Keyword results: going concern

Haydale – Welcome Aboard FinnCrap As Nomad/Broker: should We Draw A Conclusion?

AIM-listed Graphene play Haydale (HAYD) has appointed FinnCap as Nomad and Broker. So is it fundraising ahoy?

CDL
CDL
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Cloudbreak Discovery – Massive Red Flag As FY Results Are Released……Or Are They?

Sub-Standard-Listed Cloudbreak Discovery (CDL) added yet more Red Flags to its profile this morning on the release of an RNS at 7a this morning entitled “Final Results for the Year Ended 30 June 2021”. Just for a start, releasing FY numbers during no-one-is-watching week as investors are away from their desks between Christmas and New Year is an automatic Red Flag. But the RNS did not contain the results – only a management summary, telling the reader that “A full copy of the results is available on the company website”. Except at 7.30am this morning, that was not the case.

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AVO
AVO
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Advanced Oncotherapy – First LIGHT System Delayed: Oopsadaisie……Still a Sell

Well surprise, surprise! AIM-listed Advanced Oncotherapy (AVO) has announced that the first fully operational LIGHT system has been delayed from the end of this year to the end of Q1 next year. I noted HERE that the delay announced this morning was pretty well baked in. Given that we have moved from “could slip into Q1 2022” to “around the end of Q1 2022” in the space of less than two and a half months, it seems to me that further slippage is highly likely. Indeed, despite this morning’s announcement, one wonders whether any progress has been made at all since the announcement of diabolical interims at the end of September. So there will be at least another quarter sans revenue……what about the cash?

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CDL
CDL
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Cloudbreak Discovery: Another New Low In The Wake Of A Broker Appointment – Coincidence?

Cloudbreak Discovery (CDL) only joined the sub-Standard List in June, but the stock has been a one-way ticket south ever since. Having listed at 3p and peaking at 5.5p, the shares are now just 1.425p. Anyone who purloined IPO shares has now lost some 53% of their cash in around five months. Is that some kind of record?

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Not allowing you to be stiffed by a Hedge Fund on Sensyne ahead of its going concern warning

On 17 September a chap called Matthew Scarborough subscribed to ShareProphets and at once sent us an email saying that he had an article he had drafted and wondered who he might submit it to for consideration. Hell: he might have had something interesting to say, some fraud to bust, so I suggested sending it to me. I had no idea who Mr Scarborough was. That could wait until I saw the piece.

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Rutherford Health (formerly Neil Woodford favourite Proton Partners) – Placing cash delayed again. Uh-oh…

I commented on Tuesday that Acquis-listed Rutherford Health (RUTH) seems to be having a bit of a problem collecting the placing proceeds originally announced at the end of August. The original payment day – September 13th – came and went, with an after-hours announcement that the deadline had been extended to September 23rd – yesterday. There was no announcement yesterday, but at 11.57am – ie lunchtime – today the company announced the grisly news:

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DeepMatter Group – interims, argues “adequate resources” but for how long?...

Previously writing on “international digital chemistry data company” DeepMatter (DMTR), in June as the shares fell below 2p I concluded the revenue and jam tomorrow outlook looked insufficient for the valuation. Today half-year results so, with the shares currently further lower to 1.35p, what now?…

RUR
RUR
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Rurelec – More on that Turbine Sale……it’s a small world!

I commented yesterday on AIM-listed Rurelec’s (RUR) after-hours FY results which were slipped out at no-one-is-watching o’clock on Wednesday whilst Boris was announcing his cabinet reshuffle (a good time to bury bad news). But there are some details worth looking at – for a start, the involvement of former boss Peter Earl, who ran the company into the ground before he was shown the door.

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RUR
RUR

Rurelec – Slips out an after-Hours FY Result and it is predictably dreadful

Last night at 5.20pm AIM-listed Rurelec slipped out its full year results to December 31 2020. Given that its previous team of directors slipped out of the door since period end, the evening of Boris Johnson’s cabinet reshuffle looks like a good time to bury bad news.

INX
INX

i-nexus Global – convertible loan notes to aid “working capital”. Er...

I-nexus Global (INX) has announced a proposal to raise up to £0.65 million (before expenses) via convertible loan notes, with this “to allow the emerging sales and pipeline momentum to be reflected within operating results and cashflow and will be applied entirely towards meeting the Company’s ongoing working capital requirements”. Is that so?…

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IQ-AI – intra-day Friday before a bank holiday weekend… ‘pleasing’ financial results hey Trev!

IQ-AI (IQAI) Chief Executive Trevor Brown is “pleased to announce… unaudited financial results for the six months ended 30 June 2021”. So ‘pleased’ that he’s done so at an intra-day 9:57am on the Friday before a bank holiday weekend… not usually a time to announce ‘pleasing’ financial results Trev! But then this is the Trevor Brown of pumping & dumping, spiv infamy. Now, why may these results not be pleasing for shareholders?

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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…..

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Supply@ME Capital Dismal Results – Part I revenue and going concern

The headline results of Supply@ME Capital (SYME) were, as I predicted, piss poor: revenue was a mere £1,147,000 and the loss for the year was £2,964,000.  The balance sheet shows net liabilities of £452,000 and net current liabilities of £1,332,000. 

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Live Company Group – “pleased to announce its audited results”. It sure?...

Live events and entertainment group Live Company (LVCG) states that is “is pleased to announce its audited results for the year ended 31 December 2020”. The shares have currently responded to 4.75p, down 9.5%!…

AIQ
AIQ
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BREAKING: The bastard child of Andrew Monk's VSA Resources, AIQ, offers sub-Standard Results - shares crash and it could be lights out any moment

Oh dear, oh dear. Oh dearie dearie me. We warned you time and time again and even managed to get the shares suspended but somehow this bastard child of Andrew Monk’s VSA Resources. ;lurched on. Sub-Standard Listed AIQ, which spent most of its first six months on the market suspended after the IPO was botched, has delivered calamitous final results, called a strategic review and qualified its going concern statement. In short, it is mega-ouzo time for us, it is time for Mr Monk to apologise to one and all and donate the fat fees earned on this one to Rogue Bloggers for Woodlarks

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Boom
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BREAKING: Accounts for Woodford Investment Management Part 2 – Shocking Numbers, Regulatory Capital and Where did the Auditor Go?

Woodford Investment Management (WIM) has finally released its accounts to March 2020 – they were published by Companies House some two and a half weeks late. Tut-tut. But that is the least of the worries here. In part one I discussed Neil Woodford and Craig Newman with their tasty £1.5 million payout as they emptied the coffers on the eve of flagship Woodford Equity Income fund being gated. In part two I look at the rest of the accounts, and wonder where the auditor went.

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Uh-Oh - Going Concerns as IGAS releases FY20 Numbers: save the insomnia and SELL!

It is a while since I took a look at AIM-listed Igas Energy (IGAS) – the last big round of coverage followed Andrew Austin and his dodgy deal with Equities First, and the subsequent refinancing which we correctly called as the oil price plummeted. Today, the company revealed its accounts for FY20 and there was a striking similarity……

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Tern – FY Numbers and DA Convertible Loan Extension: Shares Slide. Has Mr Market finally woken up to this POS?

There may be no limit to the stupidity of the lunatic fans of AIM-listed jam-tomorrow IoT investment company Tern plc (TERN) but the market’s early reaction to this morning’s FY20 results – a drop of 18% – suggests that you can’t fool all of the market all of the time. In short, the numbers are a calamity.

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MDZ
MDZ
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Mediazest – Extended FY numbers finally released as Balance Sheet calamity is fully exposed, the company is bust

AIM-listed Mediazest (MDZ) has finally released results for its extended 18-month period to September 2020, and the numbers are a calamity as the Red Ink dribbles from every page. Of course, ShareProphets readers were forewarned, so I hope you have missed out on today’s share price drop of 10.5% thus far.

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MDZ
MDZ

Mediazest – Results postponed again as we wait for Godot, but first must come that placing

The long-running saga of AIM-listed Mediazest (MDZ) and its full results continued this morning, with first a promise to release full numbers for the year to September 2021 eventually replaced with a promise to offer up numbers to September 2020 next week. Apart from the comedic cock-up involving Mediazest’s crystal ball, how sure can we be that the promised numbers will indeed be served up in the coming week? Not very, I fancy!

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Haydale Graphene – Interims ring more alarm bells

AIM-listed Haydale Graphene (HAYD) has offered up its interims to December 2020 today and whilst the company flags increased sales of functionalised inks graphene and points to falling admin costs and operating losses, these are on an adjusted basis. The unadjusted truth is that sales of £1.277 million were down from £1.347 million the previous year and the company lost £2 million in total comprehensive loss (although this is marked as being for the year – not that there was an cut’n’paste laziness!)

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Supply@ME Interims – truly dismal and also just unbelievable: over to the FCA

We know from audited 2019 results released yesterday that as at this week, Supply@ME Capital (SYME) has still not signed one contract with a customer and has no cash with which to service any customers. Yes it has provided term sheets but that is not the same thing. I might well provide a term sheet to Cheryl Cole later today about a servicing proposition I have. But that, I am sad to say, would not be a binding contract! And without a contract or even a purchase order you simply, as a PLC, cannot book any revenues. Which brings us to today’s release of half calendar year 2020 results from the con that is Supply@ME Capital.

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Supply@ME Capital audited 2019 accounts out – piss poor work and more red flags

I was never in doubt that Crowe UK, the auditors disgraced as the firm that signed off on the books of a vast number of the AIM China frauds, would sign off on the accounts for Supply@ME Capital (SYME) for the 9 months to December 31 2019. After all it was just a cash shell back then, awaiting the Supply RTO. But even so what this document tells us should scare, at least some, of this company’s moronic shareholders.

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Red Flags upon Red Flags at Night: Inspirit Energy

The pressure must surely be mounting on Roland “Fatty” Cornish as he tucks into his fourth helping of spotted dick with extra lashings of custard this Sunday lunchtime. The shambles at AIM-listed Octagonal (OCT) where he presides as (London’s worst) Nomad is a shocker, as detailed by Tom Winnifrith HERE. But fellow AIM-listed Inspirit Energy (INSP) – same Nomad, same finance director, same head honcho in the form of John Gunn – is surely at risk of suspension this coming week, and it released diabolical FY results to June at 11.22 am on Christmas Eve.   

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BOOM: Tern – more Red Flags vicar as another investee files diabolical accounts

AIM-listed jam-tomorrow (or never) Internet of Things investment company Tern plc (TERN) has seen its shares continue to crater – the shares are now, at 6.7p, well below the last placing price of 7.5p. Meanwhile investee FVRVS Limited (Fundamental VR) has filed its 2019 accounts……and…..oh dear!

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YU
YU
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Yu – hoo ……………why are the shares off 10% (with a placing surely imminent)?

I have been flagging up for ages that AIM-listed Yu Group (YU.) needs to raise money. After all, by its own admission it will run out of cash by the end of the year. Now, all of a sudden and with no news, the shares are off by 10%.

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Iconic Labs: after all the hype, huff and puff, final results are out & are more dire than the direst day ever in dire City - auditor's warning

Worthless Standard listed POS, Iconic (ICON), issued its final results for the year ended 30 June 2020 and they were dire. Truly dire. Unbelievably dire. And this comes after ramptastic RNS after ramptastic RNS penned by toxic Dave Sefton et al saying how well things were going.

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Tern – When Will the Cash Run Out as Another Loan Heads to DA? Placing ahoy as shares crash

AIM-listed jam-tomorrow investment company Tern (TERN) has seen its shares come crashing back down again: there is still no news from Wyld (quelle surprise) and another stack of cash has headed off to the great computer in the sky over at Device Authority – not that Tern has announced that either. Having raised £1.5 million back in July, I wonder how much cash will be left over by Christmas.

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Haydale “Pleased to Announce” Interims – when’s the placing?!

AIM-listed graphene outfit Haydale Graphene Industries (HAYD) was “pleased to announce” its interims to June this morning – I’m not sure why, for a £14 million market capitalisation company to offer up a pre-tax loss of £4.4 million in just six months is surely nothing to be pleased about.

URU
URU
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URU Metals – red flags abound as shares up, trading minimal…..when’s the placing for this technically insolvent POS?

Tom Winnifrith hinted at a perceived problem in the last placing by technically insolvent POS AIM-listed URU Metals (URU) and I fear history is about to repeat. Back at the beginning of May the shares raced ahead to 200p and then a placing at 85p was announced. Now the shares have raced ahead again to 285p on minimal volume…..are shareholders about to be plundered again?…

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Cineworld – “Temporary suspension of US & UK cinema operations”. How “temporary”?

Tom noted in yesterday’s bearcast the latest from Cineworld Group (CINE) and the shares set for a Monday crash – and they are more than 40% lower, below 25p, with a “Temporary suspension of US & UK cinema operations” announcement…

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Trafalgar Property – Another technically insolvent POS reports FY results

At least we weren’t told anybody was pleased to announce these results on Wednesday morning, but the numbers offered up by AIM-listed Trafalgar Property (TRAF) were once again horrific. And something simply does not ring true.

URU
URU
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URU Metals: A Massively Technically Insolvent POS “is pleased to announce” FY Results!

AIM-listed John Zorbas vehicle URU Metals (URU) has today released its FY20 results. It is “pleased to announce” them, as is Chairman Jay Vieira, but there is absolutely nothing here for shareholders to be pleased about. It is massively technically insolvent and the Going Concern statement is a hoot. And call me old-fashioned, but where has the Nomad signed off on this announcement? Maybe I am going blind, but I can’t see the Nomad mentioned anywhere: surely that it a breach of AIM Rules? Has the Nomad resigned? Should the shares be suspended?

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EVE
EVE
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Eve Sleep – Interims from former Woodford dog pointing to a brighter future?

Former cash-hungry Woodford dog, AIM-listed Eve Sleep (EVE) has released its interims this morning. On the face of it there is plenty to cheer but a deeper look still offers plenty to worry about for shareholders.

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Microsaic Systems – “pleased to announce” results & update on trading. Er!...

“Microsaic Systems plc (MSYS), the developer of point of need mass spectrometry instruments, is pleased to announce its unaudited interim results for the six months ended 30 June 2020 and an update on trading since the period end”. Encouraging then?…

YU
YU
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Fuck Yu Group – unconvincing AGM piffle

AIM-listed Yu Group (YU.) has released its AGM statement to be delivered to an empty room at 11.30 today. Of course, the empty room is because of the continuing COVID-19 restrictions, but that is not my gripe. It is the statement, which offers absolutely no insight at all.

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URU
URU
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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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Shares take a TERN for the worse as FY numbers are released

AIM-listed jam-tomorrow Internet of Things investment company Tern plc (TERN) finally got around to releasing its FY19 numbers this morning, at 8.15am. To me, the numbers were dire – and the market’s reaction was to mark the stock heavily down: they are off by 25% as I write.

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Catenae - placing at 1p (77% discount). We told you so, and more equity issuance to come?...

Last Friday I called the announcement by AIM-listed Catenae Innovation (CTEA) that it was joining a consortium to track Covid data, an absurd spoof. The only questions were how partner fm2x had worked with fellow partner Z/Yen for over 25 years when it had only been in existence for 13 years and at what price the placing would be. Yesterday Tom Winnifrith was even more specific, naming the placing price and that there would be warrants attached in his Bearcast. By the time his dulcet tones transferred from recording to the internet, Catenae announced a placing. So much for not knowing how to play this Covid game!...

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Tern – rinse and repeat….again! Surely it is Placing Ahoy once more

AIM-listed Internet of Things jam-tomorrow play Tern (TERN) has seen  its shares miraculously rise from a low point of just under 4p last month to (last seen) today’s mark of 8.5p. So has Tern offered up a big contract from one of its investees? Er……no! I do know Tern still needs more cash, and that the BBs are full of a progress update from investee Wyld suggesting big things. But of course, there has been no RNS from Tern – something we have seen before ahead of placings which I would argue were on the back of wild speculation which remained uncorrected by Tern. Is it happening again?

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Haydale – profit warning: when will the cash run out?

After last week’s jam-tomorrow ramparoonie, today AIM-listed Haydale (HAYD) offered up a calamitous profit warning. Oh dear, oh dear, oh dear…..

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Haydale – jam tomorrow but what about cash today? This is a plain & simple ramp

AIM-listed Haydale (HAYD) has announced an initial four-year distributer agreement with Dalian Yibang Technology Co Ltd (DLYB) offering exclusive distributer rights to market Haydale’s electrically conductive graphene-enhanced masterbatch in China and Taiwan. All well and good – and it does indeed appear to be good news – but for all the jam tomorrow, what about cash today?

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YU
YU
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Yu – Do I Smell a large Rat? Still a SELL.

AIM-listed Yu Group (YU.) has offered up a Covid-19 statement and delayed its results, mindful of the recent request from the Financial Conduct Authority. Except that the FCA’s request as per its RNS released ended with This statement does not apply to AIM companies. Do I smell a rat? You bet!

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EVE
EVE
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Eve Sleep FY numbers: who would buy a bed now?!

AIM-listed Neil Woodford dog Eve Sleep (EVE) released FY19 results this morning. My immediate thought is who would buy a bed right now, amid fears of Coronavirus, job losses and with the UK in near total lockdown? But these are last year’s numbers, before the invisible invader was around and it looks to me as though Eve will need even more cash, despite its laudy claims that the latest rebuild strategy has left the company operationally profitable. Let’s take a look at what that actually means……

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Tern – how long until the next placing? Not long, I fancy. Not long at all!

With markets in turmoil over the corona virus, it is a terrible time to be rattling the tin for cash-guzzling AIM stocks. And that brings me to jam-tomorrow Iot investment company Tern (TERN): how much cash has it got left and when's the placing?

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LightwaveRF – argues “has continued to make progress”. Er, what about the like-for-like sales swing for starters?

LightwaveRF (LWRF) has updated including “following a successful first two months of this financial year, which included Black Friday and Cyber Monday, the company has continued to make progress”. The shares though currently remain down at below 5p in response…

MOS
MOS

Mobile Streams – late-year, intra-day, “Audit Update”. Uh-oh…

AIM listed and with a 30th June year-end (so the results required by 31st December), a 23rd December - and intra-day (1:03pm) - “Audit Update” from Mobile Streams (MOS). I’m guessing this ain’t going to be good news!…

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Red Flags at Night: Conroy Gold & Natural Resources FY results

Why would a company which claims to have had a year….of highly encouraging progress sneak out its results at approaching quarter past five in the evening – no-one-is-watching o’clock? Let us turn to the auditor’s report for AIM-listed Conroy Gold and Natural Resources (CGNR) in its Annual Report for the year to May 2019 – in particular the Going Concern section. Here we are told:

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Inspirit – loan conversion from the boiler room but when’s the (yet another pump-and-dump) placing?

This morning AIM-listed Inspirit (INSP) offered up a cheerful RNS stating that £804,000 worth of convertible loan notes were being converted at 0.07p (the minimum price possible) and that thus the Company has substantially reduced its debt close to zero and we hope that this reduction in debt will provide the right base from which the business can now grow. The implication is that all is well…..until you look at its last stated results, the interims to way back last December. "Growth" my foot!...

XSG
XSG
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Xeros - revolutionary washing machine rinses Woodford away: placing at just 1p but shares down to 0.93p. Grim Reaper time.

Neil Woodford Uber-dog Xeros Technology (XSG), the great man’s revolutionary washing machine outfit, announced a rescue bailout placing at just 1p at almost lights-out yesterday – 3.46pm, just two minutes after announcing the appointment of FinnCrap as its Nomad and Sole Broker. Times must be really tough for FinnCrap, I guess any retainer will do when you have bills to pay. But forget's Finncap's abandonment of claims that it only acts for quality companies, the real story here is that the losses for Neil Woodford’s former investors at WEIF and WPCT are staggering – and now look set to hit 100% as the stock is trading below the placing price.

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Windar Photonics – intra-day (hmmm!) “Auditor Resignation” (uh oh!)…

An intra-day (rarely a good sign) announcement from wind turbines “light detection and ranging optimisation systems” company Windar Photonics (WPHO); “Auditor Resignation” (again rarely a good sign!)…

MOS
MOS

Mobile Streams – Nomad update… good luck on the due diligence!

Previously writing on Mobile Streams (MOS) I noted proposed AIM cancellation, hopefully our warnings were heeded. The company has since failed to gain the requisite General Meeting support for the cancellation though has also announced its nominated adviser and broker, Nplus1 Singer, has served notice – and today a “Nomad Resignation Update”

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WPCT to become Schroder UK Public Private Trust as Susan Searle plays the patriotic card and Neil leaves the building

Shareholders in Woodford Patient Capital Trust (WPCT) were this morning invited to celebrate as Susan Searle announced the appointment of Schroders to replace the disgraced Neil Woodford as manager.  There will thus be no need for Neil to work out his notice period following his "trresignation" last week.

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ITX
ITX

Itaconix – a new product line… but beware it’s another of Neil Woodford’s ‘leading innovators’!

Itaconix (ITX), ‘a sustainable specialty polymers “leading innovator”’ (so, despite that description self-styled, natch Neil Woodford was a key investor), has announced a new product line – emphasising “our rapid response and development show both our customer focus and the strength of our proprietary technology platform”. Hmmm…

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Haydale – once again a slam-dunk sell? Oh yes!

My most recent call to sell fashionable graphene promote Haydale (HAYD) was on its full-year trading update back in July, an update which told readers very little: I said sell at 1.775p and the shares are now just 1.125p. More ouzo for me!

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Industrial Heat – is there yet more bad news pending from this Neil Woodford dog?

Annual Accounts of Limited Companies have to be lodged at Companies House wthin nine months of the reporting period end. Of course, the likes of BP and Shell manage to produce theirs within around four months and if massive organisations like those can do it in four months one might wonder why Neil Woodford’s cash-guzzling dog Industrial Heat – IH Holdings International Limited, to give it its proper title – can’t do it in nine months. You see, its FY18 accounts should have been in on 30 September, but Companies House has them marked as overdue.

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XSG
XSG
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Woodford revolutionary washing machine cash-hungry dog Xeros announces an attempted related party fundraise as predicted. So much for the Going Concern – it’s Ouzo for breakfast

Only last Friday I predicted a fundraise by AIM-listed Neil Woodford backed cash-hungry dog Xeros (XSG), pointing out that Neil hadn’t any cash, in the wake of news that Xeros had sold its US washing machine business. Amazingly, the shares went up even though it was clear the company needed cash and was still haemorrhaging money faster than your average washing machine drains water. The passing of this crock as a going concern by the auditor as a Going Concern only at the end of April will have shareholders all in a spin (that’s enough washing machine gags – Ed). Well blow me down with a feather – its Ouzo time.

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Autins Group – “pleased to confirm” & “delighted to close”… significantly discounted placing. Wonder why?...

Previously writing on Autins Group (AUTG), in June I noted deteriorating finances and concluded bargepole / sell. The shares have recently been around the 28p of then, but now placing news…

Dead-Donkey
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BREAKING: Atom Bank – FY report from this Neil Woodford cash-guzzler shows what a non-investment it is

Neil Woodford cash-hungry dog Atom Bank has produced its Annual Report for the year to March 2019. As you can see HERE  it is a beautiful document full of nice pictures and lots of blurb to keep the sheep happy. But no amount of presentation can hide the truth: it burning cash and – incredibly – lending at a loss! That’s not a business, that’s a charity!

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Trafalgar Property: Oh Dear, £230k down the swannee, when’s the placing (or worse)?

As discussed HERE AIM-listed Trafalgar Property (TRAF) today confirmed that it has lost its £230,000 deposit on a site in Camberley after discussions with its banks and other lending institutions failed to deliver the mullah to complete the transaction. What on earth was it doing exchanging contracts for this (and handing over £230,000) when it didn’t have the cash to complete?

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Neil Woodford Dog Verseon releases FY18 numbers. Material uncertainty? You bet…..

Tom Winnifrith and I have already stuck the boot into Woodford Dog Verseon (VERS, but formerly VSN) as it raised yet more cash to keep the lights on in March. Of course, that fundraise fell to Neil Woodford who ponied up 105p per share for 7.5 million shares of the 7.7 million share issue. That was bad enough, but being near-enough the only investor in town (armed with other people’s money) he coughed up 105p per share when they were trading at 74p – madness!

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BON
BON

Bonmarche – from offer “materially undervalues… reject” to that it is “fair and reasonable… accept” in less than 2 months!

Last month, on an 11.445p per share mandatory - having acquired a 52.4% shareholding - offer for Bonmarché (BON) from Edinburgh Woollen Mill Group owner Philip Day’s Spectre Holdings, I questioned offer “unattractive when compared to the shareholder value that the… directors aim to create”. Now from Bonmarche “Update and change in recommendation”

MySale – previously agreed disposal completes… why the further share price decline?

“MySale Group plc (AIM: MYSL), the leading international online retailer, today announces that the transaction to sell the trade and assets of the website cocosa.co.uk… has now been completed… With this disposal complete we can accelerate our 'ANZ First' strategy, which leverages our market position in the region”. What about “leading international online retailer” though? And why, with a deal agreement announced earlier this month and the shares already down from a 226p per share June 2014 AIM IPO and approaching 40p as recently as December, now a further 10% decline to just 11p?...

Collapsing-Reactor
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More bad news for Neil Woodfjord (Geddit?) as Thin Film reports in the middle of the night

Oh dear, oh dearie me. Woodford dog Thin Film of the Oslo Bors province (THIN) has reported its full year numbers to December 2018. We knew they would be bad – there was a strategic review post-period – but it looks as though a trip to the corporate undertakers could be on the cards unless the company can get a fundraising away, and with Neil Woodford out of cash that’s going to be a big ask. Even if it does, unless Woodford stands his corner he could be diluted away into oblivion.

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TXH
TXH

Tex Holdings – from two weeks ago bank covenants breach partially caused by accounting change… to now, no it isn’t!

Writing on plastic injection moulding and tooling, engineering products and boards and panels manufacturing group Tex Holdings (TXH) a couple of weeks ago, I questioned just an accounting factor though?. At 5:22pm yesterday, “Statement re. Suspension”. Uh oh…

AST
AST

Ascent Resources – and there’s the placing as it exploits permit ‘delight’

Ascent Resources (AST) “is pleased to announce that it has completed an oversubscribed placing of 214,285,714 ordinary shares… with a small number of institutional investors. The placing was conducted at a price of 0.35 pence per share”Particular credit to Evil Banksta – and the company “pleased to announce”, with the price a 30% discount to the prior close?! (“oversubscribed” not exactly an achievement then!)...

7digital Group – loan notes redemption notice further accelerates the cash crunch ahoy!

Having earlier this week updated including “the board's current view is that the business will require material further equity and/or debt funding in the next quarter without which the company would be unable to continue as a going concern”, now an “Early Redemption of Loan Notes” announcement from 7digital Group (7DIG). Uh oh…

7digital Group – I having previously suggested results won’t be pretty & financial distress... “Business Update”…

Previously writing on self-styled “global leader in B2B end-to-end digital music solutions” 7digital (7DIG) in January it was “pleased to confirm” restructuring completion… but much it shouldn’t be pleased to confirm! – as the shares slumped below 1p… and still I concluded, I suggest “a detailed statement of the expected out-turn for 2018 once accounting issues related to the restructuring and revenue recognition under IFRS 15 have been resolved” won’t be pretty. That there’s the restructuring with “several operations and offices have been closed or discontinued and staff numbers reduced in all locations” and the HMRC situation of circa £0.417 million seemingly relying on expected receipts, also suggest financial distress – and hopefully my prior warnings were heeded. Natch, still a sell / avoid. Now a“Business Update”

Veltyco – directors provide bailout loans… but what about after more than a few more months?

“Veltyco Group plc (AIM: VLTY), the online marketing company for the gaming industry, announces that it has entered into separate loan agreements with three of its directors, being Paul Duffen, Marcel Noordeloos and Mark Rosman, pursuant to which each director will provide a loan of €166,667 to the company”. ‘Keep-the-lights-on’ funding then… and for how long?...

Cloudbuy? No, cloud sell!

AIM-listed Cloudbuy (CBUY) released its FY18 results this week and they  were truly awful. The company remains dependent on future improvements in trading performance and/or its ability to raise additional finance, in order for it to continue operating for the foreseeable future, revenues are still falling, cashflow (apart from Mr Sella’s loan) is still solidly negative and profits came in at minus £2.2 million. It is grim reading indeed.

EVE
EVE
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And today’s Woodford disaster is………..(yet again) Eve Sleep as auditor raises going concerns

Yesterday it was Kier (KIE) and today his attempt to disrupt the world of bedding takes yet another glorious bow, for AIM-listed Eve Sleep (EVE) has published its 2018 full year results. Oh, and Halosource (HAL), which was revolutionising the world of water, was formally booted off the AIM Casino this morning after not being bailed out. What chance a Woodford hat-trick today?

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OUZO TIME! Haydale - you were warned and warned, rescue bailout placing at just 2p

I sincerely hope that no ShareProphets readers were left holding this particular baby we warned you often anough.

PVG
PVG

Premier Veterinary Group – 4:07pm “Trading Update”. Uh oh…

A late in the day (4:07pm) “Trading Update” from Premier Veterinary Group (PVG). Uh oh…

Tern – “current asset” of Device Authority loan extended again

Much as predicted by yours truly, AIM-listed Tern plc (TERN) has yet again extended the loans it has given to its principal investee Device Authority (DA). The point here is that these loans have been classed as a current asset ever since the first one was made, and they have been periodically extended – presumably because DA had no means by which to repay them.

Veltyco updates on launch of own financial trading brand – delay, or worse?

An “Update on launch of own regulated brand” announcement from Veltyco (VLTY), that “further to its announcement of 22 November 2018”

Inspirit – FY18 Results from the boiler room

3.28pm on the Friday between Christmas and New Year is hardly the time to release your results unless they are really bad, and so it proved with AIM-listed Inspirit Energy (INSP). This is a company which, let us not forget, has been developing a revolutionary boiler (where is Neil Woodford?) since it listed via an RTO on the Casino way back in 2013 – after it was rescued from administration. The original company dates from 2010. So how are we doing in 2018?

HAL
HAL

HaloSource – shares suspended, a Woodford dog at last looks set to be put down

Previously writing on HaloSource (HAL) I noted Neil Woodford dog’s balance sheet requirements in; surprise, surprise it ain’t looking good!. Now an announcement; “Suspension of trading”. Uh oh…

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Imaginatik – another placing and a contract, but one to watch?

AIM-listed former Rob Terry favouorite busted flush Imaginatik (IMTK) yesterday announced another placing, following hard on the heels of the last bailout and oversubscribed open offer of last month. I was very critical of the previous fundraise because is still, as far as I could see, left the company on the edge of insolvency. But with anther £250,000 in the kitty – and a contract also announced yesterday, is it time to change my stance of keep well away?

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Immunocore: surprise, surprise –call me Mystic Meg…..

And so having seen the announcement that Immunocore had signed a deal with deal with Genetech worth $100 million, having reported the good news for Neil Woodford who could breathe a sigh of relief that he could keep his  wallet (full of other people’s money) I commented Still, I’m sure the $100 million will come in useful – might we now see publication of Immunocore’s FY17 results at Companies House? After all, it should have got its results in for FY17 by the end of September. One has to wonder whether the cash will be needed to get a Going Concern all-clear from the auditor

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Tern – attempts to calm with Portfolio Update…..shares down 8% and here's why

AIM-listed jam-tomorrow investment company Tern plc (TERN) has seen its share price slipping sharply since they peaked in mid-June at 58p. What better way to reassure the market than with a Portfolio Update? That’ll help….or not: the shares are 10% down today, at just 13.5p. I’m sure the placees at 26p in July will be delighted….

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Immunocore announces good news - Neil Woodford can breathe a sigh of relief, for now

Privately held Immunocore, which forms part of the Neil Woodford estate, has announced some good news: it has signed a deal with Genetech, part of Roche Group, for the development of Immunocore’s IMC-C103C drug aimed at targeting the MAGE-A4 protein (Melanoma-Associated Antigen A4). The really good news is that Genetech is to hand over $100 million in upfront and near-term milestone payments, and upon establishing proof-of-concept there is an option to co-develop the treatment or license the treatment to Genetech for royalty and milestone payments. Needless to say, Woodford Patient Capital Trust (WPCT) rushed out a statement too...

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KDR
KDR
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Karelian Diamonds FY18 numbers: on death watch too, very bad read across for Conroy Gold

Yesterday it was the turn of AIM-listed Conroy Gold and Natural Resources (CGNR) to show that it is one tiny little centipede step from insolvency. Today sister company, AIM-listed Karelian Diamonds (KDR) took advantage of a good day to bury bad news and followed suit – and my conclusion is the same. Indeed, for Conroy Gold there is another worry here which could bring its life to an early termination. My view is that both are stand-out sells and here is why...

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AST
AST

Ascent Resources – having previously warned, what’s the latest?

Having been slumping at the time of my previous update at the end of last month, shares in Ascent Resources (AST) have recently nudged higher, with the company having made “Posting of Circular and Notice of General Meeting” and “Corporate Update” announcements…

Uh Oh….more bad news for Neil Woodford as Idex releases Q3 numbers

We have news this morning of Q3 numbers from Norwegian biometrics play Idex (OSE:IDEX). No doubt Neil Woodford’s team will extoll the virtues of the progress being made here, but I can’t help myself: look at the cash position!

Conroy Gold – “New Gold Outcrop Discovery”: more about getting the next placing away than shareholder value?

AIM-listed Conroy Gold and Natural Resources (CGNR) has announced a new gold outcrop discovery in Ireland, between its Clontibret gold deposit and the Corcaskea gold target. So will this discovery transform the company’s prospects, or – bearing in mind that it has to report year-end results to May of this year by the end of next month – does this news mark the beginning of a pre-placing ramp?

Collapsing-Reactor

Revenue plunges, losses soar at Jim Mellon’s Master Investor – is he preparing to shut it down?

Oh dear, oh dear. After my old offshore based, tax averse, pal Jim Mellon saw guests speaking to a near deserted hall in 2018 you wondered what the next disaster from his Master Investor show would be. Well the old asset stripper has just published calendar 2017 accounts and they are the grimmest yet and come with a stark warning that the game may be almost up.

Haydale – batten down the hatches: discounted placing imminent!

AIM-listed graphene play Haydale (HAYD) announced a Contract Updates % Notice of Results RNS this morning. Don’t be fooled: there’s a placing coming and the updates are a tad over-dressed to help.

Trafalgar Property – full-year results: “well placed to deliver…”. Really?

I last commented on AIM-listed Trafalgar Property Group (TRAF) back in July 2015, after it snuck out its results at 5.23pm on a Friday, announcing losses for its year to March 2015 but saying it was seeking a return to profitability in 2016 and 2017. So how has it done?

MOS
MOS
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Hard to see a road to recovery for Mobile Streams

The share price of Mobile Streams (MOS) has pretty much halved since I recently covered it as one to avoid at all costs, but despite that drop I still see no value in any investment here.

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HaloSource – Woodford dog barks ‘pleasing initial orders’, but how’s the balance sheet? (AGAIN!)

HaloSource (HALO) “is pleased to announce that it has received initial orders for its new astrea ONE lead filtering bottle from its first retail customer in the US”. Hmmm, promising or ramptastic?...

KDR
KDR
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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!

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RUR
RUR

Rurelec – FY17 numbers, sale of assets, Auditor resigns. Squeaky bum time!

AIM-listed Rurelec (RUR) has released its audited FY17 numbers this morning. Once again we see losses (£5.8 million vs £9.3 million FY16) and the cash was down to just £163,000. We are told liquidity was a major issue for the Group in 2017 – you bet! We also see the auditor resigned – more on that below – and a previously unreported asset sale which leaves me rather puzzled. Finally, we are told there was no qualification of 2017 accounts which sounds great, but that was not quite all it seemed at first sight.

Catenae Innovation looks like one to avoid when you take a closer look

It seems to be the season for big share price rises off of the back of very little in the way of substance across quite a few companies at the lower end of AIM at the moment!

Tern – detailed look at FY17 accounts reveals a monster cash crisis: it is no better now

I said the other day that following the £1.75 million placing at 18.5p (a 30% discount) last week it looked as though Tern plc (TERN) had enough cash to see it through for the time being. But I’ve been looking through the FY17 Annual Report and now I’m not so sure. In fact I am sure it does not have enough cash. Its portfolio of investee companies looks a shambles and it seems that Tern has been paying some of its investees’ bills. Quite how auditor Grant Thornton thought the company fit to pass as a Going Concern is a mystery to me.

Inspirit – or insolvent? 2017 Interims

AIM-listed Inspirit Energy (INSP) has released its interim accounts to December 2017. We are told the company is pleased to announce its interims. What there is to be pleased about rather escapes me – the company is drowning in payables and has hardly any cash left (if any at all).

CVR
CVR

Conviviality – 6pm “Update on Progress and Potential Equity Fundraise” announcement. Uh oh…

A 6pm “Update on Progress and Potential Equity Fundraise” announcement from Conviviality (CVR) – uh oh, not usually a time for good news…

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.

MSG
MSG

Milestone Group – what’s in the Annual Report? Ah yes, the Auditor’s report!

I had a flick through the 2017 Annual Report released by AIM-listed Milestone Group (MSG) yesterday. Having noted the missing auditor’s statement in the results RNS, let’s see what it says.

Koovs – interims, “pleased with the progress we have made in our business fundamentals”. Really?

Online fashion retailer focused on India, Koovs (KOOV) has announced results for its half-year ended 30th September 2017 – including CEO Mary Turner “pleased with the progress we have made in our business fundamentals”. Sounds encouraging…

KDR
KDR

Conroy and Karelian lifestyle companies produce results in a sea of Red Flags. 1: Karelian

AIM-listed (and no longer on Ireland’s ESM market) Conroy Gold and Natural Resources (CGNR) and Karelian Diamonds (KRL) released full year results this morning. It is a double set of Red Flags for these two lifestyle companies of Prof Richard Conroy – and despite the latter having been floated off by the former, more Red Flags come into play with related party transactions. But the biggest sin of all is treating your own shareholders as utter muppets, which is where I start.

Accrol – bailout fundraising… at half of IPO price of only 17 months ago!

With it shares having been suspended in early October “pending clarification of its financial circumstances”, today a “Proposed Placing of £18m and Lifting of Suspension” announcement from Accrol Group (ACRL). Good news then? Well…

Nanoco – full-year results. “A pleasure to introduce”, Really?

Nanoco Group (NANO) “is pleased to announce its preliminary results for the year ended 31 July 2017” and Chairman Dr Christopher Richards states “it is a pleasure to introduce Nanoco's results for the year to 31 July 2017”. Should be encouraging then…

KDR
KDR

Karelian Diamonds – like Conroy, is it placing ahoy?

AIM-listed Karelian Diamonds (KDR), like fellow AIM-listed Conroy Gold and Natural Resources (CGNR), is run by the good Professor Richard Conroy. Tom Winnifrith has exposed a pretty gruesome histoire at Conroy, but what about its little brother?

Tern – Oh dear, now former Chairman Angus Forrest dumps shares

AIM-listed and perennial jam tomorrow Internet of Things (IoT) investment company Tern plc (TERN) released a TR-1 this morning, showing that former (and now fully departed) Chairman Angus Forrest has been dumping his shares. The stock has slipped a little on the news, but not enough to make me think that the full significance of this selling has really been appreciated by the market.

Tern – heading for the perfect storm: SELL.

Cynical Bear suggested last week that all was not well with the attempted fundraising by Tern plc (TERN) principal investment Device Authority. Not surprising really, since the funding round is being conducted at a whopping premium to the value of Tern’s holding implied by its share price - investors who were convinced would be better off simply buying Tern stock. He also wondered what has happened to Tern’s investment in new portfolio member InVMA, into which Tern was supposed to be pumping a further £250,000 by 31 October. It is now November 7th and there has been no update. Why?

RedX Pharma – exit from administration, return to trading on AIM from midday but serious questions remain

We have been following closely the story of RedX Pharma plc (REDX) as it ran out of other people’s money and went into administration. Now, after just over five months on the suspended list, the company has been successfully restructured and it is all systems go. This is very good news for the company’s shareholders, but questions remain – not least of which is what happened to the Administrators’ Final Report. The company announced it had published the whole thing on its website but I can’t  find it. And the relevant filings at Companies House are still missing. No doubt they will appear, but surely the return to trading on AIM should come AFTER the market has had a chance to digest it, not before. Black marks all round then.

COM
COM

Comptoir Group – property sale following poor time since IPO, but now more confidence for expansion?

Lebanese and Middle Eastern-offering restaurant group Comptoir (COM) has announced a pre-costs £2.69 million property auction sale of its central processing unit, with it to “use funds raised from the sale for general working capital purposes and to assess further new restaurant opportunities”. The shares have responded from 16.5p to a current 23.5p…

Northwest Investment Group – heading for the knackers’ yard?

With ZAI Corporate Finance losing its Nomad status on Thursday, its client companies are running out of time to book in a replacement to avoid suspension. And that brings us to ShareProphets AIM-China Filthy Forty play Northwest Investment Group (NWIG) – the investment company which, after seven years, has invested not a cent.

Haydale – up to £9m fundraising on (piss poor) results release day...TIMBER!!

AIM-listed Haydale (HAYD) joined Applied Graphene (AGM) on the heavily discounted fundraising trail yesterday from the graphene sector of AIM (albeit it has other products as well). Not only has it announced its full year results to June, it offered the begging bowl at not less that 120p per share. Given that the stock closed last night at 176p, it suggests that the company was expecting a frosty reception. At the low point the stock was trading down 54.5p at 121.5p before a recovery to 125.5.

Filthy 40 Northwest Investment Group – Interims from the investment company that doesn’t invest

Well here we are seven years (to the balance sheet date) on from the listing of ShareProphets AIM-China Filthy Forty play Northwest Investment Group (NWIG) and the interims are out. How close to meeting its investment policy is it now?

RUR
RUR

Rurelec – bad news from Argentina (again)

At 4.18pm on Friday AIM-listed Rurelec (RUR) issued an Update – Energia del Sur, S.A. Judging by the timing of the announcement (more-or-less no-one-is-watching o’clock) it wasn’t going to be good news. 

HSS
HSS

HSS Hire – half-year results, why are the shares slumping on the announcement after an update last month?

With the company having updated in early July on its performance to 1st July, I note shares in HSS Hire (HSS) amongst today’s biggest fallers – on the back of a results announcement for its half year to… 1st July!...

BMN
BMN

I will make this simple enough that even Bushveld shareholders can understand it

I'd like to start a competition to find the AIM shareholder list with the lowest average IQ. I am beginning to think that it may well be that of Bushveld Minerals (BMN). Sure its shares are up by 400% since the pump and dump of last fall (exposed HERE) and they may rise again on the latest pump and dump of yesterday (HERE) but folks need to be aware that a placing is a slam dunk cert. Oh no, say some very stupid people.

ZZZ
ZZZ

Snoozebox Holdings – when will the lender pull the plug?

Snoozebox(ZZZ) interim results for the six months ended 30 June 2017 out yesterday showed a reduced loss of £1,006,000 down from £2,126,000 in the prior period. Worryingly for long suffering shareholders, the contribution to overheads was only £176,000 down from £986,000. 

RedX – Administration proposals raise awkward going concern questions

The administrators to (suspended) AIM-listed RedX Pharma (RED) have published their proposals for the rescue of the group. The good news is that something will indeed be salvaged, but details of what went wrong look to raise serious questions of the company and its Nomad – none other than Cantor Fitzgerald. You might remember that name with reference to the African Potash (AFPO) fraud where it is to be sued for its negligence.

RedX – administration update and a question over the interims

RedX Pharma’s administrators have updated the market on the state of play with this (currently) insolvent company. The good news is that a sale of assets is proposed which will bring in $40 million and that subject to review by the administration team of business plans by the management the company would be set to exit administration and shares restored to trading.

China New Energy – AGM confirms placing fears

ShareProphets AIM-China Filthy Forty play China New Energy announced its AGM today. As I suspected HERE the company’s full year results revealed a bit of a need for cash and the AGM notice (HERE) confirms that the company is leaving the door wide open on that score.

SEV
SEV

Servision - from bad to worse - 2 profits warnings in less than a month, lying to AIM on June 15, shares crashing but still 100% too high

A couple of weeks ago AIM uber dog Servision (SEV) warned that its calendar 2016 results would be worse than expected. Today we have those numbers and guess what? Not only was that June 15 trading statement a slam dunk lie but we also have a new (lack of) profits warning about 2017. Why the AIM Rule breaching delay in announcing that bad news. It gets worse...

F40 China New FY16 numbers: headlines good, details are another matter

ShareProphets AIM-China Filthy 40 play China New Energy (CNEL) posted its FY16 numbers this morning. On the face of it a profit of RMB 3.6 million (about £400,000) reads well, but a look at  balance sheet suggests that as ever we are on the cusp of a placing, and what about those receivables?

SEV
SEV

Servision - how do you keep lots of idiots in suspense? We'll tell its shareholders on Friday

Worthless AIM listed piece of excrement Servision (SEV) always seems to report its results at the last possible moment to avoid suspension on the casino. In 2016 calendar 2015 numbers (piss poor) arrived on the 30 June deadline day. For 2016 its a slam dunk bet that the numbers (piss poor) will arrive this Friday on deadline day. Why is that? 

AVO
AVO

Advanced Oncotherapy – when the Final Results don’t tell you everything you need to know

AIM-listed Advanced Oncotherapy(AVO)  has released its final results RNS for 2016 with four days to go before deadline day  Bully for Advanced. But there are no notes to the accounts and why is there no no auditor’s statement – the very things that we were looking for. What is the company hiding? We are told that the report WILL be made availlable on the website but hang on...this is crucial!

AVO
AVO

Advanced Oncotherapy – another death spiral conversion as the company admits it is looking for alternatives

AIM-listed Advanced Oncotherapy (AVO) has announced the latest death spiral on steroids conversion by Bracknor: £400,000 into 1.6 million shares. But with the shares sitting a country mile below the 25p nominal price they have to pay £190,000 back. That works out as 11.875p per share and thus means that Bracknor gets its new confetti at just (effectively) 13.125p. Not bad, bearing in mind that the lowest daily VWAP came in at 15.79p.

HaloSource – Chinese investor approval “not been granted”, currently c. 21 days to insolvency for another of Woodford’s dogs

Writing on HaloSource (HALO) last week, I noted funding delay from China now leaves no margin for error. There is now a “Further Update on Fundraising” announcement, which includes “the Chinese governmental approval has not been granted”. Uh oh…

HaloSource – funding delay from China now leaves no margin for error

Last month I looked at a conditional fundraising announcement from HaloSource (HALO) – conditional bailout fundraising, kicks the can down the road (not very far!). It may be not very far at all…

AVO
AVO

Advanced Oncotherapy – EGM clock ticking again as shares resume slide

I can’t help but notice that in the wake of a couple of Bracknor death-spiral loan note conversions, shares in AIM-listed Advanced Oncotherapy have rather slipped again. Indeed, having scraped onto the 27.5p watermark on Monday last week (and thus avoided an EGM to drop the nominal price of the shares) as the result of spoof boardroom buying, it has been one-way traffic ever since, down to 22.75p last seen.

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.

Eden Research boasts that the taxpayer is funding promotion of its fraud

AIM Cesspit listed FRAUD Eden Research (EDEN) has two massive problems. One is that with pitiful sales it is rapidly running out of cash and so must get yet another bailout placing away. The second is that it has now been fully exposed as committing a massive panama pump securities fraud HERE. Its response....

DCP
DCP

DiamondCorp – Fat Lady in full flow and an investment lesson

Fair play to (pro tem, albeit currently suspended) DiamondCorp (DCP). The news is bad but at least the company is being plain about it. Of course, we have to throw in the obligatory “you can’t say you were not warned” ShareProphets catchphrase, as the writing has been on the wall for months, but yesterday’s after-hours RNS looks to be the cue for a long and arduous aria.

AVO
AVO

Advanced Oncotherapy – Oh to be a fly on the wall as it discusses Going Concern with auditor. Will it get its accounts out on time?

AIM-listed Advanced Oncotherapy (AVO) has a calendar year-end and as such its six-month deadline to publish accounts falls on 30 June – the end of next month. That means getting an audit done which will involve, amongst other things, agreeing the Going Concern statement. Yesterday’s share price plunge might have more than a small bearing on how conversations go in that regard.

RXB
RXB

Rex Bionics – from 180p to 10p in less than 3 years, but expresses ‘delight’ & thanks shareholders and resigning Nomad Stifel!

“Restructuring and New Investment” announcement from Rex Bionics (RXB) sees Chief Executive Crispin Simon “delighted that the alternative options we have been pursuing have borne fruit” and Chairman David Macfarlane “warmly thank our shareholders, who have made this possible. I would also like to take this opportunity to thank our nominated adviser, Stifel, for its unstinting support over the past three years”. Sounds a good outcome then, strange though as I previously noted the company approaching a transaction from the perspective of going-concern desperation. Hmmm…

FRR
FRR

Frontera – ShareProphets RNS Translation Service as the shares are ramped

Readers will know that I'm far from convinced at the buy case for AIM-listed Frontera (FRR), shares in which have again been on the rampage after what looks like a rampety-ramp RNS yesterday. The ShareProphets RNS Translation Service thought it should chip in...

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?...

MSG
MSG

Milestone – AGM statement ignores the Elephant in the room: WHEN’S THE BLOODY PLACING?

AIM-listed Milestone Group (MSG) has released an AGM statement – but it is not the voting result, it is the Chairman’s statement – to be delivered by Deborah White, who is (corporate governance Red Flag) also CEO. Of course, some of us think that there should have been a change at the helm some while back in the midst of the non-arrival of placing funds scandal which the company was, to say the least, tardy about ‘fessing up to. 

RXB
RXB

Rex Bionics – “Funding and strategic review update” – heading for a de-listing?... or worse?

Having previously concluded with shares in Rex Bionics (RXB) at circa 70p HERE, 43.5p HERE and 32.5p HERE, that, although a type of business you want to succeed, some way from being able to prove its commerciality and cash burn concerns until it gets there, the shares don’t look to appeal as an investment, I note they currently at 13p and an update including that “the company estimates that it will likely need external funding by the end of April 2017 in order to remain as a going concern”. Uh oh…

SEV
SEV

Servision – first tranche of (not Bill Gates’) cash received…..and a clarification

There was no great surprise from AIM-listed Servision (SEV) in relation to the arrival of the first lump of cash from (nothing to do with Bill Gates) Cascade as announced this morning. But there were a few interesting clarifications in relation to the personal guarantee of Servision head honcho Mr Gidon Tahan which are worthy of comment. As for the subscription at a (still) incredible premium, it still all looks too good to be true.

African Potash - small fund raise is an admission that it is bust: size does matter Lyin' Chris

Yesterday, the lying fraudsters at African Potash (AFPO) announced that the now NEX Markets listed company had managed to raise £125,000 gross - this is an admission that it is bust. I refer you back to the annual report that it snuck out at no-one is watching O'clock around Christmas. As a bonus the RNS of yesterday afternoon contained one slam dunk lie from CEO lyin' Chris Cleverley and his pal the senior NED Lord Peter Hain of sleaze. But I guess no-one cares any more. Lets revert to the notes to the last audited accounts which came out at Christmas. RSM Tenon states:

TEA
TEA

Teathers releases Annual Results: where has all the money gone?

Formerly AIM-listed Teathers Financial (TEA) has released numbers for the year to 31 October 2016. They are truly shocking. In its year to October 2015 the group balance sheet sported a net assets value of about £800,000 having raised just over £1 million in the year. That is pretty bad. But as at 31 October 2016 (having raised no further cash) net assets came in at about just under £70,000 with just £658 in the bank. Where did it all go?

DAN
DAN

Is Daniel Stewart about to set sail into the sunset?

A couple of interesting filings on Companies House leave me wondering whether former AIM-cesspit posterboy Daniel Stewart Securities plc (DAN) is being prepared for a quiet execution. It was clear from the (stunningly) late-filed 2015 Accounts that is was in serious trouble, and last year a debenture over the parent seemed to have morphed into a debenture over its subsidiary, Daniel Stewart & Co plc. Now the previously wholly-owned subsidiary, which contains the trading business, seems to have been raising money on its own account.

DAN
DAN

Daniel Stewart – finally files 2015 accounts, almost a year and three months late

Oh joy upon joy, the accounts of ex-AIM Cesspit posterboy Daniel Stewart Securities plc and its subsidiary Daniel Stewart & Co plc have been published. As plcs they should have filed accounts to Companies House for the year to 31 March 2015 by the end of September that year, so the date stamp of Companies House of 22 December 2016 means that they were filed almost a year and three months late. But what joys there are to be had!

African Potash - the first broken promise of 2017 already achieved

The prize for the first promise to be broken in 2017 has already been won. That really does take devotion to duty and so one simply has to step back and admire the pure dedication involved. Step forward AIM-listed (pro tem) and ISDX lobster-potted African Potash (AFPO), which promised to have its 2016 Annual Report available on its company website by 31 Dec 2016.

Guscio – attempts to sneak full-year results out today, a review shows why…

Friday 23rd December, “Final Results & Notice of AGM”. Uh-oh, what has this worryingly-timed announcement from Guscio (GUSC) got in store? ...

NLG
NLG

Arria NLG - little more than 3 years after listing on AIM… proposed de-listing…

5th December 2013: “Arria (NLG) is joining AIM (at 100p per share) in order to raise the company's profile and support the development of the Arria NLG brand internationally, give access to equity capital as needed, facilitate the recruitment of high calibre employees and provide liquidity in the company's shares”19th December 2016: “Proposed cancellation of trading on AIM” (with the shares at 13.25p)…

MSG
MSG

Milestone – Christmas Panto RNS: finally gets October Placing away.…Oh no it doesn’t!

It seems the pantomime season has started early: AIM-listed lifestyler Milestone Group (MSG) has announced that it has raised a keep-the-lights-on placing at just 0.3p, and that of the original October placing which was announced to have brought in £1.385 million, only £60,000 has made it to the coffers. If Nomad Cairn Financial thought that its (currently suspended) client CloudTag (CTAG) was just a rogue case, Milestone begins to make it look more like carelessness.

China fraud Taihua: where, oh where, oh where, oh where is the share buy-back (and what has happened to the company website)?

ShareProphets AIM-China Filthy Forty play Taihua (TAIH) has been promising a share buy-back since the launch of an Open Offer back in August which was apparently being conducted to pay for it. The last update from the company - on 30 September (interims, released on deadline day) - told shareholders that the company expected to announce the mechanics of this Godot-esque buy-back “shortly”. That was more than eight weeks ago. We are now heading towards the very end of November. While we are at it, what has happened to the company website? 

MSG
MSG

SCANDAL - Milestone Group buries delayed bad news: placing cash not arrived, what about solvency?

Talk about a good day to bury bad news: every media commentator is trying to come to terms with the election of Donald Trump (with the notable exception of our own Tom Winnifrith, who is off to get his new Poll Sheriff’s badge) and so at 3.41pm yesterday AIM-listed Milestone Group (MSG) slipped out a “miscellaneous” RNS. It may have won two big contracts recently but in terms of this RNS, there was nothing miscellaneous about it: this company is in serious trouble.

AFN
AFN

ADVFN – full Annual Report finally released: struck by cupid's arrow?

I rather like the ADVFN service, and having met its CEO briefly a few times I rather liked him too. And as a house matter, there was much to commend about the staunch resistance to pressure being applied on ADVFN to put clear water between it and ShareProphets was over the way in which, for example,  the Quindell fraud was being systematically unpicked in these parts. That was not just an issue of free speech, it was a matter of exposing bad people and trying to save the shirts of our readers. So I have an awful lot of time for Clem Chambers, the CEO of ADVFN.

SYQ
SYQ

SyQic– Shareholders must be getting a bit SyQ of this saga by now

I first commented on SyQic (SYQ) back in June (HERE) following a strange trading update and the emergence of a takeover bid from the CEO. It subsequently went into suspension having failed to get its results out and, following yet another extension to the takeover process on Friday, it warrants further comment.

BNR
BNR

Blenheim Natural Resources – trouble at t’mill

Oh dear, oh dear, oh dear. There’s trouble brewing at AIM-listed Blenheim Natural Resources (BNR) in the wake of a total disaster at the company’s AGM. In an RNS released yesterday at 3.19pm (HERE) the company announced that every single one of the resolutions put to the AGM were rejected. Thus, following the departure of Chris Cleverly of African Potash (AFPO) infamy, two further directors have been ousted as their retirement by rotation became permanent as shareholders voted down their re-election.

TrendIT – a shocking indictment of the Standard List: part two

Yesterday saw a shocking litany of scandal regarding Iraeli tech play TrendIT (TRIT) of the LSE’s Standard List on the main market. We saw how it managed to gain admission claiming to be raising £4m which didn’t arrive, how its accounts suggest that it was not solvent either before or after the IPO, lost its Broker (Peterhouse) which is yet to be replaced, confusion over which firm was acting for it in its IPO and admission placing, a boardroom merry-go-round, a going concern warning from its auditor and suspension from trading “pending an announcement” we’ve all been awaiting for almost three months  – and it only listed in January! Today we bring you, courtesy of the Global Shorting Conspiracy, a translation of an article published by Israeli newspaper Calcalist.

Trendit – a shocking indictment of the Standard List

If you thought that AIM was badly regulated then the Standard List seems to be making great strides to demonstrate how much worse it could all get. We already have Cynical Bear’s Sub-Standard Shockers XI but in the form of Trendit (TRIT) an extraordinary set of events suggests a real scandal is brewing. Will anyone step up to the plate and take action?

Filthy 40 Taihua – Open Offer (to fund share buy-back) result: it’s a rum’n’coke

In the curious world of ShareProphets AIM-China Filthy Forty play Taihua (TAIH) we have now had the result of the Open Offer which was announced in order to raise funds to pay for a share buy-back. I’ve got a great idea to get Jeremy Corbyn elected into Downing Street: let’s raise the basic rate of income tax in order to fund a cut in the basic rate of tax. I digress….This is, of course, all from a company which saw its Auditor issue a going concern emphasis of matter and a qualified opinion on its FY15 accounts in relation to trade receivables.

Etaireia – Hooray, it’s the Baron Bloom and Oli Fattal magic show and a crack(l)ing Porkie?

Last night at no-one-is-watching o’clock ISDX-listed Etaireia Investments released its annual numbers to 31 March 2016. The balance sheet held a few horrors, such as net current liabilities of £130,586 which in interesting in the wake of the RNS released on 17 August 2016 which told us that the company had ponied up £50,000 (deferred for a year) in addition to 203,076,923 new shares at 0.065p (although it took two goes for the company to get that bit right) in order to acquire a commercial property.

ACEEEEEED!! Filthy 40 Taihua – on drugs as it announces Open Offer to pay for share buy-back.

Well this is a most bizarre situation. ShareProphets AIM-China Filthy Forty play Taihua (TAIH) has announced an underwritten one-for-three Open Offer at a 134% premium so that it can fund a share buy-back (and keep back a few quid for working capital). Has the company been taking too many doses of its own medicine?

AFG
AFG

Filthy 40 China fraud Aquatic Foods: “Technical administrative delay” sees dividend postponed.

Oh dear, oh dear. This does not look good. ShareProphets AIM-China Filthy Forty China fraud Aquatic Foods Group (AFG) has announced that it hasn’t paid its full-year dividend of 0.7p per share due to a “technical administrative delay”. Is that because there isn’t any cash?

Cloudbuy Interims: more future Hartleys but will the cash last long enough?

Following on from the release of its FY15 numbers two days ahead of the reporting deadline, AIM-listed e-commerce technology operator Cloudbuy has put out its interims to June in rather more expeditious fashion. Having previously noted the jam-tomorrow qualities to be had, is there any sign of the lorry-load of conserve on the horizon?

MDZ
MDZ

MediaZest - “pleased to provide shareholders with final results for the year ended 31 March 2016”. Hmmm…

“MediaZest (MDZ), the creative audio-visual company, is pleased to provide shareholders with final results for the year ended 31 March 2016… Best ever financial results with turnover of £3,144,000 and EBITDA profit of £58,000”. Hmmm, let’s take a closer look…

CAF
CAF

Filthy 40 China Africa down 36% today: how long until it is bust?

Leading the losers board today currently is ShareProphets AIM-China Filthy Forty play China Africa Resources (CAF) with (last seen) a stonking drop of 36%. There is no news today, but yesterday’s interims, released at lunchtime, might provide the clue: it’s not pretty – the company needs to raise cash.

FRR
FRR

Frontera Resources – Red Flags for breakfast, anyone? SELL!

DIRECTOR PURCHASES SHARES screams the headline – in capitals - of an RNS from AIM-listed Frontera Resources (FRR) - not to be confused with Frontier Resources - this morning. Ooooh quick, let’s all pile in – follow the money, as they say, because the insiders know what’s really going on. Er, hang on a moment….

PSL
PSL

PhotonStar – running low on the readies?

Serial AIM dog PhotonStar (PSL) has announced the issue of 230,857 shares at a price of 2.625p to former NED Mr Philip Marshall in settlement of outstanding remuneration, worth a total of £6,060. That the company didn’t just pony up the relatively small amount in cash raises the question as to why.

RUR
RUR

Rurelec – FY15 report published; finger of blame pointed

Blow me down! Having been suspended for failing to get its accounts out on time AIM-listed Rurelec has finally got its calendar FY15 numbers out. Fair play to the two-man board: with an ongoing cash-crisis as they try to rescue the company from its dire situation the workload must be extreme. With the numbers now out (after-hours, of course!) the shares are expected to resume trading on Monday. As to the report, it is dreadful – and the finger of blame is firmly pointing in the direction of the old guard under Peter Earl. It is a shocking read.

LED
LED

China FRAUD LED, useless AIM Regulation and AIM Rule 41: I despair. And where are the Interims?

The clock is ticking for ShareProphets AIM-China Filthy Forty play LED International Holdings (LED). Actually, the clock ran down to zero last month but still AIM Rule 41 has not been invoked. AIM Regulation is well aware of the situation and has elected to do nothing: the chocolate teapots appear to be happy to flout their own rulebook in blatant fashion.

China FRAUD Taihua - another stinker of a set of results from the Filthy 40

ShareProphets AIM-China Filthy Forty play Taihua (TAIH) released its FY15 numbers on Thursday – deadline day to avoid suspension under AIM Rules. But they were released after-hours at 4.52pm: talk about last-minute. The numbers are a horror, but then so is the Auditor’s Qualified opinion, and the material uncertainty warning in the Going Concern Statement.

SEV
SEV

POS AIM dog Servision - painting itself into a corner next week

AIM dog with fleas Servision (SEV) waits until the wire to report its calendar results, ie until June 30. That is partly because it is a shoddily run company and partly because it always need a placing to get its accounts signed off without a horrible emphasis of matter statement. No new cash = not a going concern. But this year it looks rather different and the wire day is Thursday. This looks grim.

LED
LED

China Fraud LED International Holdings – FY15 (to June!) numbers but Audit comments suggest they are not worth a candle. Nomad Allenby MUST resign NOW!!

ShareProphets AIM-China Filthy Forty play LED Holdings (LED) has finally got around to releasing its full year results to June of last year. They are audited numbers, but the Red Flags in the audit report are so shocking that surely the Nomad to this company, Allenby, has to resign on the spot. Is it really good enough for an AIM-listed company to produce numbers against which the auditor issues a disclaimer of opinion?

MLP
MLP

It’s the way you tell ‘em! ISDX China-play Miloc FY15 results

The ShareProphets AIM-China Filthy Forty has seen some tragedies worthy of Shakespeare – see PCG Entertainment yesterday, for example. So now it is time for the light relief, and in that vein we bring you, courtesy of a cracking spot by our very good friend Graham Chester, FY15 results from ISDX-listed Miloc Group Limited (ML.P). It is pure comedy….

Igas – Trading update: the market cap is insane!

This morning AIM-listed and over-indebted Igas Energy (IGAS) released a trading update ahead of its AGM to be held this morning. The elephant in the room is, of course, its outstanding debt in the form of bonds - £103 million worth as at the last accounts – which mature in March 2018, less than two years away.

Filthy Forty – MoneySwap enters the last chance saloon

Yesterday we had a funding update from cash-strapped ShareProphets AIM-China Filthy Forty play MoneySwap (SWAP). It seems that there are negotiations going on, with hopes that a funding deal worth $4.5 million (call that £3.125 million) can be closed. Meanwhile we are told that some keep-the-lights-on short term funding has been arranged. 

HAL
HAL

HaloSource, Inc. – agreement for sale of Recreational Water business, is all as it initially seems?

HaloSource, Inc. (HAL) has announced “a conditional asset sale agreement to sell its Recreational Water business… for an initial cash consideration of up to $7.5 million and further deferred cash consideration of up to $0.5 million”. The announcement though later states “an initial cash payment of $4.0 million”. Hmmm, what’s going on?

Proxama – on the buses, but is it placing ahoy?

AIM-listed Proxama (PROX) yesterday released an RNS Reach which described the launch of advertising campaigns on London buses. It all sounds terribly high-tech and exciting: it involves 500 buses using the company’s beacon technology and there is plenty of stuff about high click-through rates, a potential market of 2.3 billion passenger journeys a year to go for and how consumer targeting will mean adverts of quality and relevance. But…..

Challenger Acquisitions – so it’s not just me then, the auditor is worried too

It’s always interesting digging in to the Final Results and the Annual Report in detail to see what is hiding in the back of both and what is omitted from the results altogether. No surprises that Challenger Acquisitions (CHAL) hide the “good” bits away, namely the auditor’s concerns and the trough snuffling.

VAL
VAL

ValiRx – more on that Bracknor death spiral and a trip to Companies House…. Uh Oh!

Yesterday I had a few comments to offer with regard to AIM-listed ValiRx (VAL) and its £4 million (or is it £8.6 million, or is it £8.6 million plus proceeds from exercise of 5 million warrants at 9p?) CUL deal with Bracknor. My fear is that details of that deal offered up in the RNS of 21 March 2015 look (from Friday’s RNS) to have been incredibly lacking. But wandering over to the Companies House website leaves me wondering if the company can’t get simple Companies House filings right, what hope is there for the mechanics of a complex CUL deal to be fully understood and conveyed to shareholders?

LeniGas Cuba - something critical that ramper Big Dave failed to mention

LeniGas Cuba (CUBA) fans will remember that they purchased a 15.8% interest in MEO Australia on 29 February as described below in its announcement. They will remember how Jabba The Hutt ramped this news via twitter to the morons who follow him and trust him with their hard earned cash. Hmmmmm.

IEH
IEH

Intelligent Energy – shares short-circuit on funding calamity

Shares in energy technology company, Intelligent Energy (IEH) currently trade approaching 80% lower today, at below 10p, on the back of an “Update on funding position” announcement which includes that “in light of recent and unexpected developments in the discussions with various parties, the company will not be able to complete a funding process, in sufficient quanta, by the end of Q1 2016”. And it gets worse…

China AIM Not quite a Fraud Asian Citrus Interims – plague upon all its houses

ShareProphets AIM-China Filthy Forty company Asian Citrus Holdings (ACHL) released its interims to Dec 2015 on Friday. They made grim reading as the effects of Huanglongbing disease, bad weather as well as frogs, locusts, Martians and any other plagues one might care to think of all took their toll. This must be the unluckiest company in orange growing history. 

F40 Univision Engineering - Chairman sells stake (again), but about the cashflow....

I was overly rude about AIM-China play Univision Engineering (UVEL) the last time I wrote about it. With the Filthy Forty it has tended to prove a prudent policy of being uber-sceptical. I pointed to a big slide in earnings which was in fact due to the previous year seeing a large debt being forgiven. The shares are up on the 0.65p at the time, closing last week at 0.8p (mid) on the back of an 18.5% gain on Friday, triggered by news on Thursday (after-hours, natch) that the Chairman is selling 41.5% of the company for a total of about £3.69 million from his interests which previously totalled 72.9%.

Inspirit Energy - a festival of Red Flags on New Year's Eve: Sell

The ex-Lenigas stock that is AIM-listed Inspirit Energy (INSP) issued its full year results to 20 June 2015 on the day of its reporting deadline of New Year's Eve. Just the timing of the RNS during no-one-is-watching o'clock week is a Red Flag in itself. But quite how it has taken six months to collate its numbers when there are no sales is a mystery to me - that is another Red Flag, but there are plenty more. For a start, there is a change of auditor but a glaring error and a few other matters leave me reaching for the bargepole even before looking at the balance sheet.

LED
LED

LED International Holdings – yet another Filthy Forty suspension

Our apologies are due for overlooking one of the ShareProphets AIM-China Filthy Forty companies. The RNS released by LED International (LED) three days before Christmas (HERE) almost passed us by: the company announced early in the no-one-is-watching o’clock holiday period that its shares were being suspended because it had become apparent that the Company [would] not be in a position to publish its audited report and accounts for the year ended 30 June 2015 by the deadline of 31 December.

ShareProphets RNS Translation Service: Asian Citrus “Winter Orange Crop” update

ShareProphets AIM-China Filthy Forty play Asian Citrus (ACHL) has had a history of suffering biblical-style plague and misfortune. Maybe insurance is difficult to get, but yesterday saw the latest in the line of disaster updates from this bargepole stock. The RNS was masterful, so we have wheeled out the ShareProphets RNS Translation Service to assist our understanding of this latest catastrophic release. Original is in bold italics.

JobSwap at MoneySwap, but what about the cash position?

ShareProphets AIM-China Filthy Forty member MoneySwap (SWAP) has announced some boardroom musical chairs. In comes Ms. Yu Shu Fen as an executive director looking after business development. The (now ex-) CEO, Mr Richard Proksa has been replaced by the Chairman, Mr Kung Min Lin who appears to be doubling up as both Chairman and CEO - a busy chap, as he is also non-exec chairman at AIM-listed PCG Entertainment (PCGE). Mr Proksa will, however, continue as a director. But what about the (lack of) cash position? 

DAN
DAN

Daniel Stewart - where's the placing, month 2: imminent?

It is now a full calendar month since shares in AIM-Cesspit poster-boy Daniel Stewart (DAN) were suspended for the second year running for failing to publish its accounts on time. The suspension statement on 1 October said that the company expected to announce news of a fund-raising "shortly". Roll forward to 23 October and the company was now making progress, and expected to announce funding plans, ahem, "shortly". Mr Godot will definitely be here tomorrow. Or "shortly".

INC
INC

Insetco – final insults at no-one is watching o’clock: almost game over

When a company issues bad news after hours the reason is so as to try to slip it out with nobody noticing (futile these days, it simply draws attention and gives sad individuals like me an excuse to start digging – see yesterday’s piece on Rurelec HERE). Secondly, it is just a damned insult to the shareholders who the company management supposedly work for. Yesterday, after hours – at almost 6pm on a Friday when everyone really has gone home for the weekend, out came not one but two bad news announcements. 

QPP
QPP

Quindell – now about your audit?

It seems perfectly possible that by the time Quindell (QPP) gets to having its books audited in February/March it will have run out of cash (see mounting evidence of that from D&B and elsewhere in today’s Bearcast HERE) but let’s assume, generously, that it is solvent then – what happens next?

IRG
IRG

Independent Resources – Tick Tock Tick Tock Time for a (grim) update

The last reported results from Independent Resources (IRG) were dire and the company admitted that it needed funding within twelve months to be viewed as a going concern. I should cocoa – the maths are dire.

GAL
GAL

Galantas Gold is Toast Investment Grade

AIM and TSX listed Galantas Gold (GAL) is, I am afraid to say, investment toast. At 1.375p it is capitalised at £3.54 million but calendar 2012 results out today make it clear as clear can be that a target price of 0.01p is generous.

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