extremely intense 72 hours, I have given this a great deal of thought and explain below my rationale.

AFN
AFN

ADVFN – sees off EGM Request but what next?

ADVFN (AFN) has today stated that it has rejected a request from folks owning 25% of its shares for an EGM to change the entire board and it has accused those seeking an EGM of all sorts of naughty things. Words like “criminal” and “bullying” appear in the release. So what next?

RFC
RFC

Rangers – King whacks Ashley but Big Questions Remain & Heads Must Roll

I am delighted to see that 85% of shareholders in rangers FC (RFC) voted at the EGM to boot out the Ashley patsies and vote on the Dave King slate as directors. But there remain a series of questions about the club’s future on AIM and also about the behaviour of disgraced advisers WH Ireland and Newgate Communications.

RFC
RFC

Rangers FC – The board of morons and knaves now has no venue for EGM – so why not Ibrox?

The almost universally detested board of AIM Casino listed Rangers FC (RFC) had a cunning plan to deny shareholders democracy at the forthcoming EGM: hold it in London. While 2,000 might have attended the last bun fight in Glasgow, the tossers who advice the Mike Ashley Minion led board reckoned a venue holding 500 down South would do. Oh no.  As we predicted at the weekend: Problemo.

RFC
RFC

Rangers Football Club urinates on its shareholders and fans with EGM notice

Rangers (RFC) has announced plans to hold an EGM to vote on a wholesale change of board. The plans are a disgrace, for the EGM is to be held in London at a venue that can hold only 500. Most Rangers shareholders live in Glasgow. This appears a deliberate attempt by Rangers and its shamed financial adviser Mr Paul Shackleton of WH Ireland to disenfranchise fans.

RFC
RFC

Rangers: Dave King reckons the Ashley Minions will soon be out & then the forensic investigations can start

Rangers FC (RFC) has still not shown a shred of evidence to demonstrate that in accepting loan proposals from Mike Ashley and rejecting other refinancings it acted in the best interests of ALL shareholders. The Ashley minions who run the Rangers board are clearly loathed by the vast majority of Rangers supporters (rightly so in view of the refusal to provide evidence) and businessman Dave King has stated today that their days are numbered.

SER
SER

Sefton Resources; vote yes and Ellerton will keep his pension

So this is it for the Jim Ellerton Benevolent Fund (SER). After one of the most inevitable and agonising deaths in AIM’s history, at 4pm on Friday, Sefton’s directors finally admitted the game is basically up. The proposed “refinancing” will simply prolong shareholders’ agony for a few more months. The sale of Tapia will deny Sefton its only revenue stream and only the most fanatical Seftonologists believe that the company’s Kansas “assets” can be its saviour. Not ones for reading the fine print of RNSs, this hapless bunch has also missed one important little detail. A vote in favour of the revised Hawker deal will see Ellerton keep his pension.

BHR
BHR

Tom Winnifrith BearCast Special: Beacon Hill Resources - this stinks to high heaven

Ahead of an EGM tomorrow to approve the dilution of existing shareholders to oblivion certain statements made by Beacon Hill Resources (BHR) require scrutiny. Even by the standards of the AIM Casino, Beacon Hill stinks and I explain why. I stand with existing shareholders who - if they have never attended an EGM ever before - head to tomorrow's event and vote against the board and - effectively - for administration. This whole matter stinks, stinks, stinks.

Listen to the Bearcast:
RMP
RMP

Red Emperor – back the Shareholder Action Group if it shows spine and pushes to oust useless CEO

I am alerted to the fact that a shareholder action group has been set up to call an EGM at Red Emperor Resources (RMP) to try to hold useless CEO Greg Bandy to account.  I am afraid that is not enough, shareholders should have a clear agenda which should be:

PCI
PCI

Petroceltic resolves its issues with Worldview – reasonable buy at 157p

There was a hint, a week ago, that Petroceltic International (PCI) was going to resolve issues over its proposed $100million placement, with its unhappy shareholder Worldview Capital Management, when the EGM was postponed until today. An hour or so ago Petroceltic once more adjourned the EGM (this time until June 26th), but was now “pleased to announce” it had reached an agreement with Worldview. In short Petroceltic’s fund raising is going to go ahead, as Worldview, with its 20.04% is going to vote in favour of the deal, but there some important changes in the governance of the company. 

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