On 28th June last year digital technology and services group Silver Bullet Data Services (SBDS) was “delighted that we have successfully completed our IPO and admission to AIM… placing to raise gross proceeds of £9.5 million for the company… to accelerate Silverbullet's growth, primarily through the roll out of its 4D product and the expansion of its existing client base”. That was at 257p per share. The shares last closed at 140p... and now 2021 calendar year results and a “fundraise” announcement!
It is now two years since His Highness, Sheikh Ahmed Dalmook Al Maktoum, clambered aboard the jam-tomorrow joke that is Oracle Power (ORCP). News of the Sheikh’s involvement saw its shares surge to 1.25p. Last December, he exercised 200 million warrants, meaning he now owns 500 million shares, for which he paid 0.25p each. But Oracle’s share price has flagged a bit of late, as investors have grown mightily tired of its jam-tomorrow coal and gold projects.
Back in last July I exposed AIM Wannabee Central Copper Resources. The team behind it had listed a company, Cradle Arc, on the AIM sewer in late 2018 which within a year saw its shares suspended pending clarification, engaged in tax evasion, traded while insolvent and deceived investors before going bust. Surely advisers and AIM Regulation would not allow such scallywags a second chance?
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.
Central Copper was meant to list on AIM in early August, it even issued an RNS to that effect. But the revelation of the shocking track record of tax evasion and shareholder value destruction by the same management team just two years ago at their prior car crash, HERE, put a spanner in the works.
Yesterday we suggested that Adam Reynolds was involved in the IPO of dog Abingdon Health (ABDX). This was inaccurate and I take full responsibility and apologise for the error. which was swiftly corrected. Reynolds buddy Lynn Rees was involved in the IPO which I exposed as a shocker HERE but as for Reynolds it seems he agreed with me.
Yesterday I flagged up the IPO of Central Copper Resources, a company set to list on the AIM sewer this week. There are numerous reasons why it should not and I have today written to AIM Regulation and broker Brandon Hill asking the former to intervene and putting the latter on notice
On 14 July, a company called Central Copper Resources announced its intention to list on the AIM Sewer. On 22 July, a schedule one announcement came out stating that the IPO was expected ”early August”. In light of what I reveal below, I would argue that if AIM Regulation is to have any credibility at all it must stop this IPO now.
AIM-listed microcap Harvest Minerals (HMI) is a fertiliser producer in Brazil. At the start of the coronavirus chaos of 2020, it was granted a full mining license over its Arapua fertilizer project, something that Gary Newman was holding out for before investing. In April of this year Harvest announced a 166% increase in Q1 sales and a new press release guides for 80,000 tonnes of fertiliser sales for 2021, enough to stem the cash burn and turn the company profitable. A chartist punter will see a bowl and breakout on a dirt-cheap stock. Could you buy now and catch this tiny company at an important inflection point in its history? The closer I look, the more doubts I have.
For years, AIM sewer listed Bahamas Petroleum (BPC) has spun the line that all it needed was a farm in partner to unlock massive potential for oil in the Bahamas. For years I have called out CEO Simon “Harry” Potter as a useless and grossly overpaid promoter who should be fired – here is a piece from 2015. And warned that this stock was just not investment grade - you can see a series of exposes and scoops HERE. Sadly, Potter was not fired in 2015 and today – with him having hauled out well over £5 million in compensation – since his 2011 appointment when the spoof started, the house of cards has collapsed. It will get worse.
It can’t be very entertaining being a shareholder in Lekoil (LEK), but get your beer and popcorn at the ready for it sure is entertaining watching from the sidelines as this company goes down the plughole.
Gary Newman got much grief in times gone by for warning folks about this dog. Today, I imagine he will be enjoying extra ouzo with his fishcakes as the shares were suspended from AIM as the one month notice period of, now, former Nomad Strand Hanson came to a close. But what next?
As a loyal former citizen of the Isle of Man I feel that it is my duty to go to my good friends at its Financial Services Authority on Bucks Hill in Douglas to dob in Bahamas Petroleum (BPC) for apparently breaking the law with its disguised death spiral placing announced today. Crime should not pay. Have they abolished birching for naughty Nomads on the island yet?.
The time to invest in a sector is when everyone loathes it. Think oil earlier this year. The time to avoid it like the plague is when it gets so hot that crony capitalists float investment companies hoping that mug punters will overpay for shares in their vehicles which will then overpay for shares in actual companies. Meanwhile its snouts in the trough all round for the board and City advisers.
Three announcements came this morning from Westminster Group (WSG), the cash-guzzling AIM promote run by sleazy ex Tory MP Tony Baldry of 3DM infamy. All add to Tom Winnifrith’s 5th rule of investing: If the porcine piece of slime Tony Baldry is involved, sell.
Lekoil (LEK) – the AIM casino company of fake sheikh infamy – has today announced that its Nomad, Strand Hanson, will quit with effect from 20 November, that is to say Friday. But fear not, discussions with another Nomad – one would assume the joint broker SP Angel which will act for anyone at all, no questions asked – are “advanced”.
I am not sure how Nomad Strand Hanson managed to sign off on today’s misleading RNS from Nostra Terra (NTOG) but maybe we have all just come to expect that Matt Lofgran et al are just allowed to say whatever they wan t with no comeback. This is the AIM casino after all.
Oops... this is more than a bit embarrassing for Goldstone Resources (GRL), its boss Ms Emma Priestley, hapless Nomad Strand Hanson and indeed the wider AIM Casino, aka the world’s most successful growth market. Shares in Goldstone were suspended at 1.30 PM as it appears the company does not actually exist and has not done so for half a year.
I look at news that Tesco (TSCO) is upping its dividend while getting a massive tax break from the taxpayer. This is wrong at every level. The Times tries to defend it, no doubt on orders from a powerful corporate PR machine, but this is simply a transfer of wealth from the poor to the rich and should not be allowed. I look at Nostra Terra Oil & Gas (NTOG) following up on my earlier piece with more questions for the board and Nomad, Strand Hanson, and another shocking revelation abiout the behaviour of CEO Matt Lofgran. Finally a few words on Concepta (CPT), my share tip of the year where I have averaged down in today's placing.
On April Fool’s day there was an upbeat statement from Nostra Terra (NTOG) promising all sorts of good things. What it neglected to mention was that trade creditors had risen to £230,000 as the cash burning enterprise had no cash and so imply could not afford to pay its bills. One of those owed cash (£60,000) was Nomad Strand Hanson, boy how it must have been hoping for a placing….
Just over a week ago, Peter Brailey wrote on this website on AIM-listed, Nigeria and West Africa oil and gas-focused, Lekoil (LEK) it’s a good deal for the Partner and CEO..but is it for shareholders?, concluding it is simply not a business that I could invest in at the current time. This followed him having earlier included it as a back-up for the Vomit List. He might want to consider ‘promoting’ it to the list after an update on the ‘funding deal’ today – though it’ll require the shares' return from suspension first!...
How insane is this even by the standards of the AIM Cesspit? In late August this year I exposed how Sheikh Ahmed Bin Dalmook Al Maktoum had invested in a placing by what was MX Oil (MXO) got it to change its name to ADM Energy (ADM) in his honour as he became President, saw the shares rocket, and then sold all his shares before announcing he was quitting sending the shares crashing from 20p to 4.5p today. Wind forward to November 28…
Well you cannot say you were not warned about Koovs (KOOV) by this website numerous times. This Bearcast from January 11 2016 (Koovs disgusts me) is pretty explicit. The City Crony capitalists loved the Indian retailer as its momentous losses meant it was a fee cash cow. I dread to think how much coke & hookers cash this company generated for the City. Our full list of warnings are here and should be preserved as, today, the administrators were called in, the Nomad quit and the Fat Lady moved centre stage. What is the Hindi version of “All the Money’s gone?”
Previously writing on Defenx (DFX), I noted after the previous not bothering to provide an explanation as to why an audit had not been able to be finalised in six months, now it doesn’t bother, in this latest announcement, to provide even a summary as to why it is to seek AIM cancellation – stating it “intends to publish a circular, during November 2019, detailing the cancellation and convening a general meeting of its shareholders to approve the cancellation to take place in December 2019 / January 2020”. Now an “Update re proposed cancellation”…
Almost straight away on its 148p per share December 2015 AIM IPO, Tom Winnifrith concluded on security software company Defenx (DFX) shocking greed and a crap investment. I first wrote on it in 2017 “satisfied” with trading less than a month ago… now “materially below” profit warning, concluding already eating into those new funds, it’s got to reach the medium and long-term first! It’s thus unsurprising to see the shares currently crashing (towards 60p) and the stance; bargepole ahoy!. Most recently it was don’t investors deserve an explanation as to why an audit has not been able to be finalised in six months? and now… “Proposed cancellation of admission to AIM”…
As the recently published ( just days before deadline) Strand Hanson accounts for the year ended 31 December 2018 show, life was tough in 2018 for AIM Casino Nomads and brokers. But it could get much worse as the annual report, below, makes clear...
And clueless Marcus Stuttard at AIM Regulation wonders why the AIM Casino is regarded as such a joke? How about because companies are able to lie to investors without sanction? I flagged up BlueJay earlier for telling a monstrous porky, now here is another, Live Company (LVCG).’
We have news today that Pathfinder Minerals (PFP) has a new Nomad and broker in Strand Hanson and two new directors in Simon Farrell and Scott Richardson Brown. The former becomes non exec chairman replacing disgraced Nick not for the many but for the Trew but, Trew remains on the board. This is not good enough. It is time to drain the swamp. And it can be done at once. Here's why.
Previously writing on Defenx (DFX) early last month I concluded ‘Current CEO Alessandro Poerio did only join in November – good luck, but I suggest there not a bargepole long enough for this stock currently. Thanks to bringing it to the market to Strand Hanson, WH Ireland and Newgate (PR)!’. Now a “Resignation of Director” announcement…
In October I warned on Defenx (DFX) with the shares crashing towards 60p - “satisfied” with trading less than a month ago… now “materially below” profit warning”. Most recently, in February, it was below 20p and cash burn continues & “actively exploring funding options”, but not to worry… there’s a new “strategic plan”!. Now a Proposed Subscription and Open Offer…
I can’t say I know an awful lot about AIM-listed Victoria Oil and Gas (VOG), beyond its (still) pending farm-out deal with fellow AIM-listed Bowleven (BLVN) which continues to await approval from the Cameroon authorities. But I do know is a 20% share price fall and an unfortunate after-hours RNS looks pretty bad – both for the company and for AIM in general. The question is what went on and whether the company and its Nomad behaved badly, or whether it was simply the effect of the blind application of AIM Rules.
Finally the Nomad to the China promote created by all round spiv Darren Mercer has had enough - Strand Hanson has quit with effect from January 9 and if no replacement is found by February 9, BNN Technology (BNN) will be booted off the casino.
This is not the first time that Buishveld Minerals (BMN) has engaged in truly sordid and shoddy ramping to get a placing away. Perhaps you remember this expose HERE which allowed me to crack a massively tasteless joke about blow jobs. The point is that pre-placing ramping back last fall left those suckered in with a really bad taste in the mouth. Wind forward to yesterday.
We all have nicknames for companies and they usually imply something about how we feel about them. So for me Quindell (QPP) will always be Quenron for reasons that should be obvious. So how does Nomad Strand Hanson feel about its client Nostra Terra Oil & Gas (NTOG)? The hint is perhaps in the image below taken from Strand's latest corporate brochure boasting of recent deals that it has completed....
Well, you can’t say you were not warned here on ShareProphets – by the Sheriff himself. Last night at no-one-is-watching o’clock (6.15pm) a small FTSE missive hit the wires confirming the deletion of erstwhile AIM-listed United Cacao (CHOC) from its FTSE AIM All-Share Index, following the continued suspension and cancellation of trading on the Casino, effective on Monday. It is thank you and goodnight.
No-one could accuse United Cacao (CHOC) of hanging around when it came to staging its own fatal car crash. December 22nd to January 4th was all it needed to go all the way.
Yesterday at 4.10 PM Nomad Strand Hanson quit with immediate effect. The shares are suspended and it must be game over. First, a reminder of back to mid December when the shares were 115p.
African Potash (AFPO) needs to find a new Nomad by December 7th or its shares will be suspended. Cantor Fitzgerald is tired of putting its name to outright lies published to facilitate Securities Fraud and has quit. Potash says its talking to a replacement but which Nomad would act for this proven fraud? You decide in the poll below. Voting deadline midnight tonight ( 22nd November).
As I have highlighted in other reports, the AIM market is shrinking in terms of the number of AIM listed companies and number of new IPOs. Unsurprisingly this is having a dramatic impact on the profitability of some of the City players. For instance Strand Hanson which acts as NOMAD to 36 AIM companies commented in its Strategic Report for the year ended 31 December 2015, submitted on 13 September 2016, as follows:
“Following successful completion of the general meeting earlier today… the last day of dealings in the company's ordinary shares is 14 September 2016 and at 7.00 a.m. on 15 September 2016, the company's ordinary shares will be cancelled from trading on AIM”. Hmmm - “successful” CDialogues (CDOG) says…
"Nomad Strand Hanson, Broker Mirabaud, mug punter Evil Knievil, aka Simon Cawkwell, dodgy Russians Mediotor, IR ramper John Heilshorn, we have beaten them all, we have beaten them all!. Phorm PLC, can you hear me? Phorm PLC ... your boys took a hell of a beating! Your boys took a hell of a beating!"
The last we heard from joke POS company Phorm (PHRM) was on 16 March when some schmucko loaned it $500,000 in 12% coupon convertible loan notes. Mr Schmucko had more money than sense on 16 March. As of today the same is probably true but by $500,000 less. The problem is that Phorm has been spunking cash at c$2 million a month and it is now April 12.
The website of hedge fund Worldview Capital doesn’t give much away. We know that the principal is a Bulgarian named Angelo Moskov, and that one of the firm’s specialties is “Distressed debt situations including restructurings”. How much money the fund has under management or who the investors are is unclear.
On Thursday another tech crock of pooh floated on AIM - Defenx (DFX) - this is a tale of City greed and a shite investment.
Shares in Beacon Hill Resources (BHR) are suspended now after an EGM yesterday failed to vote through resolutions allowing dilution to oblivion. The company will probably go into administration. But now I ask Chairman Justin Farr-Jones some questions about his friend the hairdresser.
Ben Turney has just argued HERE that Marc Sale, the former Technical Director of Patagonia Gold (PGD) - who quit yesterday 24 hours after admitting to 17 undeclared share transactions- should be reappointed to the board. Ben, you are a tolerant and forgiving, nice guy but you could not be more wrong.