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.
I start by discussing Eurasia Mining (EUA), its CPR on its nickel assets and Range Resources (RRL) and a similar exercise undertaken by Pirate Pete Landau. Then I look at Omega Diagnostics (ODX), at the piece I penned earlier inspired by Luke Johnson, HERE, and finally at Sensyne (SENS) and what happens next.
Fat Bastard Malcolm Graham Wood takes fees from companies to write (positively) about their shares without disclosing the payments. He will do this for any company even proven frauds such as the late lamented Frontera Resources (FRR) which is why he is the whore blogger. His defenders insist that he is fundamentally honest but can they explain this away?
In today's extra long podcast I reflect that one day folks like Julie Meyer will win and I shall call it a day. I have lasted two years longer than John Hempton predicted. I also look back on a curious fraud from my early days back in, I think, 1995. I look at Tomco (TOM), Range Resources (RRL), RedT (RED), Columbus Energy (CERP) and VSA valuations, Goldstone Resources (GRL), Verseon (VERS) and Domino's Pizza (DOM). If you enjoyed this, I think, profanity free bearcast, follow a bloke from the Grim North who donated enough to buy a whole house in the welfare safari and support the Rogue Bloggers for Woodlarks HERE.
I am shortly off to stay with my mother in law in the Grim North for a couple of days. Joy to the world! I am made angry by Wishbone Gold (WSBN) and Turner Pope and comment on that. I look also at Totally (TLY), Range Resources (RRL), AO World (AO.), Pantheon Resources (PANR), Plant Health Care (PHC), BCA Marketplace (BCA) and ASOS (ASC).
Angus Energy (ANGS) shares may or may not be cheap on fundamentals. That debate is for another day. But weighing down on this company is one almighty issue of corporate governance: the lies its founder Jonathan Tidswell-Pretorius told about his dealings with loan provider America 2030 in June 2018 and the cover-up that continues to this day.
Two days ago we asked you HERE to guess the price of the bailout placing which Frontera Resources (FRR) needs ASAP to avoid going tits up. And, with the stock still 0.22p to sell, you said…
Over the years the one area of growth where Range Resources (RRL) has really excelled has been the number of shares in issue, with 8.5 billion of them now trading following the latest placing. The oil and gas company, which has interests in Trinidad and Indonesia, announced last week that it has completed yet another placing, and this time it raised £1 million at a share price of 0.11p.
Thank you, thank you. we have reached our £20,000 target for Woodlarks. In fact Luke Johnson has just pledged £1,000 so we are now well over £21,000 but if we reach £25,000 Brokerman Dan will undress for you. More on that in the podcast but please donate, if you have not already, HERE. Elsewhere I look at Facebook (FB) and Robber Barons of the nineteenth century, at Imaginatik (IMTK) and Vin Murria, the Queen of Tech, at Range Resources (RRL) and at RM2 (RM") a Neil Woodford dog where I reckon cash is already looking tight, again!
I wonder how the whore blogger, Fat Bastard himself, Mr Malcolm Graham Wood will explain this away as good news. After all that is what Frontera (FRR) pay him for. In essence Frontera has no cash, is burning cash and had to repay $2.891 million to death spiral provider Yorkville on 16 June. Problemo!
As he only visits those boys and girls who have been good this year I guess that Santa will once again feel no need to drop in on the Landau household, headed up by Pirate Pete of Range Resources (RRL) and many other companies, infamy. But for the rest of us there is an early present with news that the Pirate is in Court again. Happy days.
Shares in Angus Energy (ANGS) have plunged by 36% to 17.125p today after news from the Lidsey Field which cannot be described as anything other than disappointing. Hope meets reality. At some stage the same process will see shares in UK Oil & Gas (UKOG) crash. Let's start with Angus.
If you are listening to bearcast today you must have subscribed to Shareprophets so I thank you. I start with management who are cleary wronguns at Real Good Foods (RGD) which is a disgrace and at Papillion (PPHP) which is far worse - hat tip Cynical Bear HERE. I look at Interserve (IRV). Its shares are slumping on a profits alert but the real horrors are the lies in the August 9 results statement. Still valued at £124 million this could halve again look at debt! Then it is onto MySquar (MYSQ) a good bet for a zero, and finally a trio of oilies, Range Resources (RRL) - its au revoir not goodbye - Pantheon (PANR) dreary and overvalued by a reasonable amount and Sound Energy (SOU) where the valuation is a 100% rum and coke.
It seems that Roger Lawson of Globo and blinkx fame is not impressed by my suggestion that he is a bull of Purplebricks (PURP) and that it might therefore somehow be jinxed. But in a couple of after the pubs opened O'clock comments here last night he focusses the mind on what a select group he himself belongs to.
A major shareholder in Range Resources (RRL) who was , in the good old days, a major ramper of the stock on Aussie chatrooms has made some quite extraordinary claims about how Pirate Pete Landau appeared to use Range cash to pay off other debts he had racked up. This was posted on an Aussie chatroom on behalf of David Scanlen the victim here. My source verifies that these claims are genuine. If true. they are extraordinary and beg questions aboout how Range's current management appear not to be making claims against the Pirate - who is clearly in deep trouble already. The post follows:
Oh dear. Oh dear. It gets worse and worse for Pirate Pete Landau, formerly boss of a range of AIM dogs including Range Resources (RRL), all of which he fleeced via is Okap Ventures vehicle. At the weekend I served up a document showing that the Pirate stands accused of forgery, fraud and half inching A$2 million. But other members of his gang appear also to be in a spot of bother. Step forward Jane Rosemary Flegg who was company secretary to most, if not all, of the Landau stable of shite companies.
Oh dear the curse of ShareProphets today falls on Pirate Pete Landau, formerly boss of AIM dog Range Resources (RRL) and several other stockmarket hounds and a man who sent me a string of lawyer's letters because he did not like my investigative journalism. I now have an official document where the Pirate stands accused of theft, fraud and forgery, of half inching more than $2 million and much else. The victim is Citation Resources, an ASX company linked to Range and now in administration.
A wide ranging bearcast today covers: Aurum Mining (AUR), Range Resources (RRL), SpaceandPeople (SAL), Harvest Minerals (HMI), Rosslyn Data (RDT), Cloudtag (CTAG) in the post fact era - Adrican Potash (AFPO) and Avanti Communications (AVN).
Valuing small resource companies can be difficult, and often they will appear to be far cheaper than they really are. The bulletin boards, Twitter, etc are full of people extolling the virtues of the companies that they are invested in and pointing out that they should be worth far more than what the share price currently reflects.
As you know the fascist bully boy lawyers at Memery Crystal have demanded money with menaces from me for exposing the fraud committed by its client African Potash (AFPO). Its letter is here and when I kick these bastards into touch it will be a Tom Winnifrith hat-trick against Memery. It also demanded I hand over money when I had a go at its client the fraudsters Globo, 20 months before anyone else had a pop. That fascist letter is HERE. And now I publish the first letter I received from Memery, demanding money for its client Pirate Pete Landau and Range Resources (RRL), now disgraced and facing a spot of bother with the rozzers in Australia. It said that I really must not publish that letter....
Trinity Exploration (TRIN) has confirmed that it has had bid approaches and analyst Zac Phillips at SP Angel, the City's most feared oil guru, has suggested who may be at the table. But shareholders shouldn't get too excited as they will get screwed whatever happens.
I have only just finished celebrating the AIM demise of Daniel Stewart (DAN) a shite firm that mistakenly sent me two bully boy lawyers letters trying to gag me. Karma has now come for Daniel Stewart as it did for another firm that pissed away shareholders cash trying to shut me up, Globo. So who is next? You are not going to have to wait long. Karma struck today and I shall reveal all on Tuesday.Why not have a guess who got a dose of Karma today in our readers poll. Its easy...
I warn you that this podcast contains bad language from the start as I discuss how - as a customer - I hate BT (BT.A) with a passion. I then move onto China Norfolk Taihua (TAIH), a brief Jabba the Hutt section on Solo Oil (SOLO) and LGO Energy (LGO) and a look at SeaEnergy (SEA). Oil disasters dominate the fallers and in that vein I cover Petroceltic (PCI), MX Oil (MXO), Iofina (IOF), Magnolia Petroleum (MAGP), Bahamas Petroleum (BPC) and Range Resources (RRL). I also have a butchers at the fun and games at Altona (ANR).
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.
I’ve had an interesting discussion with our stalwart reader Wildrides on my recent 88 Energy piece (88E). Cut a long story short Wildrides has made a number of comments on pieces I’ve written pointing out the obvious flaws in the businesses I’ve covered. Wildrides and I swap the odd email, so I do know his real name. He is an experienced investor and someone whose opinion I respect, but our recent exchange has left me wondering; does AIM make thieves of us all?
Featuring shares in BMR Mining, Petro Matad, Oilex, Oregon Gold and Range Resources with share price targets set for all five stocks.
News has just crossed the wires to remind us how abysmally “New Old” Range Resources’ (RRL) board of directors handled the transition after last November’s Abraham coup. The Western Australian Supreme Court has dismissed Range’s appeal to reverse the judgement made against it in paying the balance of the money it owes to Lind Asset Management. Range remains on the hook for at least $2.2million. Those Rangeologists that still exist might shrug their shoulders and say what after this summer’s Chinese refinancing of the company, but anyone considering buying this stock needs a timely reminder what they are getting themselves into.
On Guy Fawkes night I reflect on the horrors of this day. Then news from ECR Minerals (ECR) and W Resources (WRES) prompts me to look at the mining sector in general. Then it is onto Amec Foster Wheeler (AMFW) and my thoughts on oil, oil shares, the oil price and oil services companies. Then to the dismal numbers from Canaccord Genuity (CF.) - what it says about the whole sector but also its company specific issues. Finally I take a swipe at Range Resurces (RRL)
A visit to the quack today was not good news but at least the woes of English rugby and LGO Energy (LGO) are there to cheer me up. in this podcast I discuss Alexander Mining (AXM), Cloudbuy (CBUY), the hoods at Equities First Holdings LLC (EFH), Daniel Stewart (DAN), Imaginatik (IMTK), Wandisco (WAND), Mirada (MIRA), Range Resources (RRL), tech stocks vs mining stocks, Amanda Van Dyke and, to end, I can't resist a cheap joke about the rugby.
Featuring shares in Asiamet Resources (ARS), Castle Street Investments (CSI), Elektron Technology (EKT), Range Resources (RRL), Teathers Financial (TEA), Victoria Oil & Gas (VOG) with share price targets for all.
Sadly for us bears most of the slam dunk mid-cap AIM shorts have already gone our way. We have had great sport with Monitise, Tungsten, Quindell, Range Resources, LGO Energy, Cupid, Globo (still more to come there), Gulf Keystone, etc. We won. The Bulletin Board Morons lost. Only Avanti Communications is still left to topple. It will. But now I think we have a new quarry to stalk: Boohoo.com (BOO) looks a slam dunk short at 33p.
Featuring shares of Gulf Keystone (GKP), Kibo Mining (KIBO), Pathfinder Minerals (PFP), Range Resources (RRL), Reach4Entertainment (R4E), Trinity Exploration (TRIN), together with some share price targets.
Featuring shares of AFC Energy (AFC), Advanced Oncotherapy (AVO), Audioboom (BOOM), Quindell (QPP), Range Resources (RRL), together with some share price targets.
Featuring the shares of Advanced Oncotherapy (AVO), Central Rand Gold (CRND), Great Western Mining (GWMO), Range Resources (RRL), Vast Resources (VAST), Xtract Resources (XTR), together with some share price targets.
Of all the escapades we’ve covered over the years from Pete “The Pirate” Landau, his latest caper with Australian-listed Black Mountain Resources (BMZ) is off the scale on the guff-ometer. Pirate Pete and his motley Black Mountain crew claim to have secured the right to a 20% stake in an undersea salvage operation to recover a supposed >$1billion worth of gold from two wrecks, torpedoed during the First World War. Regular readers will not be stunned to learn that Landau now plans to raise AU$6.87million in pursuit of this fool’s errand.
Featuring a look at the shares of Amur Minerals (AMC), Clean Air Power (CAP), IGas Energy (IGAS), Range Resources (RRL), Teathers Financial (TEA) and Tern (TERN), with share price targets for each.
If you want me to analyse shares in a company listed in London for you just drop me a line at email@example.com - Today I look at Frontera Resources (FRR), Range Resources (RRL), Servicepower Technologies (SVR).
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.
In today's podcast I look at Coms in detail and then at Rightster en passant whose PR man is the disgraced dirty tricks specialist Tim Thompson of Range Resources infamy and where there is a detailed piece to come later, before having a butchers at the ludicrous joke that is LightwaveRF. I refer to my Jiasen piece earlier and have a warning for other China Norfolks. In that vein I also mention the POS Daniel Stewart. Then en passant Mosman Oil & Gas and flip flop's Red Rock share tip.
Featuring Ascent Resources (AST), Connemara Mining (CON), Cloudtag (CTAG), Gfinity (GFIN), Range Resources (RRL), Regency Mines (RGM)
After eight years, tens of millions of dollars spent, the building of an “airport”, a failed two well drill campaign, an oil to water controversy, an absurd contemplated plan to drill in pirate infested waters and one of the most hyped stock promotions in recent years Range Resources (RRL) has announced this morning that it is pulling out of Puntland. Shareholders are left with nothing, other than a greatly overvalued stock price.
Featuring Daniel Stewart (DAN), Europa Oil & Gas (EOG), Lekoil (LEK), Range Resources (RRL), Red Emperor (RMP)
Featuring Bacanora Minerals (BCN), Metal Tiger (MTR), North River Resources (NRRP), Rare Earth Minerals (REM), Red Emperor (RMP), Range Resources (RRL)
This morning, Range Resources (RRL) returned from its self-imposed six-month suspension. As of writing, the stock is up 70.7% at 0.96p. After the issue of 650million shares to Sibo, for the £5.2million lifeline announced last week, Range will have 5.77billion shares. This values the company at an eye watering £53million and leaves only one question. Has the market lost its mind?
As of midnight "flip flop" Ben "pitchfork" Turney will be editing this website as I am on leave for the next six to nine months. Let me explain.
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.
In today's podcast I reflect on all the moron comments on Bulletin Boards every time Ive been threatened with legal action by crony capitalists or outright crooks. I forgot to mention Angus Forrest of Tern in that list but it did not work out to well for him just like threats from Globo, Range Resources, blinkx, Quindell, Cupid, Sefton, TXO and now Worthington as well as the clowns in charge of the LSE Asylum all ended up badly for them. Get used to it folks, I pick my targets carefully and I win! I then have a shock revelation about TXO before going on to discuss eServGlobal, Rosslyn Data, Mosman Oil & Gas and more.
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.
Expect a formal statement shortly but shares in Black Mountain Resources (BMZ) – crony capitalist Peter Landau’s last AIM listed stock – have been suspended today as per Rule 1 of the Casino. That means that the Nomad (RFC Ambrian) has quit.
How much longer will the London Stock Exchange and Financial Conduct Authority throw British private investors to foreign wolves? Yesterday, the latest Kazakh wipeout hit the market, as Max Petroleum (MXP) all too predictably blew up, taking with it tens of millions of pounds worth of savings. This company should have been suspended months ago. Instead it was allowed to continue to trade, sacrificing the savings of one last batch of mug punters, sucked into the false promise of salvation.
AIM casino listed Rightster (RSTR) joined the market a little over 14 months ago at 60p. The shares are now 26p but with shed loads of confetti having been issued along the way the company is still valued at £51 million. Not for long I suspect.
It really is time that I took the mantle up and commented on some of the so-called “Bulletin Board Heroes” for exactly what they are. At best lifestyle companies run for the benefit of their Board at worst out and out frauds using the London Stock Exchange as a mechanism for Corporate self-aggrandisement. Of course not all are fakirs or frauds some are just badly run companies while others have failed through poor management decisions or been subject to the vagaries of the market in which they operate. I hear an awful lot about the “China frauds” but there’s another class of dodgy geezers operating out of Perth Western Australia. The “Aussie Lurkers. What’s a Lurk? Google it!
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?
Quindell (QPP) later. For now I look at Boohoo, ASOS, Sainsbury, Majestic Wines, whether online retailers should get a premium to offline retailers and comment en passant on Range Resources and Tern but in detail on IGAS and in total detail on the disgraceful behaviour of Mr Steve Berry and Touchstone Gold. This is truly disgusting and the man has no place on the AIM casino while Touchstone is officially a POS.
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.
Range Resources (RRL) was telling its stockholders by unofficial channels two years ago that its US assets cou;ld be sold for $150 million funding mammoth share buybacks. Today they were sold for $1.4 million. This Bearcast covers the role of Greg Smith in the range tragedy, questions the value of Range's Trinidad assets, points out how Pete Landau misledinvestors and calls on the FCA to investigate Landau for market abuse and to ban him as a director of AIM Casino listed companies. It covers the legal threats I received from him and the spineless approach of other publishers that caused me to set up ShareProphets.
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.
The Albanian olive pickers have still not arrived and may well be replaced with Greek workers later today. I am now very angry. Will I make it home by Christmas at this rate? In this podcast I look at Range Resources (RRL) - suspended again and reveal the REAL story of my battle to tell you the truth about this POS - Beowulf Mining, Kalimantan Gold, Daniel Stewart, Naibu, Pressfit, China Chaintek, Gulfsands Petroleum and of course the fraudsters at Quindell
One of the saddest parts of being a financial commentator when you unearth facts which don't quite compliment the belief mechanism of either shareholders or traders. Often the level of misunderstanding is so great that it becomes hard to know where it starts and ends. I'm not going to overload investors today with all the facts but perhaps enough for people to question the presentation of operations, investments and ability of Stellar Resources (STG), an AIM listed creation of David Lenigas.
At the weekend we asked you which of the most worthless POS and in some cases fraudulent stocks on the AIM Casino would be the first to go to 0p or be suspended. It ended up as a three horse race with all three front runners having just one thing in common – the involvement of Daniel Stewart, always a red flag.
Which is the worst stock on the AIM casino? The one that is heading to 0p and/or suspension most quickly? What do you think? Vote now in our reader poll. Quite simply which of the following stocks will be worthless first. The ones marked (F) have engaged in fraud and the ones that are marked (D) suffer the massive red flag that is Daniel Stewart involvement, past or present.
In a wide ranging podcast today I start by revealing that I am trying to nail 3 former AIM CEOs who simply stole money from their company's. More on that later. I also cover Touchstone Gold, Synectics, Range Resources, Concha, Westminster Group and more.
”What do the following companies have in common: blinkx, Globo, Quindell, Range Resources and Sefton Resources? It is a two part answer.
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?
Shares in Quenron (QPP) plunged last week to close last week at 136.5p. They are now more than 75% off their highs. Where do we go next? Down obviously. The question is when not if they hit 0p. And here’s why.
Okay its time for the Bulletin Board Morons to apologise to me YET AGAIN – today’s victory is Monitise (MONI), shares in which have crashed to 31p as Visa has said that it wants out. My 10p target price stands.
It was only the other day that a Bulletin Board Moron owning shares in Naibu (NBU) referred to me as Winnifraud, accusing me of making it all up. Hey presto come Friday there were dire interims and t is clear that it is not me that is the Norfolk and the moron saw his investment slump in value by another 40%. Worse is to come as I shall reveal later today. But this follows the same pattern as we have seen with Range Resources, Sefton, Vialogy, Globo, Quindell, Iofina, blinkx, Gulf Keystone, Outsourcery etc. etc. Folks like myself and Paul Scott, the great share blogger, point out obvious reasons to sell and all we get is abuse. Paul posted this on ShareProphets yesterday re Naibu
Bon, A Quindell (QPP) owning Moron, asks on this website why “If Tom Winnifrith is such a brilliant investigative journalist does he not work for a top newspaper, he is just a blogger” It is a very fair question and has a several part answer.
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.
In its eagerness to convince all and sundry what a brand “new” company it is, Range Resources (RRL) has adopted an innovative approach to board appointments. It looks like the company’s “new” directors will only last six weeks, thus ensuring the board always has “new” faces and the company can stay on message that this is most definitely a “new” stock. On Thursday, Ian Macliver quit Range “with immediate effect”, having only started his “new” role on June 27th. Apparently Mr Macliver tendered his resignation based upon his “increased commitments in other endeavours”. This doesn’t sound at all convincing and immediately calls into question Range’s recruitment process to “strengthen” its board. This is not least because Mr Macliver’s successor has been found very quickly and comes from… wait for it…yep, you guessed it… Perth, Australia.
The attacks on me from shareholders in Quindell (QPP) continue. Yesterday say them produce & circulate a defamatory video alleging inter alia that I had an undeclared short position, that my restaurant was unprofitable, that I was very ugly, that all women hated me and that the Quindell Share price was zooming ahead. How very profound. Ugly is a matter of opinion, all the other points are demonstrably untrue.
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.
It happens once a day. Some helpful fellow – who inevitably owns shares in Quindell (QPP), blinkx (BLNX) or Globo (GBO) says that I do not behave like a proper journalist and offers helpful suggestions about how to improve my zero credibility. Inevitably one of those suggestions is to write less about blinkx, Quindell and Globo but there are others. Let’s get this straight.
Range Resources’ (RRL) CEO Rory Scott Russell has one hell of a job ahead of him. The latest quarterly production figures won’t have come as much of a shock to anyone who has followed the company closely. I must admit I hadn’t seen the bulletin board disappointment at the release of the country’s production figures from January to May this year, by the Trinidadian Ministry of Energy and Energy Affairs. However, Range has now confirmed that Q2 this year was another very disappointing quarter production wise. In his accompanying statement, Mr Scott Russell talked of a “transformational quarter”, but like his repeated claim of “world class assets” in May’s conference call, there is only so long the market will continue to buy this hype. At 1.81p, Range is valued at £91.35million and it is very hard to see fundamental reasons to justify this.
Perhaps the winds of change are genuinely blowing through Range Resources (RRL). After I wrote my first piece on the company earlier today, highlighting the 1.14% dilution of shareholders just to pay fees, I spoke with Buchanan. Given our recent history with the PR firm that no longer plays dirty tricks on Range’s shareholders (sorry – I couldn’t resist, that line still makes me chuckle), I was surprised to get a call back. But I did and I have to say the conversation was far more constructive than others I have had with the firm. This time, rather than being summarily dismissed or just downright ignored, Buchanan responded to my questions and confirmed one fact, which could prove most telling for Range’s future. Range Resources no longer has any relationship, whatsoever, with Okap Ventures.
I’ve waited a few days before reporting on Range Resources’ (RRL) announcement on Friday. I wanted to see if a holdings RNS was released. So far it hasn’t been, but more on this another day. In the meantime it is worth focussing on the various share payments that Range made at the end of last week. I’ve received a lot of comments from Range’s shareholders about “New Range”. This might be true. Perhaps Rory Scott Russell is a genuine breath of fresh air. The current 2.1p share price at least suggests he might be. The problem with this line of argument is that Friday’s RNS was very much “Old Range”, as shareholders lost 1.14% of their company in share payments made to settle fees on old debts and, what appears to be, a new mystery consulting agreement.
Are you serious about making money from shares? Yes? There are three reasons to read on as a matter of some urgency.
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.
On twitter, on various bulletin boards and on the comments section here on ShareProphets and elsewhere we have come under sustained attack for 24 hours – let me set the record straight. And then I can get back to dealing with the snakes, rats and bats that infest my home for the summer in Greece.
In the old days Oilbarrel Conferences used to be graced by the likes of Cairn Energy (CNE) & Tullow Oil (TLW) and were packed out. These days, a combination of serial under-deliverers and promoters looking to ramp ahead of the next funding tend to present. Last week’s line up was so dire that if you are among the handful of attendees we provide this handy crib sheet of questions for dogs Range Resources (RRL), Green Dragon (GDG) and Northern Petroleum (NOP). Oh, and for good measure, we also include Mosman Oil & Gas (MSMN), in a well timed appearance.
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.
You could not make it up. Some folks cannot but help pick overpriced glamour stocks which crash. Meet Mike Bowen who tweets as @lookatbowen and who first spring to my attention as he tweeted @tomwinnifrith the only person certifiable is you Tom – Oooh er missus. I guess he owns Quindell (QPP) then.
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 two stocks most beloved by Bulletin Board Morons are Quindell (QPP) and Gulf Keystone (GKP). I have got death threats, shit in the post, a hate campaign against my restaurant for questioning both companies. I am not gloating about the losses suffered by “innocent shareholders.” But the losses suffered by those who have tormented me trying to gag free speech and legitimate questioning cause me no sorrow. Quindell shares have plunged today as it failed to move from the AIM Cesspit to the main market (see HERE) but Gulf is also down by 12.5% at 79.3p: blame leverage and Al Qaeda.
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?
This morning, Range Resources (RRL) slipped out yet another crucial detail concerning the controversial Platinum Partners loans, which it had previously failed to inform shareholders adequately about. It turns out that as well as the 100million shares in Range held as collateral, Platinum also held the 100million of Range’s shares in Citation Resources, held in trust. Together, these blocks of shares are worth roughly £1.91million, based on last seen prices. It is anyone’s guess what else Range has failed to update the market properly about, but if you really believe this is a company experiencing a new dawn then dream on.
Despite the market’s reaction, this morning’s announcement by Range Resources (RRL) leaves shareholders in this company with many of the usual guessing games we have come to expect. Why can’t new CEO Rory Scott Russell prove he is his own man and break from the past? Why do RNSs released under his watch still leave more important questions unanswered than answered?
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:
It's great that the 2014 AIM Cesspit Awards are this year being held once again at The Real Man Pizza Company, Clerkenwell, London. I hope there are chips on the menu this year! The food was rather poncy/rich for my taste buds! The last known case of gout in Northern England was actually a Southerner who relocated for the BBC. I had a thoroughly enjoyable time last year. Not to be taken too seriously it's just a bit of a laugh or if you're from London "Larffff"
Another year goes by on AIM. Directors get richer, investors get poorer, the regulators find little to occupy their time with. By any stretch of the imagination, AIM is not a healthy functioning market and it is too easy to cheat. How long this can all go on is anyone’s guess, but AIM is in desperate need of urgent and substantial reform. Here are my picks.
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:
Range Resources’ (RRL) recent announcement, about the proposed $12million investment from Abraham Ltd, based in Hong Kong, sounded like quite a triumph for new CEO Rory Scott Russell. After all, Range was on its knees, production has been falling, money was running out, debt repayments were overdue, legacy projects continued to drag and the company was forced to issue new equity almost every two weeks to cover financing costs. At a stroke, the cash injection bought Mr Scott Russell some desperately needed time, but no one seems to have asked who is Abraham Ltd?
I think that you must be aware by now that I have major concerns about the way that AIM operates. The way that money is raised is bad enough in that it creates two classes of investors. The amount of shareholders cash spent on share promotion as opposed to creating value is alarming. But my real gripe is that companies appear able to tell outright lies and get away with it.
Apparently I damned Range Resources (RRL) with faint praise yesterday. While the ramping brigade worked themselves up into a lather over what an incredible deal the $12million placement is, the realists recognised that 1p is a pretty dreadful price. The market clearly agrees. Only about £980,000 worth of stock changed hands (c.130million shares). It remains to be seen what Range’s new management team does with the slender lifeline it now clings to, but assuming it can genuinely turn the company around, then there is still a massive prize to play for in a few years time; Puntland.
What better way to shut up a pair of loud mouth agitators than to announce a $12million funding package? And at a 49% premium to the previous close no less! The headlines are certainly impressive enough that even the travelling clown parade employed at Buchanan couldn’t anti-spin these into another PR disaster for the company. Even so, the underlying numbers do require closer examination. The muted market reaction confirms that all is still not entirely well aboard the good ship Range (RRL), but at least it looks like she isn’t going to sink. Yet.
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:
Fleet Street still has not touched this story because it is too busy sucking PR cock to cover the stench emanating from the City’s largest financial PR firm. We can revealed exclusively that Buchanan Communications has admitted that a staff member did wage a dirty tricks campaign against Range Resources shareholders campaigning to change the way Range is run..
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?
This morning’s RNS from AIM Cesspit posterboy Greed Dragon Gas (GDG) plumbs new depths when it comes to spinning bad news as good. The company, its Nomad (Smith & Williamson) and its PR firm (Pelham Bell Pottinger, PR man James Henderson) should all be taken out and shot. This is such a total frigging disgrace in describing black as white. Words almost escape me.
Yesterday I revealed how the City’s largest financial PR Company Buchanan is mired in scandal after one of its employees appeared to pose as a private investor to discredit shareholders opposing the (failing) management of a company it is paid £10,000 a month to represent. This appears to be a total breach of industry guidelines and if P45s are not handed out next week then the stench of cover-up will be unbearable. But this is just the tip if the iceberg as I shall explain below.
Part of the WPP (WPP) Group, financial PR firm Buchanan acts for more AIM listed clients than any other PR firm. But today I ask if the odours from its lavish Cheapside offices are not of expensive perfumes worn by glamorous PR birds, but from the stench of a dirty tricks campaign against those investors seeking management change at AIM Cesspit listed Range Resources (RRL)? There is no suggestion that Range itself is aware of this. So....
As the late great Max Bygraves might have said, I wanna tell you a shtorrry – and this tale comes to you all the way from Central America. Read carefully for it is a bit complicated.
Trinidad seems to be flavour of the month for oil juniors but how to play the game? The two obvious candidates on AIM are Range Resources (RRL) and Leni Gas & Oil (LGO) both of which have served up production updates of late – Leni, today. It seems to me that the obvious trade is to sell Range and buy Leni and here is why.
Range Resources (RRL) today announced that its associate, Citation Resources, in which it has 24% indirect interest, has reported the results of its well test on the Atzam #4 well.
Even if I live to be 99 I may still be asking why there was a need to question ask the question “Range Resources: A Buy Under 3p?”
On the face of it we can say that the loss of the initial 3p support level of 2013 for Range Resources in the second half of May suggests that not only is a new bear phase about to begin for this highly followed stock, but that the target is now as low as 2p. But is this too negative view on a company where most traders are long and still expecting great things?
Range Resources (RRL) shares will be unsuspended today as it has announced a merger with an Australian company founded by convicted heroin dealer Frank Timmis and also a placing.
Range Resources (RRL) shares will be unsuspended today as it has, as we predicted, announced a merger with an Australian company founded by convicted heroin dealer Frank Timmis and also a placing. Regrettably we got the wrong Timis company in our story, which got the shares suspended here – Range is merging with International Petroleum.
A rather hurried RNS has just appeared from AIM and ASX Listed Range Resources (RRL) telling investors that the shares have been suspended. I guess I did after all ruin a few weekends with my scoop of yesterday.
Correction. Whilst we were correct in breaking the news that Range was planning a placing at 4p and a merger with a NSX listed company established by Frank Timis, we identified the incorrect merger partner. "Full details of the merger can be found here