AIM-listed Igas Energy (IGAS) has reported its interim numbers to June 30 2021 this morning and despite tables covering EBITDA (bullshit earnings), adjusted EBITDA (double bullshit earnings), underlying cash operating costs (more bullshit earnings) and operating cashflow numbers (yet more BS) the bottom line shows that Igas lost another whopping amount and the balance sheet shows that it was technically insolvent. If this isn’t another trainwreck in the making then I’m a banana (to borrow a phrase from Ian Hislop).
It is a while since I took a look at AIM-listed Igas Energy (IGAS) – the last big round of coverage followed Andrew Austin and his dodgy deal with Equities First, and the subsequent refinancing which we correctly called as the oil price plummeted. Today, the company revealed its accounts for FY20 and there was a striking similarity……
On more than one occasion both Tom Winnifrith and I have commented that Steve Sanderson is over-paid. It’s a claim we have both made, but neither have us put demonstrable evidenced numbers to that. I thought it was about time to substantiate and quantify just how much larger Steve Sanderson’s trouser pockets are compared to his peers, in celebration of Tom Winnifrith's virtual walk to Horse Hill yesterday.
I have dropped a note to our good friends the Oxymorons and Chocolate Teapots, of AIM Regulation and the FCA respectively, with regard to AIM-listed IQE (IQE) head honcho Dr Drew Nelson and his recent dealings with Equities First Holdings. It seems to me to be a certainty that he has not come clean over his loan that isn’t a loan, under which he is “obligated” to repurchase the shares he sold yet these deals are non-recourse (so he’s not “obligated” at all), where we were told he had cash put aside to meet margin calls but settled one with more shares, and where his margin call appears to have been reported well after the fact – or it was not the first – when, if I understand the rules correctly, all margin call matters and any other developments in relation to his EFH loan which isn’t a loan should be reported to the market within a few days.
In today's bearcast I look at FinnCrap (FCAP and two of its rotten clients: Telit (TCM) and Anglo African Oil & Gas (AAOG), at vile greed at Attis Oil & Gas (AOGL) , formerly Mayan/Northcote and at the latest FRC sanctions for shoddy audit work by Delotte and audit partner Helen George. I look at Weald Basin news from IGAS (IGAS) and what it means for Uk Oil 7 Gas (UKOG) et al and at daft Sound Energy (SOU) rumours.
It is some time since I offered any comment on AIM-listed Igas (IGAS), following the near-demise of the shares long-predicted in these parts. But last night Igas drew attention to itself by offering up an Operational Update well after hours, at 5.43pm. Talk about no-one-is-watching o’clock! You just know it wasn’t good news…..and it wasn’t!
Following the suggestion from the BBC that fully listed Interserve (IRV) was planning to tap up its shareholders for cash, and the non-denial which didn’t even mention it from Interserve, today the cat has partially escaped from the bag. We are told this morning that a Deleveraging plan [is] movng forward for announcement in early 2019. Given that year-end net debt is expected by the company to sit at between £625-650 million and the market capitalisation is (last seen) down to just £49 million it is clear that the BBC story is only partially true, as I suggested HERE.
Okay it was Julie Meyer. Whatever I think of her she is fairly hot in a weird sort of way. Anyhow I explain all in today's podcast. I then move onto IGAS (IGAS), UK Oil & Gas (UKOG), Avanti Communications (AVN), Sabien (SNT) - statement nbeeded Roland "Fatty" Cornish? And finally to Paternoster Resources (PRS) - black bag needed Amanda Van Dyke? PS My NHS Lies podcast I mentioned is HERE
AIM-listed Stanley Gibbons (SGI) published its interims on Friday 29 December – the last trading day ahead of the New Year break. Worse still, it released them at 11.07am on a stock market half day. Talk about no-one-is-watching o’clock. Unfortunately, there was plenty to watch – and none of it pleasant for the company’s shareholders.
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……
ShareProphets readership increases every week - we can tell because we're a registration site and if you unsubscribe, you are kicked off the site. We don't have a dead subscription list like other, lesser, sites.
I never thought I’d be saying this, but it is hats off the to the board which looks to have saved the company. This morning AIM-listed Igas Energy (IGAS) updated on its rescue refinancing and it looks to be a done deal. Shareholders will be feeling the pain, but as we have continually warned as the share price declined this was an inevitable consequence of the financial predicament in which the company found itself, the legacy of the Andrew “Piggy” Austin era.
Having (quite correctly) been an out-and-out bear of AIM-listed and overindebted Igas Energy (IGAS) ever since we exposed the dealings of former trougher-in-chief Andrew “Piggy” Austin (before he was shown to the edge of the plank) the potential demise of the company has been on the radar. Here are ShareProphets we have flagged up the eventual destination of massive dilution for shareholders or just a round of toast and the company duly served up proposals for a refinancing at 4.5p. I’m still not completely convinced the board will pull off this deal but despite the dilution the terms proposed look to be a remarkable achievement by the new board – IF it can get it over the line.
I’ve been saying for an age that AIM-listed Igas Energy (IGAS) was a sell and this morning the denoument has arrived. In the wake of previous boss Andrew “Piggy” Austin and his dealings with Equities First, and his legacy to the new board of a massively overindebted company, this morning came the announcement that a restructuring is being attempted at 4.5p per share. I fear that poor Tom Winnifrth senior may be further deprived of that bottle of Ouzo. Actually, if the new board manages to pull this off I will take my hat off to it but there are some hurdles to overcome first.
In the main bearcast today I touch on the Cloudtag (CTAG) fraud but that is really covered in its own bearcast HERE. I do look at RapidCloud which was suspended today and will lose its AIM listing in a month. Who warned you that this would face a "terminal conclusion" 149 days ago? Was it PR wankers Walbrook or Nomad WH Ireland or savants on the LSE Asylum? Er no, it was me HERE. I then look at Challenger (CHAL) a zero in waiting, Iofina (IOF) and IGAS (IGAS) both of which should also be zeros. I commend today's excellent piece from Nigel, the Deputy Sheriff of AIM, on the Servision (SEV) scandal HERE. I take Nomad Allenby to task for failing to comment on this and for allowing Servision to mislead mug punters. AGAIN. Finally I take apart overvalued ramp Wey Education (WEY). Its shares are up 33% today. That is a ramp not a reflection of value.
Dual-listed on AIM and in Toronto via the TSX Venture exchange slipped out a no-one-is-watching o’clock RNS last night detailing some dealings by one of its directors. I had thought that director dealings had to be reported without delay, so it comes as a bit of a surprise that dealings dating back to 4 February – all the more so given that 4 February was a Saturday. Then there is the read-across from the acquisition by SDX of the assets of the corpse that was AIM-listed Circle Oil (COP) for shareholders in fellow AIM-listed Igas (IGAS) which has a few debt problems of its own.
And so yesterday shares in AIM-listed and overindebted Igas Energy (IGAS) fell off a cliff, dropping 20% with no news released by the company. Normally one would have expected a statement, but thus far all we’ve had from Igas Towers is silence.
I have not heard back from Amit Ben Haim, CEO of the fraud Cloudtag (CTAG) about the generous offer I made him earlier HERE. I am just such an all round nice guy am I not? The bad news for him and lyin' Chris Cleverley CEO of the African Potash (AFPO) fraud is that I met with lawyers today to try to see if their is a case for those who have lost money buying shares in either fraud. We think there is and Potash will be first in line. If you have lost money on Potash my email is email@example.com and follow the instructions in this podcast AT ONCE. I also look at Management Resource Solutions (MRS) and Igas (IGAS) and remind you what it means if bonds in a company trade at a big discount to par.
Shares in over-indebted AIM-listed Igas Energy (IGAS) have not been strong of late but this morning they are down by 13% to just 8.7p (last seen) on no news. The silence from the company is deafening, especially as it faces having to redeem some of its bonds after a FY16 underspend on its conventional assets as well as having to deal with a bit of an issue with its net leverage covenants. Then there is an interest payment due on its secured bonds which the company has already indicated will cause a liquidity covenant problem. A statement is needed.
AIM-listed and over-indebted Igas Energy (IGAS) this morning announced that it is to conduct a mandatory redemption of $2.3 million of its secured bonds after investment in its conventional hydrocarbon assets fell short of the required $15 million last year by the aforesaid $2.3 million. It may seem that this is good news in that the company is being prudent, but I suspect that this is bad news on two fronts.
A year ago I made AIM-listed Igas Energy (IGAS) my one suggestion – as a sell - as part of the ShareProphets tipfest for 2016. Without wishing to sound like a broken record, it is still a sell – and the clock is really ticking now especially in the light of this morning’s RNS.
Eleven days ago I updated the death list portfolio which now sees me on ten kills from 31. However I now take Wandisco (WAND) off the death list after the recent management change. We need a replacement so entrant number 32 is ...IGAS. It looks as we may need two new entrants soon given the recent news from Worthington (WRN) and the FRAUD African Potash (AFPO) but that can wait for another day.
AIM-listed and over-indebted Igas Energy (IGAS) released a “Corporate Update” RNS this morning. It seems to say nothing we don’t already know but the ShareProphets RNS Translation Service has a few observations (original in bold).
I start with behaviour by the Mrs which is surely grounds for divorce or at least enough to see her lead off in chains by the RSPCA. Then it is back to the seven stages of grief and how it relates to shares. Then I look at the most shorted stocks on AIM as per Steve's article earlier - but also those that should be most shorted but why they are not, i.e. Cloudtag (CTAG), African Potash (AFPO) and the slam dunk zero IGAS.
I am still in the Motorway service station at the Premier Inn but head to London shortly. For tonight it is myself and the old bank robber Brokerman Dan against Mkango Resources (MKA). Bring it on bitchez! In this podcast I also look at Aquatic Foods (AFG), NAHL (NAH), Slater & Gordon (SGH), Igas (IGAS), Redcentric (RCN) and MXC Capital (MXCP)
AIM-listed and over-indebted Igas Energy (IGAS) equity may still be valued by the equity markets at £36 million but the read-across from the bond market tells a very different story. I'm sure readers don't need reminding that when the equity and bond markets disagree, it is generally the latter which wins out. With the unsecured bonds in Igas now trading all the way down at just 20.94c in the $, the implication on the equity is clear: it is toast.
Yesterday AIM-listed and over-indebted Igas Energy (IGAS) was pleased to announced that Notts County Council had approved a planning application for the development of a hydrocarbon wellsite and the drilling of two wells. This, of course, is with a view to developing a fracking project.
That AIM-listed Igas Energy (IGAS) is in trouble is in little doubt as the company battles with the over-indebtedness legacy of the Andrew “piggy” Austin days. KKR-backed Trans European Oil & Gas is in possession of a blocking holding of the secured bonds and the cash is draining away. But the latest warning sign comes not via the secured bonds, but via the unsecured bonds. The price has crashed from around 54c in the $ to just 28.6c in the $. The implication for the equity is clear.
Yesterday afternoon AIM-listed and over indebted Igas Energy (IGAS) announced that it had sold some of the secured bonds hitherto held in treasury and that this has now shored up its finances such that it now no longer expects a breach of its daily liquidity covenant in 2016. Good news? Er, no – this simply kicks the can down the road (and not very far at that).
I must rush as my morbidly obese three legged cat Oakley says he is starving and I have an appointment with the quack. On the agenda: Proteome (PRM), Turbo Power (TPS), IGAS ( ZERO) and Mkango (MKA)
Yesterday saw Sky News unmask the mystery buyer of AIM-listed and over-indebted Igas Energy (IGAS) Oslo-traded secured bonds via the recent Dutch Auction conducted at 75c in the dollar – see HERE. We already knew that the previously un-named buyer had acquired a 34% stake in the bonds – enough to block any proposed debt restructuring that it didn’t like.
It was good to see AIM-listed med-tech play Angle (AGL) announce that its CEO, Mr Andrew Newland, had successfully seen his sale-and-repurchase deal with Equities First Holdings LLC (EFH) mature at the end of its term, and that the 1.35 million shares involved were safely back in his mitts. Shareholders in Angle will welcome this – but so, it seems, does EFH. So pleased, in fact, that EFH itself released an RNS in celebration.
This website has pointed out that AIM listed IGAS has been a slam dunk sell for more than two years but for a good few months as it warned that it would breach covenants on its bonds any moron could see that the writing was on the wall. Except loyal house broker Cannacord, shamed over the Quindell fraud, its research on this has been laughable. It shows that a buy note from a house broker, especially one as shoddy as Cannacord, is just worthless. You will remember how Canaccord fired heroic Kevin Ashton, the world's number 1 tech analyst, when he refused to write a buy note on the Quindell fraud.
I am even more angry than I was on Monday. Those who have caused this are in no particular order: Reach4Entertainment (R4E), my selfish and lazy ex wife, Roger Lawson, Wishbone Gold (WSBN), Belfort Securities and whoever is responsible for the League Cup quarter final draw, I also cover in detail Avocet Mining (AVM), IGAS, Magnolia Petroloeum (MAGP) and XCite Energy (XEL)
Some good news, I think, for shareholders in AIM-listed medical technology firm Angle (AGL) which one might sense will be greeted with the same relief as the moment when an unwelcome guest leaves the house.
AIM-listed and over-indebted Igas Energy (IGAS) has just announced the result of its bondholder meeting. The unsecured debt voted the proposals through, but the secured debt voted it down. The company says it has not yet breached its bond covenants, but that this is now expected next week.
At time of writing bondholders in AIM-listed over-indebted Igas Energy (IGAS) are meeting in Oslo, having been summoned by the company to consider proposals to waive certain bond covenants while a restructuring of the company’s capital is negotiated. Igas previously indicated that a bond covenant breach was anticipated to occur this very week. Will the bondholders play ball?
This is getting to be the most used phrase on ShareProphets: you can’t say you were not warned…..And so today it is the turn of AIM-listed Xcite Energy (XEL) to get the told-you-so treatment, for this afternoon the shares were suspended and the company announced that its bondholders have walked on restructuring discussions with the company and are to instruct the bond trustee to petition for the appointment of a liquidator. In other words, short of a last-ditch effort to patch up a new deal it looks to be light out time. Shareholders are set to lose everything.
Equities First Holdings is back. You remember those chaps who "borrowed" shares from folks like Andrew Austin at IGAS, fraudster Rob Terry at Quindell (QPP) and Ronald Duncan at Cloudbuy (CBUY). Shares in all three companies crashed and all defaulted on the loans so completing what was in effect a hidden share sale. After almost two years the disgraced shysters of EFH are back and this time it is Edi Truell of Tungsten (TUNG) infamy who is dumping shares but wants to hide the fact.
The denouement has started – you can’t say you were not warned over and over again here in ShareProphets. AIM-listed and over indebted Igas Energy (IGAS) has gone cap-in-hand to its bondholders to seek a series of waivers and a standstill agreement on its bond covenants while a capital restructuring is negotiated. Shareholders face a bloodbath this side of Christmas, but already the stock is down 11% on the day.
For all the positive news of late regarding permits for the fracking industry (even if its own application for planning permission from Notts County Council saw the decision deferred to next month), AIM-listed drowning-in-debt Igas (IGAS) still has the pressing problem of staying within its bond covenants. The company stated in its interims to June 2016, released on deadline day of 30 Sept, that it was expecting to breach its daily liquidity covenant in the second half of October – that could be as early as next Monday.
There are many smaller companies on AIM that are heading for zero as they are either almost out of (other folks) cash - Avanti Communications (AVN), IGAS (IGAS) or are plain frauds like African Potash (AFPO) nor Cloudtag (CTAG). But if you are a looking for a big company with plenty of borrow that is ripe for a share price collapse look to Israeli tech stock Telit (TCM). At 278p the market cap is a monstrous £321 million, call it $400 million. That is a rum n coke.
The world still hates small oil stocks. We are not sure when that will change but given how many of the mid caps are collapsing either entirely (Afren) or surviving only via schemes that see shareholders almost wiped out ( XCite, Gulfsands, Gulf Keystone, IGAS, LGO, etc, etc) we feel we could be at a Burmah Castrol moment. Do a google search if you are too young to understand the reference!
Rarely does one find good news in results which are released at the last minute, and in the case of Igas the recent record of fairly prompt reporting suggested that leaving the interims to deadline day would be a bad omen. This morning’s numbers and, more to the point, update on the bond situation reads badly – for all the positive spin applied. The numbers aren’t good, a bond covenant breach is expected in the second half of next month and then there is the question of how long it may be before the cash simply runs out.
I start with the woes of Deutsche Bank and Commerzbank. Then on to why dogs leave it to the last minute to report results. As such I look at Strat Aero (AERO), Vislink (VLK), IGAS (IGAS), and Wolf Minerals (WLFE). I touch on Inspirit (INSP) as it runs out of cash and is - I gather - not paying suppliers. I then look at the two frauds: Highlands Natural Resources (HNR) and Cloudtag (CTAG) where the morons are as happy today as the Quindell (QPP) Morons where when those shares hit 650p. How the morons laughed at the silly old bears as they told us that £20 was on the cards. But of course those backing the Cloudtag fraud insist that it will be different this time.
When I penned my one and only suggestion in the 2015 ShareProphets Christmas tipfest, AIM-listed Igas Energy (IGAS) shares sat at 18.5p on a market capitalisation of £55.3 million. They have been all over the place since then – up as high as 21p twice and down as low as 10p. They are currently 12p as the last bubble nonsense deflates gently but has anything really changed? Er, no. The company is still drowning in debt which it can’t repay and the lit fuse is now almost ten months shorter. Igas remains a stonking sell.
On Thursday, as expected, the bond holders in Gulf Keystone (GKP) agreed to the restructuring which will give them 85.5% of the company. All that remains is for the scheme to be sanctioned in court next Friday, a formality. Within five working days of that date just shy of 20 billion shares will be dispatched to noteholders.
Happy birthday Lucian, it looks as if my son is hanging on to avoid joint parties in the future. Theresa May has a new idea on tackling fraud. Suffice to say what she proposes will damage industry and Britain PLC. I have another suggestion - enforce existing rules. Mrs May fails to understand the psyche of most fraudsters but also how useless the fraud busting agencies of the state are. I then move onto bad news for my good friend Jim Mellon at his latest AIM Disaster, Billing Services (BILL), then I cover XCite Energy (XEL) and read throughs at IGAS and Iofina (IOF). 88 Energy (88E), China fraud Zibao (ZBO) and the smelly business at Feedback (FDBK)
Great news - may father is back home from hospital so I head back up to Warwickshire in a couple of days. Thereafter between him and the Mrs entering the final month it will be less of me, Steve Moore is in charge. Bash him if anything goes wrong. In today's podcast I look at City of London (CIN), IGAS (IGAS), XCite Energy (XEL), Wishbone Gold (WSBN), Nyota (NYO) and West African Minerals (WAFM).
Who described me as evil today? A lazy thieving welfare scrounger ( i.e.a Scouser), an inbred chav with a low IQ (ie someone from the Isle of Wight) or the dumbest of them all, a Glenwick (GWIK) shareholder? I pissed off scousers on an industrial scale HERE,, the inbreds HERE and the uber morons on the Glenwick shareholder list HERE. I discuss this all in today's podcast. Then it is onto IGAS and the other UK shale plays which are all racing ahead today. Then to TrakM8 (TRAK) and Aureus (AUE) before my morbidly obese three legged cat Oakley intervenes in a very audible manner to remind us all of what really matters today.
Shares in overindebted AIM-listed Igas Energy (IGAS) have shot out of the traps this morning on news that Theresa May is in favour of fracking and wants to bribe the locals into letting it happen. There is also a technical matter announced last week that Igas underwent a capital reduction which apparently strengthens the balance sheet......if only. The share price reaction has seen the shares race ahead by as much at 47% (30% last seen) but has anything changed? Er....
It is of course Bastille Day and that, of course, prompts a few jokes at the expense of the Froggies. I then move into Gulf Keystone (GKP) and a spot of moron baiting and working out moron investing game theory. I then move to a detailed look at Digital Globe (DGS) before covering en passant XCite (XEL), LGO Energy (LGO), Trinity (TRIN), Circle Oil (COP), Premier Oil (PMO), IGAS (IGAS) and Nostra Terra (NTOG). I also comment on Glenwick (GWIK), 88 Energy (88E), Strat Aero (AERO) and Inspirit Energy (INSP)
For months and months Trinity Exploration (TRIN) has been in default on loans taken out with Citibank. Investors who declined to sell the worthless shares seemed to believe the truism that "If you owe the bank $1 you are in trouble, if you owe $1 million the bank is in trouble" as Citibank - which was actually owed $13 million declined to pull the plug. Until today. Instead of the normal weekly rollover announcement we are told:
A short bearcast because of the family situation flagged up yesterday. I start with the election of Theresa May which seems to have pleased the markets BUT NOT ME!. Then I look at Orchard Funding (ORCH), IGAS (IGAS), Avanti Communications (AVN) and Golden Saint Resources (GSR)
A few words on logistics then after today's debacle at Highlands Natural Resources (HNR) I explain why the shares are worth just 3p (or less). Then it is onto PCG Entertainment (PGCE), Jiasen (JSI), Belfort Securities and its morality vacuum, Tungsten (TUNG), Onzima (ONZ), IGAS (IGAS) and Solo (SOLO). Finally, more than a few words about Advanced Oncotherapy (AVO)
Tom Winnifrith has already quite correctly berated the Sunday Telegraph for its piece yesterday on the ongoing travails of AIM-listed Igas Energy (IGAS) and its little debt problem. The sense of desperation which saw this piece of abject puffery in a national newspaper is apparent to anyone who looks at the balance sheet, or read the comments from the company about its expected bond covenant default in the second half of this year (ie any time now). But the article reads like a dodgy RNS aimed at getting the bulletin board morons to pile in while the crony capitalists get out.
Having exposed the appalling goings on at the Daily Telegraph with regards to going bust Avanti Communications (AVN) last week, now it is the turn of the sister paper the Sunday Telegraph which on its from page today has a quite shocking piece on IGAS. This might as well have been dictated by the PR flunky it is so jaw droppingly bad.
As Gulf Keystone (GKP) sputters toward its inevitable fate, the hunt is on to spot the next equity wipeout in this space. There are quite a few runners and riders. I mentioned Xcite (XEL) a while back and Premier Oil (PMO) is also in the frame. My nap however is Igas Plc (IGAS) as the next for the chop.
Shares in AIM-listed and debt-ridden Igas Energy (IGAS) hit a new low point today of just 11.5p per share. They have since recovered to 12.25p (last seen) which is still below anything registered during the slide from the heady days when previous head honcho Andrew "piggy" Austin did his sale-and-repurchase deal with Equities First Holdings LLC. Is the penny starting to drop about how big the debt problems are?
On my personal website I have a podcast HERE about how Chilcot exposes the establishment/rest of us divide again and how this will create even more anger as the war criminal Blair walks free. My father, who is lisening to me record today, fears that he is in the firing line as a member of the establishment. I then move onto the omnishambles Boxhill (BOX), Portmeirion (PMP), Vislink (VLK), Igas (IGAS), Blenheim Natural Resources (BNR), lie and jam tomorrow producer African Potash (AFPO), Frontier Resources (FRI) and finally onto the fraudsters Eden Research (EDEN) where I will be asking for your help, dear listeners, tomorrow.
We previously flagged that the "Dutch Auction" tender offer by an un-named client of Pareto Securities for the senior secured bonds of AIM-listed Igas Energy (IGAS) might present a bit of a threat to shareholders. We've now had the result of the tender offer...
Armageddon It. I'm a getting it...maybe the morons are finally getting it as IGAS shares are now firmly on the slide, down 6% at 13.25p to sell at the time of writing. But for we bears the best is yet to come.
I’ve been a bear of Igas Energy (IGAS) ever since previous CEO Andrew “piggy” Austin’s shady dealings with Equities First Holdings LLC (EFH) when he walked away with millions in cash whilst still being able to claim that his interests in the shares were unchanged by the transaction. It ran rings around the disclosure rules. Ever since he walked (or, more likely, was pushed) it has been clear that he left the company drowning in debt and sitting on a ticking time-bomb. Yesterday came a surprise move, but one which could, perhaps, spell the end of the road for equity holders. Quite why the shares spiked (albeit temporarily) on the news is a mystery.
I start this bearcast by being nice to a bunch of folks: the bosses of Nostra Terra (NTOG), Mirada (MIRA), a junior doctor and British Airways. Then I explain why today's news from IGAS is a disaster and heralds the shares being toast. Then take apart African Potash (AFPO) after being goaded by a poltroon on twitter. Finally a final impassioned but reasoned plea to you all to ignore the lies and smears and have faith in yourself and your country and to vote for Brexit tomorrow
This morning AIM-listed and overindebted Igas Energy (IGAS) released a company update RNS. There was some positive waffle about good progress on its five year shale developments plans, pointing investors to the recent planning permission given to Third Energy for fracking to be employed at a site in Yorkshire. But it is the parlous state of Igas’ finances that this RNS addresses. It looks grim.
Shares in AIM-listed and over-indebted Igas Energy (IGAS) had a good week last week, rising by about a third in value before slipping back again. But its balance sheet problems (well documented on ShareProphets, see HERE) continue to mount and this morning it was announced that Investec has been appointed Nomad and joint Broker, replacing the previous incumbent Jefferies International. Whilst one might wonder if Jefferies jumped or was pushed, the bigger question is when the bail-out re-financing will come and how big the shafting for existing shareholders will be.
This morning AIM-listed and over-indebted Igas Energy (IGAS) released a trading update ahead of its AGM to be held this morning. The elephant in the room is, of course, its outstanding debt in the form of bonds - £103 million worth as at the last accounts – which mature in March 2018, less than two years away.
Jeepers what a fantasist. He is probably related to yesterday's Scouse fantasist. Get in the real world chaps. Moving on, in today's podcast I cover: IGAS (Igas), Highland Natural Resources (HNR), Guscio (GUSC), Armadale Capital (ACP), Chamberlin (CMH), Cyan (CYAN), Management Resources (MRS), Imaginatik (IMTK) and Mr Robert Simon Terry, the serial fraudster.
This morning came an announcement (see HERE) that North Yorkshire County Council has voted to allow the use of hydraulic fracturing to extract shale gas from a site in northern England. It is the first fracking permit in the UK since 2011 and all of a sudden over-indebted Igas Energy (IGAS) shares have leapt 25% on the news. Of course it does nothing to relieve the balance sheet issues facing Igas and as such this seems to be a cracking (or fracking) good shorting opportunity.
We polled you on Friday asking which oil mid cap did you think would follow Circle Oil (COP) in admitting that there would be little or no value left for shareholders. Which is the next oil company to admit that it is toast. And your verdict was clear. I would say that it is probably a tight race between the gold and silver medalists in this poll. You voted:
And so today, Circle Oil (COP) has admitted what anyone with half a brain cell could have figured, that it is officially toast. The question is which of the drowning in debt oil mid caps or large E&Ps will be next to fess up? There is an RNS from Gulf Keystone (GKP) today saying its bondhoders have given it another 11 days but could it be overtaken by XCite (XEL), whose shares are sliding as the clock ticks? Other oilcos in breach of loans include Trinity Exploration (TRIN) and LGO Energy (LGO) while the yield on IGAS debt suggests it is in the merde. So who will be next to admit it's toast, to use either the word "administration" or the phrase "little or no value for shareholders". Voting deadline is midnight tonight.
Yup I am still clean and 99.9% of the time very glad to be. But I know that if I have just one fag it will be all over. So I will not. I digress. Today's podcast covers my little internet difficulties here in Kambos then goes onto Aureus Mining (AUE), Circle Oil (COP), IGAS (IGAS), LGO Energy (LGO) and Gulf Keystone (GKP). Finally I urge regular listener Marcus Stuttard, head of the oxymorons at AIM Regulation, to read the utterly shocking Phil Edmonds and Andrew Groves tale HERE as it shows what a shite job the bogus Sheriff is doing.
24 hours to go to UK Investor and I am screaming at all comers, I really hate the days in the run up to the show. Anyhow (it will all be over tomorrow and I hope you have a great time. Can someone bring me a bottle of ouzo to dull the pain afterwards? On today's podcast I look at the Restaurant Group (RTN) and what its profits warning says about the economy and consumer behaviour. I look at David Lenigas associated shite Octagonal (OCT) and its rum and coke statement, Nighthawk (HAWK), London Capital (LCG), Igas (IGAS) and make a general observation about oil prices and oil stocks.
AIM-listed Igas Energy (IGAS) is my share tip of the year – as a sell. This morning saw its results for the 9-month period to Dec 2015 which did nothing to make me change my stance. Indeed there was a clear warning that the company is on course to breach its bond covenants during H2. The shares remain a stonking sell.
And yet again the Bulletin Board Morons take something of a battering because they thought they knew better. This time it is - essentially bankrupt - Petroceltic (PCI), shares in which have this morning been suspended pending clarification. Ooops a daisy.
Last night at no-one-is-watching o'clock (6.15pm) fully listed Tullow Oil (TLW) released an RNS entitled Director/PDMR shareholding. At first sight it appears to be a disclosure of option awards. Nothing to get excited about then. But there was also a notification of options being exercised, with some being sold to meet tax liabilities. Still not all that exciting? Read on, and we learn that....
The weekend press is full of stories of doom and gloom and dividend cuts for BP (BP.) and Shell and clearly there are a stack of smaller companies that are totally screwed and where shareholders are likely to face total wipeout. In that vein I discuss Magnolia (MAGP), Igas (IGAS), Gulf Keystone (GKP), XCite (XEL) and, of course, LGO Energy (TOAST). But is there a case for buying oil shares as a long term invester. I look at a few cases from BP down to Union Jack Oil (UJO). Perhaps there is no rush but the time will come.
Andrew “piggy” Austin, the former CEO of AIM-listed Igas (IGAS) and head honcho of newly listed RockRose Energy (RRE) has submitted an interesting TR-1 which was released by Igas yesterday afternoon. It raises a number of questions, not least of which is whether it was erroneous. Surely the Equities First Holdings LLP (EFH) saga is not taking yet another twist, is it?
I am sorry for the delayed podcast but I am only just back from time in the Grim Northern welfare safari with the mother in law and thus can now let myself go with a volley of bad language. I end with an explanation of who benefitted from the £150 million + Himex fraud at Quindell (QPP) laid bare earlier HERE and how it also affects Watchstone (WTG). Before that I talk of my annoyance on the silly blogger spats and the explain the difference between a cash shell and an investment company and why I regard our work on exposing the latter as invaluable. In the middle segment I have more bad news for oil companies such as XCite (XEL), IGAS (IGAS), Petroceltic (PCI) & Gulf Keystone (GKP) and for the sector as a whole but also for the markets. Dont blame China, we bears are still in the driving seat.
We have already flagged up a bit of a mis-match of data between the Admission Document and the Companies House filings of the newly floated RockRose Energy (RRE) on a Standard Listing of the Main Market of the London Stock Exchange – see HERE. But on the day of that first article, Companies House later showed that a correction had been filed (on 7 Jan 2016, as it turns out). A further filing appeared the next day (filed on Christmas Eve). What it seems to show is that the Admission Document was just plain wrong. Or the filings are wrong – even after the correction. This is turning into a farce from Andrew “Piggy” Austin, formerly of IGAS.
I raised questions over the veracity of either the Admission Document or the Companies House filings (HERE) of disgraced former Igas boss Andrew "piggy" Austin's new vehicle, RockRose Energy (RRE) with its Standard Listing on the main board of the London Stock Exchange. Now it seems that there are one or two corrections being processed by Companies House.
This morning saw the return of Andrew “piggy” Austin of IGAS infamy to the London Stock Exchange with the Standard Listing of his new vehicle, Rockrose Energy (RRE). Incoming punters paid 50p a share for (at best) about 41p of assets – nice work for the Broker, Macquarie Capital. But there are a few problems which arise when comparing the Admission Document (HERE) with the company’s Companies House filings. For starters, what is the nominal value of the shares? Is it 2p or 20p? And just how many shares have been issued? This looks to be a pig in a poke.
I think that Koovs (KOOV) is a basket case anyway but the manner in which it disclosed information - or lack of it - this morning is disgusting and treats private investors with contempt. The Gulf Keystone (GKP ) RNS is a shocker & I have cut my target price to well below 10p. Some folks just don't seem to accept how the oil price has changed everything and I discuss why certain stocks are now well and truly toast notably Northern Petroleum (NOP), IGAS (IGAS) and LGO Energy (TOAST). I am delighted to see that Cynical Bear's articles yesterday have had some impact and comment on Corero (CNS) in detail. And then Afriag (AFRI). Its my birthday tomorrow and I have a present for Yusuf Kajee to celebrate. Incoming!
In junk bond fund land the closures are accelerating. I look at what is going wrong and why it will go more wrong in 2016 and the UK PLCs which will find themselves deep in the merde as a result. I identify, Avanti Communications (AVN), Gulf Keystone (GKP) and IGas (IGAS) but I am sure you can think of others.
Shares in AIM-listed Igas (IGAS) have been heading south for almost two years. First we had the oil price coming off sharply. Then we had the Equities First scandal involving the former CEO selling shares when the market was told he was buying. And then the oil price slid some more. In early 2014 the shares peaked at 160p and it has been downhill all the way since then. The Christmas Eve close at 18.5p values the company at £55.3 million (source: ADVFN). But there is much further to go. Here are ten reasons why.
We have noted already - in the wake of dire interims - that AIM-listed Igas Energy (IGAS) has seen its bonds selling off to well below par value, and that Igas has warned on its bond covenants. The sell-off on its bonds has continued. With the shares having headed south before a bounce in the wake of favourable permitting news, shareholders might want to note the latest move in the bond price: it says sell.
Featuring shares in AFC Energy (AFC), African Potash (AFPO), Concha (CHA), IGas Energy (IGAS), Pinnacle (PINN) Technology and W Resources (WRES) with share price targets for all six stocks.
In this podcast I discuss OPEC and the oil price. I think you should have some oil exposure via BP (BP.A) and I am intyerested in a couple of gas plays, notably Ascent (AST). But I remain uber bearish on oil juniors as I have been (correctly) for four years. Among those heading for zero which I discuss are Gulf Keystone (GKP), Xcite Energy (XEL), IGAS (IGAS), Mosman Oil & Gas (MSMN), Northern Petroleum (NOP) and LGO Energy (LGO). And there are others take may not hit zero within a year but which still face share price decimation such as Solo (SOLO) and the Horse Shite/ Horse Hill Gatwick Gusher plays.
Yesterday Nigel Somerville quite correctly flagged up why IGAS (IGAS) is a slam dunk sell. It seems that at least one City broker has picked up on this and joins the attack today. Over to Andrew Monk of VSA who writes:
We noted the other day that AIM-listed Igas Energy (IGAS) had warned on its bond covenants in the dire Interims statement released last week. But it appears that we are not the only ones a tad concerned about Igas’ financial health.
In today's podcast I cheer on Paul Scott in his twitter battle with Roger Lawson (see HERE). Then it is onto Globo (GBO) and where we are now. Then I look at the companies announcing at no-one is watching O'Clock yesterday: IGAS (IGAS), EKF Diagnostics (EKF), ADVFN (AFN) and Gulf Keystone (GKP)
If you want me to analyse a stock for you just drop me a line at firstname.lastname@example.org - Today I look at shares in ARM Holdings (ARM), IGas (IGAS), ITM Power (ITM) and setting share price targets for all three stocks
In this podcast I have hot gossip concerning ex IGAS (IGAS) boss Andrew "Piggy" Austin - I know that Wildes will be shouting karma! I also look at Ultima Networks (UTN), Jiasen (JSI) and Bagir (BAGR) and have a snippet of information on Sefton (SER) regarding Jimmyliar Ellerton and foxy Carol
Featuring a look at the shares of Amur Minerals (AMC), Clean Air Power (CAP), IGas Energy (IGAS), Range Resources (RRL), Teathers Financial (TEA) and Tern (TERN), with share price targets for each.
As revealed HERE by Tom Winnifrith, when the shares of Cloudbuy plc (CBUY) were tanking back in March of this year, Equities First Holdings LLC was selling the shares handed to it by Cloudbuy Chairman Ronald Duncan as part of his ‘loan’ deal. A margin-call trigger point of 19.5p (mid) was avoided by the tiniest margin – which could have seen him forced to walk from his deal, and thus lock in hefty profits for Equities First. The question at the time was how Equities First was contractually prohibited from going short, yet they were surely doing just that if they sold while they remained contractually obliged to hand back the shares at the end of the deal. I guess you’d have to be a very highly trained and expensive lawyer to understand why this is all absolutely fine.
Last year Optimal Payments (OPAY) was forced to come (semi) clean over a loan package between its CEO, Mr Joel Leonoff, and Equities First Holdings LLC (EFH). Optimal originally told that market on 1 April 2014 that Mr Leonoff had pledged 1.5 million shares in the company as collateral for a loan of approx. £4m, but failed to mention a few details such as the non-recourse nature of the package and that EFH was free just to dump the stock into the market. This did not become clear until it was exposed on ShareProphets last autumn and resulted in a number of clarifications from Optimal, along with AIM-listed Igas (IGAS), Cloudbuy (CBUY), Quindell (QPP), IQE (IQE) and Angle (AGL).
In today's podcast I relay my experience of Argos, there is always something new in life. Anyhow I now have new headphones so I hope the sound quality is better. Then onto Daniel Stewart, Rob Terry, Imaginatik, Mwana Africa, ValirX, biotech in general, Auhua Clean and IGAS
I covered a few cursory matters yesterday (HERE) regarding the stepping down of Andrew Austin as CEO of IGas Energy plc (IGAS) and the diabolical trading statement issued yesterday. We are told that Mr Austin will hang around to ensure a smooth transition – rather reminiscent of the situation at Coms when Dave Brieth stepped down but would hang around for the same reason. Except that in Mr Brieth’s case he was then selling shares in what appeared to be a close period, a bit of a problem but for the fact that he was no longer running the show and, indeed, we gather that he has not been on site since walking the plank. So what of Mr Austin’s holding in IGas – and his disgraceful EFH deal?
Finally, some sixteen months or so after the disgrace of Andrew ‘Piggy’ Austin’s sale of 7,500,000 shares to Equities First Holdings LLC in return for a non-recourse loan when he had been announced by RNS to be buying shares, he has been sent to the Corporate Butchers’ shop. After a period when the IGas (IGAS) share price has fallen from a peak of around 160p to the current 30p or thereabouts (having hit lows of below 20p), and the train-wreck of the deal to buy Dart Energy (at least for Dart’s shareholders) someone had to pay the price.
I explain the trouser predicament I face at the end of the podcast. It is all to do with UK Investor Show on Saturday and I look forward to seeing you there. Before we get to my issue today I look at Ultrasis (toast), Daniel Stewart, Sefton Resources, Kromek, Igas, Horse Hill nonsense and Optimal Payments
It seems that my comments in yesterday's bearcast on Gulf Keystone have sent cheerleader for the Gulf loons Paul Curtis into a bit of a frenzy. And so while he takes a bit of medication to calm down I have another go. Then, via Igas, it is on to Horse Hill where today's press coverage is shockingly bad and I have another detailed review of what on earth is going on.
Today's podcast has to start with the runners and riders in the great Horse Hill stakes. After today's news are the shares still cheap or a stonking short. I move on to hot rumours about Igas and to a taster of what is to come on Gate Ventures. It is then onto Afren, Daniel Stewart and a return to old fave ( and sender of snotty lawyers letters) Globo
Enough is enough. Tom Winnifrith’s revelation that EFH has dumped the entire holding of 2.25 million shares transferred to it by Cloudbuy (CBUY) Chairman Ronald Duncan is shocking. It makes a total mockery of the disclosure requirements demanded by the FCA and AIM Regulation and as such I have today written an open letter to the heads of those two bodies, Mr Marcus Stuttard and Mr Martin Wheatley.
I have always rather liked Ronald Duncan of Cloudbuy (CBUY) because he has the most excellent taste in music and is also a thoroughly decent man. I am sorry he got dragged into the Equities First Holdings mess and I put that down to naiveté and a desire to purchase a nice house not malice. I am thus delighted to report some breaking news which is good news for Ronald and Cloudbuy but opens up a whole new can of worms for EFH and a few other directors.
Last year ShareProphets broke the scandal of AIM company directors taking loans from Equities First Holdings LLP (EFH) and entering into sale-and-repurchase agreements over shares in their companies as collateral. There were various conditions which would trigger a default which required either the transfer of further shares or cash to EFH, or there was the option just to walk away. Within days the first of the AIM companies (Quindell) saw former boss, the insider dealer, Mr Robert Simon Terry walk away under the non-recourse terms – he kept the money. Now a second one is on the hook.
I save the best, Quindell, to the end of the podcast but ahead of that cover Gulfsands Petroleum, Igas, Gulf Keystone, Northern Petroleum, Mosman Oil & Gas, Afren, Digital Globe ( read Steve's piece HERE), Daniel Stewart, Gate Ventures before ending with Quenron and PWC.
Last year ShareProphets broke the story of how Equities First Holdings LLP was doing stock loans to AIM listed companies whereby the stock was sold to EFH who were then themselves free to sell the stock into the market. Because these deals appear to have margin call clauses, substantial falls in the price of the stock can trigger a default. It may come as no surprise, then, that the share prices of the stocks concerned have not seen universally stellar performance.
Just a quick mention of the 57 year old punk who made my week - the full article is HERE. In the main podcast I look at oil stocks and ask is it time to buy? The answer is no - Gulf Keystone and Afren could both still fall by another 75%. I look at them, Igas and Mosman. Then onto why small City brokers are ALL failing and what needs to change
This weekend gone on ShareProphets we had yet more revelations on Tern, on the Equities First scandal involving Quindell, Igas and others and also on Worthington. This comes at a cost to us, the smear campaign has accelerated with unfounded claims that we employ illegal immigrants and with Worthington making defamatory statements about Tom Winnifrith. However..
How much longer will the London Stock Exchange permit discredited Nomad Jefferies International to cover up the scandalous behaviour of its clients? After enabling IGas Energy’s (IGAS) lying CEO Andrew Austin to disguise his deeply discounted £7,000,000 share sale, it now looks like Jefferies has failed even more catastrophically in its duties to shareholders of African Minerals (AMI).
Oh dear, a Nomad who was approached by Equities First Holdings LLC urging it to get its corporate clients to engage in its dodgy share trades has come forward and revealed that brown envelopes were involved. So which Nomad or Nomads have taken one and is this not a conflict of interest?
As a company director it is hard to admit that you are wrong. And thus good money is thrown after bad. That is what is happening at Northern Petroleum (NOP) and for shareholders to get anything back the board must be sacked now.
I start - as I would always do when I err - with an apology and correction on Scholium as per yesterday's Bearcast. I then go onto high handed CEOs who say they do not care about Private Investors and get a big come uppance. Step forward the little shit who runs Northern Petroleum, Keith Bush. I comment on Inspirit and Ambrian and going back to oil I disagree strngly with Ben Turney (HERE), Gulf Keystone remains a stonking sell. I also touch on Igas, Afren and Hurricane. En passant I touch on the china frauds like China Chaitek and Camkids.
I am in a good mood. Why am I in a good mood? I do not know.. But I am. And thus I am well set to be beastly to everybody but I think that I have just managed a whole podcast without swearing. Let's put that down as a first but not a precedent. On this edition I discuss oil prices and Max Petroleum, Afren, Igas and Gulf Keystone. What does blood on the streets mean for this sector. I look at Scholium, Oracle Coalfields and also why I am right to be bearish and Comrade Malcolm Stacey is wrong to be bullish about equities.
A jolly old romp around the AIM casino today dedicated to "The Sheriff of AIM" Mr Marcus Studdart who has made the casino the most respected exchange in the known universe. Not. In this podcast I look at Afren, Hunter Resources, ValiRx, Igas, Pressure Technology, Premier Farnell, Tomco, Corero and Infrastrata
Following my (unanswered) open letter to Jefferies International (Nomad to IGas) in the wake of having inspected the share register and finding a 10.25 million shareholding registered on 25 Nov 2014 (HERE ), I have now asked AIM Regulation to look into the matter.
Heck it is free speech day for me every day. In today's podcast I look at Sefton, Quindell, Afren, Igas, ISG, Insectco, Ascent Resources, Mosman Oil & Gas, Mopowered & Outsourcery
Last week's meltdown in the share price at Afren (AFR) shows how devastatingly fast is the transfer of ownership from shareholders to debt holders when a company's loan covenants are breached.
We are enjoying a good run on ShareProphets. In January, we have “scalped” three AIM casino stocks which we have been targeting: Naibu, Pressfit and Beacon Hill Resources. Newt Seaman reckons he has TXO and Nigel Somerville is doing heroic work on Andrew "Piggy" Austin of IGAS. My work on the China frauds, Rangers FC and Quenron continues. You want more, we'd like your help and here is how.
Having already published an open letter to IGas’ (IGAS) Nomad, Jefferies International, asking it to look into a holding of 10.25m shares registered to Bank of New York Nominees on 25 November 2014 (HERE) which exceeds 3% of the issued shares I have been doing some number crunching. The results throw up either the most incredible coincidence, or a demonstration that IGas CEO Andrew Austin has handed over 2.75m more shares to EFH than the 7.5m shares disclosed the very next day after this 10.25m share holding was registered. Here is why.
In the light of the controversy over Andrew "Piggy" Austin’s deal with Equities First Holdings LLC and the questions over margin calls, your intrepid reporter met up with Tom Winnifrith on Tuesday to have a look at the shareholder register in Bristol. If Tom thinks this demonstrates what an exciting life he must lead, mine must be even more so as I had to travel further, to Tom’s home town! What did we find?
Two companies snuck out news at no-one is watching O'Clock on Friday. I was, And so there is comment and a mini scoop on Igas and also on the POS that is Arian Silver. Then I turn to the Greek Election and offer my thoughts and forecasts.
In the light of our studies of the rulebook here on ShareProphets and the disgrace that is IGas’ (IGAS) CEO’s lack of transparency over his dealings with Equities First Holdings LLC, I have today written to ask AIM Regulation for clarification on a number of points. I have a nasty feeling that things are simply going to get worse and worse for Andrew “piggy” Austin.
A year and five days ago Andrew “Piggy” Austin announced he was buying shares in Igas (IGAS) at 135p sending the stock up to 147p. Sadly that was untrue he made a net £7 million from selling/loaning shares to dodgy Equities First Holdings LLC at 93p. Such dodgy deals always have a level at which there is a margin call. FFS the shares are now just 30.5p
In today's podcast I start with oil stocks and oil prices and discuss why I would not touch any of them with a bargepole - particular mentions of Tangiers Petroleum, Falklands Oil & gas, Rockhopper, Igas, Northern Petroleum and the rampers of Mosman Oil & Gas. I then move onto Quindell discussing whether my 0p target is too low.
Andrew Monk, the CEO of broker VSA Resources has this morning suggested that Igas (IGAS) is both a potential bid target but also already in default on its bonds, methinks he overeggs a bit on both counts.
Yesterday I ran a piece saying that IGas (IGAS) was still not complying with DTR 3 of the Disclosure and Transparency Rules in the FCA rule book. It isn’t, but it turns out that DTR 3 does not apply to AIM companies, not that I managed to glean that from the DTR rules, although it can be inferred from the AIM Rules in the Guidance Notes. Mea Culpa, then and I apologise for the error. But AIM Rule 17 contains much the same requirements and so here is a corrected version of that piece. For the record, DTR 5 (rules governing disclosure of holdings greater that 3%) DOES apply to AIM Companies.
Today is the one year anniversary of the first dodgyEquities First Holdings LLC share deal on AIM. It was a year ago that Andrew Piggy Austin of IGAS said he was buying shares when in fact he made £7 million with his EFH loan/sale agreement. Today we will be celebrating that day all day lest Piggy forget.
In this piggycast special I look at Andrew Austin of Igas and why he has failed as a CEO and why he has misled shareholders and is thus not a fit and proper person to run a PLC. I discuss the bid rumours and explain why they should offer zero support to the share price. Apologies for the ten second gap mid podcast - keep listening through it. The message is clear. Piggy must go NOW!
ShareProphets broke the story of the Equities First Holdings LLC (EFH) loans scandal back in November 2014. We nailed the EFH six – IGas (IGAS), Quindell (QPP), Optimal Payments (OPAY), Cloudbuy (CBUY), IQE (IQE) and Angle (AGL) for not giving adequate disclosure of the dealings of their directors with regard to deals with EFH. All those companies were in the end (and some rather more reluctantly than others) forced into clarifications. But it turns out that the FCA has also issued a clarification too!
Nigel Somerville, the Deputy Sheriff, has done some sterling work. This morning he revealed the loophole that those clever people at Equities First Holdings exploit to allow directors to sell shares to them (at a whopping discount), without declaring the sales. Unfortunately for IGas Energy (IGAS) CEO Andrew Austin, this revelation leaves him with some explaining to do. It is now clear that Mr Austin sold 7.5million shares to Equities First, who must have sold at least 1.425million of them to comply with the FCA’s disclosure regulations. This makes a mockery of IGas’ AIM Rule 26 disclosure about Mr Austin’s holding and calls further into question Mr Austin’s declarations concerning the Dart Energy takeover. Above all it betrays Mr Austin as the liar he is.
One year ago, IGas Energy CEO Andrew Austin deceived his shareholders. He issued an RNS claiming to have bought 300,000 of his company’s shares, when in fact he had net sold 7,200,000. After weeks of painstaking research, and on the anniversary of this shameful episode, ShareProphets can exclusively reveal the loophole the like of Mr Austin have sought to exploit to get around the Disclosure and Transparency Rules (DTR) through their dodgy deals with Equities First Holdings LLC (EFH). The explanation is complicated, but the results are both shocking and appalling. Through EFH directors can sell stock and not declare it. The FCA must close this loophole now.
Again I am a little late with today's podcast. Back to normal in Bristol on Friday but I have an excuse. On the agenda today, Touchstone Gold and crony capitalist Steve Berry, equity valuations, Alecto, Northern Petroleum, oil prices, IGAS ( happy anniversary to Andrew "Piggy Austin" ahead of tomorrow), Optimal Payments, LGO Energy, Enteq Upstream and Paul Scott.
Infamous bear raider Lucian Miers is of the view that the oil price is not going to spike higher in a hurry and that this is going to cause real pain across the sector. He has made money shorting Afren (AFR) where the debt looks company consuming at current oil prices but perhaps the bid will save it so Miers has closed that position. However...
In this podcast I look at levels of disclosure in trading statements and how only some companies understand who owns them (shareholders). I cover, en passant ,Michael Page and in detail Igas, Leyshon Energy, Iofina and Northern Petroleum (also covered today HERE)
In today's podcast I refer to the excellent Black Swan 2015 review by Richard Poulden which you should all read. I cover the issue of how low the oil price could go but also what we as investors should assume that it will be. I touch on IGAS and Northern Petroleum (both shorts). And the I look at the issue of what constitutes market abuse in the Bulletin Board Moron community
Yesterday 12 journalists were murdered by those who deny free speech. Today on the LSE asylum others who do not believe in free speech are at work. They may not be murderers but they are no less despicable. I start with that matter and Quindell and move on to cover Kenmare, Global Energy Developments, Tern, Igas, Sainsbury and Tesco, Touchstone Gold and Northwest Investment Group.
Quindell (QPP) later. For now I look at Boohoo, ASOS, Sainsbury, Majestic Wines, whether online retailers should get a premium to offline retailers and comment en passant on Range Resources and Tern but in detail on IGAS and in total detail on the disgraceful behaviour of Mr Steve Berry and Touchstone Gold. This is truly disgusting and the man has no place on the AIM casino while Touchstone is officially a POS.
It is traditional at this time of the year to reflect upon the previous twelve months: the successes, the failures, the surprises, the changes and to consider how one might do it all a bit better over the next year.
It is a special Bearcast as I make a number of Sheriff of AIM New Year Resolutions. And then I go onto to explain why the following are the least wanted men on the AIM Casino and what I plan to do about it to make their working lives a living hell in 2015:
In two previous articles HERE and HERE I have identified four material breaches of the ‘Scheme Implementation Agreement’ (SIA) under which AIM listed IGas completed its all-paper takeover of Aussie-listed Dart Energy. Each of those breaches is serious enough to call the whole deal into question. But what of the role of IGas’ Nomad, Jefferies International?
In this penultimate podcast of 2014, I look at Sefton Resources, Peter Landau, Range Resources, Black Mountain Resources, Patisserie and especially Igas and its utterly disgraced CEO Andrew Piggy Austin for whom the questions mount.
In my last piece on IGas HERE I described in detail how IGas (IGAS) breached the ‘Scheme Implementation Agreement’ (SIA) which governed the conduct of the all-paper deal in which IGas took over Aussie-listed Dart Energy.
Nigel Somerville, the Deputy Sheriff of AIM, has been far too kind to IGas Energy (IGAS) CEO Andrew Austin. In a devastating series of revelations, Nigel exposed three material breaches by Mr Austin of IGas’ Scheme Implementation Agreement (SIA), which governed the takeover of Dart Energy. Any one of these breaches could have been grounds for termination of the takeover, but Nigel stopped short of saying one thing. He didn’t call Mr Austin a goddamned liar.
In my macro themes for 2015 article HERE I stated that I was fundamentally bearish on equities and as such half of my ten tips of the year would be shorts. Another theme for 2015 (as it was for 2014) was an extreme aversion to oil stocks. In that vein I return to Igas (IGAS) which I first suggested shorting at 56p a month or so ago HERE but where I am now halving my target price to 10p making this my second top short for 2015.
Happy Christmas to you all - unless you are a director of Quindell. More on that later. This Bearcast explains why Ben Turney is 100% wrong to back the board at Gulfsands Petroleum - it should be booted out at once. I also look at Charaat Gold (pathetic placing), Deltex Medical (POS & Profits warning) and at a range of oil juniors notably Mosman Oil & Gas, Northern Petroleum, Enegi Oil and IGAS - suggesting a new stress test for your holdings in this sector.
The prize will be a champagne meal for two at Real Man Pizza Company or something similar as today we launch the new ShareProphets competition which will run throughout 2015. Welcome to AIM Casino Fantasy Football own Goal. The Rules are simple.
I have been looking in detail at the takeover by IGas (IGAS) of Aussie-based Dart Energy over the summer of this year - an all-paper deal which, at time of announcement, offered a substantial premium to the prevailing share price of Dart. Since the deal was first agreed by the two Boards, Igas’ share price has fallen substantially to leave former Dart shareholders nursing hefty losses. But there are skeletons in the closet:
Even by the shocking standards of disclosure on AIM, January 16th’s RNS from IGas Energy (IGAS) takes some beating. Titled “Director Share Purchase and Finance Facility” this has to be one of the most shameful announcements released in recent years.
The Oil price slide throws up some interesting opportunities on the AIM market. I have shorted a basket of five stocks on the basis that if it continues to fall or stays at these levels they will get into serious financial difficulty very rapidly. If it rallies the upside is hopefully limited by management practices that are unlikely to reward shareholders.
The behaviour of IGas Energy (IGAS) CEO Andrew Austin is appalling. Director share sales will always cause disquiet among shareholders. However, dumping nearly three quarters of one’s holding and attempting to disguise this as a share purchase is a treacherous and rapacious act. This cannot be an acceptable standard of behaviour for the director of a publicly listed company. Mr Austin has to go.
Okay that grabbed your attention. I do not believe it but that was the claim made by an industry grey hair as we chatted yesterday. Some will go under however, the world has changed. I look at IGAS, Northern Petroleum, Adriatic Oil, Spitfire Oil, Mosman Oil & Gas in particular and the sector in general in a podcast special
Thanks to the joys of the internet we have a sample contract for those Equities First Holdings LLP (EFH) so-called loan deals. It makes fascinating reading - you can read it HERE.Note that it is held on the USA’s Securities and Exchange Commission (SEC) website: I think we can assume it is genuine! Given that EFH is a one product company, this contract gives us a solid basis for a model contract with directors the EFH Six (Optimal payments, IGAS, Cloudbuy, IQE, Quenron and Aengle), which we can now test against disclosures made.
I am preparing to film a crony capitalism special video outside the "champagne" Christmas party of disgraced soon to be ex Nomad Daniel Stewart. Its staff have publically said they want to beat me up for pointing out that they are wankers who float frauds. Maybe they were lying about that too. I also cover the new Danial Cesspit, ZAI Corporate Finance, Pressfit (DS client), Oracle Coalfieds,Ultrasis, Naibu, IGAS and, of course, Quindell ( a fraud floated by Daniel Stewart).
IGAS CEO Andrew “piggy” Austin still has not come clean on his shoddy Equities First Holdings LLC loan/share sale deal – FFS at what price is your margin call piggy? But that is the least of his woes. I reckon that the shares are worth 20p at best (see HERE) but now even his own house broker Canaccord ( yes those mothers of Quenron fame) is flagging up a potential gaping balance sheet issue.
Shares in IGAS (IGAS) now trade at a year low of 49.25p. IMHO they are heading a lot lower – 20p is my target as you can see HERE. But even at the current dismal level the question is “when is the margin call on CEO Andrew Austin’s Equities First Holdings LLC share sale (oops I mean loan) set to kick in?
Taking a look at Optimal Payments (OPAY) 2013 Annual Report has been an interesting experience. Having looked at the remuneration of Andrew Austin at IGas (IGAS) – which looked generous to a fault – I wondered what sort of package Mr Joel Leonoff might be on. I have thus far clocked up no less than seven different routes by which Optimal has been rewarding Mr Leonoff. Now I have no quibble with top-notch work getting suitably rewarded - don’t get me wrong. But the value of his packages does seem to me to be right up there with the best of the snouts-in-the-trough merchants. But first, a big fat porkie pie Gotcha!
With IGas (IGAS) seemingly having to issue re-clarifications every few days (and there will be more I fancy…) we turn once again to Optimal payments (OPAY_. We have already forced out two clarifications (after hours Fri 15 Nov and pre-market Mon 17 Nov buried in a trading statement). It is striking that of the six plcs caught up in the EFH scandal, three have come fairly clean – notably Angle (AGL), but Cloudbuy (CBUY) and Quindell (QPP) have revealed much. IQE (IQE) has been fairly forthcoming too. And then there are IGAS and Optimal, who are having information dragged out of them only with the greatest of reluctance. For those two companies, our rope – like their shareholders – is long and strong.
I am in a good mood. The olive pickers are picking and I have a great Quindell article to come. Oh dear. It relates to today's Quindell Quiz. ETA 3 PM ish. Elsewhere I look at IGAS ( a warning for piggy Austin), Naibu, China Chaintek, Pressfit, Stellar Resources, ReThink (a scandal), ValiRx (a dog) and am cheered by the news that someone from Daniel Stewart last night told a colleague of mine that he wanted to beat me up. These folks who float fraud after fraud don't like it up 'em do they?
Things are hotting up for AIM Cesspit-listed IGas (IGAS) and its beleaguered CEO Andrew Austin in relation to his ‘loan’ deal with Equities First Holdings LLC. I remind you that this is a one-product finance company, and we have read one of its loan-deal contracts held on the SEC website in the US very carefully. Thus far we have not yet seen a British one, but we think it will be largely the same. Some of the AIM companies caught up in the EFH scandal have been rather more open than others when it has come to clarifying details of the deal. And that brings us back to the issue of margin calls.
IGas (IGAS) has this morning admitted that it got its numbers wrong last week. Yesterday’s piece on today’s RNS HERE on Shareprophets was, er, prophetic.
In the light of yesterday’s piece on boardroom piggery, wrong figures in RNSs, incorrect data given to Dart’s shareholders etc – you can read it HERE I have now checked through all IGas’ share issue announcements and Companies House Filings, with particular regard to the holdings and ‘interests’ of CEO Andrew Austin.
Last week IGas (IGAS) accompanied a dire set of results with another statement regarding the shabby dealings of CEO Andrew Austin with the dodgy American firm Equities First Holdings LLC. As usual it was deceitful and inaccurate.
It is hat-tip time once again to Jason. He’s understandably a bit miffed - he feels that Dart Shareholders were not given full disclosure of the true picture with IGas (IGAS) ahead of the recommended takeover of Dart in relation to the shareholding of IGas CEO Andrew Austin. He thought that Mr Austin actually HELD almost 11m shares in the company offering its own paper to buy Dart, but it seems that in fact he held fewer than 3,500,000 shares, with the rest in the form of an option. I would feel the same in his shoes. And so I thought it time to get to the truth about Mr Austin’s director interests and director holdings.
There are three reasons why IGAS (IGAS) shares are a screaming short at 56p. One is that the shale bubble is set to burst. Greed will turn to revulsion and any company that has used the word shale in release after release to ramp its shares in the good times will now suffer the backlash. The second is Andrew Austin, the CEO. He is still not telling the truth, the whole truth and nothing but the truth on his Equities First Holdings LLC dodgy share trades. That makes the stock uninvestable until he fesses up and quits. It is only a matter of time. The third...
On 4 November IGas (IGAS) Ceo Andrew Austin gave a telephone interview to Proactive Investors. You can watch that video HERE . You know the form: IGAS pays Proactive a fee and it asks really soft questions and pretends that it is objective journalism. In it, when asked about the share price performance, he said ‘it is depressing me’. I wonder if he had forgotten to take his dose of Prozac that day. Or was it more to do with his sale and repurchase ‘loan’ deal with Equities First Holdings LLC?
After a brief look at the San Leon (SLE) accounts for 2012 into 2013 I feel even more aggravated by the strokes pulled by directors on the take. Today we hear the confessions of a CEO from IGAS Mr Andrew Austin who through RNS release admits his part in the Equities First Holdings LLC facility here . It would seem that the markets are not really clear on such deals but looking at the Quindell (QPP) saga you can just feel which way this is going to end up for Austin. I'm sure writers will be lining up to pull the CEO apart by his bullshit statements of how he's aligned to his shareholders yadda '' Frack off Austin, you are full of shit ''
I read with utter horror Wednesday’s RNS regarding Mr Austin’s Equities First Holdings LLC (EFH) ‘loan’ deal which, ahem, clarified that the previous clarification that the original RNS was all correct was in fact (cough, splutter) unclear. It was wrong. It was misleading. What a total shambles! How any CEO could survive this - and what follows - is beyond me. Gallows at the ready, then.
How stupid does the board of IGas Energy (IGAS) think its shareholders are? This is an interesting question to reflect on this afternoon, after the company released this morning’s disgraceful RNS in pitiful defence of CEO Andrew Austin’s “Sale & Repurchase” agreement with Equities First Holdings LLC. Despite all the evidence to the contrary, IGAS is still desperately trying to portray this arrangement as a bona fide loan. This is madness. It is lying to its shareholders and the statement - coming after fairly dismal interims earlier - is a disgrace. Austin should be sacked at once.
In yesterday’s piece HERE I discussed IGAS and its takeover of Aussie-listed Dart Energy with regard to disclosures not given to Dart’s shareholders about IGAS CEO Andrew Austin’s EFH ‘loan’ deal as announced by RNS on 16 Jan 2014, which had stated that Mr Austin had transferred shares in the company to Equities First Holdings as security for a loan. All the other companies caught up in the EFH scandal have clarified that the deal did involve the handing over of title and voting rights to EFH (i.e. they were disposals) albeit the ‘loan’ deal contains an option to buy the shares back. But IGAS and its Nomad still refuse to concede that Mr Austin’s deal was the same. So now we come to the farm-out deal with Total and its implications, the potential ugliness of which might finally get a full disclosure of the EFH deal out of IGAS and its ostrich of a Nomad.
In January 2014, IGAS (IGAS) announced that its CEO had transferred shares in the company to Equities Frist Holdings LLC as security for a loan. We have asked several times for clarification on this because the EFH contracts we have seen all show that the transfer is of title and voting rights.
Today it was announced that the liar, insider dealer and fraudster Rob Terry was stepping down from Quindell (QPP). But he also announced that:
ShareProphets has some intelligent people leaving comments on the articles written. The IQs must be about 2 Standard Deviations higher than that of a chat room poster, to judge by the response I receive, and the commentators’ research has sometimes been better than mine.
Forget today’s news that a well has been spudded in some grim Northern welfare addicted hell hole. Let’s deal with the real issue here. On Friday 14th November iGas released a terse announcement: “IGas Energy notes the recent movement in its share price and confirms the detail contained in the statement on 16 January, in respect of Andrew Austin's facility with Energy First Partners LLP, is full and correct disclosure for the purposes of the AIM and Disclosure and Transparency Rules.” But it was not.
Each year a sell-out dinner takes place attended by over 1300 AIM company directors, Nomads, brokers, accountants, lawyers, analysts, people from the financial PR and investor relations industries and the media. It is the largest AIM gathering in the City calendar, according to the AIM AWARDS website, http://www.aim-awards.co.uk . Lots of mutual back-slapping goes on as they ‘celebrate outstanding achievement on the world’s most successful growth market’.
The AIM Casino scandal involving Equities First Holdings LLC is going to get an awful lot worse. Heads will roll with Optimal Payments (OPAY) and IGAS (IGAS) firmly in the firing line but directors at Cloudbuy (CBUY), IQE (IQE), Angle (AGL) and ,of course, Quenron (QPP) also exposed. For the latter, at least, this is probably not their greatest concern. The sad truth is that none of the six have said enough and ALL need to clarify the clarification statements. Until they do all six firms are uninvestable. This and specific crmes are examined in this podcast special.
Its back to the regular BearCast now although I suggest that you all listen to my Quindell, how grim is the cash position special HERE from a couple of hours ago. In this edition I look at the ongoing Equities First Holdings LLC scandal rocking the AIM Casino, IGAS, Optimal Payments and of course Quenron. I then look at old favourite CPP, Cyprotex and Reach4E. I will have a look at Concha over the weekend, apologies on that one I forgot to "deal with it" today.
Lest it not be forgotten, The AIM casino holds Equities First Holdings LLP (EFH) in such high regard that it not only allowed EFH to sponsor this year’s AIM Awards, but even got one of their number ( the witch Elena Clarici) to sit on the judging panel. What fine, upstanding citizens those fine fellows at EFH must be.
IGAS (IGAS) has today tried to clarify share trades made by its CEO Andrew Austen. It has failed abysmally and now needs to clarify its clarification. This is a farce and the advisers - the lamentable Jefferies – should be walking the plank right now.
With a very big hat tip to ‘ROB’ who posted a comment on my article “Equities First and a cancer at the heart of the AIM Cesspit” I bring you Optimal Payments (OPAY) which is, according to ADVFN, a £668 million enterprise trading on the AIM Cesspit. I have to say that I have not the slightest clue what this company does, but that is not the point.
Fidelity is dumping its shares in Quenron (QPP) and I explain what this means. Jefferies is defending IGAS (IGAS) by doing nothing and I explian why it is so foolish to do so. This will explode in the face of IGAS and its piss poor Nomad. A quick ten minute blast - no holds barred stuff
If I were an IGas (IGAS) shareholder, I would be more than a little miffed. While the truth is being slowly extracted like a painful tooth from NOMADs Cenkos (Quindell} and Westhouse (Cloudbuy) over their clients’ dealings with Equity First Holdings LLC (EFH), Jefferies maintains a deafening and belligerent silence.
I start with a couple of the less pleasant tweets and Bulletin Board posts of the day. Some folks really are sad mothers. I move on to IGAS and then to Proteome and Globo before having a detailed butchers at Gulfsands Petroleum (GPX) and its (lack of) cash position. I end with a discussion of investor rage at the state of AIM. This is 2002 all over again. What is driving it and is there a great healer other than time.
Infamous bear raider Lucian Miers has today written to the FCA regarding the Equity First Holding LLC scandal that iis tearing the heart out of the AIM Casino. Explianing clearly why market abuse has taken place he demands that heads roll. The letter follows:
In this BearCast Special I explain exactly how Equities First Holdings LLC operates. When it sells the shares AIM directors transfer to it and why that means that ALL of the AIM directors involved have broken the law. That is Quindell (QPP), IGAS (IGAS), Cloudbuy (CBUY), IQE (IQE) and Angle (AGL). There then follows the misleading statements. But then I turn to the negligence of Nomads, Cenkos, Canaccord and Hanson Westhouse and why that should be career ending for some. And the to why Equities First and its employees should be struck off by the FCA. This scandal is enormous and for many involved professional disgrace is the least of their worries.
Not yet off his face celebrating vindication on Quindell, Tom Winnifrith outlines further thoughts on Quenron itself but also loks at the whole issue of what really makes for balance sheet backing. In that vein he looks at Serco ( warning today). He then looks at the other stocks caught up in the Equities First Holdings LLC scandal, notably IGAS (IGAS) and also comments on Weatherley International, Northern Petroleum and Verdes Asset Management
Quenron (QPP) is not the first company to do business with Equity First Holdings LLC – step forward IGAS Energy (IGAS) which for reasons I shall explain below may well be the first domino to topple in what is brewing up as a mammoth scandal.
By next week it is more than likely that Quindell (QPP) shares will be suspended as the Equities First Scandal reaches boiling point as I explain again in today’s BearCast. That begs questions about IQE and IGas.