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Even a few of our detractors have now come around
In a string of RNS statements, Vast Resources (VAST) insisted it wouldn't allow death spiral provider, Atlas, to convert a final $800,000 of loan notes into forward-sold shares. The Bulletin Board morons made the error of believing this, and insisted there was a bear squeeze. Guess what?at?
By the end of April, worthless, deceitful and pointless AIM-sewer-listed Vast Resources (VAST) has promised to refinance its Atlas death spiral with a bunch of Swiss gents. But with $5.5 million outstanding on the loan, the market cap, at 0.625p, down to £2.3 million, and a high risk of bankruptcy, maybe the Swiss are getting cold feet. Hence…
Just four days after death spiral provider Atlas converted $150,000 of debt into Vast Resources (VAST) shares at 0.86p having forward sold, it has announced the conversion of another $150,000 this time at 0.77p. In February the conversion was at 1.24p. Do you see a trend? My guess is that those shares have already been forward sold and that Atlas will now be working on dumping even more stock ahead of the next conversion. Why the panic? Two reasons:
This website has made no secret of its cynical take on the valuation of one of Neil Woodford’s most controversial investments into Acquis lobster-pot listed Rutherford Health (RUTH), formerly Proton Parters. There was a tiny investment made at its IPO allowing Woodford to mark up his original investment heavily, but since Woodford held all the cards apart from Rutherford’s management, there was nobody to sell and thus the apparent price was, we argued, totally illusory. We predicted problems when the cash ran out……
Shares in Salt lake Potash (SO4) have been suspended on the ASX since 27 July although on AIM they have traded since 29 July allowing anyone with half a brain cell to get out. The cause of that suspension was an admission of technical issues which meant a delay in production which, in turn, meant that without new funding Salt Lake would crash land in tits up alley by Christmas. As the meeting with the Fat Lady draws ever closer we have news today. Or rather lack of news on that financing.
Sub-Standard listed AIQ (AIQ), pride and joy of Andrew Monk’s VSA Capital fold, has updated the market with publication of its interims. Given that the company only joined the LSE sewer that is the Standard List in January 2018 and spent its first six months suspended – in part due to disclosure failures in its Prospectus (nice work, VSA) – one might not be surprised to learn that AIQ’s existence hasn’t exactly been stellar. But this morning’s Interims – to April – are utterly disastrous. Shame on all concerned.
I start with a reflection on two smears from Bulletin Board Morons and about how media platforms from BBs to twitter need to respond to deal with such malice. Then a few thoughts on why the Tories are pissing off Tory voters in Chesham and elsewhere. Then I look at Versarien (VRS), Westminster Group (WSG) and at Bidstack (BIDS), breaking AIM Rules as it teeters on the edge. Oh, is that a Fat Lady I see gargling over there?
On its website under heading “High Street Group In Numbers” it states its Current Estimated Value of The Group is £1.5 billion and forecasted value of the company by 2023 is £3 billion. My forecast value by the end of 2021 is exactly zero. You will not be able to say that you were not warned. Or that the truly useless FCA has done anything, or is currently doing anything, to stop mug punters losing cash on this mini-bond disaster. Given the scrutiny it faces over London & Capital Finance, that is doubly shocking.
AIM-listed John Zorbas vehicle URU Metals (URU) has today released its FY20 results. It is “pleased to announce” them, as is Chairman Jay Vieira, but there is absolutely nothing here for shareholders to be pleased about. It is massively technically insolvent and the Going Concern statement is a hoot. And call me old-fashioned, but where has the Nomad signed off on this announcement? Maybe I am going blind, but I can’t see the Nomad mentioned anywhere: surely that it a breach of AIM Rules? Has the Nomad resigned? Should the shares be suspended?
My guess is that the long awaited meeting of FastJet (FJET) PLC with a crash landing at Tits Up Airport cannot be postponed for that much longer. It is not as if this company could ever make any money pre Covid. But while I await that moment as one that I celebrate with champagne and noxious phone calls to its journalist smearing motherfucker PRs at Citigate Dewe Rogerson, I remind the company that it had promised us a trading update by Monday at the latest. Specifically, on 8 June it stated:
Almost 100 times since the comical and failed Hammerson (HMSO) bid for Intu (INTU) in December 2017 which Steve Moore described as “shopping centre madness” we have urged you to sell or short Intu. Today, if we are not at midnight on the death clock, we are at 1 second to midnight. Update. at 1.43 PM we are at midnight. It is game over.
They say that if you owe the bank a quid you’ve got a problem, but if you owe the bank a million quid – or in the case of ShareProphets AIM-China Filthy Forty group Walcom (WALG), RMB200,000 by the end of May, then it is the bank which has a problem – especially if Walcom can’t pay. And so the latest deadline came and went….and it was the bank which blinked first...
AIM-listed Walcom (WALG), one of the handful of remaining members of our AIM-China Filthy Forty has once again updated the market over its grim financial position……and the CEO loan which has still not arrived. This melodrama has been ongoing since January – one wonders whether the company thinks that if it drags on long enough the Fat Lady, who has been well warmed up for months, will finally be too hoarse to sing. But I fancy the denouement is now on the way.
This is my day of peak recordings - 7 hours of interviews and bearcast underway. I kid you not. apart from bearcast it is all great material for the Shareprophets shares show on May 9. I have just done the Jim Mellon recording which should knock your socks off. Poor man, he is trapped in lockdown in the Isle of Man but seems to be bearing up well. Anyhow, buy your ticket HERE. In this podcast I look at Eurasia Mining (EUA), Scancell (SCLP), 13 Energy (I3E), Arden Partners (ARDN), Petra Diamonds (PDL) and Intu (INTU).
The Wagnerian Opera that is the death of ShareProphets AIM-China Filthy Forty play Walcom (WALG) took a further step this morning: the Fat Lady has done her warm-up, got onto stage and loosened up by joining in the final chorus before stepping centre stage herself. But still AIM Regulation has not forced a suspension!
The Wagnerian Opera that is ShareProphets AIM-China Filthy Forty play Walcom (WALG) appears to be heading at last to its inevitable conclusion for this afternoon it was announced that CEO and CFO Mr Francis Chi had been unable to provide the bailout loan.....but still intended to do so...
Yesterday I described the lack of liquidity which had led to fully-listed Finablr (FIN) being unable to provide certain payment processing services as sounding terminal. And of course, the company had just turned up a stack of dodgy cheques, the CEO had walked and an investigation which sounded like a full forensic had just been commissioned. Now we learn that the emergency Fat Lady has been called in and is warming up en route to the theatre as we speak.
And so the Wagnerian opera that is AIM-China Filthy Forty play Walcom (WALG) continues. To recap, it is out of cash and dependent on yet more loans from its CEO for survival which as yet had not been forthcoming….
The Wagnerian opera of the eventual demise of ShareProphets AIM-China Filthy Forty play Walcom (WALG) continues, as we learnt today that the bailout rescue loan from its CEO is still not in the bank, but apparently more orders and perhaps more importantly measures from the Shanghai government in response to the corona virus mean that the company will survive until a week on Monday in the continuing absence of the CEO’s largesse.
Another update from ShareProphets AIM-China Filthy Forty play Walcom (WALG) shows that the Wagnerian Opera of the cash-crisis is still not over, but the fat lady has been sent from stage left to stage right to make her entrance and so the company has another two weeks to sort itself out.
The forecast death of ShareProphets AIM-China Filthy Forty play Walcom (WALG) seems to be stretching out long enough for your average Wagnerian opera. But yesterday the company announced that the fat lady is, at last, on her way.
There is no answer to the question as to whether AIM-listed Catenae Innovation (CTEA) was trading whilst insolvent, as posed here. But what we do know is that the fat lady has finished her warm-up and is coming on stage: we learnt at 1.20pm on a Friday afternoon (AKA no-one-is-watching o’clock) that there is still no sign of the rescue bail-out funding hoped for on 11 January. And Catenae isn’t even sure whether the funds it hopes for will be in the form of equity or debt even if it does arrive. It doesn’t sound as though discussions have advanced very far, does it?
Following its rather smelly announcement after hours at no-one-is-watching o’clock on December 20 which offered up nice Christmas presents to shareholders in the form of a profit warning and a statement that its financial position was weak, AIM-listed Catenae Innovation (CTEA) followed up yesterday at 12.23pm (lunchtime on a Friday, no-one-is-watching o’clock) with a further announcement that it still not agreed the hoped-for £100,000 bailout and that absent new funding it will be a trip to the corporate undertakers. Nigel did warn you but there is a bigger question....
In my last update on the sorry saga of AIM-China Filthy Forty play Walcom (WALG), I commented that having been teetering on the brink for an age….I wonder if the company will survive into the new year. This was in the light of a bank loan due for repayment in the second week of this month (and no cash to pay it with)...
The death throes of ShareProphets AIM-China Filthy Forty play Walcom (WALG) seem to be going on even longer than your average opera. Having encountered problems last in getting its largest customer to pay up (still no progress there despite a court win) and hits to its business by disease, Walcom has been teetering on the brink for an age. But with the Christmas and New Year break coming up, I wonder if the company will survive into the new year following Friday's intra-day update.
Oh dear, oh dear – an intra-day Company Update….not a good sign. ShareProphets AIM-China Filthy Forty play Walcom (WALG) – one of a handful left – has updated the market on its position. We learn that African Swine Fever continues to affect most of the company’s domestic customers (so another profit warning), its former best customer still hasn’t paid up and it is unclear whether it will, the company has only funds to see it through to the middle of next month and absent alternative funding it will be a trip to the corporate undertakers. Apart from that, everything is fine!
The gyrations in the share price of Frontera Resources (FRR) caused by its latest lie-packed City presentation have forced the company to put out a statement and it makes for truly grim reading. This company is worth 0p per share and in the current climate it may well get there before too long.
On 17th October long suffering shareholders in Strat Aero (AERO) will be asked to approve a 1 for 10 subdivision of their shares in order to get a refinancing away. But the maths now look so bleak that one asks if the fat lady should pitch up to the GM as she could well be called on to sing very soon indeed. As a reminder...
Despite the nonsense spouted by AberdeenMan, Mr Selfridge and BrokerMan1 on LSE about CloudTag (CTAG) and its bright prospects, confirmation that the end is nigh has reached Companies House with the CEO, Amit Ben-Haim, stepping off the board of CloudTag’s UK subsidiary and being replaced by the Grim Reaper himself, Massimo Ventimiglia.
Fair play to (pro tem, albeit currently suspended) DiamondCorp (DCP). The news is bad but at least the company is being plain about it. Of course, we have to throw in the obligatory “you can’t say you were not warned” ShareProphets catchphrase, as the writing has been on the wall for months, but yesterday’s after-hours RNS looks to be the cue for a long and arduous aria.
AIM-listed Advanced Oncotherapy (AVO) has a calendar year-end and as such its six-month deadline to publish accounts falls on 30 June – the end of next month. That means getting an audit done which will involve, amongst other things, agreeing the Going Concern statement. Yesterday’s share price plunge might have more than a small bearing on how conversations go in that regard.
AIM-listed DiamondCorp (DCP) has issued another grim update on its predicament and time is running out. As each day goes by, the end of the road for its beleaguered shareholders draws closer and this morning’s news suggests that for all the efforts of the board to rescue the company salvation is as far away as ever. But the fat lady is ready to enter stage left.
Having inherited a train wreck from Peter Earl and his former colleagues in the AIM-listed Rurelec (RUR) boardroom, the current directors of the company have been living something of a hand-to-mouth existence surviving on scraps of short term finance while they try to rescue what has long appeared to be a basket case. But not satisfied with his fine work at the company (before departing in 2015), it seems Mr Earl has one last hurrah for his former shareholders. This morning the company announced receipt of Statutory Demands from AIM-executed IPSA (IPSA) and from Independent Power Corporation plc. Uh-oh.
Look back at our coverage of satellite disaster story and serial issuer of fascistic lawyers letters Avanti Communications (AVN) you cannot say that we did not stand up to bambastic bully boy CEO David Williams and warn you. Today there has been a pre close trading statement, the shares have crashed by 60% to just 24p and the Fat Lady is starting to gargle. My father & I will crack open the ouzo early today.
Oh dear, things have just got a whole lot worse for AIM-listed SeaEnergy (SEA) as fellow AIM company Lansdowne Oil and Gas (LOGP) – in which SeaEnergy has an 18.67% interest - has just announced that its shares are suspended pending financial clarification.
Already suspended from trading on the Casino following the resignation of Sanlam as Nomad, Motive TV (MTV) has announced this morning that it has been unable to meet a requirement to pay out £150,000 plus legal costs of another £28,200 in cash to buy in convertible loan notes by 19 Feb 2016. There appears to be an unseemly race about to start between two rival executioners for the privilege of pulling the lever: AIM Regulation has a scheduled date of 16 March in the event that Motive fails to sign up a new Nomad. But are we about to see one of the loan note holders call the Administrators to nip in and take the glory?
