G3 (G3E) used to be known as Green Dragon Gas (GDG) and on 4th October 2013 I published an explosive dossier despite quite explicit threats to me if I did so. The shares were then 229p and, natch, the Oxymorons at AIM Regulation did nothing. Today the shares are 10.35p but after the latest RNS, that is 10.35p too high.
Big news today from the shysters at Green Dragon Gas (GDG) but does it change anything? Over to the City's No 1 oil analyst Zak "the Knife" Phillips at SP Angel who does not hold back:
Apologies for the lack of a bearcast yesterday, I was just feeling tired and hacked off with the world of work. So you can have two today. I start with a look at the markets covering Greka Drilling (GDL) and related party dog Green Dragon (GDG). Then it is onto Mothercare (MTC), BCA Marketplace (BCA), On Line (ONL) and finally in some detail Westminster Group (WSG) where I wonder if the curse of Tony Baldry is about to strike.
Drowning in debt and red flags POS Green Dragon (GDG) admitted on 30 October that it was in talks with bondholders to push out repayment terms and it promised that those talks - which had been undserway for a while - would be concluded by 20 November. Well maybe not.
It was Tom’s idea to call me “Evil Banksta”, the “Banksta” bit is simple: I work for a global investment bank in corporate finance (which bank is irrelevant as I write here in a personal capacity). The “Evil” bit is Tom’s embellishment, you could never meet a nicer, more honest, investment banker! But this is simply background so that you know where I’m coming from when I write that Green Dragon Gas (GDG) has not a snowball's chance in hell of refinancing its maturing bonds; it is inevitably heading for default.
Green Dragon Gas (GDG) still has not answered the questions posed by the bloody dossier almost four years ago HERE. That made it uninvestable in my book. Its chairman Randeep Gewal was in London yesterday pressing the flesh at Proactive Investors - always a sign that a hat is being dusted off. I am sure he schmoozed the dumb mug punters present but here are a few things he probably did not mention but which you can find in the 2016 annual report HERE.
We have long pointed out what a dog Green Dragon (GDG) is. Its failure to answer the questions in the bloody dossier HERE was the biggest red flag. Now the City's top oil analyst, Zac "the Knife" Phillips of SP Angel has gone on the attack, calling for regime change and warning that the company's assets could end up with its creditors, i.e. the equity could be worthless. The Knife writes:
I have a few more words on the Triumph of The Donald and the demise of Crooked Hillary. Ha! But my main thoughts on that are HERE. Then I look at Avanti Communications (AVN), Andalas (ADL), Green Dragon (GDG) and Greka Drilling (GDL) before having a detailed look at Mosman (MSMN) shares in which are up by 260% today which is bonkers.
AIM Casino traded Greka Drilling (GDL) was born out of Green Dragon Gas (GDG). It was financial engineering designed to create the (false) impression of value creation. An operations update today is noteable for what it does not say rather than what it does because the reality is that this £14.7 million capitalised company is bust and has been for a while. The target price for the shares, now 3.7p, is 0p. Zero.
Okay I am celebrating the impending departure of Afriag (AFRI) from AIM so might get a bit carried away in this podcast, there is a bit of bad langauge. Other than dancing on the PLC grave of Jabba The Hutt as he tries to spin this disaster I look at: Green Dragon Gas (GDG) - PLACING AHOY - Servision (SEV), Jiasen (JSI), TrakM8 (TRAK), Fusionex (FXI), Independent Resources (IRG) and Plexus (POS).
If you want me to analyse a stock for you just drop me a line at email@example.com - Today I look at AO World (AO), Green Dragon (GDG), PureCircle (PURE).
In the old days Oilbarrel Conferences used to be graced by the likes of Cairn Energy (CNE) & Tullow Oil (TLW) and were packed out. These days, a combination of serial under-deliverers and promoters looking to ramp ahead of the next funding tend to present. Last week’s line up was so dire that if you are among the handful of attendees we provide this handy crib sheet of questions for dogs Range Resources (RRL), Green Dragon (GDG) and Northern Petroleum (NOP). Oh, and for good measure, we also include Mosman Oil & Gas (MSMN), in a well timed appearance.