Keyword results: insolvency

PREMIUM CONTENT

Verditek Interims – Timber! Ponzi Bond at risk

It is only two weeks since Crowd For Angels, the world’s worst crowdfunding firm, closed its failed attempt to raise £500,000 for the serial liars at Verditek (VDTK) and now we get interims which tell you that, by Christmas, those fools lured by Richard “Gollum” Gill’s grotesquely misleading financial promotions into backing the bond will be at risk. These numbers are a disaster for the company led by Tory toff Lord Willetts. Insolvency beckons.

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Bearcast
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Tom Winnifrith Bearcast - the 3 reasons Matt Hancock should have resigned this morning whatever his job

I start with l’affaire Hancock and what it says about standards in public life, whether politics or the corporate world in Britain today. For three reasons, not including the fact that he is useless or the act of infidelity, he should be fired. He will not be. I then consider late results with reference to Ariana (AAU) and the fraud Supply@ME Capital (SYME) which is now – perhaps – just three working days from slipping down the plughole leading to the sewer of insolvency.

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PREMIUM CONTENT

Letter to AIM Regulation Re Bidstack PLC as it teeters on the brink of insolvency

The staff at Bidstack (BIDS) should get paid next week, assuming that their employer can delay paying other bills. But it is unlikely to be able to meet next month’s payroll so calamitous has been the shortfall in trading vs expectations. Unless Nomad and Broker Stifel can get away a rescue placing within weeks, Bidstack staff should be brushing off their CVs as a matter of urgency. I have written to AIM Regulation as a statement is needed asap.

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PREMIUM CONTENT

Amigo is still bullshitting – fake threat of insolvency

Another day and another statement from the loan sharks at Amigo (AMGO), folks who – as a judge pointed out the other day – are A grade bullshitters in the league of Julie Meyer. Yet again, Amigo threatens folks, quite unnecessarily, with the spectre of insolvency. The company’s market update today is just plain disingenuous.

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PREMIUM CONTENT

Bidstack – another question for Lyin' James Draper – how can the December 2019 RNS’s not be a £10 million Deceit?

Lyin’ James Draper, the CEO of almost insolvent Bidstack (BIDS), is a proven liar. We knew that already but here is another monstrous £10 million quid deceit from December 2019 for you to consider. How Nomad Stifel signed off on this is baffling. You might almost think Stifel was morally bankrupt!

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FIN
FIN
PREMIUM CONTENT

Finablr – offer for Finablr Ltd. Good news? Er...

It was announced this morning that crocked Finablr plc (FIN) has received an offer for Finablr Ltd and its subsidiaries. Good news – or is it?…

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Bidstack – the worrying thing is what it does not say in today's dirty ramp

Shares in Bidstack (BIDS) are the biggest risers on the AIM Casino today, up 25% at 6.3p thanks to news that it has an exclusive contract to deliver native in-game advertising for Hyper Scape – a futuristic, free-to-play, urban battle royale game that was officially launched by Ubisoft on 11 August 2020.

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Bagir Group – Ouzo time for Steve Moore as shares are suspended and company seeks insolvency advice

You cannot say that you were not warned here on ShareProphets, this time by the excellent Steve Moore who described AIM-listed Bagir Group (BAGR) as a avoid/sell HERE; this morning the shares were suspended as a significant proportion of the Company’s previous order book is now on hold or cancelled and the company takeinsolvency advice whilst it scratches around for additional funding and the business is no longer regarded as a going concern. In short, it is bust.

VRS
VRS
PREMIUM CONTENT

At what price will the Versarien bailout take place?

Well here is my estimate of when and at what price. But perhaps you have a better idea  and might win some Greek Hovel olive oil as a result. Let’s start with a reminder of when Versarien (VRS) runs out of cash. Methinks the maths have got worse.

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FIN
FIN
PREMIUM CONTENT

Finablr – all over bar the shouting as the Emergency Fat Lady warms up en route in the taxi

Yesterday I described the lack of liquidity which had led to fully-listed Finablr (FIN) being unable to provide certain payment processing services as sounding terminal. And of course, the company had just turned up a stack of dodgy cheques, the CEO had walked and an investigation which sounded like a full forensic had just been commissioned. Now we learn that the emergency Fat Lady has been called in and is warming up en route to the theatre as we speak.

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PREMIUM CONTENT

Catenae Innovation – the fat lady is about to go on stage: Keep selling - was it trading while insolvent?

Following its rather smelly announcement after hours at no-one-is-watching o’clock on December 20 which offered up nice Christmas presents to shareholders in the form of a profit warning and a statement that its financial position was weak, AIM-listed Catenae Innovation (CTEA) followed up yesterday at 12.23pm (lunchtime on a Friday, no-one-is-watching o’clock) with a further announcement that it still not agreed the hoped-for £100,000 bailout and that absent new funding it will be a trip to the corporate undertakers. Nigel did warn you but there is a bigger question....

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URU
URU
PREMIUM CONTENT

Red Flags at Night – URU Metals delivers (Ooh Er MRS) Red Flag strewn Interims at 4.23pm on New Year’s Eve Eve

Last week AIM-listed Inspirit Energy (INSP) released results at no-one-is-watching o'clock, on Christmas Eve Eve. It seems the trick of avoiding ShareProphets scrutiny by releasing bad results the day before good days to bury bad news is spreading, for yesterday – New Year’s Eve Eve - at 4.23pm came interims from AIM-listed URU Metals (URU). Except ShareProphets was watching, always keen to highlight news that companies don’t want you to see. And oh dear, oh dear…..

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PREMIUM CONTENT

Catenae Innovation – positive GM result but a rat deserts the sinking ship, finances dire. Still a SELL.

Following last week’s admission that despite deals signed with Bradford City FC and Southend United Community and Educational Trust last Thursday but by Friday (after-hours) a profit warning had to be issued, AIM-listed Catenae Innovations (CTEA) has announced that the proposals put to a GM yesterday were passed…….and its sole NED (apart from the Interim Chairman) has resigned with immediate effect. Oh, and its financial position continues to be dire. The shares are off by 23% since my last warning over the weekend, but it seems there is more to come.

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Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast: Plutus Powergen commits market abuse AGAIN as it goes down the pan

In today's podcast I look at the British Journalism Awards and Neil Woodford ( no shocks here folks), Union Jack Oil (UJO) and that planned placing, Tissue Regenix (TRX) as the FD walks, FastForward Innovations (FFWD), and at Plutus Powergen (PPG) , dire news and surely looming insolvency and yet more evidence of not gviving a flying wotsit about stockmarket rules.

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Dead-Donkey
PREMIUM CONTENT

Vox Markets vs Align Research – tale of the tape

In the current dispute between Vox Markets and Align Research, I thought it would be interesting to look at their respective published results for the years that are available at Companies House.  Neither publish full accounts just a balance sheet and some notes. As can be seen below Vox has generated four years of losses and has only staved off insolvency by pumping in additional capital where in contrast Align Research has generated two years of profits. Thanks to Winnileaks I can show why it is even worse than that for Vox....

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Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast: my daily chat with my friend the IRA man

Anyone who follows me on twitter knows my feelings about the vermin of the IRA but I have a daily chat these days with my pal the IRA man about Brexit. I discuss its effect on shares and suggest that a far bigger political threat is really not priced in. I explain why I know Yourgene (YGEN) is having a trading statement on Monday and what makes good journalism. I look in detail at Mobile Streams (MOS), insolvency law and the nature of trade receivables and at Gear4Music (G4M) and its latest warning which is enough to turn a man to drink, the shares remain a stonking sell. Finally. get your wallets out!

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Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast: Oi Neil Woodford where did £90m go in one day? And the sores on Dan Levi's bottom

In today's bearcast I speculate how Neil Woodford's flagship dog, his Equity Income Fund, appears to have lost £90 million since the weekend.  I look at RM2 (RM2)  - largest shareholder Mr Woodford - where a statement is needed as insolvency beckons, at Motof Bio (MTFB) and at Big Sofa (BST). I also discuss Dan Levi's bum and the problems generated by his latest 20 mile training walk for Woodlarks. If you'd rather I desisted from any further discussions of this nature make a donation to the Rogue Bloggers walk for Woodlarks NOW HERE

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The mystery of the Audioboom Dog that barked – SMTM mothers!

Following a week of intense share price weakness, Audioboom (BOOM) has served up, what looks like, a panicked trading statement. It is long on blather but fails to mention the one thing that really matters: the looming cash crisis. This company could be out of money and insolvent by Christmas, indeed sooner, but free speech denying, family on the payroll poltroon of a CEO Rob Proctor fails to address that elephant in the room. I suppose that there is some good news.

Conroy Gold – FY results…..balance sheet a shambles, the end is surely nigh: SELL

AIM-listed Conroy Gold and Natural Resources (CGNR) offered up its FY results to May y31 esterday morning. There was plenty of blarney, of course, but the bottom line is that the balance sheet is in a mess – it needs yet another mega-placing PDQ to keep the lights on, and I don’t think it will get it away. Oh, and  NED, Dr Karl Keegan, is stepping down after just 15 months in the job. In short, the end appears to be nigh.

BZM
BZM

Things look very bleak for Bellzone Mining

It never ceases to amaze me how much of a gamble some PIs will take with their money, even when the company itself has warned that it is in real trouble and it is almost impossible to see a way out of a bad situation which would result in a higher share price.

XSG
XSG
PREMIUM CONTENT

Xeros Results tomorrow – share price tells you that this Woodford dog is almost out of cash ( again)

No doubt Cynical Bear who has called Xeros Technology (XSG) superbly, as a sell, will be a smug fellow tomorrow as this Neil Woodford Dog announces its interim results. The share price action is telling you that folks already know the worst – shareholders have to bail it out again or it will be going down well before the Christmas decorations go up.

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Crack out the Ouzo at Sheriff of AIM Towers: Fastjet shares crash as potentially terminal cash crises emerges – feck you Citigate

I guess the journalist smearing bastards at Citigate Dewe Rogerson might be about to lose another retainer. Their response to my probing of the financial woes of their poxy client FastJet (FJET) was to threaten and smear me. Fuck you Citigate. Now Fastjet has ‘fessed to just how grim things are. It could be tits up time by the weekend. Crack out the ouzo, let’s celebrate. I shed no tears for a company that stands by the actions of scum like Citigate. And I warned shareholders often enough what financial fate lay in store for FastJet.

Crime-Scene

The Beaufort Affair. We Cannot Let the Administrators Have Their Way. The Segregation of Assets Must Be Respected.

Hello, Share Buyers. Like me, you probably have a nasty taste in your mouth over the way the insolvency of the broker Beaufort Securities is being handled. Never in my wildest dreams did I believe that ring-fenced share and cash accounts were not secure. And my inquiries of professionals in the Big City shows that most of them were unaware of such loopholes either.

Kibo Mining: Lightning strikes twice and this time it looks even messier

Almost exactly three years ago, Kibo Mining (KIBO) raised funds from Hume Capital, a couple of weeks before it went into administration still holding the placing proceeds. Somewhat unbelievably, history has repeated itself with Beaufort Securities going into insolvency on Friday. It looks like a right old mess.

MSG
MSG

Milestone Group – Time for an update about its proposed deal with Black Cactus and its financial position

On 6 December 2017, Milestone (MSG) announced that it entered into a software license agreement with Envoy Group Corp (soon to be renamed Black Cactus Global, Inc). Yes that is the company run by serial teller of untruths Lyin' Larry Cummins.

Boom

Ref Dragon's Den MBE Julie Meyer - a letter with questions to Leonard Curtis, administrator to Ariadne Capital

The stink surrounding former Dragon's Den Star Julie Meyer MBE, a member of the great and the good, grows by the minute. More and more folks are coming forward to spill the beans and Julie should brace herself for a stack more exposes to follow the exposes already published. Let's start with a letter to Ms Charlotte John, who works for Leonard Curtis, the administrator of Meyer's flagship company Ariadne Capital Ltd. I have sent her a letter. Smiley face.

BOS
BOS

BOS Global - an open letter to broker Peterhouse

Shares in BOS Global (BOS) a company teetering on the edge of insolvency and where the Nomad has already announced it is walking now trade at 0.85p-1p. Beware: broker Peterhouse is trying to do a placing at as little as 0.1p. I have written to Peterhouse in the spirit of the season as you can see below.

Bearcast

Tom Winnifrith bearcast: this time Neil Woodford is only talking 50% bollocks but what about Brokerman Dan on Ascent you ask?

The publicity hungry, failing, fund manager Neil Woodford is all over the papers. On the markets he's right ( and bearish) but when discussing his own (failing) funds he is talking utter bollocks and I explain why. Brokerman Dan (Levi) has formed a shareholder action group on Ascent Resources (AST). I discuss his case against them and make a few suggestions to the company. I comment on R4E (R4E) on the disgraceful behaviour of Pathfinder Minerals (PFP), look at RM2 (RM2) and then finally at Sabien (SNT) which look either to be on the brink of a last gasp fundraise ( at a more than 99% discount to the IPO price) or of insolvency. In the same breath I mention Inspirit (INSP), another AIM boiler room dog that should be shot.

Listen to the Bearcast:
BOS
BOS

BOS Global: The end game begins – Travia makes his move

This entertaining farce (for the neutral at least) at BOS Global (BOS) moved on a step yesterday with the ex-CEO, Michael Travia, making his move to give him a shot at the assets, most notably the 40% stake In Call Design, but I’m not convinced that it will be as easy as he hopes.

Entu equity holders face wipe out - yet some PIs continue to buy!

Over the years I’ve watched the dying stages of a number of companies with interest, and in many cases you see a similar pattern in terms of share price movement.

AVO
AVO

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

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

AVO
AVO

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

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

CloudTag – Some great news, Amit Ben-Haim is all yours now

Having punched a bit under the belt yesterday with a dig at potential insolvency at the UK subsidiary, I thought I would bring some great news to CloudTag (CTAG) shareholders. Amit Ben-Haim appears to have seen the error of his ways and ditched all other directorships so that he can now solely focus on generating shareholder value at CloudTag. Can’t think of any other explanation….

CloudTag – Oh dear, Massimo has turned up with his scythe: the end is nigh!

Despite the nonsense spouted by AberdeenMan, Mr Selfridge and BrokerMan1 on LSE about CloudTag (CTAG) and its bright prospects, confirmation that the end is nigh has reached Companies House with the CEO, Amit Ben-Haim, stepping off the board of CloudTag’s UK subsidiary and being replaced by the Grim Reaper himself, Massimo Ventimiglia.

AVO
AVO

Advanced Oncotherapy - Spooooooooooooooooooooooooooooooooooooof

Ho ho ho. Even as it faces insolvency those wags at Advanced Oncotherapy (AVO) do so with a sense of humour as they try to spoof us all with news of an even more desperate financing which will keep the lights on until late June. Dr Michael Sinclair you should go on the stage. You really are a hoot.

Madness

LSE Asylum – the financial crisis is actually far worse than we previously indicated: where's the Fat Lady?

A couple of days ago I noted how the London South East Bulletin Board ( aka the LSE Asylum) appeared to be heading towards insolvency - HERE. It is the fate which, almost, invariably happens to companies that hire Zak, the Sith Lord, Mir. For Judas is also Jonah. And now a closer examination of its historic numbers shows that the crisis may be far worse than even we thought. Timber!!!!!

Beggar

How close to insolvency is the LSE Asylum?

Hat tip to reader Bearfacts for pointing this out but one must ask if the London South East Bulletin Board, aka the LSE Asylum, is close to going bust? Fingers crossed.

BEG
BEG

Begbies Trading Statement - downgrade stance but sure don't sell!

Business recovery and property services group, Begbies Traynor (BEG) has updated on its third quarter (to end January), including that “we are encouraged to see some (insolvency) market stability”.

AVO
AVO

Advanced Oncotherapy: Metric the £11 million black hole and insolvency by March 31?

Yesterday I pointed out how the £13 million death spiral Advanced Oncotherapy (AVO) had signed with loan sharks Bracknor would see its share price collapse. It should but there is worse news in store - that of insolvency looming in just five weeks time. Insolvency you say? What are you talking about? Let me explain.

DCP
DCP

DiamondCorp – grim after-hours update, light at end of tunnel fading fast

Having wondered whether there may be light at the end of a very long tunnel for AIM- and JSE AltX-listed DiamondCorp (DCP), the company released a very disappointing update last night. Even more disappointingly, the RNS hit the wire at 6.31pm, delaying the close of the RNS system for the day. Talk about no-one-is-watching o’clock. The news was bad enough, the contempt for shareholders shown by the timing is a disgrace. It looks like all that may be on the menu is toast.

DCP
DCP

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

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

Strat Aero: Hulsey Smith dumps more shares despite last RNS and the excuse is 100% horseshit

Whatever you say about Strat Aero (AERO) as it hurtles towards insolvency in a few weeks time it is al least the source of true comedy with RNS statements which are such complete and utter bullshit that they should win awards. welcome to the latest chapter in the tale of Hulsey Smith, the yank who litigated against Strat, showed that it had committed fraud, and ended up owning 11% of its equity as part of a settlement. Owning 11% of a company you have proved committed fraud is not an ideal place to be.

ONZ
ONZ

Will Onzima ever return to trading?

I see that Onzima Ventures (ONZ) is getting a bit of attention again, with Tom Winnifrith having just covered it in his latest Bearcast, but it is a company that I was planning to give an update on anyway, having followed the story since early last year.

SGH
SGH

Slater & Gordon in new probe - was it cooking the books pre Quindell? I reckon it was.

Oh dear, it just gets worse and worse for Aussie law firm Slater & Gordon (SGH), the near bankrupt owner of the fraudulent Quenron (QPP) businesses. It has now fessed up that the Australian Securities and Investments Commission (ASIC) has served it with two notices to produce documents relating to an “investigation into the accuracy of financial records and accounts of the company for the period between 1 December 2014 and 29 September 2015”.

AVN
AVN

"Timber! time" at Avanti Communications & the sheer pointlessness of Edison Research - the worst research note of 2016

Shares in drowning in debt Avanti Communications slumped again on Wednesday to a new record low of 18p - the market cap is now just £27.6 million and death is imminent. As I pointed out at the weekend, its shares could be suspended on December 30th but its real worry is insolvency - it will be out of cash by January and it looks impossible to refinance. The cry is Timber! This once mighty AIM play is falling and will soon be lying as a rotting corpse on the forest floor. Where has all the money gone?

Roulette

More damning statistics on AIM, provided by the world's "most successful growth market". Not!

As a boy I would eagerly await the start of each month. Before I went to bed I said hares brown hares and my first words on waking would be rabbits white rabbits. That was meant to bring you luck. These days the start of the month ritual ( well six days in) involves chortling at the latest dire statistics AIM provides about itself. November was as bad as prior months. AIM is nothing if not consistent.

MSG
MSG

Milestone Group - Show Me The Money & heads should be rolling

I feel legged over and am angry but there are wider points: how financially screwed is Milestone Group (MSG) and why has no head rolled for the way it mislead investors?

PHE
PHE

PowerHouse Energy still looks in serious danger of going bust

It amazes me how some of these small AIM companies continue to operate for years even after they look dead and buried, and that certainly seems to be the case with PowerHouse Energy (PHE).

POS
POS

Plexus Results "Pretty shocking" - and there is worse to come

In this, the 31st day of the tenth month in the year of Trump, we have today been delivered results from oil services group Plexus (POS) that are truly abysmal. One broker described them as "shocking" but that is unfair, we have been warning you for a long time that Plexus is in deep merde and things will only get worse.

SEV
SEV

Servision - When Insolvency looms, accidents can happen

In the greater scheme of things this is a trivial matter. Having been exposed for revenue recognition policies that were so bizarre as to teeter on the verge of fraud, of being shown to have issued pre-placing RNS statements that were er..untrue and now facing looming insolvency, Servision (SEV) is in deep trouble. So maybe I should be charitable?

AVN
AVN

Avanti deals with drowning in debt by taking on more debt - share price death still almost certain

There is a philosophical game called the fishing village. And today we saw this played out in reality by Avanti Communications (AVN) as it struggles to avoid insolvency.

AVN
AVN

5 Questions for insolvency in waiting Avanti Communications

The FRC is already looking at the grossly misleading way that Avanti Communications (AVN) bodged its June 2015 annual results. I reckon Avanti is trying to commit an even bigger crime against prudent accounting with its 2016 numbers and they key is a satellite which is now on the move. But Avanti and its ghastly and morally bankrupt Nomad Cenkos, of Quindell infamy, are trying not to reveal the truth. So have five critical questions for Avanti and the shamed Cenkos.

GLS
GLS

AIM SHOCKER: Galasys - AIM’s day of sickening shame as Chairman points the finger

In a quite astonishing statement released yesterday, the non-exec Chairman of AIM death-row inhabitant Galasys (GLS), Mr Kim Seng Teh, has given his account of an unbelievable systemic failure on the AIM Casino to control the behaviour of the board of a member of the world’s most successful growth market. WH Ireland, as the Nomad responsible for this train-wreck until a few days ago, has a number of serious questions to answer, as does AIM Regulation – which, I hope, will be asking a good few questions of its own. I wouldn’t like to second-guess who is the villain in the boardroom and who is the innocent party, but I am sure of one thing: heads must roll in the oversight department.

CloudTag – Just one more question, Amit, who is Massimo Ventimiglia; not worried about insolvency are you??

Amit, as you were so kind to answer my last question relating to CloudTag (CTAG) as to when the revenue warning was finally going to come......by issuing a revenue warning on Friday, I thought I’d follow-up with a simple one. Why has Massimo Ventimiglia, who appears to be a hired-help, grim reaper of the corporate world been appointed the sole director of your main operating subsidiary, Cloudtag Active Limited. Surely can’t be because you’re worried about going bust, can it?

Rame Energy: Anatomy of Failure (and lessons in ignoring management-speak)

I love AIM stocks. And I think AIM is a great place to invest. I think it’s great to have a space where regulation is light(er) and costs are cheap(er). But with that freedom comes the responsibility to do your due diligence and to manage the risks. Many AIM stocks, if not the majority, are ultimately worth nothing: stocks like the now-suspended Rame Energy (RAME).

African Potash telling Porkies AGAIN? - Bailout placing ahoy: Sell!

On 6th January 2016 African Potash (AFPO) announced a major sales deal. Six days later it got away a bailout placing. Gradually over the months that followed that sales deal was shown to be bogus, a sham, not worth the loo paper it was written on. But at least the ramp allowed this AIM Casino posterboy to get its placing away. Now the bastards are at it again. 30 seconds on Google is enough to make you doubt a word this company says as it tries to get another bailout placing away. African is teetering on the verge of insolvency.

FRAUD EXPOSE: MoneySwap and PCG Entertainment – a look back in history at the former chairman and his brother. All to play for as the second half really gets going….

Mr Kung Min Lin served as Chairman of Filthy 40 MoneySwap (SWAP) and PCG Entertainment (PCGE). But before that he served as Exec Director of AIM investing company Sportswinbet (SWB) from the 2005 IPO, which went on to become Power Capital Global (PCGB) with Mr Lin as Chairman. You can follow the progress of the first incarnation HERE. But we’re back from the break and with what's left of the £3 million raised in 2005 it’s now time for the second half: Mr Kung Min Lin’s brother comes to the fore.

AIM's equivalent of a crackhead Cyan - shite results - how close is it to insolvency?

When it comes to cash, Cyan (CYAN) is the AIM equivalent of a crackhead. That is to say if shareholders pony up for a placing, the company responds with a marginal increase in sales but a huge increase in losses and then comes back for ever more. FFS cries executive chairman John Cronin in today's results, "give me some more fecking scrabble" I'm almost out. And that brings us to the £12.5 million placing which Mr Cronin was planning to do at 0.21p on May 24th when I spoiled his party with this scoop HERE.

Bearcast

Tom Winnifrith Bearcast: Ryanair's Michael O'Leary hoisted on his own fecking EU £315m petard - rejoice!

The link is in the side bar but Ryanair (RYA) Euro loon Michael O'Leary  is today hoisted on his own £315 million EU petard. Fecking excellent news. Elsewhere I look at the piece of Turkish that is Golden Saint Resources (GSR) - still pissing away £3k a month on PR genius Steffi - as it heads for insolvency again. Then it is onto Nighthawk (HAWK) and Trinity Exploration (TRIN) and the problems for banks that lend to oil companies. Then I refer to HSS Hire (HSS) and cover Andalas (ADL) again as its shares sink like a stone. They have a lot further to sink, sell now!

Bearcast

Tom Winnifrith Bonus Bearcast: Chris Cleverley for Jail, African Potash for Insolvency

responding to Chris Cleverley of African Potash (AFPO) starting to do soft interviews and the failure of his company to answer basic questions about Butterfly Corporate Finance I explain why Chris must go to prison for securities fraud and lying to investors and why his company must go bust, the only question is when net current assets go negative. One imagines Cleverley wants a bailout placing asap but who would be mad enough to get involved?

LGO
LGO

Spineless Neil Ritson hides key LGO metrics in today's soggy ramptastic release

As we know, having failed to get away a £6 million placing a few weeks ago (raising just £1.3 million) LGO Energy (LGO) will not be able to make its scheduled bank repayment in May and so faces another insolvency risk. Hence it is ramping for all its worth to issue yet more confetti, now that it had permissions to issue 1.6 billion more shares. And thus today's pitiful release below. It is what hapless CEO Neil Ritson does NOT say that matters.

Fastjet - more bad news from bongo bongo land..the jungle drums play the tits up song

Our resident Fastjet (FJET) owning lunatic Duck & Dive yesterday predicted an RNS from this piece of Turkish imminently claiming that it would show what a "twit" I was with good news. Well D&D was half right there was an RNS. Sadly, for him, it is not good news. Duck remains the twit, I continue to call this one right.

PHE
PHE

PowerHouse Energy looks set to be booted off of AIM at last!

Far too many small companies on AIM achieve little other than constantly diluting shareholders with discounted placings and never come close to actually generating any sort of profit! PowerHouse Energy (PHE) is definitely one that falls into that category, but thankfully it looks as though it may well not be around for that much longer following the news that came on Friday.

REH
REH

Renewable Energy – end of the road (after hours, natch), it’s a zero

Just in case anyone missed it, AIM-listed (but suspended since 20 Nov 2015) Renewable Energy Holdings (REH) has announced that it is going into wind-up proceedings. A Red Flag at Night, then.

SGH
SGH

Slater & Gordon shock resignation Moana Weir talks of "lights out - sinking ship"

Last Thursday as it struggled to meet its monthly wage bill Slater & Gordon (SGH) was also rocked by the shock resignation without notice of its senior Legal Counsel Moana Weir, the woman who had to advise it on any corporate legal issues such as insolvency and potential fraud. We still do not know why Moana walked without notice after less than six months on the job but here are a few shocking quotes from Moana.

Damning letter by Sir Stelios to Fastjet, the latter threatens legal response

Fastjet (FJET) has today threatened legal action against Sir Stelios Haji-Ioannou after he published an open letter to the company suggesting it is heading for insolvency and revealing alarming data on load factors garned from "secret shopping" which Fastjet has bee hiding from investors. Naturally I agree completely with the analysis of Sir Stelios. His letter is below:

LGO
LGO

LGO Energy - 5 Questions for the Weekend Mr Ritson, as Insolvency looms

The silence from doomed LGO Energy (LGO) is ominous. There is not even an attempt to ramp the shares ahead of a bucket shop placing because the bucket shops cannot write the sort of cheque this POS needs to survive. I doubt anyone can or will which is why my target price for the shares remains 0p. As I get the beer & popcorn ready for the final act (the death scene) here are 5 questions for hapless CEO Neil Ritson.

Magnolia Petroleum meaningless ramptastic trading update - is it insolvent yet?

Magnolia Petroleum (MAGP) today announced that its sole broker is now Cornhill which means that a deeply discounted placing is imminent. A ramptastic trading statement has spiked the shares by 11% to 0.18-0.23p and that may help but investors need to ask how close is Magnolia to insolvency.

SEV
SEV

Servision: Make My Day please can I see you in Court Bitchez?

It seems that folks round at Servision (SEV) the AIM Casino listed company with atrocious revenue recognition policies, a track record of issuing RNS contract wins that turn out not to be true and which is heading for insolvency, don't like me very much. You know what? I don't like POS Servision for all the reasons demonstrated HERE. But the Servision chaps want to fight back.

SEV
SEV

Servision - now tell us about your deal with the Brazilians - another pre-placing LIE?

We have already demonstrated that not only is Servision (SEV) teetering on the brink of insolvency (HERE), has a ludicrously aggressive revenue recognition policy (HERE) but that also it announces deals as pre-placing ramps then patently does not deliver on them HERE & HERE. Now lets look at a pre-placing ramp from Brazil from April 2015. This is a shocker.

SEV
SEV

Servision, after the lies let us look at the joke accounts

Nomad Allenby still appears happy to take the filthy money offered by Servision (SEV) to act on its behalf notwithstanding the now clear demonstration that its RNS statements are, on a serial basis, utterly misleading. So let us now look at the accounts which, natch, are a total joke. I refer to the issue of bad debts.

Naughty naughty Wandisco - but breaching AIM Rules the least of its problems

A extra bag of crisps for The Deputy Sheriff of AIM for spotting a bit of a rule breach by ailing Wandisco (WAND). Given that it is almost out of cash and that insolvency looms if it cant get a rescue bailout underway, perhaps this is just a minor distraction?

LGO
LGO

Tom Winnifrith's share tips of the year Number 5 - sell LGO Energy at 0.265p

This company is on the precipice. It needs to raise £5-6 million in emergency equity to keep going and everything is going against it. The best case for LGO Energy (LGO) is mega dilution from whatever is a confetti issuing machine, but an equally plausible outcome is insolvency.

REH
REH

Renewable Energy Holdings wishes its shareholders a Merry Christmas by warning of insolvency in Q1 2016

Renewable Energy Holdings (REH), already suspended from trading on AIM in November when the company lost a planning consent application, released an RNS entitled Amendment of Loan and Loan Facility. And in the true spirit of Christmas the following statement was buried in the text:

SMA
SMA

Sovereign Mines of Africa - the farcical “exclusivity period” ends

Shares in AIM POS Sovereign Mines of Africa (SMA) have been much ramped of late on the basis that there may be a rescue investor in or buyer of its Mandiana project. Time for a reality check.

GSR
GSR

Golden Saint: will this become the first ever crowd-funded insolvency?

The comedy continues. Tom Winnifrith has already flagged up that thus far the funding round announced yesterday has actually cost money, not raised it – see HERE. Perhaps it is possible in this mad world that (pro tem) AIM-listed POS Golden Saint Resources (GSR) could actually raise some pittance from its last throw-of-the-dice funding round. But bearing in mind the cash-burn, it faces an uphill struggle.

MXP
MXP

Max Petroleum – a crony capitalist POS AIM listing bites the dust. You were warned!

This morning the piss-take that was AIM listed Max Petroleum (MXP) announced the last rites had been conducted on its listing as the company slunk off into oblivion as of 7am this morning. Quite why the company decided it would be a good idea to try to spin the fact that it is insolvent is beyond me. Just say it fellas: All the money’s gone.

IOG
IOG

Red Flags at Night: Independent Oil and Gas funding failure

Released at 6pm on Friday night, this is a devastating RNS from Independent Oil and Gas plc (IOG). For anyone invested here, simply read the RNS which is reproduced below. It says it all: the long promised funding package which was supposed to see the company through has failed because the investor has walked from the deal. Independent has funding thought to just 4 September, at which point there is a £358,000 loan from Darwin to pay back.

BEG
BEG

Begbies Traynor profits warning but yield attractive and looks safe

Having announced in March that “increased activity levels in the typically busier winter months for insolvency leave the group well placed to deliver the board’s expectations for the year as a whole”, Begbies Traynor (BEG) has now disappointingly updated that it “now anticipates that the outturn for the full year will be below market expectations” - pointing to a further decline in the insolvency market in the UK…

Hightex Group plc – insolvency proceedings commenced, a cautionary tale…

As its shares soared on a December announcement of German court approval of an application from its principal operating subsidiary for a procedure similar to ‘Chapter 11’ in the US, with the objective of “the reorganisation and continuation of the subsidiary”, I warned on shares in Hightex Group plc (HTIG) – see HERE. I was 100% Right.

AFR
AFR

Afren – Not Good for Shareholders if true

Reports on Bloomberg this morning suggest that shareholders in Afren (AFR) are about to be diluted to buggery as bondholders step up to the plate to prevent insolvency. You cannot say you were not warned by many of us on this website. 1p here we come.

QPP
QPP

Quindell – Slater & Gordon Good News? Er…

The quisling blogs reported at the weekend that Quindell (QPP) has received a £700 million offer for QLS from Slater & Gordon. A statement from Quenron this morning gives hope to the bulls and the shares have shot ahead to 94p but I would not be putting the champagne on ice just yet.

BEG
BEG

Begbies Traynor, results, placing & acquisition

Begbies Traynor (BEG) has announced results for its half year ended 31st October 2014, an up to £8.5 million (initial £5 million) acquisition and a placing to raise £5.3 million.  This is not a great share tip so far but we remain buyers.

BEG
BEG

Buy Begbies Traynor at a 53p offer

Investment Case: As the UK's leading independent business recovery practice, Begbies Traynor (BEG) has been unsurprisingly adversely impacted by a low interest rate environment and lenders being unable or unwilling to crystallise losses. However, the company has restructured and remains profitable and cash generative, with an attractive dividend and undemanding rating based on its current performance. There are though now also signs that things are turning in its favour - “the expectation of an increase in interest rates over the forthcoming months has escalated recently” and with it “also retain the capacity and expertise to handle an increase in activity levels should they arise, which would result in improved profitability due to the inherent operational gearing in the business”. As such, at a current 53p offer price, the shares are a buy. Here's why.

Poor Phorm Tick Tock Tick Tock – 4 weeks to insolvency – now what about your shit in Brazil

I noted in a previous article HERE that Phorm (PHRM) was only a few weeks away from running out of cash and going tits up. Notwithstanding its $10 million fund raise in March it will be on its way to PLC heaven in mid-August unless some more mug punters like Evil Knievil are found to keep this fare going. I know that the company is telling a jam tomorrow story to investors right now. But before they fall for that ask Phorm about Brazil.

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