Keyword results: death spiral

PREMIUM CONTENT

Supply@Me Capital – the cash burn continues, but issuing an RNS is for “little people.”

It appears that the cash strapped fraud Supply@ME Capital (SYME) has drawn down the additional £2 million available under the Mercator loan (no sniggering at the back) facility without explicitly announcing this material new “loan” advance via an RNS.  I guess following LSE rules about material disclosures is only for “little people.”

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URU
URU
PREMIUM CONTENT

URU Metals – Interims On Deadline Day In No-One-IS-Watching Week. Uh-Oh……

Entirely predictably, AIM-listed John Zorbas vehicle URU Metals (URU) has slipped out its interim results on deadline day (never a good sign) in no-one-is-watching week, the few trading days between Christmas and New Year. As such it is a fabulous day to bury bad news……and there is, of course, plenty of bad news.

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PREMIUM CONTENT

Tern – As The Wheels Come Off This Remains A Stonking Sell

AIM-listed jam-tomorrow internet of things investment company Tern plc (TERN) has announced a fundraise at investee INVMA resulting is an upwards revaluation of its investment. Two other investors have stepped up to the plate in the form of Foresight and Mercia, stumping up £1.925 million between them (presumably of other people’s money) to add to a further investment from Tern of just £0.2 million. Good news for INVMA, as it now has cash – and good news for Tern as at least one hungry mouth to feed has been satiated for the time being.

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Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast - some very serious number crunching on Versarien and its failing death spiral

I start with Bluebird Merchant Ventures (BMV) and the FCA. Who is being a moronic fucktard today?  Then some very serious number crunching on Versarien (VRS) and its looming cash crisis as the death spiral from Lanstead starts to fail. Then on why Bidstack  (BIDS) has offered its long suffering sharehoders a great selling opportunity today. And a few words and questions for Lyin’ Stever Sanderson at UK Oil & Gas (UKOG) – placing ahoy!

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PREMIUM CONTENT

Supply@ME Capital – what about the next £2m of death spiral funding due by Sunday?

Quelle surprise. Who would have guessed it?  The fraud Supply@ME Capital (SYME), now almost out of cash and still burning cash, has elected to pay the remaining November amounts due under its Mercator death spiral – which at announced as being a loan -  by issuing more shares rather than in cash. Calling this deal a “loan” was the least of the lies told by Supply But it was a lie.  With the shares at 0.1525p Mercator will have already forward sold – see volumes in the past couple of days – the £300,000 of shares it received at 0.135p.  But there is a bigger elephant in the room.

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PREMIUM CONTENT

Supply@Me Capital – second shocking trading warning – just why can’t the FCA see what a total fraud this is?

This is the second dreadful trading update from Supply@ME Capital (SYME)  in the space of six weeks. It demonstrates that the company will soon run out of cash and has hoodwinked mug punters to allow industrial scale director share sales and dumping by death spiral providers. If the FCA does not act on this latest clear evidence of outright fraud, it really is admitting that it is not fit for purpose. Anyone still holding the shares is insane and here is why.

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VRS
VRS
PREMIUM CONTENT

UPDATED: BREAKING: City source – Versarien “sounding out” for monster fund-raise at 18p

The shares are today trading at 29.5p, valuing this POS at c£58 million, but are slipping gently. The reason: Versarien (VRS) the AIM listed jam tomorrow stock run by serial ramper Neill Ricketts is, according to a City source, sounding out investors about a fund raise of £30million at 18p. The rationale?

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CDL
CDL
PREMIUM CONTENT

Cloudbreak Discovery – FY Results Delayed!

If there were not already enough Red Flags flying over sub-Standard-Listed Cloudbreak Discovery (CDL) to supply a parade in Red Square on May Day, this morning’s announcement of a delay in publishing full-year results to June 2021 must surely be the final straw for shareholders.

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URU
URU

URU Metals – Shares Crash 19% On No News. Why?

I cannot help but notice that shares in AIM-listed John Zorbas vehicle URU Metals (URU) have crashed by 19% thus far today, on no news. Having called it a sell at 405p in August, a sell at  320p in September and a sell at 270p earlier this month, the stock is now down to 190p. Of course, it is still a sell but perhaps it is time for an early Ouzo as the shares have now more than halved.

And today's ramp from David Lenigas is....

To be fair, shares in the company are up by 26% today at 0.43p on news that it has finalised and ended a death spiral. But any company that has to use a death spiral is likely to be shit and shares in this company are down by 39.06% over 1 year, 86.01% over 5 years and 96.65% since its IPO just over a decade ago. Truly a penny dreadful, just the sort of stock David Lenigas likes to ramp. Dave’s dog de jour is …

Bear
PREMIUM CONTENT

Three Shares You Just Don’t Want To Own as they should all go bust!

Tom Winnifrith has plenty more, but here are three shares you just don’t want to own. All look like they should be toast.

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URU
URU

URU Metals – Still Sliding, Still One to Sell

When I commented on AIM-listed URU Metals (URU) at the end of August, following the “disposal” of its Zebediela nickel asset to TSX-V listed cash shell (with no cash) Blue Rhino, now Zeb Nickel (TSX-V:ZBNI) the shares were 405p and I said sell as it was an accident waiting to happen. By mid-September they were down to 320p and I still said sell. Now, following after-hours full year results to March, slipped out at no-one-is-watching o’clock on deadline day (never a good sign) – and showing it had net current assets of MINUS $1.5 million – the shares are down again, to 270p – and in my view they are still monstrously overvalued and a sell.

PREMIUM CONTENT

SHOCKER: Supply@ME Capital Interims – it will be out of cash by Christmas even with its new death spiral - and the directors now admit it may go bust

The fraudsters and chancers at Supply@MECapital (SYME) tried to seep out some of the poison of quite diabolical interims with a 31 August Trading statement, but the true horrors only emerged today. Even the directrs now admit it may go bust yet moronic private investors reckon an £88 million market cap is cheap!

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PREMIUM CONTENT

SHOCKING DECEPTION EXPOSED: What is the real cost of Supply@Me Capital’s new death spiral?

I shall turn to quite appalling interims issued this morning by Supply@ME Capital (SYME) later. Suffice to say, they are dire and anyone holding onto the shares is completely bonkers, But first, yesterday Supply announced it has received a new loan which was really a death spiral.  But how expensive is this facility? I now explain why Supply has deceived investors, yet again.

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PREMIUM CONTENT

Supply@ME Capital replaces a death spiral with a death spiral and lies about it

Supply@ME Capital (SYME) flagged up that this would happen a few weeks ago but today it has announced “New £7 million Loan Note Facility completed”.  A loan as in you pay back the cash at the end of the term right? Er.. wrong. It is a death spiral.

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SAE
SAE
PREMIUM CONTENT

Simec Atlantis Energy- The beginning of the last Act

Simec Atlantis Energy (SAE) rather surprised a few investors with an after-hours placing RNS yesterday at a whopping 48.4% discount to the closing price of 4.85p just minutes before. Of course to any regular reader of this site it should come as no surprise whatsoever – I have been warning for the last 2 years! But there is worse to come in my view.

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VRS
VRS
PREMIUM CONTENT

Versarien – the deafening sound of silence

A company does not have to say anything on trading, on its prospects or on other matters at an AGM but it can do so and if it has anything good at all to say you can bet the ranch, especially with smaller AIM promotes, that it will say it. And that brings us to the Versarien (VRS) AGM yesterday.

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URU
URU
PREMIUM CONTENT

URU Metals – The Slide Continues: Keep Selling!

I cannot help notice that John Zorbas’ AIM-listed URU Metals (URU) continues to slide. At the end of July I noted that the shares, then at 405p, seemed to represent over-valuation to the point of madness. By the end of August the shine had started to come off with the stock at 390p. Now they are 320p – and still monstrously overvalued.

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PREMIUM CONTENT

Supply@ME Capital swaps one death spiral for another and lies about it

Supply@ME Capital (SYME) may have a couple of new directors but that appears to have changed now! It still appears to take a delight in deceiving the morons who own its stock. Today it says that it has closed its death spiral facility with Negma and replaced it with a loan except that it is not a loan but another death spiral! And it gets worse.

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PREMIUM CONTENT

The FRAUD Supply@ME Capital trading statement – Part 2 , That utterly misleading Proactive report and the Negma Death Spiral

There is so much in today’s absolutely appalling trading statement from the fraud that is Supply@ME Capital (SYME) that I need to cover it in three parts. I kicked off with how Supply deceived the woke dullards at the FCA and investors by reporting bogus revenues. Now I move on to how it has helped generate liquidity for death spiral provider Negma with paid for research which is pure fiction.

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Bear
PREMIUM CONTENT

Supply@Me and Chill Brands. Leaving it late in the day.

Two dogs, covered extensively on Shareprophets.com  where i am short are leaving it rather late to come up with the goods. Chill Brands Group (CHLL), formerly Zoetic, has until Tuesday to publish its results to March 2021 (and that’s after a Covid extension) and Supply@Me Capital (SYME) has stated that a trading update is “expected” this month.

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URU
URU
PREMIUM CONTENT

URU – Is Reality Starting to Bite? Not Enough!

I noted the other day that AIM-listed John Zorbas vehicle URU Metals (URU) seemed to be an accident waiting to happen. With a boat-load of death spiral shares and warrants to come at 85p against a then share price of 405p, that was surely enough of a Red Flag, but with its main asset now held in TSXV-listed ZEB Nickel (ZBNI) following a “disposal” which was not really a disposal, whose shares (of which URU holds 41 million of, but mostly held in escrow) and ZEB’s shares sliding alarmingly since the suspension was lifted, the Red Flags were certainly fluttering wildly in the wind.

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CDL
CDL

Cloudbreak Makes Another Discovery About How to Rip Off Shareholders

Sub-Standard-Listed Cloudbreak Discovery (CDL), which rushed its way onto the Standard List  only in June as Imperial X (IMPP) before it had even managed to change its name amid a forest of Red Flags, has announced an industrial trough-load of options for directors, PMDRs and other staff. Its nice to be valued, but what about the shareholders?

URU
URU
PREMIUM CONTENT

John Zorbas Vehicle URU Metals – Where Are We Now? Do the Maths……

It has been a busy few weeks for AIM-listed John Zorbas vehicle URU Metals (URU). The “sale” of its Zebediela nickel project in South Africa to Toronto Venture Exchange listed (lack-of) cash shell Blue Rhino (RHNO), now renamed ZEB Nickel (ZBNI) has completed, with Zeb having raised some cash along the way. But it seems that the Toronto market is less than impressed.

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Who is Supply@ME Capital’s death spiral provider – a series of remarkable coincidences

Who is Negma the death spiral provider to the fraud Supply@ME Capital (SYME). Negma probably thinks all its Christmas have come at once and cannot believe its luck being able to flog so many shares onto moronic mug punters thanks to a recent, utterly unjustified, rally? Well here are a series of remarkable coincidences for you to consider.

PREMIUM CONTENT

Vast Resources: Guess what? It’s another discount placing but what about those dividends you lying bastards?

Back in April Vast Resources (VAST) managed to persuade shareholdcers to approve a 100-1 share consolidation by telling them a stack of blatant lies, lies which have been shown up with news today of yet another discounted placing.

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VRS
VRS
PREMIUM CONTENT

Versarien Results are truly diabolical

It is hard to know where to begin with the results from Versarien (VRS) for the year to March 31 2021. They are, at every level, just utterly diabolical. However much the morally bankrupt PR spinners at Yellow Jersey – who else would act for such scoundrels – try to polish the turd, it is still a turd.

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URU
URU
PREMIUM CONTENT

URU – “Disposal” News: the stench is unbearable!

AIM-listed John Zorbas outfit URU Metals (URU) had a good day in the market yesterday as its shares shot up by 8% to 405p on news of developments regarding its “disposal” of the Zebediela nickel project in South Africa to Toronto Venture Exchange listed Blue Rhino (RHNO). Except as far as I can see it is not really a disposal as one might normally understand the word.

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SJH
SJH

St James House – FY Numbers to Jan Show No Razzall-Dazzle

AIM-listed St James House (SJH) – formerly Lord Razzall’s disaster that was Boxhill Technology (BOX) – has announced FY numbers to January this year. Needless to say, they are disastrous…..

PREMIUM CONTENT

Supply@ME Capital – More CV Bull-shit

In my article of 22 July, I revealed the piss poor CV of David Bull, the new Non-Executive Director for Supply@ME Capital (SYME). In the career summary issued via the RNS, he managed to omit key facts such as his close links to outgoing Chairman Dominic White (in his capacity as a Non-Executive Director of Dominic White’s Eight Capital Partners Plc) and his prior role as CFO of now suspended AIM share PCF Group Plc (PCF) caused by a number of deficiencies in PCF’s financial control and reporting function.  

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Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast - so I am going to buy some more shares

I shall explain why and what tomorrow. But I eat my own pudding in that I believe the recent sell off in small caps offers opportunity. But for some companies, notably those with funding issues, it could be very bad news. I discuss Supply@ME Capital (SYME), its director Mr Bull and its mother of all death spirals, Remote Monitored Systems (RMS) where the cash, its only asset of value, is disappearing fast and Versarien (VRSwhere I urge you to back Ian Westbrook TODAY as its 2 death spirals really start to bite. I also comment on Predator Oil & Gas (PRD) which looks to be a can of worms and Loop Up (LOOP) where maybe I am just a bit dim but isn’t it pointless?

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PREMIUM CONTENT

Supply@ME Capital Chairman walks – release total Bull

It was on July 1 that Evil Banksta sent me a job advert for the non exec chairmanship at Supply@ME Capital (SYME) asking me if I was thinking of applying. With no wish to add chairing a fraud to my CV I declined but I assumed that Supply had already announced that Dominic White was off. Schoolboy error!

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CDL
CDL

Cloudbreak Discovery: Another Day, Another Ramparoonie, Another Decline

Shares in sub-Standard Listed Cloudbreak Discovery (CDL) have dropped to another new low this morning of 2.275p – as against the IPO price only last month at 3p. It’s not looking good, especially as today’s decline accompanied a ramptastic RNS. Again!

Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast - Another fail for the FCA and more to come!

Happy Bastille Day to our listeners in France. Here another day of swimming and cooking for guests. In today’s podcast, I look at Verditek (VDTK) and the latest missive from Gollum, the investment whores at Proactive, the fraud Supply@ME Capital (SYME) & its death spiral and finally more thoughts on today’s Winnileaks special on MC Saatchi and what it says about the useless FCA when it comes to tackling white-collar crime. Finally a few words with Cliff Weight of ShareSoc re Financial Promotions.

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CDL
CDL

Cloudbreak Discovery – slippage continues on the sub-Standard List

I suggested that having dropped below its IPO price back in June at 3p, sub-Standard Listed Cloudbreak Discovery – nee Imperial X – (CDL) would struggle. Having peaked at 5.5p, the stock is now down to just 2.6p. Shall I save the Ouzo for the footie on Sunday?

DKE
DKE
PREMIUM CONTENT

Dukemount Capital – the most pernicious form of share ramping and two death spirals

When a director of a listed company is interviewed by a fine fellow such as my old friend the Sith Lord Zak Mir or Justin “the clown” Waite there are restrictions on what he can or cannot say. Of course some directors ignore the rules and the Oxymorons at AIM Regulation do nothing. But there will be at least a note of caution in making ludicrous claims. But in recent times, there has been more evidence of a get-around.

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CDL
CDL

Cloudbreak Discovery (nee Imperial X) – latest Ramparoonie Flops as Gravity Asserts

Imperial X listed on the sub-Standard List back on June 3rd at 3p per share. The shares quickly rushed up to 5.5p but the share price chart shows a ski-slope ever since, despite a series of ramptastic announcements and a name-change to Cloudbreak Discovery (CDL). This morning we have another ramparoonie……

PREMIUM CONTENT

What odds the fraud Supply@ME Capital shares being suspended next Thursday – statement on missing results needed now?

For a death spiral to work, your shares need to be trading. If they are suspended, you cannot run a spiral. And without its recently arranged death spiral, Supply@ME Capital (SYME) and its soon to be bought sub scale loss-making fund manager Tradeflow go bust as they have no cash and are both burning cash. Hey ho. The shares could be suspended as soon as next Thursday morning. The reason?

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PREMIUM CONTENT

Supply@ME Capital – it has been a week, where are its many times delayed 2020 numbers?

The fraud Supply@ME Capital (SYME) has now postponed its results four times and still they are not out. The mugs who own this stock should be panicking. Firms delay results for two reasons:

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Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast: another reason to hate the Tories as Olaf shows what a girly swot she is

I discuss my local Tory councillor being a spinless cretin, my daughter Olaf being a girly swot and with reference to Peter Brailey’s most excellent article earlier the nature of death spirals, they are not all the same but bad companies attract bad finance.

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DKE
DKE
PREMIUM CONTENT

SHOCKING EXPOSE: Dukemount Capital – The latest Zak Mir assisted ramp

The current fashion for retail investors to back any old company that claims to be active in the UK intermittent generation market continues. Dukemount Capital (DKE) has been brought to my attention as one of the latest to attempt to tap into the retail enthusiasm for anything power and green related. Unfortunately this one does not pass my test as a worthwhile investment on so many levels.

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PREMIUM CONTENT

Letter to the FCA regarding the latest monster lie from Supply@ME Capital

How do you know if the fraudsters at Supply@ME Capital (SYME) are lying in an RNS or financial report? Simple. If there is a “y” in the day, Supply is lying. It lied about its net assets in its RTO document, repeatedly lied about its sales pipeline, lied about its sales in 1 RNS and 2 interim reports and lied about so much else. And here is another lie exposed yesterday.  I have written to the FCA which has already suspended the shares once.

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PREMIUM CONTENT

Supply@Me Capital – announces £5.6 million death spiral – natch it misleads, shares tank, target 0p

Death spiral providers take no view on whether a company is good, bad, honest or dishonest as long as there is liquidity in the shares so it can dump who cares? Thus the cash guzzling fraud Supply@ME Capital (SYME) says it has secured a £5.6 million death spiral. And it seems as if once the initial tranche of shares is dumped Supply/Negma can repeat up to nine more times. Talk about a rolling maul of selling pressure!

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CDL
CDL
PREMIUM CONTENT

SHOCKING EXPOSE: Imperial X Joins the Imperially sub-Standard List

I have been ploughing through the prospectus for previously Aquis-listed Imperial X (IMPP, now CDL) regarding its move to the sub-Standard List. It looks like a shambles, as it was supposed to have changed name in the process (but hasn’t yet) and the myriad of conflicts of interest is just grim. If ever there was a sign of the top of the market, this IPO is surely it.

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URU
URU

Red Flags at Night – URU Metals: more Death Spiral – at a 74% discount. Run for the Hills!

Last night, at 6.02pm – no-one-is-watching o’clock – AIM-listed URU Metals (URU) announced it has increased the death spiral facility with an outfit called Boothbay Absolute Return Strategies from $250,000 to $500,000 – and the bargain giveaway conversion terms which were originally due to expire within 90 days of the original loan have again been extended so that Boothbay can convert at just 85p……with the stock trading at 325p!

VRS
VRS

Versarien shares hit new 2021 low - a double whammy and nothing can stop the rot

Even at 34.1p to sell, a new low for 2021 achieved despite the raging bull market in small cap shares, Versarien (VRS) is capitalised at £66 million which for a company with negligible net cash and burning cash is a preposterous joke. Let’s start with a reminder of what fair value is…

ZOE
ZOE
PREMIUM CONTENT

Love Hemp – the read-across is that Zoetic at 67p bid is worth 4.3p MAX!

Once upon a time, there was only one CBD company listed in the UK, Zoetic (ZOE). It lied to investors, regulators and customers and was pumped by unscrupulous investors and PR veterans of the China fraud scams, and its rarity value and the lamentable failure of the woke dullards at the FCA to address all that lying saw the shares ramped to ludicrous levels. But now more CBD businesses are listing and that throws a spotlight on valuations. The clear read across implication is that Zoetic shares are going to crash.

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VRS
VRS
PREMIUM CONTENT

A Q1 Review with a question that long-suffering shareholders in Versarien must ask the loathsome Neill Ricketts

As Q1 draws to a close, I have few regrets about having been inactive in the market particularly on the short side.

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VRS
VRS
PREMIUM CONTENT

Versarien – there will not be a year-end trading statement but what would it say?

Let’s be clear. Although it might be deemed best practice for a company the size of Versarien (VRS) to issue a year-end trading update, there is no legal obligation for it to do so. And the only best practice Versarien adheres to is in industrial-scale share issuance and deceptive share ramping activities. Had it won any material business at all, new contracts for graphene which actually generated real sales – as opposed to taxpayer handouts from his Tory chums – you can bet the ranch that loathsome Neill Ricketts would have been itching to shout about them via an RNS. He hasn’t so there are not any.

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SJH
SJH
PREMIUM CONTENT

EXPOSE: St James House – Technically Insolvent, Record Death Spiral in place – but what will the Mega Options bring in? A Red Flag SELL with bells on!

Technically insolvent AIM POS St James House (SJH) made a song and dance yesterday of its latest bailout rescue finance package – which neither bails it out or rescues it – with Tintra Acquisitions Limited. There is a £250,000 loan convertible into a death spiral at 10p per share (take note shareholders, with the price currently 45p a pop!) but tied to that are two option deals which apparently bring in between them a fraction below £180,000. So how much of that will find its way onto St James’ balance sheet?

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SJH
SJH
PREMIUM CONTENT

St James House - disastrous interims part 2 now it's death spiral ahoy

As well as disastrous, red ink soaked finals, St James House (SJH) published its interims, to July 31 2020, today and revenue was up an impressive 51% on comparative interims to £641,000; however, administrative expenses of £874,000 resulted in an operating loss of £567,000. St James House (SJH) was only able to report a profit of £192,000 due to the profit of £759,000 for disposal of Market Access Ops Ltd for consideration of £1.  As I highlighted in my note of February 2020, I struggle to understand why Mr John Botros would buy a loss-making company for £1 as it came with net liabilities of £759,000.

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ZOE
ZOE
PREMIUM CONTENT

Zoetic Death Spiral announced as institutions give the fraud a big swerve

On January 28, the fraud Zoetic International (ZOE) announced that it really did not need any cash. That was an outright porky as events today showed. Here is that RNS cherry:

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MDZ
MDZ
PREMIUM CONTENT

Mediazest – shares rocket: have the BBMs completely lost it?

AIM-listed Mediazest (MDZ) caught my eye this morning: it is currently top of ADVFN’s gainers leaderboard today with a rise of a very impressive 140%, with a share price of just 0.12p – having been as high as 0.175p. There was news of new business wins due to bring in £350,000 of revenues but as we know, revenues are one thing and cash is quite another. But apart from that, it looks like a forest of Red Flags is upon it: have the Bulletin Board Morons completely lost the plot? TW Note did they ever have it?

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BPC
BPC
PREMIUM CONTENT

More vindication after 5 years: Bahamas Petroleum shares crash – Simon Potter is a rotter

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.

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PREMIUM CONTENT

The death of Iconic labs Part 2 - Who will be holding toxic Dave & the 3 Good Germans to account: the courts, the administrator or EGHOF?

It is only a matter of time before Iconic (ICON) is put into administration and I shall then be one upstanding citizen who contacts the administrator about the conduct of the Good Germans, the three directors who quit on Monday, as well as former chairman and then shadow director toxic Dave Sefton whose private companies have grown rapidly using Iconic’s cash. But I shall not be alone. Death spiral provider EHGOF claims it is owed cash by Iconic and has launched the most explicit broadside at toxic Dave and the Good Germans (John Quinlan, Liam Harrington and Sam Asante) with specific, shocking allegations, and making clear threats. 

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URU
URU
PREMIUM CONTENT

Red Flags at Night: URU Metals – For whose benefit is this POS being run?

Last night, at 5.32pm on a Friday – no-one-is-watching o’clock – AIM-listed John Zorbas outfit URU Metals (URU) issued an RNS related to its death spiral financing package first announced in May last year. It is good news for the loan sharks, but surely shareholders deserve better.

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VRS
VRS
PREMIUM CONTENT

Versarien’s “Sound Financial Base”: Two Death Spirals and a Dodgy Loan!

It helps when shorting a company’s shares to have a tailwind and there are few more favourable tailwinds than if that company is resorting to death spiral finance. This desperate measure tells you that all normal financing options are closed to it and that realising cash at punitive and dilutive rates is the only way to survive. The reality of death spiral financing is so grim that it is little wonder that many companies attempt to obfuscate it by hoodwinking investors into thinking that the finance provider is an institution willing to invest in their shares…

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PREMIUM CONTENT

Iconic Labs – how big is the EGHOS debt dispute and why was OTT Holdings kept in the dark?

Cash guzzling POS Iconic (ICON) faces a 15% shareholder wishing to oust the board, OTT, and a legal claim from death spiral provider European High Growth Opportunities Securitization Fund, EGHOF, which it airily dismisses as baseless. It is wrong to do so and here is why.

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VRS
VRS
PREMIUM CONTENT

Letter to AIM Regulation: Versarien lying again

How many letters have I written to the Oxymorons at AIM Regulation about the lies and market abuse committed by Versarien (VRS)? To their credit, the Oxymorons have, on a number of occasions, forced Versarien to issue a new RNS fessing up to various ghastly truths so they do heed my words sometimes. Anyhow, Versarien has told another porky today and so I have written again.

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VRS
VRS
PREMIUM CONTENT

Versarien buys & lies (again) to cover up its monstrous cashburn

Notwithstanding the receipt of an illegal Government loan from Neill Rickett’s Tory chums and the fact that it had one massive death spiral from Lanstead in place, the cash position of Versarien (VRS) has – as oft predicted here – become so grim that it has had to set up another death spiral to keep the lights on. There is also another daft acquisition which will only add to the cashburn and naturally all this bad news is wrapped up in a grotesquely misleading release which only a Nomad as bent as SP Angel, of the fraud MySquar infamy, could have signed off on.

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BPC
BPC
PREMIUM CONTENT

BREAKING BOMBSHELL EXPOSE: Is Bahamas Petroleum $20m disguised death spiral placing today ILLEGAL?

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?.

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AST
AST

Ramper James Parsons with an Ascent share purchase which is a sell signal

Ascent Resources (AST) has only avoided a crash landing in tits up alley thanks to the provision of death spiral finance by Riverfort Global and Align Research. Essentially, it has sod all cash, its assets in Slovenia it failed to monetize for eons and some joke Cuban assets. At c6p it is capitalised at c£5 million. Given Parsons’ track record as a pump and dumper and value destroyer, only a total poltroon would buy any shares. So step forward… Mr James Parsons.

PREMIUM CONTENT

Deepverge and that December 1 Presentation at Turner Pope – no wonder the shares are tanking: read it and weep

Much ramped DeepVerge (DVRG) has very kindly put the presentation it gave on December 1 to lucky clients of its corporate broker, the esteemed house of Turner Pope, on its website. Have you read it? I have rarely seen a more compelling sell case in my life. No wonder the shares are tanking. Off another 10% today to 23.5p; I am slashing my target price from 10p to 5p.

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PREMIUM CONTENT

DeepVerge - another cash guzzling Covid ramp where the valuation is insane

I see that, on twitter, the usual assortment of lunatics are frothing about DeepVerge (DVRG) another utterly overvalued piece of junk from the AIM Cesspit. Naturally there is a Covid angle and appropriately enough it is a lavatorial one. It is not just Bulletin Board morons pushing this rubbish but esteemed broker Turner Pope has also stuck its nose into the sewerage system (literally) with a gushing note out today.

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URU
URU

URU Metals – More Shares, but no Cash

AIM-listed John Zorbas POS URU Metals (URU) has announced the issue of a stack of shares to settle directors’ fees and those of an adviser this morning. That to add to yesterday’s paltry subscription shares raising just £280,000  (before expenses). I would suggest that this latest splurge of confetti shows just how badly screwed the company is.

VRS
VRS
PREMIUM CONTENT

No Turkish Delight from Versarien but a desperate deception to ramp the shares ahead of bailout placing

Versarien (VRS) is not generating any meaningful revenues from graphene. At a PLC level it is almost out of cash & its debt facilities are almost maxed out. And so notwithstanding the fact that it already has a Lanstead death spiral in place, it needs to get a placing ahoy. Hence a release today which is almost certainly materially misleading if not a slam dunk lie.

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PREMIUM CONTENT

Iconic discounted placing and a new deception - if this RNS is not misleading I am a banana

Iconic Labs (ICON) has a history of deceiving investors as long as your arm. That history today got even longer with City penny stock shufflers Shard Capital at the heart of the latest deception.  The RNS reads: “Firm Placing, End of EHGOF Share Issuances and New Conventional Debt Facility. “ But that simply is not true.

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URU
URU
PREMIUM CONTENT

URU – In Whose Interests?

AIM-listed technically insolvent John Zorbas POS URU Metals (URU) announced yesterday that it has for the second time extended the initial 90-day initial notice period on its convertible death-spiral loan by a further 90 days. With the shares at 260p, the initial deal to convert the loan is massively more attractive for the loan shark than the 35% discount that would otherwise apply – so why is URU doing this?

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VRS
VRS
PREMIUM CONTENT

BOMBSHELL: How much, or rather how little, has Versarien made from its Lanstead death spiral?

In March, Versarien (VRS) announced a £6 million funding facility with a supposed institutional investor, Lanstead. Thanks to my work, AIM Regulation forced it then to ‘fess that actually, if the shares stayed at 53.3p, it would realise only £5.5 million net. But they have not. So how much has the Neill Ricketts promote actually raised?

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VRS
VRS
PREMIUM CONTENT

Versarien, Neill Ricketts and sleazy death Spiral provider Lanstead – just who told the biggest lie?

On 23 March 2020, POS AIM promote Versarien (VRS) announced “ subscription to raise £6 million”. Natch the headline was misleading and indeed Versarien was forced to issue a clarification at a later date.  On 16 October, the lies started to reveal themselves big time.

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URU
URU
PREMIUM CONTENT

URU – Environmental Impact Assessment “progress”. What progress?

AIM-listed John Zorbas vehicle URU Metals (URU) – the one described by Cynical Bear as being happier mining its own shareholders than anything in the ground – has updated on its Environmental Impact Assessment (EIA) at the Zebediela Project in South Africa. Bear in mind that it announced in April that it planned to spend £250,000 it hadn’t got on this back in April.

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VRS
VRS
PREMIUM CONTENT

EXPOSED Versarien – Graphene sales remain tiny and the cash position is getting critical

Now that Versarien (VRS) has finally published its annual report, I have had a look and drawn out a few highlights. As the subsidiary accounts are not yet filed at Companies House, it is not yet possible to perform the detailed analysis of the results to show exactly how little the Graphene sales were as I did for last year’s results showing that sales were just £26,000.  However, I show below an indicative analysis by analysing the elements that Versarien does disclose and it makes for grim reading for the deluded followers of Neill Ricketts.

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PREMIUM CONTENT

Iconic Labs – time for some honest answers

Of course there really is more chance of me shagging Cheryl Cole than of this happening. But let’s hope for it anyway. How many of the current wave of enthusiastic shareholders who piled into the grossly misleading announcements starting on September 10 understand that there could still be much more share dilution to come?  There are three separate financing instruments under which Iconic (ICON) can be required to issue shares for and they are as follows:

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PREMIUM CONTENT

Iconic – so morons, just how scammed by this blatant lying do you feel today?

Ouch! I do hope that the morons who have piled into worthless, cash-guzzling, POS Iconic (ICON) in recent days had lubed up properly for this morning for they were shafted completely. The shares have slumped by 47% to 0.01325p having also dumped yesterday. Now we know why and it is horrific.

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Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast: Two matters Versarien needs to come clean on PDQ

In today’s podcast, I look at Supply@ME Capital (SYME), Berkeley Energia (BKY), Novacyt (NCYT), Franchise Brands (FRAN) and also at Versarien (VRS), its loathsome boss Neill Ricketts, the death spiral provider Lanstead and what it is not telling us all. 

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AVO
AVO
PREMIUM CONTENT

Advanced Oncotherapy – Draws down on Convertible Loan. Is it a Death Spiral or what’s the catch?

It was announced this morning that AIM-listed Advanced Oncotherapy (AVO) has drawn down an initial $10 million on its secured convertible loan package totalling $30 million with Nerano Pharm – a financing vehicle wholly owned by significant shareholder Seamus Mulligan. So is this a death spiral, and what’s the catch?

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VRS
VRS
PREMIUM CONTENT

BREAKING: Tory Sleaze - Confirmation that Versarien gets £5m of taxpayer cash to which it is NOT entitled

I guess under the Tories it is about who you know, not whether you are qualified when it comes to accessing taxpayer cash. It worked for the pole dancing American bimbo who was a “close friend” of Boris when London’s Mayor and, as you can see below, with the blues in power, Neill Ricketts of Versarien (VRS) is a man well positioned to open the right doors. Today, his firm confirmed that it had received the first £1.96 million of a £5 million soft taxpayer loan from Innovate UK. Senior Tories such as Alok Sharma and Rishi Sunak were warned that Versarien did not qualify but the loan went ahead regardless. Let’s be clear this is the biggest ever loan by Innovate UK by a mile and this is pure and simple sleaze and here is why.

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URU
URU
PREMIUM CONTENT

URU Metals – oh dear…….SELL (again)!!

I see that shares in URU Metals (URU), a company run by John Zorbas which Cynical Bear observed seemed to be more interested in mining its shareholders than digging anything of value out of the ground, have dropped to just 80p to sell. This is in the wake of the disgraceful fundraise at a massive 57.5% discount (which was advertised as a 24% discount) to its previous 200p share price. That is bad enough, but there are implications of far worse to come.

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PREMIUM CONTENT

Iconic Labs - Unprecedented dilution to pay for boardroom excess

Uber dog Iconic (ICON) is still losing money. But that is not the real story here. 

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PREMIUM CONTENT

Tern – convertible loan for investee… or is it a disguised death spiral/placing for Tern?

As you all know, I think AIM-listed jam-tomorrow investment company Tern plc (TERN) still needs to raise cash to see it through to the end of this year, and I think its balance sheet valuations are pie-in-the-sky. Having offered up disastrous FY19 results on Tuesday which saw the shares crater by 25%, this morning we have news of a fundraise by one of its investees. Or is it….?

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URU
URU
PREMIUM CONTENT

OUZO TIME! URU Metals – As predicted, fundraise and a stunning death spiral announced after-hours as company misleads. TIMBER.......

What a complete and total POS. As I pointed out (yet again) yesterday, AIM-listed URU Metals (URU) was technically insolvent and for no apparent reason the shares had marched up to 200p, overvaluing this outfit by…..er….200p. Needless to say, the directors had a duty to raise money and at no-one-is-watching o’clock last night (4.56pm) we learnt that they had. But the company misleads over the massive 57.5% discount – and that is a best case scenario – and the company is STILL technically insolvent.

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URU
URU
PREMIUM CONTENT

URU Metals – another POS rising ludicrously on the AIM Casino...

Tom Winnifrith has already added to my comments yesterday about the ridiculous aluation of AIM-listed Tern plc (TERN), which even after yesterday’s 25% crash and a further 10% drop today is still monstrously overvalued. Tern is not alone, which brings me on to AIM-listed URU Metals (URU) which has been rising steadily from a low point of 90p on 27th April to the current 200p. So what has been the catalyst for this meteoric rise? After all, URU is – as I have pointed out before – technically insolvent!...

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VRS
VRS
PREMIUM CONTENT

Versarien forced to start to come clean on its dodgy death spiral & China financings – a stink regulators MUST investigate

It is like extracting teeth. Getting the proven liars at Versarien (VRS) and the morally bankrupt evil PR spinners at Yellow Jersey, of the Frontera fraud infamy,  to tell the truth, the whole truth and nothing but the truth is a nightmare. And we are still not there yet. Today, however, the company has been forced to start to clarify.

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TYM
TYM
PREMIUM CONTENT

Tertiary Minerals – Spooooooooooooooooooooooooooooooooof

Tertiary Minerals (TYM) seems to think that its investors are the dumbest folk going and with the shares up by 75% at 0.32p maybe it is right for today’s news of a £600,000 placing is just an almighty spoof. For starters this is not a £600,000 placing!

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VRS
VRS
PREMIUM CONTENT

Letter to FCA & AIM Regulation re potential Market Manipulation or Abuse at Versarien

Yesterday Versarien (VRS) announced a death spiral on steroids which will only postpone bankruptcy and will see the share price shredded but the RNS was, I believe, an exercise in market manipulation and market abuse. Only a Nomad like SP Angel of the fraud MySquar infamy, could have signed off on it. I have written to the regulators demanding that, again, they take action

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VRS
VRS
PREMIUM CONTENT

Versarien & the £6m fund raise which provides not a cent upfront & will raise nothing like £6m - Ricketts lies about cash again

Versarien (VRS) this morning announced “subscription to raise £6 million”. Folks looked at the headline and the shares soared to 31p. Ha! Mugged by Ricketts again! Then they read the release. It is bullshit. Death spiral provider Lanstead is not putting up a cent up front and the total amount handed to Neill Ricketts’ bag of shite company over the next two years could well be well below its monthly cashburn! Ricketts really is the most shameless bullshitter and only scumbags like SP Angel, who took over as Nomad after Canaccord resigned, would sign off on such misleading gibberish which contains one MONSTER lie.

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VRS
VRS
PREMIUM CONTENT

When is a Death Spiral not a Death Spiral? - When it is a Pipe

A new financial life support for crap companies like Versarien (VRS) today seems to have appeared in recent years in the form of an equity sharing agreement – lots of companies have done such deals with all the usual death spiral providers, hence the howls of “it’s a death spiral”.  However, they are not new and there are key differences with the standard death spiral.

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Bearcast
PREMIUM CONTENT

Tom Winnifrith Photo Bearcast: the flood waters are rising once again, now 2 yards from the Welsh Hovel

I start with the rising flood waters here at the Welsh Hovel, which are now about two or three yards from the bottom step leading to the back door. Then it is onto Coronavirus, where it is starting to sink in as to how bad it could be in terms of fear and our behaviour if not actual deaths. Then onto what filing management accounts means and the question of possible securities fraud at Dev Clever (DEV), which I have flagged up with the FCA today. Then, as per the screenshot below, it is the changing behaviour of Neill Ricketts at Versarien (VRS) and what that tells us about the regulatory hole he is in and why Canaccord quit as Nomad. Finally a comment on Bahamas Petroleum (BPC), its piss poor death spiral and crazy valuation.

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Iconic Labs – finally corrects its maths….it’s only taken a week! Still a screaming sell.

Further to my article last weekend which pointed out that someone at former David Sefton outfit Iconic Labs (ICON) couldn’t add up with reference to its RNS of 4.08pm on Friday 7 February (no-one-is-watching o’clock) announcing a capital reorganisation, a week later the company finally got around to correcting it…….at no-one-is-watching o’clock (4.09pm) yesterday. Perhaps yesterday’s crony capitalist lunch at shareholders’ expense was alcohol-free.

PREMIUM CONTENT

Sell Iconic Labs – former David Sefton outfit sorts death spiral problem.…..with a death spiral! And someone can’t add up

Tom Winnifrith has already taken his sup from the ouzo bottle with regard to seeing David Sefton “resigned” from Iconic Labs (ICON) and called it insolvent. In a statement at 4.08pm on Friday – no-one-is-watching o’clock – which was littered with Red Flags, we were told that the company’s business is now generating revenues and starting to achieve real growth but it plans a capital restructuring and has agreed a new death spiral as it is not currently possible to raise conventional capital. So that’s alright then! And courtesy of ShareProphets Nomad Services I forecast a correction first thing tomorrow for it seems someone did rather too well at lunchtime on Friday.

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PREMIUM CONTENT

Vast Resources – let the death spiral commence, and a slam-dunk breach of AIM Rules

One day short of four months on from its first announcement, AIM-listed Vast Resources (VAST) has at long last confirmed receipt of the first tranche of the death spiral funding it said it would not do. So yesterday’s announcement that the cheque really was in the post this time appears to have been true. Quite why it has taken so long remains a mystery, but whatever: let the death spiral commence. But how much actual cash does Vast gain from this charade?

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PREMIUM CONTENT

Vast Resources - the death spiral cheque is in the post. Honest! Fatty says it is!

Only the laziest, stupidest and most credulous of Nomads would have signed off on the death spiral funding releases issued over the past few months by, almost certainly worthless, Vast Resources (VAST). Luckily Vast employs Roland "fatty" Cornish  and so today we get another update. You may remember... 

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PREMIUM CONTENT

Vast Resources is shortable and should be shorted

There is borrow so don’t hold back. The market cap was £28 million at a 0.305p share price when this piece first appeared. The shares are now 0.285p but this could go all the way.

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PREMIUM CONTENT

Vast Resources: where is the cash, Nomad Roland “Fatty” Cornish? Do AIM Rules mean anything at all?

Show me the money, AIM-listed Vast Resources (VAST)! Eight days ago at 3pm the company slipped a small statement with regard to its long-awaited death spiral financing first announced way back on 1 October 2019 into its no-one-is-watching o’clock Interims to October 2019……and we’ve heard nothing since. Is the deal off? What is the problem? Was there ever a deal? Has the lender got the cash?

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PREMIUM CONTENT

If Vast Resources had a proper Nomad there would be a full steward’s into its placing disclosures

But it does not. Its Nomad is Beaumont Cornish, run by Roland “Fatty” Cornish who only acts for companies that are the dregs of the AIM Cesspit. They can say what they want in an RNS, fatty will sign off on it before waddling off for a four course breakfast, luncheon or dinner. Bad companies use Fatty as he will sign off on anything. Good companies do not want investors assuming they are dodgy so use another Nomad. And that brings us to Vast.

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PREMIUM CONTENT

VAST – it’s mega dilution time as finance facility is revealed as a Death Spiral with bells on

Amazing. Yesterday, having promised news on a $13.5 million finance facility at regular intervals since 1 October, AIM-listed VAST Resources (VAST) essentially told us it didn’t know when it would come through. This morning and bingo, its arrived. Its nice to feel the board is fully in control of things. But having told us in December last year that it would not do any more death spirals, guess what! And worse still, the previous clientele of this fine upstanding finance firm appears to consist of the fraud MySquar (MYSQ), and Bushveld Minerals (BMN) back in the days when it was a penny stock dreadful gasping for cash.

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PREMIUM CONTENT

Vast Resources – where, oh where is Mr Godot? Statement needed – time for Nomad Fatty to act!

AIM-listed Vast Resources (VAST) announced a mega-funding on 1st October and said it would be signed later that week. Then on 8 October we were told it was in the process of being finalised and a further announcement would follow. On 11 October it said it would be signed later next week. It is now October 22 and there is still no sign of it. Surely a statement is overdue.

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PREMIUM CONTENT

Infrastrata – Does this company live a parallel universe where time and money are multi-dimensional?

Infrastrata (INFA) has been trying to get the Islandmagee gas storage project in Northern Ireland into construction for practically a decade. Why the company has bought one of Northern Ireland’s most iconic businesses, in Harland & Wolff, is somewhat beyond my comprehension. Infrastrata doesn’t appear to have any money or ready access to money - perhaps the company lives in a parallel world to the rest of us and can grow money on trees? Or it just likes debt or government handouts?

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PREMIUM CONTENT

Iconic Labs death spiral financing won't work out well for existing investors

It never ceases to amaze me how willing many private investors are to forget past failures and accept that a complete change of direction in a business is suddenly going to bring success.

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PREMIUM CONTENT

Disgraced Anglo African boss loathsome David Sefton P45 watch day 8 – now about that £300,000 of shareholders cash?

Earlier today, Anglo African Oil & Gas (AAOG) and its spineless and morally bankrupt Nomad FinnCap (FCAP) were finally forced to respond to our series of exposes. But their limp dick statement will have fooled nobody and the pressure on Anglo to fire Sefton is mounting. Just to pour a can of gasoline on the flames let’s turn to the £300,000 of shareholders cash question.

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PREMIUM CONTENT

Anglo African Oil & Gas Disgraced boss David Sefton misleads investors again – SACK THE LOATHSOME BASTARD NOW

After intense pressure from ShareProphets and from those who were signed up to take part in a £2.7 million placing at 5.2p and are threatening to pull out, disgraced David Sefton and Anglo African Oil & Gas (AAOG) have made a statement. But the turd Sefton has misled investors again. How is Nomad FinnCap putting its name to this? Does FinnCrap have no shame? As Sefton dissembles I have some new revelations below....

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PREMIUM CONTENT

Anglo African Oil & Gas shares tumbling - urgent statement needed on two matters

Having announced a £2.7 million placing at 5.2p and a shockingly bad undeclared related party death spiral to bring in another £5.5 million yesterday shares in Anglo African Oil & Gas (AAOG) are tumbling are are now just 4.4p to sell. An urgent statement on two matters is needed. Firstly:

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PREMIUM CONTENT

EXPOSE: Anglo African Oil & Gas placing - the worst form of death spiral financing in all but name, undeclared related party deal - this stinks

News this morning, as I predicted on this site on Monday HERE of an £8.25 million raising by Anglo African Oil & Gas (AAOG) looks to be a disaster for existing shareholders once again under David Sefton's watch. 

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Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast: the origin of the word bugger, Versarien & AAOG £9m fund raise ahoy!

In today's bearcast I discuss how and why the word bugger come from Bulgaria, at least according to my hero Paddy Leigh Fermor. I look at Versarien (VRS) and why it will end in tears, report that Anglo African Oil & Gas (AAOG) is trying to raise £9 million at 5p and or via a death spiral, look at Hurricane (HUR), Prospex (PXOG), Grand Vision Media Holdings (GVMH) - as per my prescient piece HERE - Condor (CNR)  and uber dog Premier African Minerals (PREM)

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Red Flags at Night – Novacyt death spiral: SELL

AIM-listed diagnostics play Novacyt (NCYT) announced a death spiral deal on 23 April 2019 and at 6.23pm on Friday evening it slipped out details of the first two rounds of conversions – at no-one-is-watching o’clock….except ShareProphets was watching. It is also listed on the Euronext Growth market (ALNOV), and joined AIM at the back end of 2017 – since when it has been heading heavily southwards, as you can see from the chart below.

PREMIUM CONTENT

Redx Pharma – much improved cashburn, but is it death spiral ahoy?

Since the scandal of its administration, AIM-listed biotech company RedX (REDX) has had a much better run of things under the new leadership of Exec Chairman Iain Ross. But today’s statement, issued intra-day at 11.34am, suggests that a death spiral may be on the way. If it is, then this is an automatic sell for me...

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AFC
AFC
PREMIUM CONTENT

AFC Energy – “pleased to announce” FY18 numbers - with a death spiral and further funding needs?

It is some three years since Evil Banksta covered AIM-listed AFC Energy (AFC) on this site with his piece In the long run, AFC Energy is a zeroThe shares were then 14.5p. Last night they were 3.775p and now they are 3.39p. I guess we are 76.5% there, then! This morning we were told that the company was pleased to announce its results – but should it be?

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Vast Resources – Manaila Mine not reopening (yet)…oh, and a Corporate Restructuring. SELL.

As if the poor shareholders in AIM-listed Vast Resources (VAST) had not suffered enough! Today the company announced that its Manaila mine in Romania which has been on care and maintenance since December 2018 will not now be reopened as planned this month (with just two working days left!!), in order to reduce costs. Oh, and there is a full corporate restructuring and refinancing underway.

WDC
WDC
PREMIUM CONTENT

Widecells – a total bargepole with a death spiral on steroids: SELL, SELL, SELL!!

Normally when I see a damaging (to shareholders) death spiral in play it is with reference to company trading on the AIM Casino. We’ve had a few: Tern (TERN), Advanced Oncotherapy (AVO) VAST (VAST) to name just three. But Widecells (WDC) is listed on the main market – well, sort of: it was unleashed onto the Standard List in July 2016. But this death spiral really does take some beating!

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ALPHA GROWTH. Three Card Trick! Death Spiral, Prospectus & Placing?

Alpha Growth (ALGW) is running on ‘vapours.’  It hasn’t got a pot to piss in. Cash on hand is probably close to £170,000. Its auditor has issued a ‘Material Uncertainty’ as to viability going forward as a going concern. The Company has ‘fessed up that it has no revenue and will need funds. What is not to like? 

VAST – having promised no more death spirals and then done one with no conversion notice within 30 days…….. WTF, Nomad Fatty?

I highlighted the latest in a series of death spirals entered into by AIM-listed Vast Resources (VAST) on 22 December (see HERE). That was after the company had said it wouldn’t do any more, but then announced its issue at no-one-is-watching o’clock on 21 December 2018. The thing is, it told us that tranches of the death spiral loan would not be convertible into shares of the Company (the “Shares”) for the initial 30 days from the date of their respective advance. And so today, 18 January - and thus four weeks and not thirty days later…..

Father Christmas

ShareProphets “Bury Bad News” Christmas Eve Competition Result

Well Humbug and Bah Humbug to you all! You all want to know who won the Bury Bad News sweepstake. Needless to say, it wasn’t me! The entries ranged from 7 to 50 bad news RNSs on Christmas Eve, but who won – and what was the worst of RNSs?

Bear

5 Slam-Dunk Sells for 2018 – almost the final reckoning

We are days away from the end of 2018 and so it is time for almost the final reckoning for my portfolio of 5 shares to sell this year. I say almost the final reckoning because Tom Winnifrith’s Winnileaks has been receiving a few things which suggest that AIM-listed Frontera Resources (FRR) may well be facing its final reckoning extremely soon – ouzo at the ready, then!

PREMIUM CONTENT

Red Flags at Night: Vast Resources - having said it would avoid death spiral finance……

Oh dear! Previous boss of AIM-listed Vast Resource (VAST) Roy Pitchford had an unhappy time with death spiral finance facilities with Crede and Bracknor and now, despite the company having said it would avoid death spiral finance facilities in future, has announced – under Brian Moritz – a “bridge facility” which is….a death spiral, this time with Bergen. It is interest free, naturally – if you ignore the fees – but critically, this time the facility is not convertible for 30 days. After that…..well, we know what death spirals do to share prices.

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FRR
FRR

Five Slam-dunk sells for 2018 – October update

And so another month has slipped by and it is time for another update on my five to sell – or just steer a very wide berth around. Last month the average loss amongst AIM-listed Telit (TCM), Inspirit (INSP), Catanae (CTEA, formerly Milestone Group, MSG), Frontera Resources (FRR) and UK Oil and Gas (UKOG) was sitting at 17.4%. But we’ve had a bit of a sell-off……

Imaginatik – new Nomad (well done!), placing at just 1.1p, death spiral and open offer

AIM-listed Imaginatik (IMTK) has beaten the odds and signed up a new Nomad to replace FinnCap which slipped out of the back door a month ago. Good news – and on deadline day too. And so WH Ireland steps up to the plate. We also learnt that the company got a placing away – at just 1.1p, plans an Open Offer and has signed up for a death spiral toboot. Great stuff – but I won’t be interested for now and here is why.

FRR
FRR

Frontera’s Zaza is Chamberlain not Churchill – caves to death spiral provider Yorkville – share blizzard ahoy

We shall fight on the beaches, we shall fight on the landing grounds, we shall fight in the fields and in the streets, we shall fight them in the law courts. So said Zaza Churchill of Frontera Resources (FRR) last month after his company defaulted on an agreement with death spiral provider Yorkville, failed to hand over shares, lied via RNS and ended up with a legal dispute. Oh well, it turns out that Zaza is not Churchill but Chamberlain after all. And it is not just one little piece of paper that is on the way but billions more pieces of confetti, worthless share certificates.

Wishbone Gold - placing at just 0.1p, ouch, but strong buy – average down (we have)

Tom Winnifrith writes: This has been a bad tip. We apologise. We owned the shares too and share that pain. But with the stock now at 0.1p-0.12p the shares are a STRONG BUY, average down. Let me explain.

Haydale – shares tanking again. When's the placing (if you can)?

I can’t help but notice that shares in AIM-listed Haydale have been on the slide once more. Today they are off by another 13.2% - I wonder if the company wants to issue a statement as to the reason why? Na….thought not. Well, just to help out Haydale (‘cos we are such nice guys)…..

WDC
WDC

Richard Jennings of Align, sticks knife into his own client, Widecells, wants EGM to oust the board

Let's be clear here. Widecells (WDC) was a client of Align Research run by Richard Jennings. That is to say it paid Align to publish research. It is thus all the more remarkable that Jennings is prepared to stock the knife in, attack recent actions by the company and is now buying shares in the market to call an EGM to fire the board. Get your beer and popcorn ready, for what it is worth I agree with Jennings on this matter and urge all shareholders to contact him to offer their support. He writes:

FRR
FRR

Frontera Resources falls out with Yorkville which calls in $2.65m debt – it is fecked, will Nomad Cairn walk?

In the end the chaps at Nomad Cairn walked from Cloudtag (CTAG) when it was clear that it was a fraud run by liars. Frontera Resources (FRR) is a shit show run by liars and a fallout with death spiral provider Yorkville (YA) today could be the final straw for Cairn – might it resign leaving the (worthless) shares suspended? Or will Frontera just go bust?

FRR
FRR

Uber Dog Frontera: no placing yet (next week perhaps) but you reckon it is at between 0.16p and 0.2p

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…

FRR
FRR

Frontera – can you guess the (imminent) placing price?

Grossly overvalued AIM listed piece of crap Frontera Resources (FRR) is running on vapours. It has less cash than your average Venezuelan and is burning it at an alarming rate. Despite the best efforts of disgraced PR man Tim Thompson of scumbags Yellow Jersey PR and the whore blogger, Malcom “Fat Bastard” Graham Wood to ramp the stock, it has more than halved since May 1 and is now just 0.22p to sell. So what price is the looming bailout placing going to be at. You guess in our reader poll, the deadline to enter is midnight tonight:

AVO
AVO

Advanced Oncotherapy – £6.41m placing at 49p - time for me to flip flop again? Hell no!

This is undoubtedly good news for AIM-listed Advanced Oncotherapy (AVO) and the meagre 4% discount in quite a bonus. But I find it hard to get too excited.

After the David Lenigas twitter pump on Angus Energy...guess what happened next?

The leopard does not change its spots. Pumping UK Oil & Gas (UKOG) hard as it was trying to arrange a bailout placing is bad enough. But now we come to Angus Energy (ANGS) another Horse Hill play and one where the CEO has just "been resigned" in disgrace following revelations HERE. But Big Dave has, as you can see below, been pumping its shares hard on twitter. What happens after a Big Dave pump?

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Tern – yet another placing (told ya!) and investee InVMA goes shopping

Time to get out the ouzo, for AIM-listed jam-tomorrow investment company Tern plc (TERN) has raided the bucket shops once again – this time raising £2.9 million (before expenses) at 26p, a discount of 21%. In a separate announcement, we are also told that investee company InVMA has been shopping – but no financials are offered and I fancy that is because the purchase is quite insignificant - it was, after all, an RNS Reach.

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ShareProphets RNS Translation Service: Mysquar calls a GM

At 4pm yesterday, AIM-listed Mysquar (MYSQ) slipped out and RNS announcing that it was calling a General Meeting. It seems that the board is running short of shareholder authority to wheel out the printing presses to issue more worthless confetti. The ShareProphets RNS translation Service explains all (original in bold)

EQT
EQT

Eqtec – dodgy Bercheva death spiral ended, now welcome to the world of structured finance!

AIM-listed Eqtec (EQT) has announced a funding package this morning. The good news is that short-seller Bercheva - run by a convicted crook -  has been given the heave-ho from the death spiral facility, but the replacing loan deal seems to offer great terms to the lender and the accompanying placing is at a 35% discount. So what’s the upside for shareholders?

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UK Oil & Gas – after the pump – the dump at 0.9p – shameless ramping

We forced a statement last Friday and, today,  UK Oil & Gas (UKOG) says it has completed an “oversubscribed” placing at 0.9p.  FFS these bastards have a nerve. How they abuse and insult the owners of this company, its shareholders.

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Reader Poll Result – more than half of you think UK Oil & Gas will be lucky to get its rescue placing away at 0.6p

On Friday we forced UK Oil & Gas (UKOG) to fess up that it was trying to raise £5 million. It is struggling to fill that back and the shares – now just 1p-1.05p – at least partially discounts the pain that is coming. But ShareProphets readers, when polled HERE, think far worse is coming. I agree.

FRR
FRR

Frontera cant repay death spiral debt so extends it - at a cost and it still has no cash

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! 

Tern: D-day (or is it C- or E-day?) approaches for Device Authority

AIM-listed jam-tomorrow IoT investment company Tern plc (TERN) has an interesting date in its diary at the end of this month, for on 30 June its recent loans to investee company Device Authority must be converted into DA stock or repaid (at 300% of principal!) Given the scale of the cash-crisis across the portfolio at FY17 (see HERE) it seems unlikely to be repaid, so what happens if/when the loan is converted, and why is it a problem for Tern?

AVO
AVO

Advanced Oncotherapy – hands up who knew Bracknor still had death spiral loan notes!

AIM-listed Advanced Oncotherapy (AVO) announced this morning that Bracknor, the death spiral funder, still had convertible loan notes to swap for shares. This, despite the RNS of 19 July 2017 telling us that the Company does not intend to use the Bracknor facility in the future. As part of these arrangements the Company will issue 7 million warrants to Bracknor. These warrants are exercisable at 25p and may be exercised at any time over the next five years. Anyone would have thought that was the end of the matter. Apparently not.

EQT
EQT

EQTEC - the death spiral provided by a fraudster it gets worse - surely this is criminal negligence by Nomad Northland

On March 8 2018 I revealed how low life Nomad Northland had banked a fat fee for recommending that its client Eqtec ( EQT) take out death spiral financing from a proven fraudster. Worse still, the deal Northland thought fair was bound to destroy the share price as I  explained at the time. Last week it got worse and the negligence of Northland is now almost criminal.

FRR
FRR

Waseem spanks Frontera after dismal City rampfest - it's placing ahoy

This is covered in bearcast but I can't disagree with a word that the great bear raider and professional Northern git Waseem Shakoor says about Frontera (FRR) ina BB post today. For a wider audience, Waseem opines:

Bear

Five Slam-Dunk shares to sell for 2018 – April update

I offered a portfolio of shares to sell for 2018 during the ShareProphets Christmas Tipfest – let’s see how it is doing (albeit a few days late). Into the original portfolio went Frontera (FRR), Milestone Group (MSG), Tern (TERN), UK Oil and Gas (UKOG) and Telit (TCM). Subsequently Milestone changed its name to Catenae (CTEA) and Tern dropped its death spiral so was replaced by Inspirit (INSP).

UPDATED/CORRECTED: Inspirit – Issue of Convertibles RNS = share capital reorganisation

We have been calling out AIM-listed Inspirit Energy Holdings (INSP) here on ShareProphets for an age: we reckoned the boiler room had no cash and its shares were below nominal. On Friday, at 2.54pm, as the market was getting ready for a nice sunny bank holiday weekend (talk about no-one-is-watching o'clock), up popped an RNS entitled “Issue of Convertible Loan Notes”. It is only after reading the whole RNS that you realise that they are proposing to split the ordinary shares of 0.1p into one ordinary share of just 0.001p and a deferred share (with no rights) of 0.099p. Oh, and incidentally, where is the Confirmation Statement on Companies House, which was due on 30 March?

Not all "death spirals" are the same - Angus Energy Bergen Deal is truly awful

I have made the point before but do so again that not all death spirals - or alternative structured financings or whatever the MBA phrase is - are the same. Some can actually help the share price. Some really shaft shareholders royally. All are created in a way where the provider cannot lose but some are just usurious. Why, for instance, has Angus Energy (ANGS) agreed to a deal this week with Bergen which ensures that its investors will get so utterly rogered that no amount of lube can ease the pain.

UK Oil & Gas blames Tom Winnifrith "leaking" for decision to use a death spiral - bollocks!

The day, that after 28 years as a journalist,, I take lectures on my vocation from a lying toe-rag like UK Oil & Gas (UKOG) boss Steve Sanderson is the day I quit. Lyin' Steve attacked me at his company's AGM and blames me for the death spiral which - along with drilling disasters - has cratered his company's share price.

AMC
AMC

Amur - Pathetic spoof

After 16 years of missing targets and ongoing dilution, AIM listed Amur Minerals (AMC) is still nowhere near actually building its mine in Eastern Russia and still does not have a single institutional shareholder. The only folks who still believe in this stock are mug punter private investors and that means the only funding available is via bucket shops or death spirals. Right now it is the latter and hence the shares are in a steady retreat - right now just 4.5p to sell. At this rate, losing 1p a month, the shares will be trending towards zero by the summer so its time to panic and go into mega spoof.

MySquar death spiral accelerating - morons might expect a TR1, I'm not

Having said that it never needed to raise money again when it raised £1.2 million as it committed securities fraud on July 31 2017, MySquar (MYSQ) announced a £2.11 million death spiral deal on March 7 2018. The first £200,000 loan note conversion was announced on April 12 at 1.31p.

Soaraway Tern explodes higher, but what of value?

Well I’m glad I removed AIM-listed Tern plc (TERN) from my list of slam-dunk sells for 2018 when the company announced it had binned its death spiral, and instead raised cash from a placing. I still don’t think it has enough cash, but apparently the market disagrees and the share have shot massively higher – from a low point of just over 2p in February, 4p by the end of March and now they sit at 9.85p (having peaked at 11.25p). What of the value of the investment?

UK Oil & Gas Death Spiral Scores on the doors - hard data that shouts out something

Hat Tip to the great Waseem for this but after yesterday's death spiral conversion from UK Oil & Gas (UKOG) here are all the death spiral conversions to date. If I was Cynical Bear I would now be offering a prize for anyone who can show the trend. But I am not as I am a mean bastard with a reputation to protect. So here is the data:

Tern – FY17 numbers: sorry to sound like a broken record, but when's the placing?

AIM-listed investment company Tern plc (TERN) announced its full year numbers for last year. It is not quite the record-breaking speed of previous years, but getting them out before the end of March isn’t a bad effort. However….well, there are the excuses and then there is cash.

Bear

Five slam-dunk shares to sell for 2018 – March update

As we approach the end on March it is once again time to look at my portfolio of shares to sell. Of course, it is now down to four after Tern plc (TERN) ditched its death spiral so we’ll need to find a replacement for that one.

Tern – placing; death spiral ends. Good news?

AIM-listed Tern (TERN) has announced a placing this morning, raising £650,000 (gross) at 2.55p, and that it has terminated its death spiral facility with immediate effect. This is very good news indeed. I don’t suppose shareholders will be feeling the love just yet, given the destruction of Tern’s share price since last summer, but at least the rot seems to have been stopped.

EQT
EQT

Eqtec halves its share price thanks to the worst death spiral deal going - arranged with a proven fraudster

I realise that the crony capitalists round at Nomad Northland have a few things on their mind, such as who will pay the wages this month, but how on earth can they have signed off on the worst death spiral deal I have ever seen where the counter-party is a man who the SEC nailed for "defrauding investors." I despair.

Bearcast

Tom Winnifrith Bearcast: MySquar & UKOG - spot the difference: not all "death spirals" are the same

In today's bearcast I start with a reader complaint but then he is a tosser so who cares? Then it is onto looking at the differences between the funding facilities at UK Oil & Gas (UKOG) and MySquar (MYSQ). I am bearish on both but the differences in the two packages are instructive. I look at Nature Group (NGR), Jim Mellon's uber-ramp FastForward (FFWD) and at Purplebricks (PURP) is the Neil Woodford bubble about to burst again, as even former supporters like Paul Scott admit my analysis was right and theirs wrong.

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BREAKING: Fraudsters MySquar gets death spiral finance from proven liars - whatever

Today's death spiral funding for MySquar (MYSQ) is bad enough as I explained HERE. But now let's look at who is providing that funding - I'll tell you who: proven liars. Natch Nomad SP Angel should have flagged this up but since it is prepared to overlook brazen securities fraud as long as it banks another retainer for the coke & hookers fund, we know that it is morally bankrupt. Anyhow back to the liars now in business with the holocaust denying fraudsters of MySquar.

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Holocaust denying fraudsters MySquar in death spiral shocker - despite saying would never need to raise funds again - Part 1

When MySquar (MYSQ) misled investors to get away a £1.2 million fund raise in on July 31 2017 it said it would never have to raise cash again. Well it did not take long for a change of mind from the holocaust denying fraudsters did it? And this fund raise  announced today is dodgy as hell, yet another mega red flag. So lets go through the lies and spoofs in order up to the latest spoof.

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MSG
MSG

Milestone Group – FY17 results a dog’s breakfast, is it INSOLVENT yet?

AIM-listed Milestone Group (MSG) has this morning posted the most awful set of results. Having been on the AIM Casino since 2003, the company clocked up losses of £2.26 million on revenues of a paltry £24,640. Retained losses stood at a jaw-dropping £33 million and the audit report (needless to say, missing from today’s RNS) contains, we are told, a material uncertainty paragraph. I should coco.

What is UK Oil & Gas actually worth? 0.4p? Or am I too generous?

You may say that fundamentals don't matter on the AIM casino. In the short run you are right - sentiment drives share prices. But in due course fundamentals always out and that inherent valuation mismatch is your opportunity to buy cheap, unloved, stock or to short over-promoted crap. And that brings us to UK Oil & Gas (UKOG), now just 1.375p after yesterday's disastrous news from Broadford Bridge. So what is it really worth?

Tern - uh-oh, now a profit warning

Having warned back on 7th November that AIM-listed Tern (TERN) was heading into the perfect storm, I note that the shares are now just 2.75p as against 4.375p then. We are just 3/8 of the way through converting the company’s death spiral facility whose identity is not disclosed, its principal investee hasn’t raised a bean via US Capital Partners, Tern has had to pony up more cash to it (having given a clear signal of cashflow the other way). And now we learn that Device Authority has seen 2017 revenues impacted by delays in both customer implementation schedules and customer restructuring. It never rains when it pours….

4p a month ago, 3p mid today - lack of flow test news spooks UK Oil & Gas

To lose 25% of your market capitalisation in less than a month looks a bit like carelessness but that is what UK Oil & Gas (UKOG) has managed. The real issue is that it is grossly overvalued on a fundamental basis - the shares should be sub 1p. The immediate issue is the news from Broadford Bridge. Or rather lack of it.

Exclusive: Tern turns down £1.1 million at 2p - prefers death spiral

Shares in Tern (TERN) are today off by 9% at a 2.75p offer after news of the latest conversion of death spiral loan note. There is more on that to come and that may well see the shares fall sharply from here. But there was another route.

UK Oil & Gas - more death spiral confetti issued, now at just 2.69p

Lube up morons, another £500,000 tranche death spiral loan has been converted into shares in UK Oil & Gas (UKOG). As time goes on this exercise is becoming ever more painful for the morons who own this stock.

Tern: draws second tranche of death spiral loan early…TIMBER!!

AIM-listed Tern (TERN) has announced that it has drawn the second tranche of its death spiral loan early. The first tranche saw Tern’s stock marched down from over 5p to as low as just 1.75p. The starting point for tranche two is just under 3p and the shares have already notched up a low of 2.125p, although they have recovered to 2.5p as I write.

Tern - more funding for Device Authority, more sales for Mr D Spiral

AIM-listed Tern has announced a further funding round for its biggest investee, Device Authority, totalling “up to” $1.7 million in the form of loans from existing shareholders. Tern is up for $720,000 of that, on top of the $150,000 announced at the back end of November. Whatever else, the proposed $10 million fundraise by DA which would have seen Tern get back $2 million looks to be dead in the water.

Tern – follow on investment into InVMA

AIM-listed Tern plc (TERN) has announced a follow-on investment into InVMA totalling £125,000 to add to its previous investment of £250,000. All very well, but what happened to the expected follow-on of £250,000 at the end of October? It seems to be almost two months late, and only half the money. Why might that be?

Tern – beating UK Oil & Gas hands down in race to the bottom

AIM-listed Tern plc (TERN) seems to be a good few steps ahead of fellow AIM-listed UK Oil and Gas (UKOG) in the self-inflicted terminal slide as a result of signing up to a death spiral funding package. Indeed , on the day Tern announced the deal the shares collapsed from over 5p to under 4p. They now languish at 2.625p mid: Impressive stuff – unless you are a shareholder.

UK Oil & Gas plays fast and loose with AIM disclosure rules AGAIN

At no-one is warching O'clock yesterday, 5.17 PM, Uk Oil & Gas (UKOG) announced that the fourth £500,000 tranche of death spiral loan notes had been converted into shares. Once again it was sticking two fingers up to AIM Regulation with regards to timely disclosure.

EXPOSE: Tern – time to ‘fess up over Tabot Harty and Device Authority?

AIM-listed Tern plc (TERN) seems to have a spot of explaining to do – or, more particularly, its CEO Al Sisto. I refer to the presentation on the website of US Capital Partners in relation to the (so far failed) attempted fundraise by Tern’s principal investee Device Authority.

Bearcast

Tom Winnifrith Bearcast: UK Oil & Gas today shows why a death spiral is a one way bet (down!)

Uk Oil & Gas (UKOG) today provides a case study in death spiral share price destruction. The only question wis whether the provider converted another tranche a few days ago and UK has not bothered to tell us or whether it converted today and is already selling hard. Elsewhere I look at the Tony Baldry car- crash on the way at Wesztminster Group (WSG) and try to put director share purchases at Condor (CNR) and Concepta (CPT) - which we own - into perspective. I look at Yolo (YOLO) which does not impress me much and blockchain madness at Vela (VELA). I ask what I should get the Mrs for Christmas, I am out of ideas.

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AVO
AVO

Advanced Oncotherapy - saved by oriental white knight, but for how long?

With a litany of Red Flags behind it, you might wonder that AIM-listed Advanced Oncotherapy (AVO) has managed to raise any money at all, but this morning’s news is – it seems – good news. Cash coming in (and large quantities of it) should pay down the payables nicely and give the company some breathing space – although we are told that the cash is still in China awaiting approval to be shipped out by the authorities. Followers of the ShareProphets AIM-China Filthy Forty might consider that as an indication that the completion of the deal is rather open to question.

UK Oil & Gas death spiral conversion announced but this is misleading, numbers dont add up

UK Oil & Gas (UKOG) has announced that another £500,000 of death spiral loan has been converted into shares, 14,159,092 of them. But hang on, this does not add up. UK Oil & Gas and its patsy Nomad WH Ireland (WHI) are not telling you something.

Waseem Shakoor predicts UK Oil & Gas shares to fall to just 0.6p

Well, the trend is his friend. The shares are now just 3.6p to sell having been c5p when the company announced it was entering into a £10 million death spiral. But Shakoor reckons the bad news is only just starting. Last night he tweeted:

Tern – is this why the shares have collapsed?

I note the comments made by Cynical Bear as he analysed the stonking collapse in the shares of AIM-listed Tern (TERN) and wondered if this would be the worst ever example of the death spiral. It seemed that there was little untoward in the disclosed details of the funding package, but there is one omission which leaves me thinking that the collapse is set to continue.

Where now for Conroy dogs Karelian and Conroy Gold?

I’ve been wondering what comes next for Prof Richard Conroy’s AIM vehicles Karelian (KDR) and Conroy Gold and Natural Resources (CGNR). From my review of their financial results to May of this year (see HERE and HERE) it is clear that they are both in deep trouble – they are running out of money fast and the results to last May show that quite clearly. Lord knows how bad it is now.

Tern: Is this going to be the worst ever example of the death spiral?

I must admit to having a slightly morbid fascination with the various death spiral variants. They all look so similar on the face of it but the devil is in the detail and although the one announced by Tern (TERN) on Thursday looks harmless enough, it could easily crucify the share price, much more so than has been seen already.

If you had 70 million soon to lapse 0.4p options in UK Oil & Gas what would you do?

I am not sure who has these 70 million options but the bad news is that they lapse at the end of December....

Tern – forget the portfolio update, it’s a death spiral, stupid

AIM-listed Tern plc (TERN) has issued a portfolio update RNS this morning, but that is not the story. It waxes lyrical about how well Device Authority is doing – but what about the $10m fundraising? Step forward the Statement Re Issue of Convertible Unsecured Loan Notes and Loan To Device Authority for that is where the real beef is. It’s not pretty.

BMN
BMN

Top broker calls Bushveld at 7.625p down to 2p

In a private email sent today after interim results from the rampers favourite B ushveld Minerals (BMN)  a top broker has called the shares out a s slam dunk sell at 7.625p arguing that they are worth only 2p and that the current death spiral funding will run out soon. He writes:

Bearcast
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Tom Winnifrith Bearcast: Milestone, On Line, Tizania - the lunatics have taken over the AIM casino asylum

Luke Johnson was bang on the money at the weekend in his description of the current market madness. In that vein I discuss Milestone (MSG), On Line (ONL), Vela (VELA) and Tizania (TLS). This will end in tears.  I take my hat off to Luke Johnson after today's results from Patisserie Valerie (CAKE) but still have two major concerns, a three if you include valuation.  I look at Andalas (ADL) and its new death spiral funding and also cover Kefi (KEFI) and Falanx (FLX)

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UK Oil & Gas - the Death Spiral Provider isn't daft, another tranche converted late Friday

The providers of £10 million of death spiral finance for UK Oil & Gas (UKOG) are not daft. When this last resort funding was announced on 15 November they were initially on the hook for £7.5 million. That is a fair old whack and not surprisingly they are moving fast to reduce that exposure.

UK Oil & Gas shares down by 20% after just 5% of death spiral drawn - slam dunk short

There were those, such as our own Drunken Sailor, who argued that UK Oil & Gas (UKOG) could manage to absorb the rolling short of a £10 million death spiral announced last week quite easily and it would not hit the share price. The evidence with just 5% of the spiral drawn suggests otherwise and this makes the stock a slam dunk short.

UK Oil and Gas: Death Spiral Announcement Makes Shorting at 4.6p the trade for Christmas.

I suggested last week that the time had come for oil stock promotion UK Oil & Gas (UKOG) to come clean about its financial position and update the market on where it stood on its flow testing at Broadford Bridge. I suggested the shares were a sure fire short at 4.6p.

Bearcast

Tom Winnifrith Bearcast: More reflections on UKOG & Falanx as I pine for Greece and the fit young mums

Sadly illness is still rife in this house so for this Thursday it is no coffee for me with the fit young mums. At least I shall be in Greece in five days time and that must be restorative to my health. In this podcast I start by looking back on UK Oil & Gas (UKOG) and its death spiral. I explain exactly how it works. Then a few further thoughts on Falanx (FLX) and why I am not selling our shares at this price. Then I look at Alexander Mining (AXM), another mega spoof from Clem Chambers, this time at ADVFN (AFN),  at "Nomates" disaster RM2 (RM2)Fishing Republic (FISH) - a good zero bet -  and at Regal Petroleum (RPT) which seems to be in a spot of bother in Ukraine.

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Bearcast

Tom Winnifrith Bonus Bearcast - UK Oil & Gas admits it needs to frack as death spiral announced : SELL

UK Oil & Gas (UKOG) has today announced a £10 million death spiral and some bad operational news. Natch the BB Morons are clinging to various spoofs in the release which I point out in this bonus podcast as well as explaining why these shares are now a slam dunk sell.

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Solo Oil – death spiral horseshit from Beaufort

This morning AIM-listed Solo Oil plc (SOLO) announced a $5 million death spiral facility with institutional investors and arranged by Riverfort. It is a convertible facility with 8% interest, and an option to repay in cash (with a small penalty). Beaufort Securities (house broker) issued a note this morning. It is utter horseshit – shame on you.

BOS
BOS

BOS Global: Meet Michael Travia – the world’s worst death spiral funder!

I last covered BOS Global (BOS) in early September when the CEO and founder, Michael Travia, quit suddenly (HERE) and I warned about the future. At the time the share price was over 7p; it’s now 3p. For the avoidance of doubt, I don’t think it’s a bargain now but I thought it worth commenting on the continued role of Mr Travia in this ongoing decline as he is currently playing an idiotic, poor-man’s version of Darwin or Yorkville.

FAL
FAL

Falcon Media House: Funding confirmed – a £3.4 million death spiral!

I last wrote about Falcon Media House (FAL) at the end of July following its year-end results (HERE) in which it stated that more funding would be needed despite only coming to the market in March. This morning it announced the form of such funding and it’s not pretty.

Bearcast

Tom Winnifrith Bearcast - Come on Bushveld morons, say "Tom Was Right" as Death Spiral announced

I told folks that uber ramp Bushveld (BMN) had to raise cash but the morons knew better as they always do. Better still today's bailout is a death spiral as no proper institution will  touch this over-promoted crap with a bargepole. Then it is on to Big Sofa (BST), Saffron (SRON), Altona Energy (ANR) which needs a placing ASAP or it is toast, ITM Power ITM) - crazy valuation + placing ahoy,  Albert  Technologies (ALB) which looks all wrong to me and finally to Imagination Technologies (IMG) where calls to block a foreign bid are wrong at every level. The gay penguin reference is HERE.

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AVO
AVO

Advanced Oncotherapy – how’s the cash position? Still a stonking SELL.

After a stack of RNSs earlier this year, it has all gone quiet at AIM-listed Advanced Oncotherapy (AVO) since the announcement of the termination of the Bracknor death-spiral. How’s the cash position?

PCG Entertainment – Lots to like about this funding deal other than…….WHY??

Like Richard Poulden, CEO of PCG Entertainment (PCGE), I have a bit of time for Brian Kinane at Riverfort. As someone who believes in transparency and clear communication, my view is that Brian is trying to bring some of that to the world of small cap funding, particularly where the dreaded phrase “ death spiral” is concerned and there’s a few points here to be applauded. It still doesn’t prevent the obvious question being aimed at Mr Poulden though – WHY RAISE MORE FUNDS NOW?

SEV
SEV

AIM Dog Servision: another warning and it is death spiral and dilution frenzy ahead

When serving up god-awful FY numbers on deadline day ( June 30th) it was shown that uber dog Servision (SEV) had serially misled investors and indeed told outright lies over the prior half year. Rover also served up its second profits warning in two weeks with the god-awful numbers and 'fessed up "Our working capital position is tighter than we anticipated" - I should cocoa. Today it got worse.

JLP
JLP

Jubilee Platinum deal with Riverfort - death spirals so bad right? NO!

Jubilee Platinum (JLP) last week announced a $50 million funding package to grow its metals recovery business. Oh no Riverfort! Said the snipers. Death spirals, yak, yak, yak. They have it wrong. This deal is, if you read the detail, good news.

AVO
AVO

Advanced Oncotherapy – what is the position re Bracknor? Has it been paid off?

Tom and I covered this the other day, but I wonder whether we’ve missed a trick with regard to AIM-listed Advanced Oncotherapy (AVO) and its dealings with death spiral sharks Bracknor. Immediately prior to last week’s funding news my back-of-an-envelope calculation was that Bracknor still held £1.95 million of loan notes and a further £0.7 million from fees. Given that Bracknor held little (if any) shares, why has it not beaten a hasty track to get the loans converted so that it can sell into the resulting strength?

AVO
AVO

Advanced Oncotherapy – Bracknor gone, new loan for £3.9m. Is all suddenly rosy in the garden? Er…

AGM day for AIM-listed Advanced Oncotherapy (AVO) and it has pulled something out of the hat. The shares have shot higher, death spiral outfit Bracknor is history and Advanced doesn’t look like going bust now for at least 4 months. But is the deal as good as believed? Er..no.

AVO
AVO

Advanced Oncotherapy - is that the whiff of panic I smell at death spiral provider Bracknor?

Shares in Advanced Oncotherapy (AVO ) are again tumbling on this fine summer's day. Oh what joy it is to be alive. 350p at peak ramp less than two years ago, they are now just 10.75p to sell. Ouch, I just love the smell of burning share certificates belonging to Bulletin Board Morons in the morning. So what crisis looms? Take your pick.

HNR
HNR

Highlands Natural Resources: Some funding (not death spiral, honest) but a hugely risky punt even at 14p, sorry I mean 12p

Two weeks ago, following the results of Highlands Natural Resources (HNR) I advised getting out at 23.75p as the bubble appeared to be bursting (see HERE). Well done if you did as you could have got back in at 12p last night as part of the announced funding via PrimaryBid but the question is: should you have done? Hmm, I’m not quite as tempted as Tom sounded HERE but let’s take a look at the details.

AVO
AVO

Advanced Oncotherapy - the ramps become ever more pathetic - today's reeks of desperation

The stench of desperation at AIM POS Advanced Oncotherapy (AVO) is overpowering.It knows that insolvency looms, that the money is running out fast ( within weeks?) and that a blizzard of share sales from death spiral provider Bracknor will obliterate the share price in the last few days. The board know it. The advisers must know it. But they cannot bring themselves to admit it. The pretence goes on for a while yet. And thus today we have an RNS.

RRR
RRR

Not all alternative financings are death spirals - the case of Red Rock Resources

The other day Red Rock Resources (RRR) announced a deal to fund the Steelmin smelter in Bosnia which involved some alternative financing from Yorkville. At once the critics of boss Andrew Bell - of whom there are more than a few - screamed "death spiral, dilution, the man hads gone mad." A few critics disagreed, arguing that Bell had always been mad. But perhaps before leaping to conclusions it is worth looking atnthe actual structure of the deal?

AVO
AVO

Advanced Oncotherapy - new loan, now desperately borrowing against VAT receivable, 0p within weeks

I have never seen a loan like this. It is sheer desperation from a company that faces imminent insolvency. Make no mistake, Advanced Oncotherapy (AVO) is on the way out and corporate death will occur very soon indeed.

AVO
AVO

Advanced Oncotherapy – the stench of desperation as the shares crash

Shares in doomed Advanced Oncotherapy (AVO) are now 15.25p to sell, compared to a 25p nominal price. That means that as death spiral provider Bracknor desperately tried to convert c£3 million on loan notes into shares to flog to eliminate its exposure under the spoof arrangement with Advanced it will demand fees of 40p for every £1 of loan note converted. As it scrambles to convert notes and flog shares before the fat lady waddles onto stage from the wings (where she is already warming up), the share price will continue to tank making things even worse. So what to do?

AVO
AVO

Advanced Oncotherapy: Bracknor Death Spiral news - this is a sham & 0p beckons fast

With its hand forced by my article HERE, Advanced Oncotherapy (AVO) has clarified, i.e. changed, the terms of its death spiral deal with loan sharks Bracknor. It states "This reaffirms Bracknor's prior and on-going support for the Company and its shareholders." Dr Michael Sinclair you are talking bollocks. It has changed a death spiral to a death spiral on steroids. 

AVO
AVO

Advanced Oncotherapy- where's the statement you goddamn shysters?

Wakey wakey Michael Sinclair and the other tossers who run Advanced Oncotherapy (AVO). Time to get out of the luxury gym ( membership fees paid by grateful shareholders) - you need to be issuing a statement don't you? Bracknor? 10 days? Capital Reorganisation? Ring any bells? Come on, call your useless PR man Paul Queenie McManus and tell him to stop promoting the Eden fraud and get a release ready for you.

AVO
AVO

Advanced Oncotherapy – just what are the terms of the Bracknor funding?

AIM-listed Advanced Oncotherapy (AVO) has this morning announced another conversion of death-spiral loan notes by Bracknor. That is not news – there have been plenty already and there are many more to come. But for the third time in succession we seem to have different terms being applied. Surely it is time for the company to tell the market what is going on?

KIN
KIN

‘Kin ‘ell, Steve, you missed a trick or two, what are you playing at? Where’s the warm welcome back for L1 Capital?

I’ve been away for a few days so just catching up on matters and first things first, I need to pick up my normally excellent colleague, Steve Moore, on a couple of glaring ommissions in his piece on Kin Group (KIN) and its funding announcement earlier this week. It was rather rude after all to not give a warm welcome to an old friend.

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