Manx Financial (MFX) the AIM listed bank based on the Isle of Man, where my pal Jim Mellon is the second largest shareholder and also the chairman, has announced a raft of board changes. No offence intended Jim, but from a G as in Governance perspective this sucks. Now Manx is very well and conservatively run so this is not suggesting anything is amiss but it is how it looks.
Having commented on the potential insider trading and undeclared related party deal at Predator Oil and Gas (PRD) only a few days ago and triggered Tom Winnifrith to write to the FCA, I’ve been drawn back again to look at a few further aspects. So often when you find something really questionable going on within a company, it is rarely a one-off and it would appear to be the case for this company.
Okay, tomorrow is the big day. If you are yet to donate please do so HERE as the Rogue Bloggers are now just over £2,000 off target. In today’s podcast, I discuss at length issues arising from the Skinbiotherapeutics (SBTX) and Optibiotix (OPTI) issue where Steve O’Hara says a man who took a company to the Isle of Man knows nothing about tax! Then onto the fraud Zoetic (ZOE), company specific issues and the wider one, raised by promoter David Lenigas today, of the increased risk caused by margin buying of small caps.
Shares in long term dog IMC Exploration (IMC) have soared on news that it is to do an RTO of the company owning the Karaberd gold mine in Armenia. But is what it says in the RNS the whole truth or has it engaged in a deal on an asset originally awarded on a questionable basis and with a company that has screwed local people and welshed on a string of financial commitments?
Following Monday’s bombshell expose on this site about a $20 million funding which clearly breaches Isle of Man Companies Law, Bahamas Petroleum (BPC) has today been forced into a partial ‘fess but still plans to go ahead with the illegal funding
Telit Communications (TCM) reckoned that a cash offer of £1.948 from Isle of Man based asset management business per share fundamentally undervalued the company. Dbay disagreed so has pulled the offer. Ooops.
As a loyal former citizen of the Isle of Man I feel that it is my duty to go to my good friends at its Financial Services Authority on Bucks Hill in Douglas to dob in Bahamas Petroleum (BPC) for apparently breaking the law with its disguised death spiral placing announced today. Crime should not pay. Have they abolished birching for naughty Nomads on the island yet?.
I am sure we all think that the bank we bank with is useless. But changing banks is such a pain in the arse. I’ve experienced it firsthand. Direct debits go awry, auto payments on your card bounce, you have to remember a new PIN, and so we don’t bother. But boy, Barclays (BARC) in the Isle of Man is in a class of its own for being useless.
Happy Hop-tu-naa to any listeners in the Isle of Man, and happy Halloweebn to the rest of you. I start the podcast with a handy tip on dealing with the Trick or Treat menace. This afternoon I head off with Joshua to deal with the bastards at Barclays (see yesterday's bearcast) and I will report back on that tomorrow. I look at Crawshaw (CRAW), I3 Energy (I3E) doing a Cathy Newman, at Photonstar Led (PSL)) which is toast, Online Blockchain (OBC), at FastJet (FJET), lessons for Neil Woodford from GYG (GYG) and elsewhere and why Thirsty Paul Scott and others should keep December 3 free.
The Guardian's coverage of the Paradise Papers has now turned to my old friend the Isle of Man based fugitive from Korean justice, Mr Jim Mellon. The Grauniad's coverage goes far but, sadly, its journalists fall for some slam dunk lies. This all concerns the Hoxton Pony,a fashionable bar in uber hip Shoreditch. I used to live round the corner and know it well.
Of course when I was a crony capitalist I spent a couple of years in the Isle of Man with its progressive tax system. That was all legit, it is called tax avoidance (legal) not tax evasion (illegal) but it is clear that the IOM facilitates a stack of illegal tax evasion. I am not shocked by the Paradise Papers revelations on this and explain why. Elsewhere there is follow on work on Totally (TLY) looking at more red flags and the vanity of sales, then coverage of Red Emperor (RMP) and P:aragon Entertainment (PEL)
Having had the run around from my Barclays team in Douglas, Isle of Man as I described on bearcast yesterday, I was advised to go to a Barclays branch in Bristol with two forms of ID to change its records of whom I worked for. As I had a dental appointment in town I walked to the main Barclays branch in central Bristol, at Broadmead, where the bastards then wasted another forty five minutes of my life with sheer incompetence.
I reflect on how we gym users suffer and on how dealing with Barclays Bank as a customer has made me so angry today. I hate the banksters and make a few unkind comments about the Isle of Man. Then it is onto Feedback (FDBK) and a detailed look at Cyan (CYN) and an awful broker note you can read HERE from Beaufort which I tear apart. I really despair at how bent AIM has become. What is the point of being honest anymore?
Mugged pensioner Jim Bagot still has an outstanding gripe with AIM-listed WH Ireland (WHI). ShareProphets can reveal that tomorrow he will be back outside its London offices to resume his protest.
This podcast contains bad language, please be warned. There are a couple of Isle of Man related issue and I then move onto: Snoozebox (ZZZ), Outsourcery (TOAST), Cambian (CMBN), Cobham (COB), earnings visibility and consumer spending patterns, Paul Scott, Nyota (NYO), Carpetright (CPR), Austin Reed and Falcon Acquisitions (FAL).
My old pal Jim Mellon is an ardent Europsceptic who campaigns for Brexit although, as a resident of the Isle of Man, he cannot actually vote himself in the great referendum. But all power to his elbow and I am sure that his offshore donations will be put to good use. But there is surely some irony in today's announcement from SalvaRx (SALV) where Jim is the largest shareholder and chairman.
I am meant to have a Premier account with Barclays (BARC) in the Isle of Man. Fear not I declare my net interest ( bugger all) each year as I keep sod all in the account. But this Premier service is dire and has tormented me for 24 hours.
This surely is terrible news for shareholders in ShareProphets AIM-China Filthy Forty play Origo Partners (OPP): an RNS shortly before close of play yesterday saw the announcement of the results of a series of meetings which had been called to consider the restructuring of a series of debts (or, rather, convertible zero dividend preference shares). The holders of the zeros voted it through but, oh dear, those pesky ordinary shareholders did not. The result: Origo could be toast.
Hello Share Samplers. As I write this, there is a dire threat of the heaviest rainfall in my West Wales neck of the woods for 100 years. It seems to be the next incarnation of that huge snow fall which covered New York. Though as the temperature here is a mid spring 13 degrees, it will fall as rain, not the magical sparkly stuff.
Shares in Hotel Corporation (HCP) have moved back to 1.3-1.5p because there are signs of life. This is an ideal cash shell for someone with a track record of doing deals. But right now it is doing nothing. The two directors are Derek Short – a septuagenarian crony capitalist drawing £25,000 a year for sipping G&Ts in Jersey ( no tax there) and David Craine an Isle of Man Crony Capitalist drawing another £25,000 for doing sweet FA from another tax haven.
Once every three years, the long suffering shareholders in AIM casino listed Bahamas Petroleum (BPC) get the chance to get rid of CEO Simon “Harry” Potter – the next chance is next week and this is why I urge all investors to send Harry packing.
Ultrasis shares (ULT) were suspended on the AIM Casino on March 31 because it appears that Mr Paul Bell,on whose support it was reliant, might not be able to provide the funds. What Ultrasis has not ‘fessed up to is the reason: Mr Bell seems to be in a spot of bother with the Old Bill.
Nominally I have a premium account with Barclays Wealth International in the Isle of Man. Given how most of its customers are multi-millionaire tax dodgers my tiny account (balance on Monday 90p because Darren forgot to pay me in full last month) must be a bit of an anomaly but still I am meant to get a premium service. If that is the case God help the rest of you with a “standard service”
As the Quenron (QPP) share price slips away losing more and more of the hard earned savings of the morons who have invested in this company which has demonstrably lied to its shareholders in a serial fashion, the morons response is sheer comedy genius. Today’s twitter moron of the week is Ron Clifton @CliftonPlace who is possibly the thickest of all the Quindell morons on twitter.