Keyword results: dilution

AVO
AVO
PREMIUM CONTENT

Advanced Oncotherapy - £40m Fundraise, Biggest to Date. So it is a Buy? Er…..

AIM-listed protons beams for cancer outfit Advanced Oncotherapy (AVO) announced a proposed £40 million fundraise yesterday – the largest to date – at 40p per share, a 17% premium to its average closing price over the past month, and a 13% premium to the previous close. I have to hand it to the company, that’s a great effort. But does it make the shares a buy?

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NMCN – refinancing for “working capital” & “to take advantage of the growth prospects”. ER...

Previously writing on UK engineering and construction company NMCN plc (NMCN), last week I concluded that I’d review again on the promised further refinancing announcement but for now continue to hope prior warnings were heeded and to avoid. The shares had since risen materially but are currently again falling on an update that “the company is pleased to announce it has entered into conditional agreements to recapitalise nmcn by way of a £24.0 million fundraising”…

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Amigo shares collapse as Court rules against the loan shark’s attempt to screw its customers again & judge slams the company

So much for the spike in Amigo (AMGO) shares yesterday in the belief that the Court would agree to its plans to pay customers it had ripped off only very partial compensation. The FCA opposed the scheme since it sees those ripped off getting only partial redress while equity holders keep the rest of the cash stolen by Amigo. And the Court, it emerged this morning, agrees with the FCA and myself and Justice Mills slates Amigo. As for foul mouthed bear raider Evil Knievil…

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Iconic Labs – dilution on an EPIC scale on the way, will this be a record number of shares in issue for a UK small cap?

On Friday Iconic (ICON) published on its website its Notice of General Meeting announced via RNS to be held on 15 June – you can see it HERE. It is shocking.

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2020 Tip Review: Tern plc (as a SELL)

As we approach the end of 2020, it is time to take a look back at my Tips of the Year in the ShareProphets Christmas 2019 Tipfest. AIM-listed investment company Tern plc (TERN) was my first tip – as a sell, at 9.25p. So how have I done?

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Vast Resources a serial disappointer except when it comes to share issuance - sell

Vast Resources (VAST) is typical of many AIM mining companies in that it has always promised a lot but failed to deliver, whilst continually raising more capital via regular equity issues.

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Bidstack trading update highlights continuing high cash burn and limited revenue

The Bidstack (BIDS) saga is one which I have watched unfold but have made little comment on myself, other than thinking that the valuation that it reached was bonkers and writing as much in an article on ShareProphets last May.

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TOM
TOM
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Further monumental dilution for shareholders of serial failure TomCo Energy via bucket shop broker Turner Pope

When you combine one of the least successful AIM listed natural resources companies with probably the worst bucket shop brokers around, then you rarely end up with a good outcome.

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MRS
MRS
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Oooh Er MRS… its death or mega dilution by Christmas: Yet another win for the Sheriff of AIM

You cannot say that you were not warned repeatedly by this website about AIM uber dog Management Resource Solutions (MRS) as you can see HERE. The latest news is grim indeed and raises the spectre of a complete wipeout for shareholders as opposed merely to being diluted to oblivion. I think we can score this as yet another win for The Sheriff of AIM.

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OSI
OSI

Osirium Technologies – why a lacklustre response to a “Substantial contract win” it’s “delighted” with?...

Osirium Technologies (OSI) is “delighted” with “a significant contract win with a major UK provider of software and IT services to the public sector. The contract represents a substantial expansion by this customer”. The shares are though currently back at 45.5p. Hmmm…

Collapsing-Reactor

Redemption Watch: the bad news is piling up as Woodford funds continue to suffer

The bad news keeps on rolling for Neil Woodford. Yesterday is was OsloBors-listed Thin Film (THIN). The day before it also came from Norway as Idex released results.  AIM-listed Verseon has been continuing its collapse but hasn’t ‘fessed up to the market why (er…lack of cash?) and AIM-listed Burford has been biffed and bashed from all angles. It never rains when it pours.

Updated: Seedrs – another Woodford Dog sees its own shares suspended as it touts for cash in its own game

You couldn’t make it up: angel investor firm Seedrs has had its shares suspended pending a financing deal which it says is at an advanced stage, according to The TimesThe company wants it made clear that the suspension is simply what happens on this lightly regulated market established by Seedrs when a refinancing is in progress. So nothing to worry about.

7digital – AGM confidence… so why a share price decline?

Having last month stated “largely completed the rescue”, an AGM Statement from 7digital (7DIG) including “we are confident that all resolutions put forward today will be passed. We can confirm that our second stage financing plans are well underway, and we should be in a position to confirm the fundraising in the near term”. The shares have currently responded, er, more than 7% lower, to 0.24p…

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Hard to see any light at the end of the tunnel for Nu-oil with a placing needed soon

Unfortunately for any holders, Nu Oil and Gas (NUOG) has played out pretty much as I expected it to over the past couple of years, and anyone holding through this period will have seen their investment decimated.

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Insolvency or massive dilution looks the most likely outcome for Block Commodities ( formerly the African Potash fraud)

I thought that April Fool’s Day had come early when I spotted the RNS last week that Block Commodities (BLCC) had raised money to invest in the medicinal cannabis market and had entered into an agreement to buy land in Sierra Leone for this purpose!

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Catenae Innovation announces placing warrants on fantastic terms - for the warrant holders anyway!

I’ve never been a fan of Catenae Innovation (CTEA), but I know that some of the other ShareProphets writers are more bullish on it and that it has been making some progress with its business.

GCM
GCM
PREMIUM CONTENT

Why I still wouldn't invest in GCM shares even after its deal with PowerChina

Investors in GCM Resources (GCM) seem to be shocked that recent news hasn’t caused the share price to rise much higher, and barring a very brief spike immediately after news of a deal landed, it has settled back to around the level that it was trading at before the RNS dropped. The news that has got everyone invested in this Bangladeshi coal miner so excited is a joint venture agreement with a huge government owned entity called PowerChina, which is involved in coal fired power plants and is a name that some will be familiar with as it also has similar deals in place with other small mining companies in various parts of Africa as well...

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PSL
PSL

Photonstar LED – “pleased to announce” placing. But it’s monumental dilution for what?

Photonstar LED (PSL) previously commenced announcements with “the British designer and manufacturer of smart LED lighting solutions and cloud based building management services”… . It today states “PhotonStar LED Group plc (AIM: PSL.L), is pleased to announce that it has raised gross proceeds of £100,000… at a price of 0.02p per share”

PREMIUM CONTENT

Just when you thought it was dead, The People's Operator returns

I was somewhat surprised to see an RNS pop up from The People’s Operator (TPOP) at 6pm yesterday evening announcing fundraising, as I thought that we had seen the last of this outfit and the next news we’d see would be administration...

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Columbus Energy Resources at 3.7p worth 21.4p ( was 25p)

Following the recent placing, the house - thus not impartial - broker VSA has rejigged ita valuation for Columbus Energy (CERP) in the detailed note below. The price target comes down from 25p to 21.4p to reflect the dilution but at 3.7p the stance remains buy. I agree with the conclusion but am not so sure that the price target is not a tad ambitious.

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Premaitha – fund raise oversubscribed: we suspect stage management but still a buy

Under promise and over deliver is what PR poltroons tell their AIM clients. So you say you are looking to raise x but know you will raise x and a bit and then call it a massive success even if the placing is only at 66% of the share price a week or so earlier.

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JAN
JAN
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Brian McMaster of Jangada Mines is a lying bastard who should be charged like Elon Musk after bailout placing at 3p

Back in June I wrote a piece suggesting that Jangada Mines (JAN) would raise further funds at a significant discount, and at the time I was shot down by many, including some market commentators.

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EDL
EDL
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Edenville Energy looks a long way from becoming profitable - avoid

If AIM gave out awards for achieving little and issuing billions of shares, then Tanzanian coal miner Edenville Energy (EDL) would be high up the list to receive one!

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I would continue to avoid Koovs until it proves that it can turn the business around

I came in for a fair bit of criticism when I covered Indian fashion retailer Koovs (KOOV) negatively and suggested it was a sell or avoid back at the start of July. Since then the share price has pretty much halved from the 20p level that it was trading at, so I feel that my criticism of the company was justified, and my view has been vindicated – hopefully some of you who have read my articles and were holding at the time also saved yourselves from seeing the value of your investment halve. A number of people have been asking me what my view is of the company now that the share price has dropped back to around 10.6p to buy, so I felt that it was time to take another look.

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I fail to see why anyone would invest in PCG Entertainment

The AIM market is full of companies that promise the earth from various deals and contracts, yet very rarely do any of them actually deliver what is expected.

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Cloudbuy interims: “reach cash break even without further funding” – really?

AIM-listed jam-tomorrow (for years) online marketplace provider Cloudbuy has released its interims to June 2018. With a deadline of the end of next month to get the numbers out, it is encouraging to see results released over a month early – clearly the company thinks it has something to shout about after years and years of disappointment, but has it?

Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast: BlueJay Mining I accuse you, and shamed Nomad low life SP Angel, of misleading investors

Bluejay (JAY) says it knows of no reason why its shares have fallen in the past couple of days. Sorry but that is 100% bollocks. It knows the reason, I tell you what it is and Bluejay's denial is a massive red flag. How did Nomad SP Angel - of MySquar infamy - sign off on this crap? I also look at Pantheon Resources (PANR) where the choice is dilution route A or dilution route B and at Imaginatik (IMTK). I know Vin Murria, of whose fan club I am the founder & life President, walks on stockmarket water but....

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Koovs burns cash at an alarming rate but fails to translate it into significant growth - sell

Indian online fashion retailer Koovs (KOOV) is a company that I have kept an eye on as some were tipping it to be the next Asos, but I have always been far more bearish on the chances of that actually happening!

Audioboom - Karma for Rob Proctor with his fecking cornflakes: RTO pulled, almost bankrupt

I cannot hide my pleasure at today's catastrophic news from Audioboom (BOOM). Media companies should believe in free speech - Rob Proctor's outfit buckled at once forcing me to move bearcast elsewhere. And now Proctor's company faces possible bankruptcy in four weeks time. Ha fucking ha. This is a shambles.

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.

XTR
XTR

Xtract Resources: More dilution – is Colin Bird under the influence?

I last commented on Colin Bird’s apparent addiction to issuing shares at Xtract Resources (XTR) back in August but wonder whether there is something more sinister at work here and that Colin is actually being controlled by an evil third party. Where’s Detective Frank Drebin when you need him?

FRR
FRR

Zac The Knife sticks it to Frontera Resources - it just does not add up

The City's number one oil analyst Zac "the knife" Phillips of SP Angel has this morning torn into much ramped AIM dog Frontera Resources (FRR). I think you can take it that what the Knife means is BARGEPOLE!. Over to the great man:

XTR
XTR

Xtract Resources: Please Colin, get help for this addiction – STOP ISSUING SHARES!

Xtract Resources (XTR) can’t help itself. In a carbon copy of the manoeuvre back in February earlier this year, it has announced a placing at a shockingly low price just as some positive sentiment was returning around the potential alluvials revenue. Let’s take a closer look.

RM2
RM2

When the Stock Market Goes Mad: The Case of RM2

It was my great privilege to speak at The UK Investor Show this year, along with the illustrious bears and short-selling raiders Lucian Miers, Matthew Earl and Gabriele Grego. For my choice of bear tips, I again went for the easy target of Fastjet (FJET) (down by over 70% since I first mentioned it in November 2015), but my new tip was the rarely-discussed pallet company, RM2 International (RM2).

QPP
QPP

Exclusive: The full Slater & Gordon High Court Claim against Watchstone for £537m - damning on Rob Fielding, David Curry & the lies Quindell told

Slater & Gordon (SGH) spunked £649 million on buying the worthless, fraudulent assets of Quindell (QPP) in 2015, a deal that has seen its shareholders suffer a 99% wipeout. It has now filed a UK High Court claim against Watchstone (WTG), Quenron as was for £637 million and we have obtained the papers and, in a major scoop, publish the Claim in full below.

XTR
XTR

Xtract Resources: Plus ca change - more delays, more ramping and more dilution (plus a Royal Ascot tip)

I thought I would pause before commenting on yesterday’s RNS from Xtract Resources (XTR) relating to the Manica alluvials as I felt it was odds-on that more dilution would come from one source or another following the ramping off the back of it. Surprise, surprise, Yorkville cashed in and announced a loan note conversion today, but let’s take a closer look at the announcements in any event.

AVO
AVO

Advanced Oncotherapy – another Bracknor Conversion, but look at the terms: how’s the Going Concern statement coming along?

Well, well. How do you issue shares at a discount to par? Simple: pay a whopping fee to the subscriber. AIM-listed Advanced Oncotherapy (AVO) has announced another loan note conversion under its death-spiral funding package with Bracknor and a new fee seems to have appeared which might just derail discussions between the company and its auditor as they work on the going concern statement for the forthcoming FY16 results due out by the end of next month. Oh dear, oh dear.

Inspirit Energy – half-year results claim “adequate resources”. Really?...

Having featured in the ‘New Year bury bad news stakes’ and with questions having been raised about CFO Nilesh Jagatia, I note shares in Inspirit Energy (INSP) remain in the doldrums following half-year results announced on 31st March. I also note the announcement was made at 9.49am. An attempt to miss the usual 7am RNS scrutiny?...

XTR
XTR

Xtract Resources: More dilution – it’s a damn addiction!

Just catching up with an after-hours RNS from Xtract Resources (XTR) on Wednesday and although I was hoping for an update on how it is going to finance Manica, it was in fact just more dilution taking the total number of shares to over 34 billion…..with more to come...

CyanConnode – ANOTHER funding!, just how frequently does it require support on ‘journey to commercialisation’?

CyanConnode (CYAN) is “pleased to announce” a successful equity raise of 1,906,912,392 new shares at 0.17p each. Hang on, haven’t I already heard similar since previously reviewing in August?...

FLO
FLO

Flowtech Fluidpower – review as argues “successful fundraise of £10 million”

Writing in January on fluid power products supplier Flowtech (FLO) with the shares just below 130p, I noted that there looked potentially interesting value, but also “c.£13 million” of net debt and a downward forecast trend which deterred. The company has now announced a “successful fundraise of £10 million at 120p per share”

United Cacao….and now for the calamitous shareholder shafting

Former AIM Casino disaster story United Cacao (CHOC) has updated the market this morning with regard to proposed changes to the terms of its bonds. If you are a shareholder and didn’t take Tom Winnifrith’s advice to get out, I suggest you look away now for as he predicted HERE it is indeed to be a near wipe-out even if the company survives.

DCP
DCP

DiamondCorp – light at the end of a very long, dark tunnel?

It looked for all the world as though it was curtains for AIM-and JSE AltX- listed DiamondCorp (DCP), but an announcement on Friday sees the company having managed somehow to get a placing away to raise £1 million. Amazingly, with the shares suspended at about 2p pending clarification of financial position in November last year, the placing appears to have been concluded at 4p per share but the issue of warrants on a 1:1 basis, exercisable at just 1p rather takes the shine off that. Even so, the package looks set to raise (assuming full warrant conversion) much-needed cash at an average of 2.5p a share – a premium to the suspension price.

XTR
XTR

Xtract Resources – Massive dilution ahead….but will it actually help?

Earlier this week, Xtract Resources (XTR) announced an upcoming EGM to authorise the issuance of a further 9 billion shares, a mere 50% of the current share capital! Sounds like a lot but one needs to have a look again at the last heavily dilutive funding round in November to ascertain whether this is actually going to help.

VAST after-hours comedy warrants ShareProphets RNS Translation Service

At 6.15pm on Friday – truly no-one-is-watching o’clock – AIM-listed Vast Resources (VAST) released an RNS detailing the exercise of warrants and consequent issue of equity. It is comedy central. Perhaps readers can explain the 10% commission part…..

Tern – yet more confetti, this time at just 7p – 36% discount

Anyone who was buying shares over the last few days in AIM-listed jam-tomorrow investment company Tern plc (TERN) has just been spanked in pretty spectacular style this morning. With the shares having traded as high as 14p just last week, this morning saw a placing to raise £2.55 million (gross) at a whopping 36% discount to yesterday’s closing bid price – and a 50% discount to the peak of last week. Tern seems to be in a bit of a downward spiral with regard to its confetti issues – the previous two placings were at 8p and then 12p. 

SIS
SIS

Science in Sport: Cashed up and ready to go

I tipped Science in Sport (SIS) last month following the announcement of an exciting tie-up with Liverpool FC. This morning sees the release of the company’s interim results, confirming excellent progress made and with good omens for future profitability.

Filthy Forty MoneySwap – share price falls below proposed bailout

I wondered HERE whether the proposed rescue refinancing of stricken ShareProphets AIM-China Filthy Forty play MoneySwap (SWAP) could get into a spot of bother as the shares were sliding. Now they have slipped below the mooted bail-out price of 0.2c per share.

Fastjet interim results provide little evidence that the dilution death spiral is over

Fastjet’s (FJET) interims for the first half of 2016, released this morning, are another set of results from the company which are about as bad as they could conceivably have been.

AXM
AXM

Is the appointment of a new broker a sign of more dilution to come at Alexander Mining?

When it comes to small AIM companies the appointment of a new broker can often be an indication that dilution is on the way, and I have to wonder if that is the case with Alexander Mining (AXM).

Fastjet - Private investors refuse to take part in overpriced offer, trading likely remains grim

Fastjet has this afternoon announced the result of its general meeting and capital raising. Not surprisingly, given the support of the institutions involved, all resolutions were passed.

Filthy 40 MoneySwap – heads you lose, tails er….

ShareProphets AIM-China Filthy Forty play MoneySwap (SWAP) has made no secret lately of its dire financial predicament. The investment case appears to be that it either gets a refinancing (with a new board) and survives – but with the new money coming in at a significant discount, or it does not in which case it is bust.

FCR
FCR

Ferrum Crescent continues to dilute investors at an alarming rate - avoid!

There would appear to be an increasingly common correlation between CEOs who freely indulge in podcasts, interviews and courting private investors, and those same PIs getting screwed a short while later!

XTR
XTR

Xtract Resources– Wow, could Jan have written a worse RNS??

Just when the long-suffering shareholders of Xtract Resources (XTR) thought things couldn’t get any worse, they’ve been absolutely stunned by this morning’s RNS. Well, they say it’s good to get all the bad news out at once, right? Let’s take a look at it in detail.

MTL
MTL

An unfortunate hiccup at Metals Exploration

You can never discount the possibility of a slip twixt cup and lip when dealing with bankers, particularly in these troubled times. Hence the extraordinary announcement from Metals Exploration (MTL) about an emergency requirement for cash just 48 hours after reporting progress at the mine head in bringing gold on stream.

Cyan Holdings - Share issuance for salaries and bonuses an ominous sign

Cyan Holdings (CYAN) has issued an unusual RNS this morning, outlining the shares received by directors and some other employees in lieu of salary and bonuses. As this type of situation is not sustainable in the long-term, one can only conclude that the company’s financial position puts it at high risk.

VAL
VAL

ValiRx – EGM today as turkeys are given a second chance to vote for Christmas

AIM-listed cancer-buster ValiRx (VAL) has its EGM today at 11.30am at the offices of DAC Beachcroft LLP, 100 Fetter Lane, London EC4AS 1BN. After shareholders voted to reject a resolution to disapply pre-emption rights at the AGM a couple of weeks back, the company has called a new gathering at which shareholders are being asked to vote on it again with management hoping that this time the shareholders get the answer right. Heck, it works for the EU, so why not here? Update - motion passed, shares down.

FRR
FRR

Frontera Resources shareholders will be diluted into oblivion!

In a market filled with companies that have wasted a small fortune and haven’t got a lot to show for it, Frontera Resources still manages to stand out from the rest as having taken both to a new level!

CHH
CHH

Churchill China - The shares are warm, but this could be a great buy at the right price

I’ve said before that there are plenty of good statistical and theoretical reasons to buy into old companies. Churchill China (CHH) may be a record-breaker for longevity: it traces its origins back to 1795, as it proudly includes in its URL, churchill1795.com. But investors are kept well up-to-date, and today receive a trading update for the six months to the end of June.

Strat Aero – announcement of “Board Change” after Hulsey Smith bombshell letter, but...

Strat Aero (AERO) has announced that “Greg Kuenzel, non-executive director of the company, is stepping down from the board with immediate effect”. This follows just a day after W. Hulsey Smith released a third open shareholder letter to the board. But...

AXM
AXM

Alexander Mining has more dilution to come

Alexander Mining (AXM) seems to be popular amongst PIs at the moment, but I wonder how much of that actually relates to the performance of the company rather than being linked to the recent placing and warrants!

Filthy 40 MoneySwap refinancing proposals as equity faces big dilution

Friday after-hours saw a no-one-is-watching o’clock proposal released by ShareProphets AIM-China Filthy Forty play Moneyswap (SWAP). IF all goes according to plan then existing shareholders will be diluted very heavily as the bailout money gets most of the equity (at quite a discount to Friday’s closing price). If not then the company goes bust. But you can’t say you were not warned.

Fastjet - Bailout Fundraising underway, now reliant on new investors

Fastjet (FJET) has its AGM and general meeting later this morning, at which the EasyGroup special resolution to oust the Chairman will be put to shareholders. Ahead of that, we have a trading update which confirms the bearish stance held on this website for the past several months.

Roulette

SEC - Italian PR comes to AIM

This morning sees one of the more curious notices of intention to float on AIM. SEC SpA, “the largest independent advocacy, public relations and integrated communications agency in the Italian market”, is seeking to raise €4-6 million.

Vast Resources – a litany of excuses and extraordinary dilution ahead – the perfect RNS

I first commented on the shocking funding deal between Vast Resources (VAST) and Crede HERE in March with the share price around 0.3p and although Vast managed to get out of the second tranche of funding (and got into bed with Darwin instead), yesterday’s RNS gave a disastrous update on all funding and operational matters – what a doozy!

CloudTag – the equity issues go on and on…. And on and on…

“CloudTag (CTAG), the company that brings personal monitoring to the health, wellbeing and fitness markets, is pleased to announce an operational update and to announce it has raised £470,000 by way of a subscription for new ordinary shares”. At 6.05p, this now means a market cap here of more than £19.5 million. Hmmm…

LGO
LGO

The biggest Lenigas blizzard of confetti ever - have you read the LGO EGM notes?

It rather seems to have passed folks by but having failed to raise £6 million in a placing he masterminded a month ago (as leaked emails show HERE), Jabba The Hutt is still determined to see dilution on an unprecedented scale - even by his standards - at LGO Energy (LGO). There is an EGM on Monday 18 April.

VAL
VAL

ValiRx – have we been told the truth, the whole truth?

On 21 March this year, AIM-listed ValiRx (VAL) announced a convertible loan facility with Bracknor Fund Ltd. It was announced that the company could draw down up to £4 million in tranches of £500,000. But it seems that some of the information given was either wrong or just missing, not to mention a small problem of share issuance authorities which look to be insufficient to seal the deal. Having had no reply to two emails sent to the company, I am assuming that the conclusions I have come to are correct. It is not pretty.

SEA
SEA

SeaEnergy ‘fesses up to self-inflicted dire financial position. Blow me down with a feather….

I’ve been classing AIM-listed SeaEnergy (SEA) as an outright sell since last September (see HERE) at 5.5p bid, but was bearish as long ago as last June at over 12p (see HERE). This has been an accident waiting to happen for months and this morning came the grim news.

LBB
LBB

LiteBulb Group – shares suspended; it’s obliteration rather than mega-dilution ahoy

You were warned – and following firstly a BearCast by Tom Winnifrith last year and, as recently as yesterday, a warning from myself HERE, hopefully no readers have been caught out by the announcement now from, and suspension from trading of shares in, LiteBulb Group (LBB)…

LBB
LBB

LiteBulb Group – Go Entertainment gone, though is it mega dilution or obliteration ahoy?

Branded product developer, LiteBulb Group (LBB) has announced it has completed the sale of its ‘Go Entertainment’ business to members of Go’s senior management team for the princely sum of £1 and reiterated that “the company's current cash position remains tight”. Is it therefore mega dilution or obliteration ahoy here? …

RBD
RBD

Red Flags at Night: Reabold Resources 0.5p after-hours placing (closing share price 1.25p)

AIM-listed Reabold Resources (RBD), with just £294,000 of net assets as at June 2015 is another of those sub-scale investment companies which would have to be run by Warrne Buffett on steroids in order for it to generate enough money just to keep the lights on. Yesterday at 5.45pm on a Friday, with the shares having closed for the day at 1.25p (valuing this fine enterprise at £3.5 million, according to ADVFN), a no-one-is-watching o'clock RNS announced a placing of 40 million shares at just 0.5p to raise £200,000 - a bit of electricity meter money. Something for the weekend, sir? Yes please - I'll have a nice spot of dilution at a whopping 60% discount.

Landsdowne Oil & Gas; despite its best efforts, more dilution seems inevitable

This morning Lansdowne Oil & Gas (LOGP) was “pleased to announce its interim results”. Looking through the numbers and it is unclear quite what the company is pleased about. With its balance sheet in poor health and cash position a little on the precarious side, Lansdowne looks like it is going to need to raise money and soon. Not that the market seems to care, however. Lansdowne shares were up 6.25%, last seen, to 2.13p. So what might be behind this seemingly misplaced optimism?

AFR
AFR

Is Afren trying to dupe its shareholders?

There is just so much to say about the restructuring it is hard to know where to start. A good place would be Waseem Shakoor’s piece HERE, but there are concerns that Afren is being, shall we say, less than helpful to its beleaguered shareholders as they decide upon whether to take part in the open Offer as part of the proposed restructuring.  Let us take a look at a few statements in the RNS and Prospectus from last Friday.

AFR
AFR

Afren Defaults, Directors Now Working For Creditors

Afren (AFR) has defaulted as expected, and huge dilution is on its way for shareholders. I'm sorry for all genuine, non-abusive shareholders who are going to lose money in the company . I've been there, and anyone who has been in the market for a long time and claims differently is a liar. The Board of Directors are now duty bound to seek maximum recovery values for its creditors. Bonds currently trade at about 45c. 

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