The Fleet Street Legend is up in arms about what he terms a foul smear on him HERE but, as I explain, the old champagne socialist is trying to pull the wool over our eyes with his mockney dining habits. At least the budget means that the champagne for Brian and his comrades will be cheaper but the Budget really is a shower. I explain why. Then it is onto Bluebird Merchant Ventures (BMV), Red Rock Resources (RRR) where it looks ever bleaker for my pal Andrew Bell and finally why the Redcentric (RCN) valuation is bonkers.
Thanks for the kind words about looming paternity leave for an old man. Ahead of that the stench is not of nappies but of wrong doing at Versarien (VRS) and at Supply@ME Capital (SYME). I apologise to the FCA over Redcentric (RCN) and offer handy advice to Catenae (CTEA) as the share price goes bonkers. And Darren has fixed everything so please book your seat for MineProphets ( where Ariana (AAU) has just signed up) on July 18 HERE.
Wind back to 2016. Redcentric (RCN) overstated its cash position and understated its debts as a result of a series of accounting high jinks including a great payroll con straight out of the Rob Terry playbook which we exposed HERE. This pumped the shares up allowing CEO Frazer Fisher to make a killing as I exposed HERE. Finally, the FCA has acted but it has surely got it all wrong and its actions expose the current board to charges of gross negligence
The other day the Leeds office of PWC was fined heavily and slammed by the FRC for professional negligence in the case of not spotting accounting fraud at Redcentric (RCN). It was the second such notice in two years for PWC Leeds and the office is on a warning. Thus I am sorry to say but it is in the soup again over the massive undeclared payments going, over many years, to the CEO of Premier Technical Services Group (PTSG), Mr Paul Teasdale, which I exposed in full on Saturday HERE. Now here is why PWC is in the soup…
In today's bearcast I comment on Quindell fraudster Rob Terry in light of my earlier artice, I look at the FRC, PWC and Redcentric (RCN), ValiRx (VAL), Plutus Powergen (PPG) and at Neil Woodford and IP Group (IPO) which might be next to unravel as the contagion spreads.
Ahead of a trip to the zoo and Barclays (BARC) with Joshua I look at Redcentric (RCN), Juridicia (JIL), Veltyco (VLTY), Integumen (SKIN), Urals Energy (UEN) and the shame of the bosses at the AIM Casino - Andalas (ADL), BlueJay (JAY), Chesterfield (CHF) and Mothercare (MTC) which will just NOT be around in five years time.
The Sunday Times has been leaked news that the FRC is fining PWC and 2 audit partners over the Redcentric (RCN) scandal which we covered and, indeed, helped to expose as you can see HERE. But the real villains are not the bean counters. I name who they are and ask if the UK is really serious about tackling white collar crime? I suggest that it is not and have a few suggestions to change that.
I must rush. The fit young mums are waiting. Ahead of that, Advanced Oncotherapy (AVO) really should comment on the weirdest rumour which I relay. Redcentric (RCN) answers one question but many remain. Then Sound Energy (SOU) hype takes the acid test of a trade sale of its Italian assets and the real value is exposed. Sound really is so much hot air. Finally a look at the CVA and rape of shareholders and creditors of Kin Group (KIN) by broker Peterhouse and the new, crony capitalist, directors.
That Telit (TCM) is going to zero is a given as I explained yesterday HERE. But now we need to know why Canaccord quit on May 26 as Nomad. I suggest the reason in this podcast and call for a wider AIM Casino rule change on Nomad resignations. Then it is on to 2 CEO resignations. The bombastic prick David Williams has gone from drowning in debt Avanti Communications (AVN). Avanti is toast but I run through the red flags pertaining to Williams himself and ask a question about his payoff for failure. As for Redcentric (RCN) can I claim this as a scalp? Frazer Fisher must have known about the mega payroll fraud of March 31 2016 as I revealed HERE. Yet he trousered a big 2016 bonus and sold stacks of shares just after publishing the 2016 number which he KNEW WERE CROOK. This departure is to avoid him being in situe when the FCA, FRC and SFO announce their findings. Actually can the Sheriff claim a scalp on the bombastic prick Williams too? I got the FRC to pan his company and exposed all sorts of Avanti red flags and naughtiness. Two scalps in a day - ouzo time?
Redcentric (RCN) CEO Fraser Fisher is still in place despite his company having admitted to having grossly overstated its 2016 accounts, something that pushed up the shares allowing him to make a killing dumping stock a year ago. The FCA is investigating this matter as are other agencies which almost certainly means the Serious Fraud Office. So far the fall guy has been the ex FD. But I can now demonstrate that Fraser must have been persoinally aware of at least one major fraud, a type of con the King of the fraudsters, Mr Rob Terry, also pulled off at Quindell and The Innovation Group.
After announcing “Accounting misstatements” in November, Redcentric (RCN) is “pleased to be able to report that trading is in line with expectations” and “good sales momentum in the year” (to 31st March 2017). Hmmm…
I hope this does not sound conceited but I think this is possibly my best bearcast for some time. I really enjoyed this from start to finish. Maybe I shall not go into retirement just yet, after all. Or maybe I still will. Anyhow, on the agenda: Redcentric (RCN), MX Capital (MXCP), the FCA, Mkango Resources (MKA), Independent Resources (IRG), arrogant dickhead fund managers and the UK Investor Show.
From the FCA's spreadsheet of short positions required to be disclosed to it, the following shows the shorted AIM shares with positions from 2016 and thus far in 2017 (by net short position %) - and if this position has increased (red), reduced (green) or remained unchanged (black) since last week...
The bell in this podcast is not Aidan Earley's libel suit arriving but the workmen returning after lunch. I explain why they are here - blame the Mrs. In terms of stocks I cover Prairie Minerals (PDZ), IGAS (IGAS), Milestone (MSG), Xtract Resources (XTR), Amur (AMC), Advanced Oncotherapy (AVO), NCC Group (NCC), Northern Petroleum (NOP) and Saffron Energy (SRON), Redcentric (RCN), MXC Capital (MXCP) and a few other matters. Smiley face.
I am sure that after events today at Cloudtag (CTAG) you had a good idea how this podcast would start! I move on - as I await apolgies from hundreds of morons for all the abuse and attacks - to cover Avanti Communications (AVN), ECR Minerals (ECR), Milestone Group (MSG), Redcentric (RCN), Red Leopard (RLH) and SalvaRx (SALV) where it is placing ahoy! Oh yes, Aidan Earley has served me with a libel suit. Natch I will see the bitchez in Court but I too have a little surprise for Aidan. More on that later. Smiley face.
Steve Moore commented on the collapse at 365 Agile (365) last August HERE but I wanted to write a fuller piece on it highlighting the role of MXC Capital, particularly after the Redcentric (RCN) debacle as there is a lesson for investors here.
Bah, humbug! Last year’s final trading session before Christmas saw the RNS system take an early bath, but this year it was in full flow right through to 6.30pm, even though the markets closed at 12.30. So who slipped out bad news as everyone was off doing their last minute Christmas shopping? And who went the extra mile by leaving the release of bad news right into the evening? We had some cracking entries on that score, and we have a winner to announce as regards the sweepstake.
This podcast follows on from A-E HERE, F-J HERE, and K-O HERE. It is perhaps my longest podcast for many moons but are you surprised? Think about what I cover: P is for Potash - as in African (AFPO), Q is for Quindell (QPP), R is for Revenue Recognition as in Redcentric (RCN) and Servision (SEV), S is not for smear (as in Citigate Dewe Rogerson you total and utter bastards) or Strat Aero although both are mentioned but for Sam Antar and T is for Terry as in Rob,
Redcentric (RCN) has detailed the preliminary findings of its investigations into accounting fraud. And they beg very serious questions indeed for Tony Weaver who set this company up and whose AIM listed MXC Capital (MXCP) guided it, but dumped all its shares in the summer shortly before Weaver quit - which in turn was just a week before the fraud problems emerged and the Weaver appointed FD was fired.
In today's podcast recorded with an audience of my Guardian reading father who is torturing me by reading out snippets from the ghastly left wing rag, I start with a look at Pantheon Resources (PANR). I then cover FastJet (FJET) - having a swipe at its smearing scumbag low-life PR fucking geniuses at Citigate Dewe Rogerson en passant - , Avocet Mining (AVM), Blenheim Natural Resources (BNR) and African Potash (FRAUD). Then it is onto Redcentric (RCN) and MXC Capital (MXCP) and the challenge for Mark Gustafson, Mr bullshitter at Challenger Acquisitions (CHAL).
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)
I start with the US Election. My last piece on why the polls are wrong and on who will win is HERE. Talking of a rigged affair I move onto Cloudtag (CTAG) and then to Redcentric (RCN) and MXC Capital (MCXP). Then I look at Premier Oil (PMO), Mkango (MKA), Golden Saint (GSR) and Servision (SEV) before ending with a chant for The Donald.
ShareSoc director Mark Bentley has taken to the society's blog about events at Redcentric (RCN) and related party MXC Capital (MXCP). He is bang on the money. He shows that there is only one rotten apple in the ShareSoc barrel and it can do good work. As a non shareholder in Redcentric I was planning to flag up much of what is below but cannot put it better than Mr Bentley who wrote:
I record this podcast from Shipston where I have just rowed with my sister about A Levels and grade inflation which she denies in her Public Sector Ministry of Truth way. Then it is onto the US election, the outcomes and what that means. I am afraid that after last night I have a bad feeling. Then it is onto MXC Capital (MXCP), Redcentric (RCN) and Mosman Oil & Gas (MSMN) where in America there would now be class actions underway. Quite right too.
“Redcentric plc (RCN), a leading UK IT managed services provider, announces that an internal review by the company's audit committee in relation to the interim results for the six months ended 30 September 2016 has discovered misstated accounting balances in the group's balance sheet”. Uh-oh…
What can be seen on the daily chart of Redcentric is that there is an uptrend which has been in place in quite a persistent fashion from as long ago as this time two years ago.