Keyword results: OPP

OPP
OPP

Origo Partners – Told y’all!

I commented on the strange rise of ShareProhets AIM-China Filthy Forty play Origo Partners (OPP) last week, suggesting that the rise from 0.145p to a peak of over 0.4p was simply ridiculous – not, I hasten to add, that current boss John Chapman is in any way to blame.

OPP
OPP
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Filthy Forty Origo Partners – Mind the P’n’D!!

For the record, I do not believe management at ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) have anything to do with this- indeed, my view is that head honcho John Chapman is a breath of fresh air. But shares in Origo seems to have gone stark raving bonkers – only on Wednesday they closed at 0.145p and now they are 0.275p, having peaked at over 0.4p. What’s going on?

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OPP
OPP

Filthy Forty Origo – oh dear: shares collapse again to almost zero after asset bidder walks

One can only have sympathy for John Chapman, the chairman of AIM-China Filthy Forty play Origo (OPP), who came in after the damage had been done by previous management and leaving a hospital pass for whoever followed. The full horror of what Mr Chapman inherited is detailed here in the FY18 Annual Report and this morning the bad news was that Origo’s investment (and I use the term in its loosest sense) had suffered another setback as a purported bidder (unidentified!) had apparently walked in the face of a demand for arbitration being served. Given that this was about the only asset of measurable (but questionable) value, Origo shares have slumped...

Father Christmas

2019 Christmas Eve "Bury Bad News" Sweepstake result

Having been visited by the Ghost from Christmas Past I got a bit confused and befuddled over the deadline for this year’s ShareProphets Bury Bad News Christmas Sweepstake. Since then, of course, I’ve seen a few more ghosts, including the one for Christmas Present and the bury bad news sweepstake certainly threw up a good few of those (for non-shareholders). So who won?

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ShareProphets China AIM 'Filthy Forty' performance update, September – another has fallen…& yet more to follow?

Following our previous update May & another suspended, how’s the latest developments with the (few) remaining ShareProphets China AIM 'Filthy Forty'?...

IQE
IQE
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IQE – In the dock as the Equities First scandal re-emerges with an incomplete and therefore misleading statement

We have not heard from Equities First Holdings (EFH) for a while, but regular ShareProphets readers may remember the scandal which emerged five years ago whereby directors of AIM companies announced they were buying shares when, if fact, they were selling vast numbers of them to EFH with the right, but not the obligation, to buy them back. Such fine enterprises as Rob Terry fraud Quindell (QPP – now Watchstone), Igas (IGAS, under Andrew “piggy” Austin), Cloudbuy (CBUY), Angle (AGL), Optimal Payments (OPP) and, of course, IQE (IQE) were all dragged in. Well now Drew Nelson, CEO of IQE has done another deal with EFH – and the announcement stinks. Has the company learned nothing from last time, when all of the above companies had to restate and restate again?

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OPP
OPP

AIM fraud Origo Partners – hero John Chapman puts the boot in to ex board, crooked advisors, ex Nomad in excruciating detail

Fraud Origo Partners (OPP) is one of the few remaining stocks of our AIM-China Filthy Forty. One might wonder if there is hope given that it is still here but Chairman John Chapman has offered up its FY18 accounts which are truly dreadful (again) and his chairman’s letter is pretty explicit as to why. In short, Origo shows everything that is wrong with AIM: the transfer of wealth from the many (shareholders) to the few. Read it and weep Marcus Stuttard, the head of AIM and Sham Sheriff – this is your system.

Crime-Scene

Norwegian E24 goes after Chris Rynning (formerly of F40 Origo) - part 6: now Danske Bank's due diligence comes under the microscope

E24 in Norway has been having a right old go at Chris Rynning, the former boss of AIM-listed Origo Partners (OPP), having found that large amounts of cash disappeared into tax havens and investors in Origo were left wth almost nothing. In this latest episode, E24 looks at Danske Bank, which went in with NOK 0.9 million to Rynning’s venture fund, Nhack, to help entrepreneurs in China. But this year, like Innovation Norway, Danske Bank terminated the relationship.

Crime-Scene

Norwegian E24 goes after Chris Rynning (formerly of F40 Origo) - part 3: due diligence?

Chris Rynning, the former boss of ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) can rest a little easier today as we continue to follow the fine work of Norewegian E24 as the scandal of Rynning and Origo continues. Today we learn that having left Origo, Rynning was helping Norwegian entrepreneurs get a foothold in China as Innovation Norway referred them via its own website to Nhack, another Rynning company, based in Shanhai. Of course, Innovation Norway had checked him out.....hadn't they?

OPP
OPP

Norwegian E24 goes after Chris Rynning (formerly of F40 Origo) - part 2: the company credit card

This gets worse and worse for Chris Rynning, the former boss of ShareProphets AIM-China Filthy Forty play Origo Partners (OPP). Having discussed how a billion Kroner disappeared to tax-havens under this self-styled China expert, today E24 looks at the company credit card. If you thought Nilesh Jagatia of Teathers (TEA), Insprit (INSP) and Octagonal (OCT) was, ahem, generous (to himself), this appears to take the biscuit.

Crime-Scene

Norwegian Investigative journalism alive and kicking as E24 goes after F40 Origo’s former boss Chris Rynning

I have covered the scandal of ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) in some detail – see HERE. To cut a (very) long story short, it raised a pile of cash and seems to have lost almost the whole lot – apart from the generous remuneration and related party dealings – and the management paid itself a stack of bonuses just as the icing on the cake. New boss John Chapman has been forthright with what he found out on getting his feet under the table and now Norwegian outfit E24 has been looking into the original brains behind Origo, Mr Chris Rynning.

OPP
OPP

Filthy Forty Origo Partners – where’s the website gone?

I noted last month that ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) had sacked its investment adviser, Origo Advisers Limited “for cause”. Now it seems that the company’s website has disappeared, as you can see HERE – which is, of course, contrary to AIM Rules. But before I get on my high horse, I would note a few things.

OPP
OPP

Filthy Forty Origo sacks Investment Adviser, shares gain 85% - someione is 'avin' a Turkish.

AIM-China Filthy Forty play Origo Partners (OPP) has sacked its investment adviser “for cause”. Origo has been a total disaster for its investors, but a great wheeze for the investment adviser as you can see HERE: while shareholders have lost almost everything the adviser, Origo Advisers Limited (OAL), coined it in fees, bonuses and so on. You might wonder what took the company so long, but until recently the board was dominated by its investment adviser…..and then along came hero of the hour Mr John Chapman.

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ShareProphets China AIM 'Filthy Forty' performance update – October & the results season wasn't pretty

Following a corporate results season, here's a October ShareProphets China AIM 'Filthy Forty' performance update...

OPP
OPP
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KERBOOM!!! KERPOW!!! MAJOR AIM SCANDAL: hero Chairman John Chapman blows the lid on previous board and advisers at Origo – part 1

I commented back in June, when ShareProphets AIM-China Filthy Forty investment company Origo Partners (OPP) announced its FY17 results that I underestimated the new board of Origo after new Chairman John Chapman tore into the investments made under the old board and advisers. Yesterday, as Origo got its interims out on deadline day, John Chapman tore into the old crew even more. The attack (totally justified, in my humble opinion) is astonishing – no “old school tie” behaviour here, it is utterly devastating. Mind you, given that the (now former) investment adviser had coined it to the tune of $31 million in performance payments by the end of 2014, and now Origo’s shareholders have just $13.6 million to share between them (as opposed to $81 million as at June 2017) with no dividends one has to think Mr Chapman has a point. Will AIM Regulation act? (Don’t laugh too loud….)

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Filthy Forty – results deadline looms, will there be yet more casualties?

Since there are now just seven companies remaining of the original forty, and with the end of September coming up I thought it high time to have a gander across the remains of the ShareProphets AIM-China Filthy Forty.

OPP
OPP

Filthy forty Origo – reveals a true horror story. Ouzo? No thanks, I want the sick bucket

I warned on Thursday that if you are still holding, one might be tempted to compare the benefits of that versus a bag of crisps. Following a flow of dire news, on Friday ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) issued the most damning statements in its FY17 accounts, and the shares crashed by a horrifying 64%. It is truly horrifying. Step forward the investment adviser Origo Advisers (which more-or-less doubled as the company’s previous management), take a very special bow, please, Auditor BDO in Hong Kong. Take a turn, please, former Nomad Smith & Williamson. Normally at times like this I would be reaching for some of Tom Winnifrith’s Ouzo, but I can’t seem to let the sick-bucket go.

OPP
OPP

Filthy Forty Origo Partners: FY17 numbers due tomorrow, another investment disaster clocked up

On Tuesday 26 June, ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) fessed up that it had lost another boat-load of cash, this time on Kincorra Copper (TSX.V: KCC). Actually, it didn’t – we were simply told it had been sold for CAD 2 million (around US$ 1.5 million). It is not until you realise that the company had sunk US$ 8.5 million into Kincora that you see what a shambles that investment was.

OPP
OPP

Red Flags at Night Bank Holiday Special: AIM-China Filthy Forty Origo Partners

ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) issued a stonking warning on Friday night, at 5.30pm going into a bank holiday. Talk about no-one-is-watching o’clock. I previously warned in the light of a previous warning (HERE) that the question was whether the asset realisations will generate anything at all for shareholders after holders of the Zeros (whose money appears not to be contributing to OAL’s new fees) have been paid off. Last night’s RNS suggests the answer may well be nothing.

OPP
OPP

AIM-China Filthy Forty Origo warns on NAV – ouzo time as shareholders brace for another spanking

ShareProphets AIM-China Filthy Forty investment company Origo Partners (OPP) has updated the market this morning in a series of announcements which look to amount to a complete dog’s breakfast as far as shareholders are concerned. There is a new Nomad which looks to me to have been appointed in suspicious circumstances, there are proposals to change the remuneration of the company’s grotesquely overpaid advisors….and expected realisation amounts will be significantly less than the Company's last reported net asset value. What’s not to like!

OPP
OPP

F40 Origo – disposals: how’s the NAV doing?

ShareProphets AIM-China Filthy Forty play Origo (OPP) has announced a couple of disposals. With the share price still languishing on a 2-2.25p spread, compared to the last quoted NAV in the FY16 accounts of 13c (US) – call that 10p per share. After a series of scandals over massive payments to the fund manager what now for the company with scheduled redeemable/convertible prefs after the dispute with Brooks MacDonald was finally resolved?

OPP
OPP

Filthy 40 Origo borrows $2.5m at min 50% cost to keep the lights on

You may have thought that ShareProphets AIM-China Filthy Forty investment company Origo (OPP) had put its troubles behind in and was heading for calmer waters. Having finally resolved its ongoing troubles over payouts on its preference shares, reaching a deal with Brooks Macdonald, and just a couple of weeks ago given a positive update on the progress of its portfolio and realisations, this morning the company announced that it had borrowed $2.5 million with repayment terms the higher of 50% or 12% a year (non-compounded) to discharging Origo liabilities to professional advisors (excluding those of Origo Advisors Limited) existing as at 19 August 2016.

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Filthy Forty Reporting Season Update: two down (suspended), six still to report as the clock runs down.

Ten days ago we identified ten of the (only) seventeen still-listed members of the ShareProphets AIM-China Filthy Forty which had a results reporting deadline of tomorrow (Fri 30 Sept) to meet. Actually, it was eleven as although Asian Citrus (ACHL) has a year-end of March it is dual listed in Hong Kong and only gets three months to report its finals there. But it won’t make it and has been suspended – as has MoneySwap (SWAP) which can’t get its accounts out on time. Which of the Filthy Forty are still to report, with just one day to go?

China Flag

Vote Now in the Filthy Forty Pongy Poll! Which will be the next F40 casualty of the Sept 2016 reporting season?

Last year’s Sept reporting season saw a raft of casualties as members of the ShareProphets AIM-China Filthy Forty either failed to release numbers on time and/or saw the Nomad quit. With less than one week to go until deadline day for interims to June 2016 (or finals to March 2016) there are ten of the remaining 17 members of our iffy index still to report (or announce that they won’t). Which will be the next to get suspended?

China Flag

ShareProphets China AIM 'Filthy Forty' update – further more than half our index not 'Geong, Geong', but Gone…

Just over two months on since our previous update and two more ShareProphets China AIM 'Filthy Forty' companies have followed Geong International and co in 'Geong, Geong' and then gone - and another has been suspended...

OPP
OPP

Filthy 40 Origo Partners: "Notice of Results" = profit warning

ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) issued a notice of results RNS on Wednesday, telling us that its interims to June 2016 will be released on reporting deadline day of Sept 30th. But the statement also had a massaging down of expectations slipped into it. Oh, alright, let’s call it a profit warning – but how bad?

China Flag

Filthy Forty – interims deadline looms: yet more executions afoot?

Of the original 40 AIM-China companies we identified as our ShareProphets Filthy Forty, the steady attrition has seen that number whittled down to just 17 companies. The period either side of the reporting deadline for calendar 2015 numbers (30 June) saw further departures, but last year’s interims deadline saw a queue for AIM’s Death Row develop. How are we looking this time?

OPP
OPP

Filthy 40 Origo Partners – still a bargepole ahead of EGM

A week on Monday sees ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) put a series of proposals to its shareholders which it hopes will finally draw to an end the ongoing dispute with Brooks Macdonald in relation to the non-redemption of a tranche of its zeros dividend convertible preference shares. The last effort at this ended up with shareholders defeating proposals aimed at a resolution, but perhaps this time – with the threat of an orderly wind-up under the watchful eye of the Isle of Man Court in mind – perhaps it will be different this time. But the shares remain a bargepole in my view.

OPP
OPP

Origo from the Filthy Forty – Execution No. 24 pencilled in for a week on Monday as photos arrive at ShareProphets Towers

It rather looks as though the ShareProphets AIM-China Filthy Forty is set for its twenty-fourth execution, in the form of Origo Partners (OPP) which has now been suspended pending financial clarification for just under the six month period which triggers automatic delisting under AIM Rule 41 (if, that is, the Oxymorons at AIM Regulation bother to enforce it). The ouzo is on ice.

OPP
OPP

Filthy 40 Origo Partners – settlement deal on the table (again)

ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) has had its shares suspended from trading pending clarification of its financial position since 11 March this year, and with a six-month timetable to AIM execution due to expire next month things were looking dire until a no-one-is-watching o’clock RNS at 4.50pm yesterday. It seems as though there may be some light at the end of the tunnel. Has the Filthy Forty turned up some good news? I rather suspect the answer to that may just be yes.

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Filthy 40 AIM Casino Elimination Stakes – you were right! (so far…)

It seems that Yougov, Mori and whatever else the pollster are called these days have a thing or two to learn from ShareProphets polling. They keep on getting it wrong, but our readers responded to the question of how many delistings and suspensions were coming on the ShareProphets AIM-China Filthy Forty over four weeks from 17 June and half of respondents said two or three. So far, it is bang on. Mind you, there are still a few days to go.

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Filthy Forty AIM Casino Elimination Stakes: now in the final furlong but a loose horse has already crossed the line!

The race to see which of the twenty remaining ShareProphets AIM China Filthy Forty companies clocks up a suspension/delisting is hotting up as we enter the final furlong. Yesterday saw the loose horse of Grand Group (GIPO) – a non filthy forty runner but an otherwise well qualified AIM-China play nonetheless – cross the line first with a suspension as it can’t get its accounts out on time. But with a surprise late run GTS Chemical (GTS) now looks clear of the field as they head for the line after announcing plans to delist in August, subject to the forgone conclusion of a vote at its AGM.

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Filthy Forty AIM Casino Elimination Stakes – update as the race enters the final stages

I previously highlighted that a good few of the twenty remaining ShareProphets AIM-China Filthy Forty faced a reporting deadline of Thursday this week, 30 June. In honour of Royal Ascot we ran a poll which showed that readers of ShareProphets reckoned on two or three suspensions/delistings to come over the next (now) just under three weeks. The race has now entered the final three furlongs…how are the runners and riders looking?

OPP
OPP

F40 Origo Partners set to remain suspended until (at least) late July

On Friday at 5.36pm, no-one-is-watching o’clock, ShareProphets AIM-China Filthy Forty member Origo Partners (OPP) updated on court proceedings in the Isle of Man with regard to the winding-up petition presented last month.  The trial date is set for Friday 22 and Monday 25 July, which means that shares in Origo will remain suspended pending financial clarification until then. Unless, of course, Nomad Smith & Williamson decides enough is enough and resigns.

OPP
OPP

F40 Origo – a history lesson in reading Admission Documents

ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) remains suspended pending financial clarification as shareholders face a grim high noon in the Isle of Man courts when the majority holder of (now defaulting) zeros looks set to get the company forced into wind-up.

Bearcast

Tom Winnifrith Bearcast 10 March - Depressed like a Horse Shite pump post dump

I refer you to my bonus podcast earlier for the depression note. I ask you what is the point? back to the markets and I look at another Horse Hill pump and dump, step forward Regency Mines (RGM ) and Andrew Bell. Next to dump Solo (SOLO) then UK Oil & Gas (UKOG) whatever David Lenigas tweets. Then I look at Origo (OPP) and also at Sprue Aegis (SPRP)

OPP
OPP

DISGUSTING & SHOCKING: F40 Origo Partners – Where did all the money go?

A sickening email arrived at ShareProphets Towers regarding AIM-China Filthy Forty play Origo Partners (OPP). It begs all manner of questions and casts a dark shadow even by Filthy Forty standards. Who got all the money?

OPP
OPP

F40 Origo - last chance for the Walkers?

Tomorrow is an important deadline for ShareProphets AIM-China Filthy Forty play Origo Partners (OPP). It has a $12 million bill to pay and the company has already warned that it hasn't got the cash. The payment was due to be made to satisfy a planned partial redemption of Zeros. Suspension pending financial clarification, anyone?

OPP
OPP

F40 Origo Partners: The Noose Tightens

I previously commented (HERE) in the wake of ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) seeing shareholders reject proposals aimed at settling a dispute with the majority holder of its Zeros, Brooks Macdonald, that the company seemed to have a bit of a problem. In particular, one might note that the company had already ‘fessed up that it would not be able to meet scheduled redemptions next month. Now Brooks has made a move as the noose tightens.

OPP
OPP

F40 Origo finally corrects over currency (a week after we did)

ShareProphets AIM-China Filthy Forty member Origo Partners (OPP) announced last week that it had rolled over a loan to $2.5 million loan to TSX-listed Kincora Copper Ltd, but it got the currency wrong (it was CAD$, not US$ as stated). We pointed this out a week ago and yesterday the company (and its Nomad, Smith & Williamson, which no doubt checked and verified last week's foul-up of an RNS very carefully) has finally 'fessed up to the error. Seven days later.

China Flag

Filthy Forty (and others) - who is passing these as fit for UK markets? Part 5 - more disaster

Graham Chester continues his stinking series on Reporting Accountants to UK-listed China plays with a look at Team Quigley at Smith & Williamson – the one-stop shop for Chinese companies coming to the UK. How do their clients fare? Er….

OPP
OPP

More on that Filthy Forty Origo loan of US$2.5m. Or CAD$2.5m. Can it ever get repaid?

I’ve already covered the Filthy Forty AIM-China Origo Partners (OPP) RNS yesterday regarding the rolling over of a loan to Kincora Copper Ltd and whether it is US$ or CAD$. But there is more to this. For a start, Kincora announced to the market that it intended to settle the loan (and interest thereon) in shares! Except that it then retracted that statement. The question is why Origo did not convert the loan into shares, and why it went for the roll-over option instead. Is it anything to do with the likelihood of it ever getting repayment?

OPP
OPP

Filthy Forty Origo Partners updates on US$2.5m loan. Or is it Canadian $?

There seems to be a spot of confusion at ShareProphets AIM-China Filthy Forty member Origo Partners plc (OPP).  Today it updated the market on an outstanding loan of US$2.5 million to investee company Kincora Copper Ltd which due for repayment on 19 July. It has been replaced by a new loan of US$ 2.5 million. The confusion is that in its interims statement, the loan was described as being CAD$2.5 million. There’s a bit of a difference (about 30% at today’s exchange rates, source: Google).

Results round-up a festival of AIM-China Red Flags at the end a festy fortnight on the Filthy Forty.

Phew, what a scorcher! The heat really was turned up on the ShareProphets AIM-China Filthy Forty over the past two weeks. Last week we had one AIM-execution,  a suspension (and subsequent restoration) as Vmoto (VMT) announced a transaction which we find less than credible (HERE) and results from Jiasen (JSI) which prompted Tom Winnifrith to present us with a choice that he was a banana or Jiasen is a fraud. And JQW (JQW) had its operations suspended by the Chinese authorities for contraventions of advertising and pyramid-selling regulations before releasing less than convincing interims. This week saw fourteen of the Filthy Forty racing to the line to get results filed by close of play Wednesday so as to avoid automatic suspension, two of which added to the overcrowding problem on AIM’s Death Row as their Nomad quit. Here is the ShareProphets  round-up of AIM-China Red Flags served up this past week.

GNG
GNG

ShareProphets AIM-China Filthy Forty: who will be next to join the AIM-Casino Death Row?

As flagged up at the weekend HERE there were fourteen AIM-China stocks still to report by the deadline of tomorrow (Weds). It is now Tuesday and we have had just three so far- China New Energy (CNEL), GTS Chemical (GTS) and Asia Ceramics (ACHP). More on those to follow. But already we have had another one join Sino-Casino Death Row in the form of Camkids (CAMK) (see HERE).

OPP
OPP

Origo Partners – AIM-China Filthy Forty member restructures debt

I flagged HERE that AIM-China Origo Partners (OPP) had a bit of a problem with some zero dividend preference debt. This has now been resolved with the announcement of a restructuring of the liability, subject to various conditions – not least of which is a GM. But still there are Interims to come by tomorrow in order to avoid suspension. Following a 60% decline in net assets as at FY14, will we be once again singing Where has all the money gone?

GNG
GNG

Filthy Forty – more fun and games to come this week as 14 reporting deadlines loom

It was a storming week last week on the ShareProphets AIM-China Filthy Forty. But there is more to come, for Wednesday sees the end of the month and the reporting deadline for any company with a half year to the end of June, or a full year to the end of March. So what is there to look forward to?

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