For the third year, I’m going to belch forth and see if my crystal balls (being an Engineer I don’t put all my eggs in one basket) can spot the oily sector shares which just make me retch when I think about holding them. Most investors are coalescing around the view oil prices will be stable to up chucking, but can we congeal around those sector investment cases that really make you toss your cookies? The 2022 Vomit list – I would rather hold a bucket of puke than these shares.
I write after a day in which shares rallied sharply after Friday’s big sell-off. That shakedown was on fears that the Botswana covid variant or rather the extreme over-reaction to it given the level of hospitalizations and deaths it has caused (0 & 0) could see corporate earnings hammered. I noted on Friday that the sell off was driven by a false fear. Surely even the lunatics in charge of the asylum we call Britain will soon have to accept that the Omicron (an anagram of moronic) variant is no great threat and thus the new lockdown measures will have to be reversed and thus the impact on PLC earnings will be trivial. One would hope so. That growing realisation that our leaders have blundered is what, one suspects, drove the rally.
In today’s podcast I discuss Optibiotix (OPTI) and another battle from the ShareProphets comments boards. Then I look at Alien Metals (UFO) and Anglesy Mining (AYM), at Kanobo (KNB), Guild ESports (GILD) and at Reabold Resources (RBD). I start with a few words on last night’s video recording with the All Party Parliamentary Group on Personal Banking and Fairer Financial Services. With reference to it, if I sound conceited it is because, in my humble opinion, I have every right to be. The Alien expose to which I refer is HERE.
After the West Newton debacle Reabold Resources (RBD) is Mark Knopfler, that is to say it is in Dire Straits. Today it serves up news of a US deal which it headlines “Equity Exchange with Daybreak Oil and Gas – Creation of Enhanced California E&P Company.” This is surely a spoof. It is taking the piss. This is utterly misleading.
Whenever a smaller oil company is drilling a well these days you pretty much have to expect the share price to get hammered unless they announce a substantial find that exceeded market expectations, and that is exactly what hammered to Union Jack Oil (UJO) this week.
I answer this question as best I can as there has been internet commentary suggesting that it is. After Supply@ME Capital (SYME), I look at another POS, Bidstack (BIDS) and a third in TrakM8 (TRAK). Then it is onto Union Jack Oil (UJO), Reabold (RBD) and Concepta (CPT) where – do not laugh – I am really very excited.
It was only back in July that Reabold Resources (RBD), made an initial approach to take-over Deltic Energy (DELT). I did not like this proposal at all and concluded Reabold should just sod off, which it would appear it did, at least so far. On Friday Independent Oil &Gas (IOG) confirmed it was considering a take-over approach for Deltic. Once again I find myself questioning the very idea of a takeover.
Reabold Resources (RBD) have fired the next shot in the battle for Deltic Energy (DELT) with its RNS today. In doing so it has confirmed why I have such a negative view on the company. It appears to struggle to understand plain English and indicates what, to me, is spivyness of the highest order.
It would appear Reabold Resources (RBD) is looking to take over Deltic Energy (DELT) with an all share deal that values Deltic at less than the cash on the balance sheet. My response to Reabold as a shareholder of Deltic is simple – sod off at any share conversion valuation.
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 commented previously about Reabold (RBD) and the undisclosed recipient of 420 million shares handed over as consideration for the acquisition of Gaelic Resources Ltd and the large share transactions on 31st January. Yesterday’s TR1 confirmed that Miton was not the seller. So that only appears to leave one option – the recipient of the 420 million shares. With no appropriate disclosures it’s time to write to the FCA – so I have.
Given the abject performance of the Miton Smaller Companies Fund managed by Gervais Williams, driven by a combination of utterly dire stock picking and mass redemptions, I have more than once suggested that Mr Williams has the potential to be the new Neil Woodford. But today I can reveal that Williams is performing a trick used by Woodford and it is one that his ACD and the FCA should be investigating with some urgency.
Every time I look at Reabold Resources (RBD) I find more questions and reasons to dislike the Californian operations the company has, regardless of how often it shouts that they are great assets. I remain with no answers to questions I have raised with respect who sold these assets to the company and gained the benefit of the £3.1M million consideration. Yesterday the company outlined 2019 H2 production numbers from these assets. That raises even more questions.
I commented on Reabold Resources (RBD) in September, and in particular highlighted the company had some serious questions to answer related to the Gaelic Resources Ltd transaction. I note some 520 million shares being declared as sold in large transactions (over 15 million per declaration) on Friday. What’s going on?
Yes my good friend is going to the AIM Awards dinner now that he is an evil PR man ( for Bigdish Ventures (DISH). Elsewhere I discuss the news about the Thomas Cook (TCG) stores and the lesson for Sirius Minerals (SXX). I look at Reabold (RBD), Brady (BRY) and Iconic Labs (ICON) as it serves up a bollocks packed RNS.
As Andrew Monk of VSA, rightly, says in his morning email, Shareprophets and I do not need defending but he does so anyway. Punters are pissed off that we reveal placings such as that of Reabold (RBD) last week. Would they honestly prefer that companies just ramped shares via ramptastic RNS's and podcasts with Justin the Clown so they overpaid in the secondary market ahead of a discounted placing to City insiders and spivs? Really? Do my critcs really enjoy such financial flaggelation so others can prosper? Anyhow Monk goes on thus:
In today's podcast I look at Reabold Resources (RBD), debagged by myself earlier, Bahamas Petroleum (BPC), Anglo African Oil & Gas (AAOG) and Bidstack (BIDS). and, with a hat tip to Andrew Monk, I look at the species known as a Bulletin Board Ramper.
Thanks to the Winnileaks service I have in my possession the presentation Reabold Resources (RBD) is serving up as it endeavours to raise up to £30 million. I gather it is tough going. The deal will come as a shock to joint brokers Turner Pope and Whitman Howard as it is Stifel Europe that is acting as broker. The presentation says the deal will be announced October 8. Ho Ho.
I commented on Reabold Resources (RBD) a few days ago and considered the company has some serious questions to answer related to the Gaelic Resources Ltd transaction. Yesterday Reabold put out its interim accounts. It answered two minor questions I had raised, but not the substantive questions I posed – who owned Gaelic and what is Dero Parker’s involvement?
Reabold Resources (RBD) acquired assets in California just over 12 months ago when it bought Gaelic Resources Ltd. I can see some serious questions for this company to answer both relating to the transaction and what has happened since in relation to this asset.
As is so often the case with oil and gas drills amongst the smaller companies, private investors built expectations around West Newton up to such a level that the actual results were never likely to live up to that.
A reliable City source tells me that Reabold (RBD) spent much of yesterday attempting to get a £10 million fund raising away. If this is the case it is going to have to be at a steep discount and the shares are trading down 9% at 0.75p-0.85p indicating something is afoot. I have contacted house broker Turner Pope giving it the chance to deny and…
AIM-listed Reabold Resources (RBD), with just £294,000 of net assets as at June 2015 is another of those sub-scale investment companies which would have to be run by Warrne Buffett on steroids in order for it to generate enough money just to keep the lights on. Yesterday at 5.45pm on a Friday, with the shares having closed for the day at 1.25p (valuing this fine enterprise at £3.5 million, according to ADVFN), a no-one-is-watching o'clock RNS announced a placing of 40 million shares at just 0.5p to raise £200,000 - a bit of electricity meter money. Something for the weekend, sir? Yes please - I'll have a nice spot of dilution at a whopping 60% discount.