Keyword results: discount

PREMIUM CONTENT

Rutherford Health (formerly Woodford Favourite Aquis lobster-potted Proton Partners) – Where Is The Financing Update, Or Is It A Visit To The Corporate Hospital In The Sky?

Last Friday Aquis-listed Rutherford Health (RUTH) advised that it was in discussions to secure bridge financing and that a further announcement would follow this week. This followed the non-appearance of placing monies originally announced back in August which were repeatedly put back. Is the company out of cash yet?

Subscribe to ShareProphets to access Premium Content
GPM
GPM
PREMIUM CONTENT

Golden Prospect – Interims: Buy the Insurance

Fully-listed Christmas share tip of mine, Golden Prospect (GPM) released its interim results to June this morning. The bottom-line news was that Golden Prospect lost 16% in NAV terms over the period – not exactly a healthy performance. But as long commented on these web-pages, Gold and Gold stocks have been in a correction since the beginning of August 2020 and I have commented before that Golden Prospect is likely to over-perform in both directions so when times are good they are really good for shareholders, but when Gold goes through stickier times Golden Prospect is likely to underperform. And so it has been: Golden Prospect’s NAV dropped 16% whilst GDXJ (the “junior” gold-miners ETF) dropped 14.7% and the yellow metal itself only fell by 6.4%.

Subscribe to ShareProphets to access Premium Content
PREMIUM CONTENT

Rutherford Health (formerly Neil Woodford Favourite Proton Partners) – Is Reality About to Bite?

This website has made no secret of its cynical take on the valuation of one of Neil Woodford’s most controversial investments into Acquis lobster-pot listed Rutherford Health (RUTH), formerly Proton Parters. There was a tiny investment made at its IPO allowing Woodford to mark up his original investment heavily, but since Woodford held all the cards apart from Rutherford’s management, there was nobody to sell and thus the apparent price was, we argued, totally illusory. We predicted problems when the cash ran out……

Subscribe to ShareProphets to access Premium Content
PREMIUM CONTENT

Tern – Big Crunch Looms as Market Reality Drives Coach and Horses Through Aggressive Valuations

What is AIM-listed jam-tomorrow investment company Tern plc (TERN) really worth? At the close of play on Friday the shares were down 11% at 24.5p, valuing the company at £81 million. But its last-stated NAV per share was just 7.3p, which would value the company at a far more modest £24 million. The problem is that Tern’s stated NAV per share has been shown to be (if you’ll pardon the pun) Wyldly optimistic. I believe the last stated NAV should be more like £17.4 million – and that is being generous.

Subscribe to ShareProphets to access Premium Content
PREMIUM CONTENT

Tern – as shares collapse, what is in prospect?

Less than two weeks ago AIM-listed jam-tomorrow (but never delivered) Internet of Things investment company Tern plc (TERN) saw its shares trading at 30p – a monstrous overvaluation when compared to its last stated NAV per share of just 7.3p. Now, just a few days later, the stock is down to just 15.75p (last seen) – which is, of course, still a monstrous overvaluation. But there is plenty more pain to come for shareholders.

Subscribe to ShareProphets to access Premium Content
KP2
KP2
PREMIUM CONTENT

Kore Potash – “Oversubscribed” institutional fundraise? Then sack the Broker!

I am rather glad I do not hold shares in AIM-listed Kore Potash (KP2) for if I did I would have been fuming at 6.30pm last night – no-one-is-watching o’clock – as the company announced the result of its proposed placing at a mammoth discount, and – to add insult to injury – oversubscribed. Not only that, but it was an institutional tin-rattle so only the great and the good get a look-in at bargain basement prices. You ordinary shareholder plebs obviously don’t count!

Subscribe to ShareProphets to access Premium Content

Tern – Vacuous Update

AIM-listed jam-tomorrow investment company Tern plc (TERN) has offered yet another portfolio update – this time entitled Portfolio News – the fourth such effort so far this year. If at first you don’t succeed (in ramping your shares), try, try and try again! But with nothing of substance to report (Moi? A cynic?) today’s ramparoonie is merely and RNS Reach.

PREMIUM CONTENT

Former Woodford Patient Capital Trust, now Schroder UK Public Private Trust agrees massively discounted asset sale. How can NAV be believed?

Schroder UK Public Private Trust (SUPP) – the former Woodford Patient Capital Trust has today announced the sale of seven assets for a total of £51.9 million. Well done, you might say – until you read that this represents as discount of some 19% to the forex adjusted (as at 25 January) valuations as at 30 September 2020. Not so hot, all of a sudden.

Subscribe to ShareProphets to access Premium Content
PREMIUM CONTENT

Bowleven: Etinde good news - a Stonking Buy, maybe

I haven’t commented on AIM-listed Cameroonian gas play Bowleven (BLVN) for some time – the last being back on 27 March last year when I asked are you brave enough to buy in the face of a big sell-off in oil and gas prices as the severity of the Covid crisis started to become apparent. The share price then was 2.17p in the middle and today’s news sees the shares up at 5.3p. I wasn’t brave enough to buy more….but my then existing holding is still there.

Subscribe to ShareProphets to access Premium Content
AVO
AVO
PREMIUM CONTENT

Advanced Oncotherapy Rattles the Tin Once Again – This time for a £6m fundraise

When I last wrote about AIM-listed Advanced Oncotherapy, at the end of October last year, it had just announced a placing at 30p per share to raise £7.7 million and my back-of-a-fag-packet suggested that despite the new money, it was placing ahoy. Well, yesterday that placing duly arrived with £6 million raised at a rather more impressive 40p. So will this be the last time the company passes round the hat? 

Subscribe to ShareProphets to access Premium Content
PREMIUM CONTENT

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?

Subscribe to ShareProphets to access Premium Content
GPM
GPM
PREMIUM CONTENT

Golden Prospect – Subs all convert: okay i got it all wrong, but...

Fully-listed Golden Prospect (GPM) has announced that the Subscription Trustee has exercised all the outstanding subscription shares for Golden Prospect (GPSS) and raised £4.77 million for the company as a result. Good news for the company, and perhaps a little good news for former holders who did not pony up the 46.14p per subscription share to convert into ordinary shares – although we will have to wait and see just how much will be returned to former subscription shareholders, as we are not told. But it is not such good news for ordinary shareholders who will be diluted and thus the potential NAV per share as of Tuesday night drops from 67.56p to 60.43p.

Subscribe to ShareProphets to access Premium Content
GPM
GPM
PREMIUM CONTENT

Golden Prospect – Once Bitten, Twice Shy? Absolutely Not - BUY!

I messed up on the subscription shares for fully listed Golden Prospect (GPM), as discussed here. It looked a great play, the maths made sense but unfortunately the timing of the expiry and the Gold correction caught me out. But it looks as though there is a silver lining and despite large quantities of egg on my face, I firmly believe the full shares are worth a jolly good look right now.

Subscribe to ShareProphets to access Premium Content

Haydale – A Triumphant Celebration of Missing the Covid Boat

AIM-listed Haydale Graphene (HAYD) has announced the great achievement of its Functionalised Graphene Antibacterial Masks project going into production with partner IRPC Public Company. Put up the bunting, get the champagne ordered……or perhaps not, for surely it has missed the boat.

URU
URU

URU Metals – Advisory Board Appointment: how will it pay?

Shares in John Zorbas AIM outfit URU Metals (URU) are up today on the news of an advisory board appointment. The company announced the hiring of Mr Justin Cocharne to URU’s advisory board and the shares have motored by 6.4% to 250p but I just have one question: how will URU pay for his services, given that the company is quite clearly technically insolvent?

GPM
GPM
PREMIUM CONTENT

Gold – Jordan Roy Byrne sees light at the end of the tunnel: will it come in time for Golden Prospect Subs as the market plays Chicken?

Trading in Golden Prospect (GPM) and its subscription shares (GPSS), for a sad nerd like me, is fascinating. The shares are just about heading north, the subs are down and the Gold price is just about rising, sort of. Followers of Jordan Roy-Byrne of TheDailyGold.com are waiting and waiting for that glorious buying opportunity which seems a matter of days or weeks away whilst at the same time Golden Prospect’s subscription deadline falls at the end of the month – just two weeks away.

Subscribe to ShareProphets to access Premium Content
PREMIUM CONTENT

Tern – Discounted Fundraising Arrives as Predicted….where’s my Ouzo?

On Tuesday I wondered whether AIM-listed Tern (TERN) was already conducting a discounted placing as its shares were again falling even in the face of yet more ramptastic news. Now we know that the company was again raising money on the back of fake news in the market which it has failed to comment on as the BBMs were frothing about tiny investee Wyld.

Subscribe to ShareProphets to access Premium Content
GPM
GPM
PREMIUM CONTENT

A Golden Prospect with US Election out of the way?

Well, not so fast, because Joe Biden hasn’t formally won yet but the writing is on the wall. Notwithstanding that minor detail, Gold has had a storming few days, rising to $1950 per oz having kicked off the week at sub-$1880. One very strong performer was fully-listed Golden Prospect (GPM), along with its subscription shares (GPSS).

Subscribe to ShareProphets to access Premium Content
AVO
AVO
PREMIUM CONTENT

Advanced Oncotherapy – Fundraise at 30p (apparently a 13% discount). Tell the truth!

AIM-listed Advanced Oncotherapy (AVO) has announced a fundraise at 30p to raise £7.7 million (before expenses) – as predicted HERE by yours truly. Time for another glass of Ouzo, methinks.

Subscribe to ShareProphets to access Premium Content
GPM
GPM
PREMIUM CONTENT

Golden Prospect – Time to BUY?

I have no crystal ball, so shares in Malcolm Burne’s Golden Prospect (GPM) could fall further before going up again, but I am convinced that it is now an outright buy.

Subscribe to ShareProphets to access Premium Content
URU
URU

URU Metals – Ramptastic pre-placing RNS: you have been warned!

AIM-listed but BVI-registered URU Metals (URU), which as Cynical Bear put it, seems more interested in drilling shareholders’ pockets than the ground, has announced a ramptastic pre-placing RNS this morning. Of course, we all knew it was coming as by my maths this John Zorbas POS is still technically insolvent and the clue is hidden in today’s announcement.

KDR
KDR

Karelian Diamonds – £0.42m placing at a whopping discount & still how’s it going to pay for any exploration?...

AIM-listed Karelian Diamonds (KDR) – the junior sibling of Conroy Gold and Natural Resources (CGNR) – has announced a placing to raise £420,000 at 4p per share, a whopping 24% discount to yesterday’s closing price. That’s all very well, but by my maths it still leaves the company technically insolvent…

PREMIUM CONTENT

Tern – yet another fundraise, £1.5 million at 8.5p (21% discount)

Well blow me down! AIM-listed jam-tomorrow POS Tern plc (TERN) has announced yet another fundraise, this time to raise £1.5 million at 8.5p. Given that the announcement came at 9am and the price just beforehand was 10.75p, that’s a 21% discount. Ouch.

Subscribe to ShareProphets to access Premium Content
SOS
SOS
PREMIUM CONTENT

Sosandar delivers a Curate’s Egg of a Trading Statement

AIM-listed online ladies fashionwear purveyor Sosandar (SOS) has released a trading statement covering its reporting Q1 from 1 April to 30 June. As per the trading and Covid-19 update provided last month, on the surface this morning’s statement appears reassuring, but is it?

Subscribe to ShareProphets to access Premium Content
PREMIUM CONTENT

Stobart Group – Placing (as predicted) at 40p to raise £100m and FY results at no-one-is-watching o’clock

Last time I wrote about former Woodford favourite Stobart Group (STOB), on April 6th, I predicted a placing…..and so it came to pass that on Thursday night it did indeed pass the hat around – time for an Ouzo, methinks! And the discount? Well, the stock closed Thursday (at 4.30pm) at 69.2p, having traded as high as 74.1p and the bookbuilding exercise was announced at seven minutes past six in the evening. On the closing price, the discount was a whopping 42%. Ouch.

Subscribe to ShareProphets to access Premium Content
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.

Subscribe to ShareProphets to access Premium Content
PREMIUM CONTENT

SUPP (former WPCT): Former Woodford Equity Income Fund dumps entire stake

In its FY19 report and accounts, Schroder UK Public Private Trust (SUPP) – the former Woodford Patient Capital (WPCT) announced a NAV per share of 49.46p per share. With a hotchpotch of cash-guzzling investments, no income and an almighty overdraft, even before the impact of Covid-19 it was clear there would be casualties to come, and it largest holding was the joke that is Rutherford Health (RUTH) whose valuation is clearly absurd and only supported by Neil Woodford’s policy of overpaying, it was clear to us at ShareProphets that the stated NAV was a total fiction. Now the former Woodford Equity Income Fund (WEIF) has dumped its entire stake.

Subscribe to ShareProphets to access Premium Content
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….?

Subscribe to ShareProphets to access Premium Content
PREMIUM CONTENT

BREAKING: Tern – more Ouzo for the team as a massively scaled back placing is announced at just 6p. Keep selling!

Oh dear, oh dear, oh dear. AIM-listed jam-tomorrow (if ever) Internet of Things investment company Tern (TERN) has announced a placing at just 6p to raise just £0.8 million as predicted HERE to keep the lights on as its auditor is surely raising going concerns. That is a whopping 22.6% discount to last Friday’s close and 35% down on my tip of the year to sell when the shares were 9.25p. But there is more....

Subscribe to ShareProphets to access Premium Content
TYM
TYM
PREMIUM CONTENT

Tertiary Minerals – placing at 0.275p to raise just £275k. SELL.

At eleven minutes past ten this morning AIM-listed penny-dreadful, to quote poor Malcolm Stacey, Tertiary Minerals (TYM) announced a placing of one hundred million bits of confetti at 0.275p to raise just £275,000 (before expenses) and a shiny new Broker in the form of Peterhouse, which arranged the issue and is set to receive five million warrants at the placing price. Nice work for the flippers – especially since the shares were 0.41p immediately before the announcement and thus the discount was a tasty 33%. And compared to the 0.87p the stock hit in the wake of the ramptastic announcement the day before (awful, as usual) results were released the placees must think it is Christmas.

Subscribe to ShareProphets to access Premium Content
PREMIUM CONTENT

Tern….…..and there’s the placing. Told y’all!

Well done to Al Sisto and his team at AIM-listed jam-tomorrow IoT Investment company Tern plc (TERN) – a great job raising c. £1.75 million at 11.15p per share, a discount of 19%. No matter that there are unanswered questions over an apparent $10 million fundraise at its principal investee Device Authority which seems not to be a fundraise at all. No matter about the webinar with Microsoft or the tweets about a visit to Microsoft HQ – the main development appears to be a fundraise at new-ish investee FundamentalVR, which has closed a £4.3 million fundraise which includes the conversion of a loan note by Tern at a 20% discount. So what about Device Authority?......

Subscribe to ShareProphets to access Premium Content
XSG
XSG
PREMIUM CONTENT

Neil Woodford dog Xeros Interims – a "disruptive" wash-out

Neil Woodford dog, AIM-listed revolutionary washing machine purveyor Xeros Technology (XSG) has released its interim results this morning and the news is grim: revenues of £1.6 million led to a pre-tax loss of £9 million. Ouch.

Subscribe to ShareProphets to access Premium Content
Collapsing-Reactor
PREMIUM CONTENT

Neil Woodford Redemptions Watch: a modicum of outperformance……except at WPCT (ouch!)

Neil Woodford’s benchmark for his Equity Income Fund (WEIF) and Income Focus Fund (WIFF), the FTSE All-share index, dropped by 0.41% yesterday but the good news for Neil is that WEIF and WIFF posted gains in NAV per share, with WIFF up by 0.26% and WEIF up by 0.23%. Hurrah – for one day only, he’s beaten the benchmark!

Subscribe to ShareProphets to access Premium Content
PREMIUM CONTENT

Redx Pharma – great news, but…..

AIM-listed Redx Pharma (REDX) has released great news in that it has sold one of its products for $3.5 million upfront plus up to $203 million in milestone and royalty payments, plus a cut of any sales. That’s a lot of cash – or it may be, if all the hurdles are passed successfully – but of course, those hurdles may not be quite so easy to clear, and it certainly won’t be any time soon. The shares are up heavily by 124% at 14p on the news, but I just wonder if the market is suffering from over-enthusiasm.

Subscribe to ShareProphets to access Premium Content
PREMIUM CONTENT

Trafalgar Property – 3.11pm update….uh-oh – PLACING AHOY!! Sell

have been a bear of AIM-listed Trafalgar Property (TRAF) ever since I first wrote about it way back in 2015, when I noted that in the middle of a housing boom the fact that the company had again lost money. In April of this year I noted that it had only delivered one set of profitable accounts out of five since it listed on AIM, after the company had claimed to be well placed to deliver and claimed it was exciting times. With that background, we had an update at 3.11pm today. Of course,as Steve Moore has often noted, intra-day updates are rarely good news…..

Subscribe to ShareProphets to access Premium Content
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.

Subscribe to ShareProphets to access Premium Content

Haydale – ANOTHER RNS Reach!! Pre bailout placing ramp in full swing!

AIM-listed purveyor of all things graphene, Haydale (HAYD) has been on an RNS Reach-fest, the latest of which came this morning. Of course, RNS Reach announcement are by definition immaterial and are best viewed as free advertising. But the market has bought into the ramp and the shares are markedly up on the 12p low point they reached when it emerged – along with proft warning No. 3 in six months – that Haydale had been unable to raise loan finance it had planned to. The stock is now up at 36.5p – still a long way down from the 78p at which I wrote about the company last June.

SOS
SOS
PREMIUM CONTENT

Sosandar – a pissed-off bull speaks!

I continue to hold a small parcel of shares in AIM-listed Sosandar. I had been hoping to offload a few more at 50p but in the wake of a placing at 32p and the market sell-off that seems somewhat optimistic for some time to come. Tom Winnifrith sold all his shares some time ago and has commented on the update from the company and the placing at 32p HERE and HERE. So I thought I would throw my 2p worth in as well.

Subscribe to ShareProphets to access Premium Content

Tern – Waseem Shakoor kicks the hornets’ nest

Great bear Waseem Shakoor has responded to AIM-listed Tern (TERN) and its £2.9 million placing at 26p by suggesting that the company took advantage of a stock shortage to get the share issue away. If he is right, the implications are shocking.

Haydale – shares crash again. So much for a placing at 50p, SELL!

Shares in AIM-listed Haydale have been a one-way bet to financial destruction ever since it conducted a placing at 120p (a discount to the then share price of some 32%). In the wake of a trading warning and the stepping aside of its CEO, the stock has now crashed to just 50.5p – the stock gave up a further 14% on Friday alone. The problem is that it needs to get another bailout placing away.

Haydale – another RNS Reach……when’s the placing?

AIM-listed Haydale (HAYD) has issued another RNS Reach announcement to add to the one released on June 19th. But we all know (don’t we?) that RNS Reach announcements are effectively marketing ploys, not hard news of cashflow. And we also know that Haydale has to get a placing away in order to get its accounts signed off as a going concern.

KDR
KDR
PREMIUM CONTENT

Karelian Diamonds – 500k placing at 4.5p: it’s not enough – when’s the next placing? SELL.

AIM-listed Karelian Diamonds has, as I predicted HERE, HERE and HERE, announced a placing to raise £500,000 before costs. At 4.5p, that is a discount of just over 30% to last Friday’s closing mid-price. Ouch! When I first commented on the lack of cash last November, the shares were 0.375p (mid) before they were consolidated (so they were 9.375p in today’s money): I think that means it’s time for an ouzo or two over at Deputy Sheriff Towers!

Subscribe to ShareProphets to access Premium Content

Tern – £1.75m placing to single institutional investor….but who?

I have to hand it to Al Sisto, CEO of AIM-listed Tern plc (TERN). Down at 2p not so long ago, the shares are riding high at 26p and now he’s got the placing I have been predicting away at 18.5p for £1.75 million. It kind of begs the question of what on earth the company was doing with a death spiral in place before the latest lift-off commenced. But a placing 18.5p with the shares having closed last week at 26.6p is quite a discount – 30%. And who is this single institutional shareholder?

IRV
IRV

Interserve – “unlikely” rescue bid?

I see that today’s Telegraph is reporting that Emerald Investment Partners (and the man behind it, Alan McIntosh) in emerging as a key player in the refinancing discussion of fully-listed Interserve (IRV). We are told that Emerald has pledged to back the refinancing, which is very good news. The last thing we want to see is another Carillion-style collapse. 

Tern announces two fundraisings – how do they compare?

After-hours yesterday AIM-listed Tern plc (TERN) announced two fundraisings – one via Primary Bid for its own coffers and the other a proposed offering via US broker US Capital Partners for its investee company Device Authority. Let’s compare the two.

AIM-China Grand Group – oh dear, now the Chairman walks. Get out!

AIM-China investment company Grand Group (GIPO) has announced the departure of its Chairman. It may not formally be one of our Filthy Forty, but it sure is doing its best to make the grade.

AIM-China Grand Group – after the shares fall at last an update

AIM-China play Grand Group (GIPO) may not be of the filthy forty for listing too late, but the share price has been telling you something, given the massive discount to cash on offer. I said on Monday that a statement was needed as the shares again collapsed. Today (at last) it has obliged.

Grand Group: FY16 numbers a fitting tribute for a F40 wannabe, or a straight buy?

Grand Group never made the ShareProphets AIM-China Filthy Forty. It was nothing to do with qualifying, it just arrived on the Casino too late. But listing in January 2015 at 80p to give it a market capitalisation of £27 million it is now worth just £4.8 million. Ouch!

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?

PSL
PSL

Photonstar LED – after-hours monster-discount placing. Anything to see here Guv?

AIM-listed Photonstar LED (PSL) was the subject last week, in the wake of a rampfest RNS, of a Steve Moore conclusion of no financials, no cash, avoid. How bang-on-the-(lack of)-money, for last night the company – well after-hours at 5.24pm – announced a massively discounted keep-the-lights-on placing for a paltry £465,000 at an even more paltry 1.25p – vs a 2nd May closing price of 2.85p and yesterday of over 3p. Nice work. Now take a peek at the share price and volume chart of yesterday, courtesy of ADVFN. Surely it could not be that there was mass forward-selling of placing shares between 8am and 3pm?

WTB
WTB

Huge Discounts Up for Grabs - for Shareholders Only

Hello Share Samplers. I’m quite excited about this. This family has now received its Whitbread (WTB) shareholder’s discount card. A good investment that, as I’ve only held the share a few weeks and am already up by 12%. And the added perk is really quite good, as shareholder discounts go.

AFG
AFG

China FRAUD Aquatic Foods Q4 update: drowning in a sea of Red Flags

ShareProphets AIM-China Filthy Forty purveyor of all things fishy, Aquatic Foods (AFG), has updated on 2016 Q4 trading this morning. In a statement plastered with Red Flags it would appear that the company is nearing the final chapter of the China Norfolk playbook as we are warned that there has been a spot of bother getting cash out of China. Is it bye-bye to the dividend? 

AIM-China Grand Group: a bargepole investment from the province of Norfolk, or just misunderstood?

By pure accident of timing AIM-listed China play Grand Group (GIPO) missed the cut-off for inclusion in  the ShareProphets AIM-China Filthy Forty. But it is littered with Red Flags and with the shares having collapsed from just shy of 60p a pop after a lack-of-accounts-induced suspension was lifted at the end of December to yesterday’s close at just 14.75p those Red Flags are fluttering brightly in the wind on the world’s most successful growth market. 

CloudTag – L1 converts, company takes the piss. Will Nomad Cairn now finally walk?

Well surprise, surprise. AIM-listed CloudTag (CTAG) gets its shares unsuspended and a few days later L1 converts another batch of loan notes, as announced in last night's no-one-is-watching o’clock RNS. OK, no great surprises so far – especially in view of the price action since the suspension was lifted. But look at the terms: has there been a a material and previously unannounced change, and if so, when?

CAF
CAF

Another day on the Casino: Filthy 40 China Africa yesterday “knows of no specific reason” for share price move; today restructuring and discounted placing ahoy

Shares in ShareProphets AIM-China Filthy Forty play China Africa (CAF) suddenly had a rocket under them late on Monday. Having been bumping along the bottom at around 4p for months on end, all of a sudden they shot up on Monday to 7.5p and a “know-of-no-reason” RNS duly followed at midday yesterday. This morning they have shot higher again clocking up a peak of 16p. But now, less than 24 hours after knowing of no specific reason for the share price move, the company has ‘fessed up that a restructuring and placing are on the way. 

Fastjet – unusual warrant exercises = spoofery, signs of a cash crunch or just madness?

As AIM-listed crock airline Fastjet (FJET) hurtles at full speed towards its next funding crisis two warrant exercises catch the eye – one yesterday and the other last week. With the shares trading at around 20p, why on earth would anyone exercise warrants at 31.5p a pop?

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. 

Anarchy

Marcus Stuttard, Sham Sheriff of AIM: here is your specially selected AIM Portfolio. Good luck, pal.

If Marcus Stuttard, the Sham Sheriff of AIM, really believes that the Casino is properly regulated, we think he should put some of his own money where his complacent mouth is by investing in a portfolio of companies which would demonstrate his confidence in his team of Oxymorons at AIM Regulation. We are such nice guys here at ShareProphets that we have helpfully compiled a beautifully diversified portfolio for him. We, ahem, AIM to please.

CSF Group – Delisting proposal for shareholders with a gun to the head

AIM-listed CSF Group (CSFG) announced this morning that it is to call an EGM for shareholders to consider a resolution to delist from the world’s most successful growth market. The reasons cited are the lack of institutional demand, liquidity which is effectively meaningless and the failure to secure additional capital by way of equity financing. So much for AIM as a source of growth capital.

Cloudbuy – contract RNS, no financials (natch) and unlikely to change market expectations

AIM-listed jam-tomorrow e-commerce platform provider Cloudbuy (CBUY) has announced another contract this morning. No financials were provided and we are told that the contract is “not expected to change market expectations”, yet the release was a full RNS. 

Highwayman

Core Blimey! Wednesday’s final shareholder liquidation meeting looks set to be a bun-fight

I said at the time of suggesting ordinary shares in Core VCT (CR3) as a share for 2015 that I didn’t like the management, but that fundamentals looked set to deliver a positive return at the then share price. Happily, shareholders have now had a return of cash comfortably in excess of the recommendation price. But….oh, there are plenty of buts. The shareholders’ final liquidation meeting is on Wednesday at 11am, at CCT Venues Plus, Level 32, 40 Bank St, London E14 5NR and it looks set to be a lively affair.

IGAS - irrational exhuberance, just fracking nonsense

Shares in overindebted AIM-listed Igas Energy (IGAS) have shot out of the traps this morning on news that Theresa May is in favour of fracking and wants to bribe the locals into letting it happen. There is also a technical matter announced last week that Igas underwent a capital reduction which apparently strengthens the balance sheet......if only. The share price reaction has seen the shares race ahead by as much at 47% (30% last seen) but has anything changed? Er....

KEFI Minerals – “pleased to announce” placing, is it right to be so?

KEFI Minerals (KEFI) “is pleased to announce that it has conditionally raised approximately £3.8 million (approximately US$5 million), before expenses, through the issue of 761,921,740 new ordinary shares… at a price of 0.5p per share”. Is it right to be so?

Tern – placing at just 8p as share slide continues

AIM-listed jam-tomorrow investment company Tern plc (TERN) has announced yet another fundraising this morning – this time at just 8p per share, raising £0.525 million. That won’t have gone down too well with those who ponied up at 12p back in February when the company raked in £1.1 million, or those who contributed to the £0.72 million placing at 12p last August.

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.

Grand Group – another AIM-China stock suspended!

AIM-China play Grand Group (GIPO) only joined the Casino in January 2015 and consequently missed inclusion in the ShareProphets AIM-China Filthy Forty despite sporting outstanding credentials: Cayman Islands incorporated, ownership of assets through VIE arrangements. Oh and a cash-pile to die for. On listing, investors must have been sorely tempted to grab a grand. This morning the shares were suspended because it can’t get its calendar 2015 accounts out by tomorrow’s deadline. Oops.

Filthy Forty Fraud, China New Energy – so much for the institutional placing!

On 9 June 2016 ShareProphets AIM-China Filthy Forty play China New energy (CNEL) announced that it had raised £750,000 from a subscription by funds managed by an institutional fund manager at a price of 2p (a 25% discount to the prevailing price). Ah, so the big boys had invested? Er….

CloudTag – Oops!

With apologies for missing this on Tuesday afternoon, I see that AIM-listed CloudTag (CTAG) has issued a rather embarrassing correction to its Monday RNS which announced a fundraising of £171,430 apparently issuing 5,357,143 shares to a new investor….at a price of 3.2 pence per share, representing a premium of 12.3 per cent. Over the mid-market closing price of 2.85 pence per share on 8 April 2016 (the previous Friday).

Cloudbuy – kitchen sink RNS. Buy or Bargepole? Part 2 – refinancing

I have already taken a look at the kitchen sink RNS of Thursday afternoon, issued by AIM-listed Cloudbuy (CBUY) an hour before the city packed up for Easter, with regard to re-priced options and concluded that we were looking at a reward for failure. There is much more to discuss from that RNS and here we look at the bailout refinancing which is proposed.

AGP
AGP

F40 Asian Growth Properties – proposed disposal triggers big re-rating but Red Flags are too big to ignore

Some good news from the ShareProphets AIM-China Filthy Forty in the form of a proposed disposal by Asian Growth Properties (AGP) was detailed on Tuesday. At its last set of numbers interims to June 2015 the company stated NAV per share at 125p and until recently the shares had been trading at a fraction of that (sub-20p). The news saw the shares race away to close at 46.5p mid, although they gave some back on Thursday. 

AFG
AFG

China fraud Aquatic Foods Trading Update: drip, drip, drip - the water torture continues in a sea of Red Flags

ShareProphets AIM-China Filthy Forty play Aquatic Foods (AFG) released a trading statement yesterday for its full year to Dec 2015. I commented that the last trading statement had more holes than a fish-net and yesterday’s serving of fishiness lowers none of the Red Flags previously raised. 

AFG
AFG

China Fraud Aquatic Foods - drip, drip, drip the torture continues

Following on from yesterday's piece on ShareProphets AIM-China Filthy Forty play Aquatic Foods Group (AFG) we see that the shares are still sliding. Drip, drip, drip - the Chinese water torture continues. 

AGQ
AGQ

Red Flags at Night: Arian Silver (nearly) 50% discounted placing, 25% share price drop in advance

Tom Winnifrith has made no secret of his contempt for AIM (and TSX) listed POS Arian Silver (AGQ), having quite correctly called it a sell many times. But the latest RNS – a no-one-is-watching o’clock placing announcement really takes the biscuit. Yesterday the shares closed at 1.9p, having dropped 25% over the day and lo-and-behold we have an after-hours placing at just 1p. 

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.

OXT
OXT

Oxford Technology VCTs - cheer amidst market gloom

I previously commented that following the disposal of Telegesis by three of the four Oxford Technology VCTs there looked to be some value to be had, and that it looked as though dividends were on the way. Yesterday evening came 3rd quarter numbers for all four funds and the news was generally good.

OTT
OTT

Oxford Technology VCTs – value to be had?

I covered news that an investment made by VCTs 2, 3 and 4 had worked out very well, and that reading the runes one might come to the conclusion that there are some pretty hefty dividends on the way. If fact the numbers are rather better than I had calculated and the whopping discount to NAV now presented makes me wonder if at least one of the VCTs’ shares are a buy.

Corrected: NetDimensions – blow me down with a feather, placing at 60p

Correction: NetDimension is not formally one of the ShareProphets AIM-China Filthy Forty. Apologies are therefore due to the company. Not that it is any great excuse, AIM itself states that NetDimensions' main country of operations is China (see HERE), and the FY14 Annual Report states that its principal place of business is Hong Kong  - hence the confusion. NetDimensions states in its FY14 Annual Report that has operations North America, Europe, Middle East and Africa, Asia Pacific and China and thus is by no means a pure an AIM-China play. My apologies to all. That said.... 

ACE
ACE

Auhua – receivables at 177% of turnover in H1 2015, er.Red Flag for breakfast?

I’ve been looking again at the interims from ShareProphets AIM-China Filthy Forty constituent Auhua Clean Energy (ACE) and its growth in receivables since FY14 of 60% since FY14 and of 92% since the first half last year – as against pretty flat turnover and margins. As at June this year we see that trade and other receivables of RMB 200.4 million as noted under current assets sit at 177% of (slightly falling) turnover of RMB 112.8 million. That looks just a tad on the high side.

Father Christmas

Shares for 2015 update: Core VCT – a profit!

I first suggested you buy the Core Venture Capital Trust back on 28 Dec last year, at an offer price of 51p. A few trades went through at well below that (the spread was big enough to drive a bus through) but we will take it as being 51p. The view at the time was that despite holding the management of this outfit in very low regard there appeared to be value to be had, with a good margin of safety. I suggested that it may even see a full liquidation within the year.

AGP
AGP

Asian Growth Properties Ltd – ANOTHER Filthy Forty suspension, at 13.5p vs NAV 125p!

Not content with seeing Geong (GNG) suspended because its Nomad resigned on Tuesday, or that Camkids (CAMK) suffered the same fate on Monday, we find that a third ShareProphets AIM-China Filthy Forty suspension slipped by: Asian Growth Properties (AGP) - which was suspended in an RNS released by AIM itself, “pending an announcement”. That was at 10.55am, and there has been not a dickie bird since from the company. I note carefully that the AIM RNS did not say “at the request of the Company”. Oo-er missus.

Subscribe to our newsletter

Daily digest of our latest stories.



Search ShareProphets

Complete Coverage

Recent Comments

|