Over the past few weeks a chap called Greg Smith and his side kick Jeremy Read have been schmoozing folks in London and Paris to raise $7 million for a company called Latin America Resources. There is a glossy investor deck which I have talking about gushing oil production in the Atzam field in Guatemala and some folks may have been tempted. I suggest that investing in this company without knowing the REAL 20 year back story is financial suicide.
In the next 11 days we will be in Court at least once (snake oil salesman Darren Winters Round 5) but perhaps more of African Potash makes Tom a happy man and sues him for libel. He says he really does want to "see the Potash bitchez in Court!" For those company executives who consider legal letters journalists as a way of dimming pesky sunlight, I'd like to quote a bit of an article ShareProphets linked to last week. It's regarding Theranos, the once sky-high medical diagnostics firm that has had quite the fall to Earth.
In the past seven days, 42,201 unique readers read 76,973 pages on ShareProphets. The circulation of the Investors Chronicle is c30,000. Shares is less than half of that. To our critics who think we do not count, we say think again.
We have featured a range of total wrong'uns on these pages during 2015 but who do you think was the biggest stockmarket villain of the year? Rob Terry for the Quindell fraud but also for his Knob Park antics at Imaginatik and Daniel Cesspit or was he the 2014 villain? David Lenigas for the fiasco at Lenigas Cuba and the disgraceful antics of Afriag as well as the Horse Hill fiasco? Peter Landau for finally getting his comeuppance? Criminal and liar Chris Oil who surely gets his collar felt in 2016? Naibu's Houyan Lin? What about Costis from Globo? The AIM Casino short list is in fact a depressingly long list but you can vote from the dirty dozen I have shortlisted below. Deadline midnight 3rd January
One of the happiest moments of my Christmas was learning that Aussie scumbag Peter Landau of Range Resources (RRL), Continental Coal (COOL), Black Mountain Silver (BMZ) and Okap infamy has had his assets frozen by an Aussie Court. As Wildes would say...Karma.To celebrate the fall of Pirate Pete, I invite you to post a suitable caption for the picture below in the comments section. Please do not hold back.. Deadline Monday morning
Oh happy days, oh happy days. This may be a small crumb of comfort for investors in Range Resources (RRL) or Black Mountain Silver (BMZ) but Pirate Pete Landau has had his assets frozen in Australia by the Federal Court in Perth. As I remind myself of the numerous lawyers letters I received for exposing Range and our great work on exposing Black Mountain I feel it is almost ouzo o'clock already.
The disclosure standards at Range Resources (RRL) are truly abysmal. As a mere blogger (certainly not a financial journalist!), this is clear to me. Under previous CEO, Rory Scott Russell, it looked like the company was turning the corner and adopting a more candid approach towards investor relations. Then came last November’s coup and the rise to prominence of Peter Landau’s close business associate, David Chen. All progress was immediately abandoned and old Range was back. Buried in today’s quarterly report there is a crucial bit of information, not previously announced. Range has voluntarily paid Lind $5million.
AIM dog Polemos (PLMO) - or should that be PMSL - is a cash shell formerly run by the great promoter Big Dave Lenigas but now run by his sidekick Donald Strang. Assuming its assets held for resale are realised at the half year 2014 book value it should still be sitting on cash and cash equivalents of c£200,000 but that probably only gives it to Christmas until it has to pass the hat around again.
Last October, Peter Landau’s disastrous Continental Coal (COOL) announced the cancellation of its admission to AIM, after its shares had been suspended for six months. On April 28th, Range Resources (RRL) announced (to the shock of everyone, I am sure) that Core Capital Management would not be able to complete its $60million funding package, by the end of that month. Range granted Core an extension until today. We’ve just been told that Core has failed to meet that deadline and the funding deal is off. Worse still, Range has been suspended for just over five months, meaning it is one month away from an automatic delisting.
He sent me a string of lawyers letters but today Peter Landau lost his last AIM directorship as Black Mountain was booted off the casino. Hooray. Coke & Hookers for myself and Oakley tonight. I look at three other companies that may well go the same way, Insetco, Daniel Stewart and Gate Ventures and how the issue of Nomad resignation works. I also look at Advanced Oncotherapy, Torotrak and discuss when Uk Investor Show videos will start to appear - we will start very soon with a Horse Hill treat.PS You still have until 4.30 PM TODAY to enter the UK Investor Greek Hovel prize draw HERE
Disgraced Aussie promoter Peter Landau has no shame. Investors have lost almost everything on Range Resources (RRL) while Landau has trousered millions via his Okap Ventures Company. Shares in Black Mountain Resources (BMZ) remain suspended. Yet the money grubbing bastard is back for more as he plans, I can exclusively reveal, his next IPO.
How many more appalling RNS announcements can New Old Range Resources (RRL) release before the company’s shareholders finally wake up to what is happening, right in front of them?! No sooner had I published my piece detailing the shady links between Range Non-Executive Chairman David Chen and the rapacious Peter Landau (laced with generous payments, naturally), Range’s board shoved a poisoned pill down the company’s throat. Having engineered a deliberate default of the company’s $15million financing package from Lind Asset Management, Range’s directors have cornered their shareholders. The threat is clear. Accept the Core funding or die.
Scratch away at the surface of New Old Range Resources (RRL) and it is obvious nothing material has changed since Peter Landau left the company in disgrace. The same cabal of business associates appear as intent as ever on bleeding the company dry. At the head of this group, at least as far as Range is concerned, now stands new non-executive Chairman, David Chen. Mr Chen has no operational oil and gas experience. However, he was paid 42,742,654 unlisted 1p options as an “advisor” in the murky Abraham investment. It certainly pays well to be an associate of Mr Landau’s, less well if you are misfortunate enough to be one of his shareholders…
New Old Range Resources (RRL) just gets better and better. With each announcement it releases, there is less and less hope for the company’s long suffering shareholders. It looks more and more like the old guard at Range never really went away. The only question that remains after today’s latest, appalling RNS is why this wretched company doesn’t just drop the pretence and officially welcome back Peter Landau into the fold?
Leopards do not change their spots. In this podcast I look at the omnishambles which is the fraud Quindell, at Tern (the Deputy is going to get you Mr Angus Forrest!), at Motive TV ( I am going to get you) and at Peter Landau and Black Mountain - I am going to get you Pete Landau. There are also more words of praise for the one and only Paul Scott.
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:
The merciless asset stripping of Range Resources (RRL) accelerated yesterday. Under the cover of a smokescreen letter to the Range Investor Group and the extremely vague forecast that 3,000bopd is possible at the company’s Beach Marcelle waterflood project, LandOcean has grabbed itself Range’s drilling services subsidiary for next to nothing. This doesn’t bode well and I am now more convinced that it is curtains for Range’s long-suffering shareholders unless they can get themselves organised and gain direct representation on the Range board of directors.
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.
Shareholders in Range Resources (RRL) have less than three months to save their investments. If it wasn’t clear already, Friday’s announcement was little more than a low-ball takeover offer. Dressed up as a $110million pair of funding packages, in fact all the company’s Chinese suitors did was drop the pretence of the last six months.
Any hopes for “new” Range Resources (RRL) were obliterated this morning, with the announcement of a $300,000 share payment to Empire Equity as a final “termination payment” for financial advisory services.
We’ve hardly been chief cheerleaders for New Range Resources (RRL) here at ShareProphets. However, the efforts of CEO Rory Scott Russell and his team were slowly starting to win me (but not TW) over. In dealing with the Augean stables left behind by Peter Landau, Mr Scott Russell had embraced an openness, never before experienced by long-suffering shareholders of this wretched company. It is true that there were some justified complaints about the level and speed of some of Mr Scott Russell’s disclosures, but for the most part this man was a paragon of virtue compared to his predecessor. To be dumped from his job, because shareholders couldn’t be bothered to vote in the latest AGM is a travesty.
Today’s epic disaster of an annual report from Range Resources (RRL) cannot have come as a shock to anyone. Worse is still to come. By any stretch of the imagination Range is vastly overvalued. At 1.07p (last seen), Range is valued at £53.4million. The company has just announced a $102.5million loss, has never been able to cover its costs, has substantially written down the value of its “assets” and has just been forced to borrow another $15million (what happened to the “game-changing” LandOcean deal?!). To top it all off Chief Executive Rory Scott Russell made the hugely embarrassing admission the company is “unlikely to meet [his] previously stated target of an exit rate of 1,000 barrels of oil a day by the end of 2014”. Apparently Mr Scott Russell is now confident of achieving this goal in H1 of 2015. Given the steaming mountain of manure he has had to shovel his way through since he took charge of Range in February, perhaps Mr Scott Russell has earned a little leeway in hitting his production target. This doesn’t change Range’s overvaluation problem. Nor does it solve the cash flow problems. Nor does it answer a far more relevant question. Just what has happened to all of Range’s money?
This morning suspended Continental Coal (COOL) issued the prospectus for its apparent A$35.1million fund raising. Existing shareholders have been warned if they don’t take up their allotments of 9 new shares for every 1 share they currently hold, their holdings will effectively be diluted to oblivion. In the simplest possible terms anyone considering putting money into this lost cause is out of his or her mind.
Back in April 2013 Range Resources (RRL), then run by Peter Landau agreed to buy International Petroleum Limited, a company stablished and run by convicted heroin dealer Frank Timis. IPT was technically insolvent but Landau was happy to hand over 40% of an enlarged Range share capital to get his hands on this POS and so also loaned International Petroleum $8 million. The cash was repayable of the deal fell through and Range got security over IPT’s Russian assets. The deal fell through. Range has today given us an update on getting the cash back which is truly laughable. It is sheer comedy genius.
Almost exactly two years to the day since Black Mountain Resources (BMZ) listed on AIM and this morning we got yet another RNS from the company with sampling results from its New Departure Silver “Mine”. Although Black Mountain boasts that some of these results include “grades never before seen with historical results”, in practical terms this announcement means very little. In its original Admission to AIM statement, on July 25th 2012, Black Mountain claimed its objective was “to rapidly recommence low cost silver production at Conjecture and New Departure Projects in Q4 2012”. Now in Q3 2014 and the company’s failure to deliver on its operational goals looks like an increasingly bad joke.
Range Resources (RRL) has seen a dramatic turn-around recently, but now needs to start delivering. As recently as mid-April it was sat at an all-time low of just 0.61p and there were fears for its future as it struggled to re-pay debts that were due. Then along came a financing deal with Abraham Limited which cleared pretty much all of the money owed and triggered a change in sentiment.
Last week we asked readers to vote on which company they thought would be next to send a lawyer’s letter to myself, Tom Winnifrith. The readers have spoken clearly - exactly half of those taking part think that Quindell (QPP) is about to piss its shareholders cash away with a legal threat.
The Sheriff of AIM is feeling rather fragile today in the wake of the AIM Cesspit awards dinner. Do not expect a great deal of output from me today. I had a good time and think that others did too. The wine and beer flowed freely, Evil and Lucian Miers gave good talks and David Lenigas pitched in with his thoughts on Nomads. A brave Quindell (QPP) shareholder turned up and was teased a bit but took it well. But you want to know who won.
I have not had a lawyer’s letter for more than two weeks. I can only conclude either that the greedy fat cat City Bully Boy lawyers are all sipping corporate champagne at Wimbledon or that I am slipping and being too much of a nice guy for my own good. It is only a matter of time and so I invite readers to guess who will send me my next lawyer’s letter. And, to help you select which scumbags are likely to win, I offer a handy form guide.
On Monday, I published a public call for the AIM Investigations Team (AIM Regulation) to investigate the Platinum Partners loans scandal. This morning, we heard that Peter Landau and Anthony Eastman (directors at the time the loans were entered into and throughout the period they weren’t reported) have stood down from the company. Range claims that this is “part of a corporate restructuring initiative”, but the timing doesn’t look like a coincidence to me. If I am correct, then today I want to take the opportunity to applaud AIM Regulation for moving swiftly.
The timing of this piece probably could be better. However, after last week’s revelation, about the 100million Citation shares held as collateral against the Platinum Partners loans, it surely must now fall on the AIM Investigations Team to examine the conduct of Range Resources (RRL) and its former Nomad, RFC Ambrian, over this matter. Irrespective of how the share price has performed over the last week or so, it appears that a material breach of the AIM rules has occurred. Range appears to have admitted this, so how will the London Stock Exchange respond?
Nominations for the 2014 AIM Cesspit awards close at 7 AM on Friday so you have less than 24 hours to nominate for the six (of nine) categories which are voted on and can do so HERE. Already Pete Landau of Range Resources (RRL) looks to be widely supported in ALL categories. But we welcome other nominations. If you are stuck for ideas:
There are some obvious front runners for the 2014 AIM Cesspit awards. I imagine that Todd Kozel, Pete Landau at Range Resources (RRL) and Black Mountain Resources (BMZ) and Jim Ellerton at Sefton will be nominated by many and so I offer up a few other suggestions who deserve to at least get on the voting short list.
It is that time of year again, and I have enjoyed coming up with the names for my entries. Are my entries absolutely correct? Nope. But it was fun to come up with them and crucify those responsible for massive value destruction and crap creation. I shall tone back my use of caps lock during this article and the foreseeable future but let me say this, it is bloody hard to when talking about basket case stocks.
So many to choose from and so little time to think – who am I nominating for these prestigious awards? Ultimately it is down to you, the investing public to vote on who wins, but for what it is worth my nominations have been:
The investor call for Range Resources (RRL) today was a total disaster as we reported here. The company is almost out of cash and the mess left by former boss Peter Landau is now evident to all. Yet Landau remains on the board of Range as a non-exec (presumably on an obscene salary) but the shock results of our ShareProphets poll show that investors want Pete out NOW!
To cap a month of PR disasters off, Range Resources’ (RRL) conference call this morning, to try and restore faith in the company’s alleged new direction, was the icing on the cake. New-CEO, Rory Scott Russell, did not sound at all confident that he has what it takes to turn this company around. If you are a Range shareholder and were hoping for at least some small crumbs of comfort then I imagine you were sorely disappointed.
Ben Turney & I would like to put three questions at the Range Resources conference call tomorrow. We have written to and phoned Buchanan Communications to ask if we can but I guess Range only wants easy questions. The conference call is an IR smokescreen as we predicted earlier HERE – for what it is worth our two questions were:
Ben Turney and I have this morning lodged an official request to put three questions at the Range Resources investor call tomorrow. This is an acid test for range as to whether this event is anything more than an IR smokescreen.
Our editor, Ben Turney, has just published an article HERE outlining the arguments why he believes it is time for Peter Landau to step down as a non-executive director of Range Resources (RRL). Do you agree? Take part in our poll below. Voting closes at 4.30pm on Tuesday May 13th.
We trust that no-one from Buchanan PR is voting in our poll on whether Peter Landau should leave Range Resources (RRL) once and for all. We would not any more allegations of dirty tricks and sleaze against the City’s biggest financial PR firm would we?
On February 3rd this year, Peter Landau stepped down as Chief Executive of Range Resources (RRL) and became a non-executive director. On Wednesday morning, Range will host a live web conference call with its beleaguered investors. Whether or not this call will be a white wash remains to be seen, but I’m fairly certain that the directors will not deal with arguably the most important question facing the company. Is it time for Mr Landau to step down from Range Resources?