Here is another piece of fake news from Alliance News: “Losses widen at BSF Enterprise but cash position strengthens”. This followed the release by sub-Standard Listed cash-shell BSF Enterprise (BSFA) of Interims to March 2020 – just over three weeks AFTER it released full year numbers to September 2020 (which were released a day late on April 1st despite having been filed to Companies House on 4th March. What sort of shambles is this?
I commented on the strange rise of ShareProhets AIM-China Filthy Forty play Origo Partners (OPP) last week, suggesting that the rise from 0.145p to a peak of over 0.4p was simply ridiculous – not, I hasten to add, that current boss John Chapman is in any way to blame.
For the record, I do not believe management at ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) have anything to do with this- indeed, my view is that head honcho John Chapman is a breath of fresh air. But shares in Origo seems to have gone stark raving bonkers – only on Wednesday they closed at 0.145p and now they are 0.275p, having peaked at over 0.4p. What’s going on?
Previously updating, we noted even with the gutter standards of some AIM Nomads, there was no one who wanted to take Walcom on and thus the ShareProphets China AIM ‘Filthy Forty’ was down to just 4! How’s the latest performance?…
Gary Newman stuck the knife in to AIM-listed Adamas (ADAM) – of the ShareProphets AIM-China Filthy Forty, no less – at the beginning of September when it announced a share buy-back at a higher price than a placing and open offer first announced in July, but which only completed today – and only partially. If that is not bonkers enough, it seems that a large chunk of the placing cash is yet to arrive. We were told yesterday that:
Previously updating - on China New Energy “HKEx Admission and Cancellation of Trading on AIM” - we noted at least it remains trading and with a public quote unlike most of the others. We wonder why it couldn’t “increase shareholder value and provide access to capital to enable the company to expand to its full potential” on London’s AIM! With also Walcom’s troubles increasing. Now “Cancellation - Walcom Group”...
This morning it was confirmed that ShareProphets AIM-China Filthy Forty play Walcom (WALG) had been quietly taken out in the middle of the night and put out of its misery. No witnesses, no inquest, no last statement from the prisoner: it was all silently done.
Previously updating, we noted Walcom Group (WALG) Nomad Allenby Capital finally seemed to have had enough of the farce of a non-arriving loan… and “resigned… with immediate effect” and a next already set to fall?...
The Ouzo may have run out at Deputy Sheriff Towers, but the Wagnerian opera of ShareProphets AIM-China Filthy Forty play Walcom (WALG) took what surely is a final turn last night when at 4.22pm it announced that two directors were walking as of this morning, leaving just Mr Francis Chi on the board...
We updated yesterday as Walcom Group (WALG) Nomad Allenby Capital finally seemed to have had enough of the farce of a non-arriving loan… and “resigned… with immediate effect”. Now a next already set to fall?...
Nigel Somerville - the Deputy Sheriff of AIM - is currently conducting the ShareProphets national anthem as Walcom Group (WALG) Nomad Allenby Capital finally seems to have had enough of the farce of a non-arriving loan… and has “resigned… with immediate effect”. As Nigel enjoys an ouzo, how’s the ShareProphets China AIM 'Filthy Forty' looking now?...
Somewhat belatedly, this morning at 8.16 am ShareProphets AIM-China Filthy Forty play Walcom (WALG) finally got around to issuing an RNS which was surely due last Friday to tell us that the bank had again blinked, that CEO/CFO still hadn’t provided the bailout loan promised back in January and that he still intended to do so. The Nomad-signed RNS suggested that it was therefore business as (not so) usual. But then at 1.16pm the Fat Lady finally ploughed through the security cordon and before you knew it she had sung her heart out and the show was over.
Last Monday ShareProphets AIM-China Filthy Forty play Walcom (WALG) offered up yet another statement saying that again its CEO/CFO Mr Francis Chi had failed to offer up a bailout loan, that he still intended to do so (as he has since January!) and that in the absence of further funding it would be a one-way trip to the corporate undertakers last Friday, June 19. There was no statement on Friday, and here we are on Monday and there still has been no statement. Is Walcom bust or not? We need a statement.
So ShareProphets AIM-China Filthy Forty play Walcom (WALG) lives to fight on for a few more days after the bank blinked again and allowed Walcom to extend its payment plan, now with RMB 150,000 due on Friday but with CEO and CFO Mr Chi’s loan still nowhere to be seen, at some point the bank will lose patience and then either Mr Chi will have to cough up or it will be a one-way trip to corporate heaven.
The seemingly never-ending Wagnerian Opera of ShareProphets AIM-China Filthy Forty group Walcom (WALG) and its lack of a bailout director loan to avoid a one-way trip to the liquidator’s office saw the latest deadline yesterday pass without a statement. Oh dear: has the curtain finally come down?...
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.
Shares in ShareProphets AIM-China Filthy Forty play Walcom (WALG) are STILL trading despite further warnings this morning that the company has insufficient funds to settle bank loan repayments due this month and in any case will run out of cash in a week. Surely we should have had a suspension pending financial clarification announcement by now.
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...
Yes folks, it is time for an update on my five slam-dunk sells for 2020 – and the writing is on the wall as the anti-portfolio slides. At the end of January the score was an overall drop of 9.8% on a bid to bid basis. One month on the slippage has accelerated amongst my five picks from the AIM Casino, namely Tern (TERN), URU Metals (URU), AIM-China Filthy Forty play Walcom (WALG), Catenae Innovation (CTEA) and Yu Group (YU.)
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.
One can only have sympathy for John Chapman, the chairman of AIM-China Filthy Forty play Origo (OPP), who came in after the damage had been done by previous management and leaving a hospital pass for whoever followed. The full horror of what Mr Chapman inherited is detailed here in the FY18 Annual Report and this morning the bad news was that Origo’s investment (and I use the term in its loosest sense) had suffered another setback as a purported bidder (unidentified!) had apparently walked in the face of a demand for arbitration being served. Given that this was about the only asset of measurable (but questionable) value, Origo shares have slumped...
ShareProphets AIM-China Filthy Forty play Walcom (WALG) updated at lunchtime today that after weeks of prevaricating its CEO and CFO, Mr Francis Chi, has finally signed on the dotted line to give the company a lifeline in the form of a further loan of HK$ 270,000. But as lifelines go, this is as short as it gets for even with further loans which may or may or may not follow we are told that the cash will still run out in early February.
Peter Brailey has already offered his list of sells for 2020 in the form of his Vomit List of useless oilers, so here is my 2020 list of Slam-Dunk sells. I doubt there will be much borrow available on any of them so shorting may not be possible (although two might offer up some) but the main message is stay away!
To be fair to ShareProphets AIM-China Filthy Forty play Walcom (WALG) it has made no secret of its financial woes since its formerly best customer defaulted on payments owed, plunging the company into crisis, even if the initial announcements suggested mis-placed confidence that the default would be resolved.
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.
Following our previous update September – another has fallen…& yet more to follow?, how’s the latest developments with the (few) remaining ShareProphets China AIM 'Filthy Forty'?...
Following our previous update May & another suspended, how’s the latest developments with the (few) remaining ShareProphets China AIM 'Filthy Forty'?...
Yesterday ShareProphets AIM-China Filthy Forty play Walcom (WALG) announced that its death, due to lack of funds, has again been postponed – to the end of October. This time the saviour was its CEO, Francis Chi, who has offered up a loan of HK$ 350,000 (around £36,000) to Walcom Bio-Technology Chemicals Limited, a wholly owned subsidiary. It is unsecured, but suggests that the plc will be heading for the knacker’s yard and the choice parts will end up owned by someone else.
I’ve already waved bye-bye to Haydale (HAYD) when it collapsed earlier this year on a massively discounted rescue refinancing – as long predicted by yours truly – saw me call it a win. Now it seems that Walcom (WALG) is finally heading for the corporate knackers’ yard next month, unless some miracle happens and the shares are down to just 0.25p. That will be two out of five if/when (with emphasis on the when) it happens. All hail the ShareProphets AIM-China Filthy Forty, from where it made this year’s sell list.
ShareProphets AIM-China Filthy Forty play and member of my slam-dunk sells for 2019 Walcom (WALG) has warned again about its financial position – but this time the warning is more direct than before. If you hold shares, now really is just about the last chance to get out for suspension and a trip to the corporate undertakers could come pretty much any time. The company tells us it expects to have enough cash to mid-October, but "expects" and certainty are two different things...
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!
Yesterday a new name joined the Standard List of the London Stock Exchange: that of BSF Enterprise (BSFA). It is yet another cash-shell to join the sub-standard list – as if we really needed any more – but a name sprang out at me and that name rang a bell.
Fraud Origo Partners (OPP) is one of the few remaining stocks of our AIM-China Filthy Forty. One might wonder if there is hope given that it is still here but Chairman John Chapman has offered up its FY18 accounts which are truly dreadful (again) and his chairman’s letter is pretty explicit as to why. In short, Origo shows everything that is wrong with AIM: the transfer of wealth from the many (shareholders) to the few. Read it and weep Marcus Stuttard, the head of AIM and Sham Sheriff – this is your system.
Following it previously noted, when will the next domino fall?, here's an update on the current ShareProphets China AIM 'Filthy Forty' situation...
We have a double edition today of further articles released by Norwegian E24 as it continues to dissect the activities of Chris Rynning, the former boss of ShareProphets AIM-China Flithy Forty play Origo Partners (OPP). First up we have part 4, which looks further into his role as an adviser to Investinor (Norwegian state-owned) which seems to unearth a massive conflict of interests. Then we move on to Rynning’s lawyer who offered a reply...
Chris Rynning, the former boss of ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) can rest a little easier today as we continue to follow the fine work of Norewegian E24 as the scandal of Rynning and Origo continues. Today we learn that having left Origo, Rynning was helping Norwegian entrepreneurs get a foothold in China as Innovation Norway referred them via its own website to Nhack, another Rynning company, based in Shanhai. Of course, Innovation Norway had checked him out.....hadn't they?
This gets worse and worse for Chris Rynning, the former boss of ShareProphets AIM-China Filthy Forty play Origo Partners (OPP). Having discussed how a billion Kroner disappeared to tax-havens under this self-styled China expert, today E24 looks at the company credit card. If you thought Nilesh Jagatia of Teathers (TEA), Insprit (INSP) and Octagonal (OCT) was, ahem, generous (to himself), this appears to take the biscuit.
I have covered the scandal of ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) in some detail – see HERE. To cut a (very) long story short, it raised a pile of cash and seems to have lost almost the whole lot – apart from the generous remuneration and related party dealings – and the management paid itself a stack of bonuses just as the icing on the cake. New boss John Chapman has been forthright with what he found out on getting his feet under the table and now Norwegian outfit E24 has been looking into the original brains behind Origo, Mr Chris Rynning.
It was Cynical Bear who celebrated the fact that Pembridge Resources (PERE) – now of the Standard List (but suspended) had achieved the dubious honour of being both a ShareProphets AIM-China Filthy Forty company and on its transfer to the Standard List made his own Sub-Standard XI. Last night, at no-one-is-watching (except ShareProphets, naturally) at 5.51pm the company released its FY18 results. To say they were truly shocking would be the understatement of the year.
I noted last month that ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) had sacked its investment adviser, Origo Advisers Limited “for cause”. Now it seems that the company’s website has disappeared, as you can see HERE – which is, of course, contrary to AIM Rules. But before I get on my high horse, I would note a few things.
Last month one of the five had its denouement as AIM-listed Haydale (HAYD) had an emergency bailout - as long predicted by me - at only 2p. That left just four. My suspicion was that AIM-listed member of the Filthy Forty, Walcom (WALG) would be next with its head under the guillotine and the news there was only marginally better as death has been postponed to June.
AIM-China Filthy Forty play Origo Partners (OPP) has sacked its investment adviser “for cause”. Origo has been a total disaster for its investors, but a great wheeze for the investment adviser as you can see HERE: while shareholders have lost almost everything the adviser, Origo Advisers Limited (OAL), coined it in fees, bonuses and so on. You might wonder what took the company so long, but until recently the board was dominated by its investment adviser…..and then along came hero of the hour Mr John Chapman.
The final death throes of ShareProphets AIM-China Filthy Forty play Walcom (WALG) seem to be upon us. This is as a result of its biggest customer defaulting on payments, leaving Walcom with no cash, a much reduced client pool and a stack of bills to pay. On 28 February the company warned it may go belly up by the end of March. The good news is that the executioner has been held off until mid-April, and Walcom is now proposing to sell off a subsidiary to raise a bit of cash...
Well, you can’t say you have not been warned! ShareProphets AIM-China Filthy Forty member (one of the few remaining) Walcom (WALG) warned yesterday that Trading in the first two months of the financial year has been significantly below budget. But that was the minor issue, as its defaulting customer still hasn’t paid up. Walcom is pretty specific over its predicament;
It seems that someone wants out of ShareProphets AIM-China Filthy Forty play China New Energy – the shares plunged 18% yesterday to just 1p on no news. And yet only on Monday we were told that some outfit in the BVI had offered up a £1.118 million loan “for general corporate expenses”, convertible at 4.7p upon a listing in Asia. This, from a company which claims to be profitable!
AIM-listed member of the ShareProphets AIM-China Filthy Forty, China New Energy (CNEL) has announced a £1.118 million (before expenses) convertible loan with an entity called Double River Limited of the BVI. With the shares previously at just 1.125p, the conversion price of 4.7p seems a little on the too-good-to-be-true side of things, and is conditional on China New gaining a listing on a stock market in Asia. What’s not to like?
As Tom Winnifrith drowns himself in Ouzo for breakfast this morning, after AIM-listed Telit (TCM) put off its disposal and fellow AIM-listed Altona (ANR) and Alien Metals (UFO – formerly Arian Silver) were suspended on AIM, I wonder if I’m missing out. Back on 21 November 2018, AIM-listed Walcom (WALG) of the ShareProphets AIM-China Filthy Forty told us it had a debt repayment due in January…..
I thought I’d update on my 5 sells for 2019 as after just a couple of weeks a few cracks are beginning to show already. The five, Telit (TCM), Haydale (HAYD), Yu Group (YU.), Walcom (WALG) of the ShareProphets AIM-China Filthy Forty and First Derivatives (FDP) are not necessarily shorts – some, such as Walcom, couldn’t be shorted anyway. But they are sells.
Following it previously noted, Allenby a Nomad of choice with some of the few remaining 'Filthy Forty' constituents. Could similar action follow?, here's an update on the current ShareProphets China AIM 'Filthy Forty' situation...
Last Night at 4.39pm – after hours at no-one-is-watching o’clock, ShareProphets AIM-China Filthy Forty member (one of just seven remaining) China New Energy (CNEL) issued a Trading Update. Except the meat of the dish was not about the company’s trading, it was about trading in its shares. We are told the Company is currently considering and assessing all the options available for fund raising in other stock exchanges. Aha - it is voluntary execution ahoy!
Yesterday ShareProphets AIM-China Filthy Forty member (one of only 7 remaining) Walcom (WALG) updated the market on its efforts to get its largest customer to pay its bills. Bad news there, as was the accompanying profit warning, repayments of borrowings, discussions with lender and the final coup de grace: ….the Company may be in a position where it is unable to settle its liabilities as and when they fall due. What’s not to like!
Following it recently noted, Allenby a Nomad of choice with some of the few remaining 'Filthy Forty' constituents. Could similar action follow?, here's an update on the current ShareProphets China AIM 'Filthy Forty' situation...
Following a corporate results season, here's a October ShareProphets China AIM 'Filthy Forty' performance update...
In part 1 of this expose we saw that the new board of AIM-listed Origo (OPP) had spent time getting to grips with the trainwreck of a company left behind by previous management. New chairman, John Chapman was not mincing his words as he told us that company records were missing, such as the due diligence and investment rationale for the company’s investments – as were some of the investments, “expenses” had been paid to someone who left the scene four years ago and that the old guard including its Nomad had been understandably reluctant to hand over the keys. Now let’s look at some of Origo’s portfolio.
I commented back in June, when ShareProphets AIM-China Filthy Forty investment company Origo Partners (OPP) announced its FY17 results that I underestimated the new board of Origo after new Chairman John Chapman tore into the investments made under the old board and advisers. Yesterday, as Origo got its interims out on deadline day, John Chapman tore into the old crew even more. The attack (totally justified, in my humble opinion) is astonishing – no “old school tie” behaviour here, it is utterly devastating. Mind you, given that the (now former) investment adviser had coined it to the tune of $31 million in performance payments by the end of 2014, and now Origo’s shareholders have just $13.6 million to share between them (as opposed to $81 million as at June 2017) with no dividends one has to think Mr Chapman has a point. Will AIM Regulation act? (Don’t laugh too loud….)
AIM-listed China New Energy (CNEL) of the ShareProphets AIM-China Filthy Forty has this morning delivered its interims ahead of Friday’s deadline. So no pending execution here, then! Chairman Yu Weijun tells us that he is very pleased to report that the Company's continued revenue growth and profitability……The company has a current order book and work in progress of RMB 294 million (c. £34m) to be fulfilled by December 2019, and I am confident that the business outlook is for continued profitability. Well, that’s great news. Of course, there are a few questions to be raised, though….
Since there are now just seven companies remaining of the original forty, and with the end of September coming up I thought it high time to have a gander across the remains of the ShareProphets AIM-China Filthy Forty.
Following the latest Walcom – defaulting largest customer pays up….well £34k and now in a corporate results season, here's a September ShareProphets China AIM 'Filthy Forty' performance update...
I see that another three AIM companies ended their membership of the Casino this morning, namely Dalradian Resources (DALR), Zamano (ZMNO) and Weatherly International (WTI). On the one hand I keep hearing how AIM is outperforming the main market (something of a turnaround, at long last – and for the cynical perhaps a sign that the bull run is coming to an end!) but I keep seeing departures. AIM may have outperformed the main market, but I wonder for how long given the mad exuberance of shareholders in the likes of Frontera (FRR), UK Oil and Gas (UKOG) and Tern (TERN). And, as I discovered this morning, the number of companies listed on AIM still seems to be falling away markedly.
ShareProphets AIM-China Filthy Forty play Walcom (WALG) – one of just seven remaining – announced yesterday that its largest customer had at last ponied up some cash. But it is only to the tune of about £34,000. Against a further approx. £632,000 owed and overdue, and another approx. £92,000 falling due by mid-month, that is a drop in the ocean.
An update last week noted UniVision Engineering (UVEL) has updated that it now expects to announce results for its year ended 31st March 2018 in that week (from “towards the end of July” previously, hmmm!). They haven't gone down well...
Following the latest Walcom – customer still not coughed up, now its off to the lawyers, here's an August ShareProphets China AIM 'Filthy Forty' performance update...
ShareProphets AIM-China Filthy Forty play Walcom (WALG) – one of just seven remaining – has announced that its largest customer still hasn’t ponied up the wonga. There’s a surprise…..not! Also unsurprising is the share price reaction, where the bid price has dropped to just 0.25p. If you wanted a bag of crisps, you’ll have to settle for Tesco Value ones now.
Following earlier this month Walcom – surprise, surprise: the customer hasn’t paid yet, here's July's ShareProphets China AIM 'Filthy Forty' performance update...
On 28th June ShareProphets AIM-China Filthy Forty play (one of only seven remaining) Walcom (WALG) announced it was having problems getting its biggest customer to pay – but it was ok because it expected to cough up by 10 July. Well, here we are and surprise, surprise……it still hasn’t ponied up the wonga. The company issued an RNS entitled “Customer Payment” (if that is not misleading, I don’t know what is!)
Following the half-year point and China AIM fraud Naibu – NEDs who failed & took their geld now take Pinsent Masons & Daniel Stewart to Court earlier today, here's a ShareProphets China AIM 'Filthy Forty' performance update...
ShareProphets AIM-China Filthy Forty play China New Energy (CNEL) put out its full year numbers for 2017 at 7am on deadline day, last Friday. It boasted significantly increased revenues and profits, so all’s well? Er…
I warned on Thursday that if you are still holding, one might be tempted to compare the benefits of that versus a bag of crisps. Following a flow of dire news, on Friday ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) issued the most damning statements in its FY17 accounts, and the shares crashed by a horrifying 64%. It is truly horrifying. Step forward the investment adviser Origo Advisers (which more-or-less doubled as the company’s previous management), take a very special bow, please, Auditor BDO in Hong Kong. Take a turn, please, former Nomad Smith & Williamson. Normally at times like this I would be reaching for some of Tom Winnifrith’s Ouzo, but I can’t seem to let the sick-bucket go.
On Tuesday 26 June, ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) fessed up that it had lost another boat-load of cash, this time on Kincorra Copper (TSX.V: KCC). Actually, it didn’t – we were simply told it had been sold for CAD 2 million (around US$ 1.5 million). It is not until you realise that the company had sunk US$ 8.5 million into Kincora that you see what a shambles that investment was.
This morning ShareProphets AIM-China Filthy Forty play Walcom Group (WALG) issued a trading statement. Given that its interims are due by tomorrow, that does not look good – indeed, I wonder if the numbers will not be forthcoming and a suspension will follow.
On 27 December 2017, ShareProphets AIM-China Filthy Forty play China New Energy (CNEL) announced an EGM to allow it to buy up to 20% of its shares back. The EGM duly passed the relevant resolutions on 17 January 2018. So how many shares has it bought back?
Following Filthy Forty and banished from AIM, Aquatic Foods NED’s make a few admissions: ShareProphets was right from Nigel yesterday, here's a ShareProphets China AIM 'Filthy Forty' performance update...
On 28 December 2017, ShareProphets AIM-China Filthy Forty play Aquatic Foods Group issued an RNS stating that it couldn’t publish accounts for 2016 and the shares would be booted off AIM the following morning. Of course, there’s a lot more to that and ShareProphets had been predicting the demise for months. Now the patsy NEDs have issued a statement and it is clear that ShareProphets was right all along.
ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) issued a stonking warning on Friday night, at 5.30pm going into a bank holiday. Talk about no-one-is-watching o’clock. I previously warned in the light of a previous warning (HERE) that the question was whether the asset realisations will generate anything at all for shareholders after holders of the Zeros (whose money appears not to be contributing to OAL’s new fees) have been paid off. Last night’s RNS suggests the answer may well be nothing.
ShareProphets AIM-China Filthy Forty investment company Origo Partners (OPP) has updated the market this morning in a series of announcements which look to amount to a complete dog’s breakfast as far as shareholders are concerned. There is a new Nomad which looks to me to have been appointed in suspicious circumstances, there are proposals to change the remuneration of the company’s grotesquely overpaid advisors….and expected realisation amounts will be significantly less than the Company's last reported net asset value. What’s not to like!
Back last August I covered the non-payment of monies due to AIM-listed Adamas (ADAM) following the redemption of a convertible bond Adamas held in a Chinese company, Global Pharm Holdings Group. It was owed millions - to have been settled by April 2015 - and numerous revised and re-revised deals were signed – not that the cash materialised. More to the point, Adamas seemed to be having a spot of bother tracking down the Chairman of that company. And so to yesterday’s update….
Previously updating, we noted from HaiKe Chemical Group (HAIK) “intention to seek shareholder approval for the cancellation of admission to trading on AIM”. This has now been for EGM approval...
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.
Previously updating, we noted HaiKe Chemical Group (HAIK) potentially in the 'geong, geong' stage. There has since been developments - and what does the 'Filthy Forty' look like now?...
Who's followed the likes of Geong International and co in 'Geong, Geong' and then Gone? Who's in the 'Geong, Geong' stage and what does the 'Filthy Forty' look like now?...
I see that former ShareProphets AIM-China Filthy Forty play Taihua (TAIH) (note former, as it left AIM via tha HaraKiri route last May) has had an unfortunate missive from Companies House. This, of course, was yet another AIM-China play festooned in Red Flags, but an EGM waved through the AIM delisting as shareholders were told that major shareholders Messers Yin and Liu had signified their intent to purchase ordinary shares from other shareholders after the delisting.
Another to be de-listed and another “exploring options for the future strategy of the company, including a cancellation from AIM and continuing as a private company”. Who's next to follow the likes of Geong International and co in 'Geong, Geong' and then Gone?...
This morning it was announced that Alpha Returns Group (ARGP) has been unable to replace Roland Fatty Cornish as Nomad and that it is off to the AIM Execution Chamber over the weekend. With Haike Chemical (HAIK) having announced yesterday that it is considering (ie certain to) delist, that will be the ShareProphets AIM-China Filthy Forty down to just seven companies. They are still dropping like flies, then.
Another year, another set of de-listing developments amongst the (few) remaining ShareProphets China AIM 'Filthy Forty'. Who's next to follow the likes of Geong International and co in 'Geong, Geong' and then Gone?...
With apologies to Douglas Adams, as long predicted here on ShareProphets AIM-China Filthy Forty play Aquatic Foods (AFG) didn’t get its 2016 accounts out and the AIM Executioner has done its duty. After six months suspended, it has been given the boot.
AIM-listed Alpha Returns Group (ARGP) is not only a member of our Filthy Forty, but also has an interesting past as the disaster that was Digital Learning Marketplace (DLM) under Angus Forrest (recently departed from Tern plc). Its Nomad, until 18 October, was ZAI Corporate Finance but ZAI lost its Nomad licence. So Alpha Returns turned (or, rather, returned) to Beaumont Cornish.
I am a bit puzzled by this announcement. ShareProphets AIM-China Filthy Forty play Univision (UVEL) is obviously “pleased” with the results, and with profits reported 133% higher on the same period last year and a major long-term contract win in the bag, who would not be pleased. Until, that is, you turn to the cashflow statement…
AIM-listed Filthy Forty play Aquatic Foods Group (AFG) has at last posted an RNS. Given that its FY16 accounts are overdue by almost 6 months, and its interims by heading for three, you would have thought we might have an update on that. But no: instead the resignation of Mircle Ching Chai Yap was announced. This chap has a spot of form….
Another month, another set of de-listing developments amongst the (few) remaining ShareProphets China AIM 'Filthy Forty'. Who's next to follow the likes of Geong International and co in 'Geong, Geong' and then Gone?...
I commented last week on the silence from four former clients of former Nomad ZAI Corporate Finance as weekend executions were lined up for failing to enlist a replacement Nomad. None of them had said anything since 18/19 October when ZAI was given its marching orders by the Oxymorons. This morning two fell to the advances of the grim reaper, but riding to the last-minute rescue of Ukrproduct (UKR) came Stand Hanson while Polo (POL) was saved by Allenby. You might picture Clint Eastwood and Paul Newman riding in as the trap-doors were released and a well-aimed shot at the hangman’s ropes frees the victims.
Since our previous update, ZAI Corporate Finance has had its nominated adviser status removed - causing further issues amongst the (few) remaining ShareProphets China AIM 'Filthy Forty'. Who will be next to follow the likes of Geong International and co in 'Geong, Geong' and then Gone?...
And so it came to pass that ShareProphets AIM-China Filthy Forty play Aquatic Foods (AFG) didn’t even bother to update the market at the end of October on the supposed progress towards getting its FY16 accounts released – accounts which should have been released by 30 June. The interims to June are also overdue, but there is no statement at all! Step forward those fine fellows at S P Angel, the company’s Nomad.
Here we are again, with the last days of the month playing out and (as yet) no word from ShareProphets AIM-China Filthy Forty poster-boy Aquatic Foods Group. It missed the June 30th deadline to file its FY16 accounts and each month since then we’ve been promised news next month.
With ZAI Corporate Finance losing its Nomad status on Thursday, its client companies are running out of time to book in a replacement to avoid suspension. And that brings us to ShareProphets AIM-China Filthy Forty play Northwest Investment Group (NWIG) – the investment company which, after seven years, has invested not a cent.
ShareProphets AIM-China Filthy Forty play Aquatic Foods Group (AFG) has at last appointed a new finance director to replace the previous incumbent who left all of a sudden as the company announced it was unable to release its FY16 numbers. Good news...er, well sort of.
It’s that time of the month again: ShareProphets AIM-China Filthy Forty play Aquatic Foods (AFG) seemed to promise its delayed FY16 accounts by the end of the month. In June the excuse was it couldn’t get its cash out of China, but the directors were going to pony up so as to pay certain advisers (ie the Auditor) and the results would be out in July. Oh, and the next day the CFO (who had been in post less than a year since the previous incumbent walked) resigned with immediate effect - having signed off the RNS.
AIM-China play China New Energy (CNEL) is one of the few remaining members of our Filthy Forty still trading on the Casino. This morning saw its interims to 30 June 2017 released and it claims to have turned over hugely increased revenues of RMB 69 million (c. £7.7 million) and registered a net profit of RMB 17 million (c. £1.2 million) as against the market capitalisation of £6 million. So why are the shares trading 4% lower? Er…look at the cashflow statement! And the company wants to conduct a buy-back of its shares! Ho ho, what with?
Yesterday at 4.14pm ShareProphets AIM-China Filthy Forty play Aquatic Foods (AFG) updated the market regarding its overdue FY16 accounts. Once again we are left waiting until next month – Godot is definitely coming tomorrow, honest guv, when the new FD is appointed. So nothing to do with the problems getting cash out of China to pay auditors, Nomad fees and director fees as we were previously told?
We are two days from the end of August and we’ve had diddly squat from ShareProphets AIM-China Filthy Forty play Aquatic Foods (AFG) which is currently suspended pending accounts. In June it said they would be in July, and that directors were going to pony up to get enough bills paid to see the accounts signed. In July it hadn’t happened and there was no mention of it. Will the accounts appear this time?
Since our previous update, Pembridge Resources (PERE) has followed the likes of Geong International and co in 'Geong, Geong' and then Gone from the ShareProphets China AIM 'Filthy Forty'...
It seems that some regulators have more teeth than others. The PCAOB – a US regulator – has revoked the registration of Hong Kong audit firm Crowe Horwath HK and censured it for refusing to cooperate with an investigation of the firm’s audits of a China-based issuer. Crowe Horwath is part of the same network of audit firms that contains our very own Crowe Clark Whitehill, which audited a large number of AIM-China Filthy Forty companies before they disappeared into the ether (see HERE).
Yesterday at 3.36pm ShareProphets AIM-China Filthy Forty play Adamas (ADAM) announced as update on a debtor. Judging by the timing it seems to be a bit of an unscheduled missive – and judging by the content, it seems to be a problem.
ShareProphets AIM-China Filthy Forty play Aquatic Foods Group (AFG) has released news of its delayed FY16 numbers in an (almost) no-one is watching o’clock RNS yesterday, released at 4.26 pm – 12.26am local time in China. Goodness me, they must have been putting the wording together for hours! Needless to say, there are still no accounts. In my view the whole thing is a joke and Nomad SP Angel is being made to look foolish: take a look at the directors’ page of the company website!
ShareProphets AIM-China Filthy Forty play Origo (OPP) has announced a couple of disposals. With the share price still languishing on a 2-2.25p spread, compared to the last quoted NAV in the FY16 accounts of 13c (US) – call that 10p per share. After a series of scandals over massive payments to the fund manager what now for the company with scheduled redeemable/convertible prefs after the dispute with Brooks MacDonald was finally resolved?
ShareProphets AIM-China Filthy Forty play Aquatic Foods (AFG) shares were suspended last month because it couldn’t get its accounts out on time. We were told that this was because of difficulties getting its enormous cash-pile out of China to pay a number of parties whose assistance is required for the finalisation of the audited accounts. For that, we might presume that it includes the audit firm. We were told that the accounts were anticipated to be released in July – and here we are with 6 trading days left. Is it crunch time?
Since our previous update, most of the remaining ShareProphets China AIM 'Filthy Forty' companies have been scrambling to get results out in time, two further have been suspended and another (MoneySwap) has been booted off the AIM Casino - to follow the likes of Geong International and co in 'Geong, Geong' and then Gone...
ShareProphets AIM-China Filthy Forty play China New Energy announced its AGM today. As I suspected HERE the company’s full year results revealed a bit of a need for cash and the AGM notice (HERE) confirms that the company is leaving the door wide open on that score.
And so another year passes and ShareProphets AIM-China Filthy Forty investment company which doesn’t invest, Northwest Investment Group (NWIG), racks another year’s loss and still not a single investment. That’ll be six and a half years to the balance sheet date, and 7 to the current date. Meanwhile the £3 million raised is down to….
ShareProphets AIM-China Filthy 40 play China New Energy (CNEL) posted its FY16 numbers this morning. On the face of it a profit of RMB 3.6 million (about £400,000) reads well, but a look at balance sheet suggests that as ever we are on the cusp of a placing, and what about those receivables?
I haven’t covered ShareProphets AIM-China Filthy Forty All Asia Asset Capital (AAA) much before its shocking contender for most expensive loan on AIM, but since our list is now only 13 members long, and with an 'interesting' disposal to record now seems as good a time as any to take a peek. And so, with the Chairman pleased to present the results… (and the shares down by 30%)...
Grand Group never made the ShareProphets AIM-China Filthy Forty. It was nothing to do with qualifying, it just arrived on the Casino too late. But listing in January 2015 at 80p to give it a market capitalisation of £27 million it is now worth just £4.8 million. Ouch!
Out of the blue this morning, we have had an update from ShareProphets AIM-China Filthy Forty Naibu. This was an obvious fraud and delisted in 2015 when the money stopped flowing and Houyan Lin disappeared. But the board decided to stand up to be counted. They may have been taken in and signed off on all sorts of lies, but they have been pursuing the case and today have also announced that viable legal causes of action look to exist to go after certain of the various professional advisers who were involved at the time of the flotation.
Since our previous update, another ShareProphets China AIM 'Filthy Forty' company in MoneySwap (SWAP) has seen EGM approval for AIM cancellation - to follow the likes of Geong International and co in 'Geong, Geong' and then Gone...
Yesterday lunchtime (1pm – the new no-one-is-watching o’clock) ShareProphets AIM-China Filthy Forty purveyor of all things fishy, Aquatics Foods Group (AFG) served up a Q1 trading statement showing broadly flat sales, but rising costs. The really good news is that the cash-pile is even higher than before, at RMB 485 million – c. £54 million, or about five times the market capitalisation. The bad news….
Since our previous (March) update, another ShareProphets China AIM 'Filthy Forty' company has followed Geong International and co in 'Geong, Geong' and then Gone...
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.
ShareProphets AIM-China Filthy Forty play Taihua (TAIH) deslists at the close of play today. If you want to claim your bag of Walkers, now's your last chance - unless you want to take your chances on suggestions of a possible offer from a major shareholder and management coming to fruition at a better price following this weekend's scheduled lethal injection in the basement of Stuttard Towers.
ShareProphets AIM-China Filthy Forty play Taihua (TAIH) announced last Friday that the EGM called to approve the company’s proposed delisting from the AIM Casino had passed the proposals with the requisite majority. The shares are expected to depart the world’s most successful (but perhaps not for Taihua) growth market first thing on 8 May. In the wake of the announcement – at 4.15pm last Friday, bordering on no-one-is-watching o’clock - the shares again nose-dived, registering a new low of 0.1p on the bid yesterday, but all of a sudden the stock is on the rampage this morning. What is going on?
Obviously the world’s most successful growth market is tightly regulated and supervised by Marcus Stuttard’s oxymorons of AIM Regulation, who seem incapable of applying their own rules. That is why we selected a beautifully diversified portfolio of stocks which we have Red Flagged here on ShareProphets but since Mr Stuttard’s well-oiled regulatory machinery is just so good there must be nothing wrong. Nothing at all…..which is why after 200 days the portfolio is down by 55%. Oops.
The ShareProphets AIM-China Filthy Forty is set to have yet another casualty – this time MoneySwap (SWAP) which is proposing to follow Taihua (TAIH) and Jiasen (JSI) out of the back door via a cancellation EGM to become the twenty-seventh Casino delisting. But this will be after almost eight months suspended from trading. Oh Oxymorons at AIM Regulation, whatever happened to AIM Rule 41 which says that execution comes at the end of six months’ suspension? Why don’t you just apply your own rules? Does the AIM Rulebook count for nothing these days?
I think I should rename Deputy Sheriff Towers as Smug Towers. Having offered two sells in the ShareProphets Tipfest for this year, Igas Energy (IGAS) duly crashed to bottom out at 4.5p (I’d been saying sell from 18.5p - last year’s Christmas tipfest, and then 11.625p this year). Last week came the turn of Filthy Forty play Taihua (TAIH) to do the decent thing and collapse in the wake of an entirely squeaky clean suggestion that it delist from the Casino. There’s nothing wrong here at all – move along please, nothing to see……
Yet another of the ShareProphets AIM-China Filthy Forty is set to depart the Casino – this time it is the turn of Taihua (TAIH), citing “best interests”, which will become the twenty-sixth casualty of our original forty. Yes, folks - the Filthy Forty is officially set to become the Filthy Fourteen.
Much has happened since I last looked at ShareProphets AIM-China Filthy Forty play Asian Growth Properties (AGP). For a start, shareholders have seen some storming dividends announced – and paid – and this morning the company has announced proposals which will see a huge cash payment dished out.
With the demise of the twenty-fifth Filthy Forty listing, Asian Citrus (ACHL), as of this morning there are just 15 of our motley crew remaining listed on the Casino – and one of those, MoneySwap (SWAP), has now been suspended for more than six months, but it seems the Oxymorons have decided not to apply AIM Rule 41.
As at the end of February the number of companies listed on AIM had fallen to 973 – down from 982 at the end of 2016. Having seen 7 new admissions in the first two months of this year, that means that 16 companies disappeared off into the ether during the same period and the world’s most successful growth market has shrunk back to levels not seen since 2004 in terms of the number of companies listed. This morning saw the demise of Rapidcloud (RCI) and North RiverResources (NRRP).
AIM Death Row long-termer and ShareProphets AIM-China Filthy Forty play Asian Citrus (ACHL) was suspended pending accounts way back on 28 September last year after its auditor demanded further testing, including visits to the company’s banks to see the bank statements first hand in the wake of allegations that the books had a few, ahem, “anomalies”.
ShareProphets AIM-China Filthy Forty play and yet another Lin brothers AIM disaster story MoneySwap (SWAP) has finally released its outstanding FY numbers to March of last year and interims to last September. The shares have been suspended pending results since 21 September last year and under AIM Rule 41 the company had until today to get the suspension lifted or get booted off the Casino. But today we learn that the shares are to remain suspended, yet there is no mention of an impending execution. This is a regulatory shambles – especially when we consider the apparent reasoning.
ShareProphets AIM-China Filthy Forty purveyor of all things fishy, Aquatic Foods (AFG), has updated on 2016 Q4 trading this morning. In a statement plastered with Red Flags it would appear that the company is nearing the final chapter of the China Norfolk playbook as we are warned that there has been a spot of bother getting cash out of China. Is it bye-bye to the dividend?
ShareProphets AIM-China Filthy Forty play Asian Citrus (ACHL) has offered yet another update on its delayed (due to allegations which looks like accusations of fraud) FY16 results. Having tried ever so hard to obtain relevant information and to facilitate additional audit procedures (ie visits to the banks in person) the company has announced that it has initiated legal proceedings to remove relevant senior management members of the relevant subsidiaries. With the shares having been suspended since 28 September execution after six months as long-termers on AIM’s Death Row is scheduled for 29 March. The company cheerfully tells us that the implementation of such changes may take time – ShareProphets RNS Translation Service: it’s delisting ahoy.
ShareProphets AIM-China Filthy Forty play MoneySwap (SWAP) announced last week that it was in discussions with a new potential white knight saviour in the form of Wraith Holding BV, a Netherlands-based vehicle of a Mr Gilbert Armenta which has been incorporated for the purpose of investing into the company. But time is running out: having been suspended pending accounts since 21 September last year the company only has until a week on Tuesday to get both Finals to March 2016 and interims to September released or its AIM-listing is toast.
ShareProphets AIM-China Filthy Forty play MoneySwap (SWAP) has been taking up a cell in the Casino’s Death Row since its shares were suspended pending accounts on 21 September 2016. Under AIM Rule 41 it has just days to release numbers or become the 25th departure from the Filthy Forty. Whatever happened to the links to Unionpay? The e-wallet? The software? And is Interim CEO Craig Niven again about to preside over the collapse and disappearance into the ether of a Lin brothers fiasco?
ShareProphets AIM-China Filthy Forty poster-boy Asian Citrus (ACHL) updated the market yesterday that in the light of ongoing allegations of fraud which have thus far prevented release of audited accounts for the year to June 2016, it has now concluded that it won’t get its interims to December out on time either. The shares have been suspended since September 28 last year and now with two sets of numbers outstanding and a deadline under AIM Rules of the 28th of this month to meet or face expulsion from the Casino the fat lady is already humming a merry tune as she gets the lethal injection ready.
Since our 24th September previous update, another ShareProphets China AIM 'Filthy Forty' company has followed Geong International and co in 'Geong, Geong' and then Gone - and another has been suspended...
And so ShareProphets AIM-China Filthy Forty play Jiasen’s (JSI) AIM listing is no more. It has become the 24th delisting from our original forty, after its shareholders voted (having been told it would make a fat-track application to NEX) to leave the Casino on the recommendation of the board. The NEX application didn’t happen, with the company claiming that it was now considering listing in Hong Kong. I’ll believe that when I see it.
ShareProphets AIM-China Filthy Forty carcass number 24 was taken away from Paternoster (death) Row last night in the form of Jiasen International (JSI). But yesterday the race to become number 25 hotted up as Asian Citrus Holdings (ACHL) gave an update on the lack of progress made in resolving allegations of fraud which its auditor wants to look in to before signing off overdue accounts. With four weeks to go before a one-way trip to the lethal injection room is triggered by reaching the maximum six month suspension period, progress in resolving matters seems to have been non-existent.
Shares in ShareProphets AIM-Chnia Filthy Forty play Jiasen (JSI) have now slipped to just 0.25p on the bid. Our advice is still to get out while you still can, but time is running out.
5.34pm on a Friday – truly no-one-is-watching o’clock – and up pops an RNS from NEX- (the lobster-pot formerly known as ISDX) listed MiLoc Group Limited (ML.P) detailing the dealings of a NED in the company’s shares: he pledged a bunch of shares in return for a loan back in September and has now released the stock to the lender. Sound familiar? Are we thinking Equities First? So where is the RNS from September? And then there are the other companies on that NED’s CV – which include AIM-China Filthy Forty plays Jiasen (JSI), delisting on Tuesday, and already delisted (no accounts) LED Holdings (LED) as well as PAQ International (PAQ) which quietly disappeared from the Casino back in 2010.
It is a busy day at the Sheriff’s office with CloudTag (CTAG) and Servision (SEV) dominating, but it would be remiss of us to allow the burial of bad news for shareholders in ShareProphets AIM-China Filthy Forty play Jiasen (JSI) to go unnoticed. With delisting scheduled on Tuesday (and thus Monday is the last chance to get out) the bid price has now dropped to just 1p last seen. One penny!
Shares in ShareProphets AIM-China Filthy Forty play Taihua (TAIH) are unchanged this morning on news of the result of its Tender Offer at 3.28p - paid for from the Open Offer last summer and conducted through the good offices of former Casino poster-boy and former Nomad Daniel Stewart (DAN). But we also see that company chairman Nicholas Lyth has dumped his entire holding. That’s already a bit of a concern, but then so is the statement that his disposal was not at the 3.28p everybody else got, but at 200p per share. What????
The 24th delisting from the ShareProphets AIM-China Filthy Forty is almost upon us, for shareholders in Fujian Province-based Jiasen (JSI) voted through proposals to depart the Casino at a General Meeting on the 15th of this month, with the company’s exit scheduled for next Tuesday. Anyone still holding has less than four trading sessions left to get out.
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.
Shares in ShareProphets AIM-China Filthy Forty play Jiasen (JSI) have collapsed by another 38% today (last seen) after admitting this morning that having called an EGM proposing to cancel its shares from trading on AIM and move to NEX (the lobster-pot formerly known as ISDX) the application has still not been made. This morning’s RNS makes clear that there is a deadline of tomorrow. Oh dear, oh dear, oh dear. Surely it could not be that NEX, which even found African Potash (AFPO) acceptable, has indicated that it doesn’t want the last remaining listed member of the Fujian Four gracing its exchange, could it? Or is it that the company never had any intention of getting onto NEX?
ShareProphets AIM-China Filthy Forty play Taihua (TAIH) has finally announced the long-awaited buy-back first announced way back last August when launching an Open Offer to pay for it. Hurrah! So it wasn’t a massive spoof to get a fundraising away after all, although the net result of the exercise appears to be a lot more shares in issue and a net inflow of well over half the funds raised.
Yesterday we noted the announcement from ShareProphets AIM-China Filthy Forty play - and one of the Fujian Four – Jiasen (JSI) that it was proposing to delist from the Casino. Having listed at 82p per share in 2014, the current 3.125p (mid, last seen) seems a trifle disappointing. Today the company has given its reasons for the proposal. Try not to laugh….
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.
That the ShareProphets AIM-China Filthy Forty is already down to just 17 members is, of course, a shocking indictment. 23 AIM departures later, we have been waiting for number 24 for quite some while but it looks as though the two front runners are battling it out to the finish line. Not to be outdone by MoneySwap (SWAP) and its Tuesday suspension update, Asian Citrus (ACHL) followed suit yesterday. Both are overdue with accounts, one perhaps to do with solvency and the other over allegations made which read to me like allegations of fraud.
Yesterday ShareProphets AIM-China Filthy Forty play MoneySwap (SWAP) updated on its parlous financial position and the long-promised recapitalisation rescue. It has borrowed a bit more urgent financing, but warned investors that it’s suspension from trading on AIM (since 21 September last year) now has less than two months to run before the company is led to the AIM execution chamber.
And so after its website disappeared at least as early as late November last year and two failed efforts at getting a replacement available so as to comply with AIM Rule 26, ShareProphets AIM-China Filthy Forty play Taihua (TAIH) has finally issued some Jackanory of a statement saying it now won’t be complying until Monday next week. The explanation may seem reasonable, but in context they’re ‘avin’ a bubble.
This is descending into farce: almost seven weeks ago we noted that the company website of ShareProphets AIM-China Filthy Forty play Taihua (TAIH) had disappeared. Following two missives to AIM Regulation, finally a new website was notified by RNS on Wednesday but it lasted less than 24 hours before being blocked – one assumes by the Chinese authorities, since the notification was in Chinese. Not to worry, yesterday the company notified another web address for its website but this morning that too has been blocked.
Oh dear, oh dear. Having been banging on about the disappearance of the company website of ShareProphets AIM-China Filthy Forty Taihua (TAIH) and being pleased to note the announcement yesterday of a nice shiny new site, this morning it seems as though it too is not working. But lo and behold, at 11am up pops the company with another RNS, announcing that it is all change again, and that the new site is to be found at www.thuaplc.com. Nothing for six weeks, and then two come together!
ShareProphets AIM-China Filthy Forty play PCG Entertainment (PCGE) has announced a rescue deal. It is great news for shareholders and a stunning coup for head honcho Richard Poulden, the Chairman, who stepped up to the plate following the shocking emergence of difficulties involving previous top dog Mr Kung Min Lin and a deal to buy Centre Point Development Corp (CPDC). The deal announced today looks to be a full lancing of the boil.
Well there you go: two letters to AIM Regulation and half an hour after the second one is published ShareProphets AIM-China Filthy Forty Taihua (TAIH) releases an RNS saying it has a new website: www.taihplc.cn. Amen to that - and a rare well done to the oxymorons. A dot.com becomes a dot.cn - was that really so hard to explain to the market in an RNS, that it has taken over six weeks to update investors since the demise of the company's previous pages?
ShareProphets Aim-China Filthy Forty play Taihua (TAIH) is having a giraffe. The buy-back announced last August, to be paid for from an Open Offer long since completed hasn’t happened. There has been no update on the matter since the end of September. The accounting matters over related party receivables which the company, in its FY15 Annual Report promised an update on has seen no further comment. The website has disappeared, meaning that the company is in breach of AIM Rule 26 – a matter I raised with AIM Regulation on 29 December last year.
ShareProphets AIM-China Filthy Forty purveyor of biblical plagues Asian Citrus Holdings (ACHL) has updated on the long saga of its audit investigation into allegations which suggest fraud. It seems there is little progress, if any, to report as the company hurtles towards the six month mark in suspension from trading, and execution under AIM Rules 41.
ShareProphets AIM-China Filthy Forty play Taihua (TAIH) is, in my view, a screaming sell in view of the Red Flags highlighted on this site for months. I doubt very much whether a short position is possible with this stock, but if I were a holder I’d be running for the hills.
The broken record is still going with regard to ShareProphets AIM-China Filthy Forty play Taihua (TAIH) and its missing website, the share buy-back promised back in August (and funded from an Open Offer) and, of course, the update over related party receivables which the auditor wouldn’t sign off in last year’s accounts. Now, in the season of goodwill, it is time for one last missive for 2016 to the oxymorons at AIM Regulation with regard to compliance with AIM Rule 26. We just such nice guys here at ShareProphets, we just want to help.
There are a few contenders for this title, but an update this morning from ShareProphets Aim-China Filthy Forty purveyor of biblical plagues and (apparently, now) not-quite-failed-yet property deals suggests to me that Asian Citrus Holdings (ACHL) might be booking its place in the Filthy Forty AIM departure lounge.
Well I guess it is not dead yet, but ShareProphets AIM-China Filthy Forty poster-boy MoneySwap (SWAP) sure is pushing the line. Having bundled through shareholder authorities to get enough headroom available for a rescue bail-out at its last AGM even without a firm proposal on the table last June, apparently due to the urgency of the situation, here we are six months on and still there is no deal – and the company is running on the fumes of a series of emergency loans. What’s the point?!
Tom Winnifrith asked some serious questions of Advanced Oncotherapy (AVO) and has been met with no response. He’ll keep at ‘em, but the lack of a statement looks very bad. In similar vein, I have been asking questions of ShareProphets AIM-China Filthy Forty play Taihua with the same result. I’ll keep asking too. Where is the website, where is the buy-back and where is the update on receivables?
ShareProphets AIM-China Filthy Forty purveyor of biblical plagues, rotten oranges and failed property deals Asian Citrus Holdings Ltd (ACHL) has updated the market on how the investigations into the allegations of fraud are going. After two and a bit months (at least) of reinforced audit procedures, it seems that little progress has been made and the company has no idea when it will ever get its FY16 accounts out. This one is looking a nailed-on certainty for being given the heave-ho from the Casino in due course, with just the mechanics to be sorted.
At the new no-one-is-watching o’clock of lunch-time yesterday, ShareProphets AIM-China Filthy Forty play All Asia Asset Capital (AAA) announced that it had received £100,000 in the form of a convertible keep-the-lights-on loan from an entity controlled by an un-named shareholder. One assumes that it must be a very small shareholder as there was no Related Party Transaction statement, but the terms suggest that the company is in a spot of bother. Er, actually a serious spot of bother.
You may have thought that ShareProphets AIM-China Filthy Forty investment company Origo (OPP) had put its troubles behind in and was heading for calmer waters. Having finally resolved its ongoing troubles over payouts on its preference shares, reaching a deal with Brooks Macdonald, and just a couple of weeks ago given a positive update on the progress of its portfolio and realisations, this morning the company announced that it had borrowed $2.5 million with repayment terms the higher of 50% or 12% a year (non-compounded) to discharging Origo liabilities to professional advisors (excluding those of Origo Advisors Limited) existing as at 19 August 2016.
I keep on asking, and still there is silence: where is that buy-back that ShareProphets AIM-China Filthy Forty poster-boy Taihua (TAIH) has been promising since announcing an Open Offer to pay for it back in August? And where is the company website? And what about those Related Party receivables which were subject to an audit qualification of opinion?
It is four weeks since the last update on the fortunes of our specially selected and diversified portfolio of AIM stocks which we think that the sham sheriff of AIM, Mr Marcus Stuttard, should invest his own cash into as a way of demonstrating his faith in the market he runs and the competence of his team of oxymorons at AIM Regulation. We have Red Flagged them all, but naturally we must be wrong because this is the world’s most successful growth market. And so in month two our index has gone from a 4.5% gain to……
ShareProphets AIM-China Filthy Forty play Taihua (TAIH) has been promising a share buy-back since the launch of an Open Offer back in August which was apparently being conducted to pay for it. The last update from the company - on 30 September (interims, released on deadline day) - told shareholders that the company expected to announce the mechanics of this Godot-esque buy-back “shortly”. That was more than eight weeks ago. We are now heading towards the very end of November. While we are at it, what has happened to the company website?
The Red Flags plastered all over the currently suspended pending accounts ShareProphets AIM-China Filthy Forty play Asian Citrus Holdings (ACHL) can all be found HERE and the latest development is that it has now called its AGM – still with no accounts published – on 28 December, right in the middle of the Christmas and New Year break. I guess the board is saving precious shareholder cash in that it will be able to book a very small room.
Shares in ShareProphets AIM-China Filthy Forty play China Africa (CAF) suddenly had a rocket under them late on Monday. Having been bumping along the bottom at around 4p for months on end, all of a sudden they shot up on Monday to 7.5p and a “know-of-no-reason” RNS duly followed at midday yesterday. This morning they have shot higher again clocking up a peak of 16p. But now, less than 24 hours after knowing of no specific reason for the share price move, the company has ‘fessed up that a restructuring and placing are on the way.
Shares in ShareProphets AIM-China Filthy Forty play Aquatic Foods (AFG) put on 35% on Friday, following release of a third quarter trading update. Drilling through some of the numbers they seem to be impressive, begging the question of why an apparently profitable and cash-generative company which is drowning in cash worth about three times its market capitalisation would be considering its dividend policy, having chopped the half-year payment by 71%.
Back on 29 September ShareProphets AIM-China Filthy Forty purveyor of Biblical plagues and rotten oranges Asian Citrus (ACHL) announced that its shares were being suspended pending an audit investigation of allegations which appeared to amount to potential fraud. This morning we had an update: it does not look good.
ShareProphets AIM-China Filthy Forty play Taihua (TAIH) has been promising a share buy-back since the launch of an Open Offer to shareholders which was being conducted, apparently, in order to pay for it. Sorry to sound like a broken record, but the buy-back was first promised on 25 August and we are now well into November. The last update from the company was on 30 September (interims, released on deadline day) when shareholders were told that the company expected to announce the mechanics of this Godot-esque buy-back “shortly”. That was more than five weeks ago.
If Marcus Stuttard, the Sham Sheriff of AIM, really believes that the Casino is properly regulated, we think he should put some of his own money where his complacent mouth is by investing in a portfolio of companies which would demonstrate his confidence in his team of Oxymorons at AIM Regulation. We are such nice guys here at ShareProphets that we have helpfully compiled a beautifully diversified portfolio for him. We, ahem, AIM to please. With the original list having been complied on 29 Sept 2016, here is our first update, one month on – and it is off to a flier!
At risk of sounding like a broken clock, ShareProphets AIM-China Filthy Forty play Taihua (TAIH) announced a comical open offer which, apart from a bit of working capital, was to fund a share buy-back. That was back on 25 August – more than two months ago. So where is it?
Back on 25 August this year ShareProphets AIM-China Filthy Forty play Taihua (TAIH) issued a comedy RNS announcing an Open Offer which was to be used in part for working capital and in part to fund a share buy-back. The working capital we can all understand, given the audit qualifications in its FY15 results and the content of its recent interims. But what about the share buy-back?
Already suspended ShareProphets AIM-China Filthy Forty play Asian Citrus (ACHL) announced this morning that there has been a bit of a delay in getting its circular together in relation to a property acquisition first announced back in August which seemed riddled with related party issues. Since then the company’s shares have been suspended from trading on the Casino amid allegations of accounting irregularities which have led to a delay in releasing its FY16 accounts.
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.
Well, all of the remaining ShareProphets AIM-China Filthy Forty got their numbers out yesterday - with the exception, of course, of the now suspended MoneySwap (SWAP) and Asian Citrus (ACHL) whose auditor is taking a rather close look at the bank accounts. The ouzo will have to wait, but the pop-corn went down well anyway. Included in the last-minute Charlies was Taihua (TAIH) and a rather large looking Red Flag is to be found here. Let me explain….
Ten days ago we identified ten of the (only) seventeen still-listed members of the ShareProphets AIM-China Filthy Forty which had a results reporting deadline of tomorrow (Fri 30 Sept) to meet. Actually, it was eleven as although Asian Citrus (ACHL) has a year-end of March it is dual listed in Hong Kong and only gets three months to report its finals there. But it won’t make it and has been suspended – as has MoneySwap (SWAP) which can’t get its accounts out on time. Which of the Filthy Forty are still to report, with just one day to go?
If Marcus Stuttard, the Sham Sheriff of AIM, really believes that the Casino is properly regulated, we think he should put some of his own money where his complacent mouth is by investing in a portfolio of companies which would demonstrate his confidence in his team of Oxymorons at AIM Regulation. We are such nice guys here at ShareProphets that we have helpfully compiled a beautifully diversified portfolio for him. We, ahem, AIM to please.
Strike two. The September reporting season has just taken its second victim of the 17 remaining members of the ShareProphets AIM-China Filthy Forty. Asian Citrus (ACHL) has announced that it can’t get its numbers out by tomorrow’s deadline for the HK Stock Exchange in the wake of allegations over conflicting bank statements and books which have triggered further audit work so as to get to the bottom of it. Thus the shares are to remain suspended over here (having had the plug pulled yesterday lunch time, “pending an announcement”). Oh dear Mr Marcus Stuttard, the Sham Sheriff of AIM, surely this could not be yet another China FRAUD on the Filthy Forty coming to light, could it? But I thought there was no problem of fraud on AIM….
In the wake of the Radio Four broadcast regarding AIM fraud on Tuesday, and as we approach the climax of the September reporting season, two companies on the ShareProphets AIM-China Filthy Forty which have now reported prove beyond doubt that the regulation of Sham Sheriff Marcus Stuttard’s beloved world’s most successful growth market is completely unfit for purpose. Those two companies are Jiasen (JSI) and Aquatic Foods (AFG). Mr Stuttard and his team of Oxymorons at AIM Regulation may protest that they are doing a good job and that there is no problem. The facts clearly demonstrate otherwise.
Well done to ShareProphets AIM-China Filthy Forty play Haike Chemical (HAIK) for being first to stick its head above the parapet this week with the release of its interims to June. One down, nine to go. The PR reads well enough: profitable for the half, lots of cash in the bank. That’s the spin – but what about the Red Flags – such as negative net current assets?
Last year’s Sept reporting season saw a raft of casualties as members of the ShareProphets AIM-China Filthy Forty either failed to release numbers on time and/or saw the Nomad quit. With less than one week to go until deadline day for interims to June 2016 (or finals to March 2016) there are ten of the remaining 17 members of our iffy index still to report (or announce that they won’t). Which will be the next to get suspended?
Just over two months on since our previous update and two more ShareProphets China AIM 'Filthy Forty' companies have followed Geong International and co in 'Geong, Geong' and then gone - and another has been suspended...
ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) issued a notice of results RNS on Wednesday, telling us that its interims to June 2016 will be released on reporting deadline day of Sept 30th. But the statement also had a massaging down of expectations slipped into it. Oh, alright, let’s call it a profit warning – but how bad?
Well that didn’t take long: at 9.53 up goes our piece (HERE) pointing to the possibility that ShareProphets AIM-China Filthy Forty play MoneySwap (SWAP) could find itself suspended out of the blue with no warning (apart from HERE) and lo and behold the shares are suspended 37 minutes later (see HERE) because the company can’t get its accounts to March out on time. In view of this and in honour of the disappearance of QE Mr Stewart Dickson (formerly Dick) from Nomad Cantor Fitzgerald in the wake of the African Potash (AFPO) scandal (see HERE) I have changed my name to Mystic Meg.
I wondered HERE whether the proposed rescue refinancing of stricken ShareProphets AIM-China Filthy Forty play MoneySwap (SWAP) could get into a spot of bother as the shares were sliding. Now they have slipped below the mooted bail-out price of 0.2c per share.
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?
In the curious world of ShareProphets AIM-China Filthy Forty play Taihua (TAIH) we have now had the result of the Open Offer which was announced in order to raise funds to pay for a share buy-back. I’ve got a great idea to get Jeremy Corbyn elected into Downing Street: let’s raise the basic rate of income tax in order to fund a cut in the basic rate of tax. I digress….This is, of course, all from a company which saw its Auditor issue a going concern emphasis of matter and a qualified opinion on its FY15 accounts in relation to trade receivables.
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.
It was announced on Monday afternoon that stricken ShareProphets AIM-China Filthy Forty play MoneySwap (SWAP) has drawn down another additional £147,000 under a keep-the-lights-on bridging facility whilst it tries to get a refinancing together. It has now borrowed $395,000 of a $200,000 facility, plus three extensions. Oh, and its CEO walked last week, with (apparently) non-Exec Chairman Craig Niven stepping in as interim CEO. Except on Monday he was still being noted as non-Exec in the RNS.
ShareProphets AIM-China Filthy Forty play Haike Chemical (HAIK) took the biscuit this morning with an update that its last trading statement was just sheer hogwash. If it was uninvestable before, finding out that an “administrative oversight” led to a 50% overstatement of revenue which has taken almost seven weeks to come to light ought to have investors shying away from their bargepoles even if wearing asbestos gloves.
It rather looks as though the ShareProphets AIM-China Filthy Forty is set for its twenty-fourth execution, in the form of Origo Partners (OPP) which has now been suspended pending financial clarification for just under the six month period which triggers automatic delisting under AIM Rule 41 (if, that is, the Oxymorons at AIM Regulation bother to enforce it). The ouzo is on ice.
Last night at no-one-is-watching o’clock (5.30pm) ShareProphets AIM-China Filthy Forty play Moneyswap (SWAP) announced that its CEO, Ms Sunny Yu had walked the plank with immediate effect. Has the cash run out yet, and will Nomad Allenby follow suit?
My thanks go to Cynical Bear for spotting the latest missive from the ShareProphets AIM-China Filthy Forty purveyor of biblical plagues, Asian Citrus (ACHL). Having seen a pretty complete disaster unfold over the last few years, the company has decided to make a move into the property game in order to broaden the sources of income and to boost the business performance of the group. Call me a cynic: given the history of natural disasters, plague, locusts and invasions by Martians, how long will it be before the buildings in question are found to be suffering from concrete cancer?
The last time we covered ShareProphets AIM-China Filthy Forty play Univision Engineering (UVEL) is was in the wake of a profit warning regarding the trading performance of a unit it owned 52.25% of and was trying to sell. But there was also the threat of m’learned friends taking a slice as the jilted bride involved in the sale of a tranche of the company rattled the sabre. On Wednesday came this:
Well this is a most bizarre situation. ShareProphets AIM-China Filthy Forty play Taihua (TAIH) has announced an underwritten one-for-three Open Offer at a 134% premium so that it can fund a share buy-back (and keep back a few quid for working capital). Has the company been taking too many doses of its own medicine?