Keyword results: insolvent

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The FRAUD Supply@ME Capital - finals show it was and is technically insolvent and breaches companies act!

The results were delayed by a month and that demonstrated that while good news travels fast bad news is oft tardy. Even the fraudsters at Supply@ME Capital (SYME) seem to be starting to be forced to admit that the game is almost up as calendar 2021 numbers are a real shit show. This company is technically bust.

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The insolvent fraud Supply@Me Capital – where is the TR1 from death spiral merchant Venus Capital?

On 27 April, the fraud Supply@ME Capital (SYME) announced that it had issued 2,770,000,000 shares to death spiral provider Venus and on 10 May it announced that it had issued a further 550,000,000 shares to Venus following which its issued share capital is now 40,789,339,950.  If Venus was, as some, of the Bulletin Board Morons are suggesting building a stake then it would now have a stake of 8.1 %.

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BREAKING: Vast Resources – trading while insolvent: source: AIM must suspend shares now!

Death spiral provider, Atlas, is selling shares as fast as it can, in the hope of reducing its $5.05 million exposure to AIM Listed Vast Resources (VAST). It knows Vast is teetering on the brink, but a source close to the company explains why it is already trading whilst insolvent. He says:

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Supply@Me Capital – company secretarial and governance shambles as results loom (or do they?)

The fraud, Supply@ME Capital (SYME), promises its – dismal – calendar 2021 results will be out by Friday. Given that it is insolvent, I wonder how the reporting accountants will sign off on the document. Time will tell. Meanwhile, Supply seems to have problems updating its Companies House records on a timely basis. For instance:

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Boom
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BREAKING: Lombard Capital and the disposal to a convicted fraudster, jail bird & “mate” of Adam Reynolds

Since my last expose of the demining state of affairs at Lombard Capital (LCAP), things have gone from bad to worse. But now, enter stage left a man who was once the 57th richest person in Britain (or not), but then turned out to be a fraudster and was sent to the slammer. It gets better….

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Bearcast
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Tom Winnifrith Bearcast: The CEO "grooming" mug punters claiming his insolvent fraud is worth £1.3 billion

The screen shot below is from a "private" telegram group which this crooked CEO clearly thinks folks like me or the FCA do not have acess to. Au contraire...

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BREAKING: Canadian Overseas Petroleum - the rule breaking and deception gets much worse - the FCA must act NOW

Yesterday, I exposed how Standard-Listed Canadian Overseas Petroleum (COPL) misled and deceived investors, by hiding company-threatening matters from them in a final results RNS. But this is only the tip of the deception iceberg.  Canadian has been deceiving its shareholders for months and months. So, this scandal gets far worse, as I explain below. Surely the FCA has to act….

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Catenae Innovation – the Hyperneph dispute: this stinks

Whilst shareholders wait to see whether Catenae (CTEA) will emerge from its share suspension I wonder as to the cause of the audit delay. Nigel thinks it is because the company is effectively insolvent and he is right.  But there may be another reason, and this really stinks. So much so that an honourable Nomad would be considering its position. Luckily for Catenae its Nomad is Cairn.

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Vast Resources: Atlas dumps again as cash crisis becomes critical – fat Lady now gargling for May Day performance!

Just four days after death spiral provider Atlas converted $150,000 of debt into Vast Resources (VAST) shares at 0.86p having forward sold, it has announced the conversion of another $150,000 this time at 0.77p. In February the conversion was at 1.24p. Do you see a trend? My guess is that those shares have already been forward sold and that Atlas will now be working on dumping even more stock ahead of the next conversion. Why the panic? Two reasons:

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Supply@Me Capital – not a Turkish delight spoof as cash crisis becomes critical.

Next month, April 2022, auditors will have to decide of they can sign off on the accounts of the fraud Supply@ME Capital (SYME). There will be the usual restatements (aka admissions of past lies) but the big issue is, ceteris paribus, whether this company is deemed technically insolvent and can get a sign off at all.  A reminder of the maths before today’s, pathetic, spoofing is exposed.

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Letter to Mark Steward at the FCA - Chill Brands again caught misleading on revenues, time to act (at last)

I last wrote to the FCA as regulator, no sniggering at the back, of the Standard List, about the almost insolvent fraud that is Chill Brands (CHLL) on 31 January, just five weeks ago when for a second time I flagged up how it was deceiving investors with sales announcements that are bogus. Npw it is a 3rd strike on this count and the FCA needs to suspend trading in Chill shares pending an enquiry and sanctions against its management team and advisers Allenby. I have gone to the head of enforcement Mark Steward with the letter below.

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EXPOSE: Verditek – a deceptively bad disposal booking a profit which will actually be a loss & even after the sale it is still insolvent!

The good news is that the £308,000 received from the sale of shares in ICSI will postpone insolvency by a few weeks. The bad news is that – unless there is a bailout placing – the company will still run out of cash well before Easter. In fact before half term. Now the morons reckon this deal will allow Verditek (VDTK) to book a profit. Well… er… sort of but not really. And even with this sale Verditek is still insolvent, or near as damn it.

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EXPOSE: Here’s how Chill Brands deceived its investors before Christmas

Since the Standard List is regulated – no sniggering at the back –  by the wretched FCA, lying to investors about the nature of a transaction is probably not considered to be a problem. Here is a deception and rule breach served up by the soon to be insolvent fraud Chill Brands (CHLL) on December 20 2021.

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Chill Brands interims – when did it start lying about sales? Why no current cash number – this is now a near insolvent fraud

Chill Brands (CHLL) has today issued results for the six months to 30 September and quite simply what it says does not tally with numerous RNS statements about sales. This is slam dunk fraud but it gets worse.

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Lombard Capital – pray for the well being of the directors, diddums, my heart fecking bleeds

Insolvent Aquis lobster pot listed Lombard Capital  (LCAP) starts its annual results statement today with the statement “ The period under review has been extremely difficult for the company and the directors’ well-being.” That would presumably include the director given vast unsecured loans to 100% fund two start up companies? Yes him. Diddums. My heart bleeds.  Suffice to say the results are shite and the statement wholly misleading.

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Pinocchio

BREAKING: Who's going to drive you home tonight? More porkies from Julie "Lingerie on Expenses" Meyer MBE

Oh dear, oh dear, oh dear. She just can’t help it can she. How do you know if Julie Meyer is lying? Because her lips are moving. Once again we return to Drive Software, the company Julie once hailed at Tesla meets Fitbit but which keeps losing money and is clearly insolvent as I demonstrated HERE on September 26 2021. La Meyer has appointed a new CEO and the company has given a gushing interview to that must read publication, Fleetworld, as you can see below.Natch it is packed with lies.

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Abingdon sings at the Covid bailout placing ball, next up Omega Diagnostics then Abingdon again?

Abingdon Health (ABDX) will, no doubt, claim that its up to £6 million placing, open offer and Primary Bid offer at 25p is down solely to the DHSC not paying delayed bills. But then again this was a company that was technically insolvent before it raised £20 million at is IPO a year ago so, in my view, it has always been a basket case and I have explicitly warned you many times that a bailout was looming. For the record, this will not be the last one. So, who is next? Abingdon again or the other grossly overhyped covid dog Omega (OMX). But first a covid prediction…

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Curse_Of_ShareProphets

BREAKING: Central Copper Resources: Is the IPO that will disgrace AIM again on or off?

Back in last July I exposed AIM Wannabee Central Copper Resources. The team behind it had listed a company, Cradle Arc, on the AIM sewer in late 2018 which within a year saw its shares suspended pending clarification, engaged in tax evasion, traded while insolvent  and deceived investors before going bust. Surely advisers and AIM Regulation would not allow such scallywags a second chance?

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Crowd For Angels squirms to cut exposure to Verditek as insolvency looms – Verditek loses 42p on the trade

Oh dear, this looks like it is going to end in tears for Richard “Gollum” Gill and his colleagues at low grade crowdfunding outfit Crowd For Angels.  The problem is that Verditek (VDTK) has still to announce any meaningful orders since its interims and thus is, as we speak, almost insolvent. And that would expose a black hole in Crowd’s own woeful balance sheet. The facts…

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Nightcap and La Willingham – darling, it’s what you don’t say that matters! SMTM (or lack of it)

Faced with a plunging share price since the “oversubscribed” placing and founder shareholder stock dump in May, what does Dragon’s Den “star” Sarah Willingham do for her NightCap (NGHT) baby.  First: panic. Second put out out a rushed trading statement with old news and missing out critical numbers.

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Anglo African Agriculture – is it game over for this Big Dave Lenigas & Little Andrew Monk spoof

Very wisely, big Dave Lenigas stepped down as chairman of the company he founded on 30 July leaving his buddy Andrew Monk in charge.  That the company’s adviser and broker on London’s standard list is VSA Resources run by er…. Andrew Monk is obviously not a conflict of interest at all. Anyhow, it is all ending in tears as an RTO underway for two years has hit the buffers and the company appears to be insolvent, What’s not to like?

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Tern stinks, AIM Regulation must act NOW!

I have identified Tern (TERN) previously as a compelling short as nothing it says makes sense, the stated NAV is about 9p at best and the shares are 19.25p. But that NAV is bogus! The main component of NAV ,just over 50% is a holding in Device Authority but there is a bombshell out there Tern is not telling folks about. Device looks to be insolvent.

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G3E
G3E
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After 2813 days it is ouzo on cornflakes time for the Sheriff of AIM as G3 declared insolvent

2813 days ago after being jerked around and threatened with legal action by its odious PR man, I, nonetheless, published the bloody dossier on Green Dragon Gas, which latterly became G3 Exploration (G3E). Though it has been obviously bust for a while, today it was forced to admit to it. Shame on that PR man, shame on boss Randeep Grewal and shame on those who promoted this enterprise. Today, after almost a year of denial, the Fat Lady has sung.

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BREAKING: Bidstack – Confirmation of Stifel forecast slash & breach of AIM Rules 10 & 11

Needless to say, the morally bankrupt PR firm of Buchanan has still not replied to an email from Tuesday night regarding forecasts for its technically insolvent client Bidstack (BIDS). Presumably it is working hard finding a journalist to smear and that is its priority. When Steph Watson says she will reply to an email, what she clearly means is “I am a lying PR harpy and will do nothing of the sort.” But, without the assistance of mendacious Steph, I now have confirmation that house broker Stifel has indeed slashed forecasts which appears to be a clear breach of AIM Rules 10 and 11.

Bearcast
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Tom Winnifrith Bearcast: Naughty, naughty Nick Hasell, life on the dark side has got to you badly

Today’s podcast looks at Braveheart Investment Management (BRM), Trevor Brown and the sham that is Remote Monitored Systems (RMS). I also look at the murky world of near insolvent Bidstack (BIDS), the Zoetic (ZOE) fraud and the warning from McBride (MCB) – where Naughty Nick is being naughty – what it says about McBride but also about inflation. 

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Has Bidstack issued a horrible warning but only for clients of Stifel – does AIM Regulation give a feck as insolvency looms?

If there is a material change in your trading outlook, as an AIM Company you have a duty to inform the market at once, as per AIM Rules 10 and 11. But if you are Lyin’ James Draper of Bidstack (BIDS) you do not give a flying fuck about the rules. So has he issued a horrible lack of sales/increased losses warning by simply speaking to the analyst at house broker Stifel who slashes forecasts? Is it the case that as of Friday clients of Stifel heard the bad news, other morons who owned the stock did not. And the news, is rumoured to be dire. Cretinous low grade PR firm Buchanan, employers of the journalist smearing fraudsters PR of choice Henry Harrison-Topham, are failing to answer emails or calls on this matter but should get off its fat collective arse and issue an RNS or at least say this is not true if it is not true.

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The Fraud Supply@ME Capital – another win for the Sheriff amid a truly dismal trading update

Buried at the bottom of what is a truly dismal trading statement is an admission that the fraud Supply@ME Capital (SYME) has, as I revealed here, breached the 2006 Companies Act and not actually held its 2019 AGM. That will now be rectified. Yes I was right about that, the morons wrong, time to apologise morons. But it is the trading update or rather lack of trading update which should really alarm the morons who own this stock.

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Boom

BREAKING: The strange world of Julie Meyer as she is forced out of the shadows – Drive Software

The acrimonious bust-up of Julie “Lingerie on Expenses” Meyer and her former business partner Rene Eichenberger has resulted not only in the good Dr Eichenberger spilling the beans but in Julie being forced out of the shadow directorships. We have already seen this at Lattun Holdings which she does not actually own but who cares about the actual law? Now: welcome to Drive Software.

SJH
SJH
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St James House shocking results part 3 - dubious deals revealed

As you dig through the detail of the year end 31 January 2020 accounts, you discover more evidence of still generous asset valuations and the poor deal-making ability of St James House (SJH) which is why anyone buying the shares is truly insane. 

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Block Commodities, joke pot deals, a vile ex Tory MP, Tatnall & Longley & Pre Genius Steffi – the party from hell

Amazingly, after all the lies, well documented on this website, that African Potash (AFPO) told before being slung off the AIM sewer and all the lies it has continued to tell under its new name of Block Commodities (BLCC) while on the joke Aquis Market, the shares remain listed. Lyin’ Chris Cleverly has, however, stepped down “to pursue other interests”. That announcement came as the company managed to find an adviser to act for it. I wonder if it was a condition.

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SJH
SJH
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St James House – results bloodbath and (yet again) vindication for the Sheriff of AIM ( Part 1)

This is such a mess, such a shit-shower of deceit and wrongdoing that it is necessary to split it into three parts. What follows is, even by the lowly standards of the AIM sewer, a total shocker.

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Supply@ME Capital "acquisition" – is it TradeFlow Capital?

The fraud Supply@ME Capital (SYME) has announced that it has signed Heads of Terms to buy “a leading FinTech-powered commodities trade enabler, focused on SMEs, based in Singapore” I wonder if this is, as has been speculated, TradeFlow Capital.

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SJH
SJH
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St James House – when will the 31 January 2020 accounts be published? And do we need Roy Castle again?

The finance Director of St James House (SJH), “Desperate Dan” Pym was appointed as the Company’s Finance Director on 30 September 2020 and the company shares have been suspended since 2 November 2020 so under his reign the company has been in suspension more than it has traded. Once again I ask the question: is this is a record?

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Supply@ME Capital – the silence from the £160m fraud is now deafening, even the morons must realise something is wrong

Shares in Supply@ME Capital (SYME)  have now been “temporarily” suspended – after I explained to the FCA why a suspension was needed – since January 21. I wonder how the Sith Lord Zak Mir, such a keen promoter of this fraud, interprets the 1 month share price chart?

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Reader Poll: which will go bust or be booted off the market first?

Just for fun and to annoy the sort of pond life who take such pleasure in trolling me, here is a reader poll with a deadline to vote of midnight tonight 17th February. Which of the following companies will either declare bankruptcy or see its shares slung off the market for good first?:

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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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EXPOSE: Pineapple Power – the insolvent IPO from Christmas Eve & the shocking ramp since

All this needs now is for Harriet Dennys of the Mail on Sunday to claim that this company has a £6 million war chest (it does not) and Pineapple Power (PNPL) will show everything that is wrong about UK smaller companies markets, especially the FCA regulated, no sniggering at the back, Standard List.  Let’s start at the beginning.

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SJH
SJH
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Devastating Dossier: St James House – time for the finance director & Nomad Allenby to face reality, the company is BUST!

The pretence is that this company is not insolvent. It is. It is time for various folks to wake up and smell the coffee. On 31 December 2020 in a trading update, St James House (SJH) stated in an RNS:

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Bear
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5 Slam-Dunk Sells for 2020 – I look like a Chump! Undeterred, Here are my Five for 2021.

Tom Winnifrith ate his hat over Red Rock Resources (RRR), so it is only fair I ‘fess up – my list of five slam dunk sells for 2020 was, ahem, less than successful – mainly down to the performance of AIM-listed Catenae Innovation CTEA) which put on a whopping 140%, and AIM-listed URU Metals (URU) rubbed my nose in it further with a rise of 54%. So was I wrong?

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Timebomb
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Edison’s grossly misleading research on Dragon Sarah Willingham’s Nightcap – this is a monumental deception of retail investors

Edison has served up a research note on Sarah Willingham’s NightCap group which will soon list on AIM and is trying to raise £6 million, including from retail punters via Primary Bid. Edison is paid to produce its research so, like a hooker who never tells her clients that they have bad breath, a microscopic penis or unpleasant fungal growths, Edison says only nice things. But this promotion is downright misleading. It is a shocker as you can see HERE Let’s start with the opening paragraph.

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SJH
SJH
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EXPOSE: St James House – which assets are the auditors probably most concerned about? What will see the shares suspended and why the shares are worthless

The newly installed finance director of St James House (SJH), Mr Daniel Pym, (appointed on 30 September 2020) hasn’t exactly got off to the best of starts because his announcement of delays in completion of the audit citing COVID 19 and “complexities in relation to fair value adjustments of certain assets” means that the shares will be suspended on 2 November 2020.  Given these accounts are for the year ended 31 January 2020, the COVID 19 excuse isn’t credible as management has had 9 months to finalise the financial statements and major companies have published not only their 31 December 2019 accounts but also their interim accounts for the six months ended 30 June 2020.  I look at three of the lower quality assets on the balance sheet where if I was the auditor exercising my professional scepticism, I would be requiring management to take major write downs:

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G3E
G3E
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Randeep Grewal of suspended G3 Exploration again shown to be a proven liar - prepare for wipeout

Randeep Gewal of G3 Exploration (G3E), formerly Green Dragon Gas, being shown as a liar comes as about as much of a surprise to me as the sun coming up in the morning.  An insolvent company run by a liar, what is not to like? You cannot say I have not been warning folks for years ( seven!)

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Bearcast
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Tom Winnifrith Bearcast: Should I put 80% of my portfolio into Centamin? Er.... No

I have done a rather good new podcast on the US election which annoyed champagne socialist Darren Atwater greatly which tells you how good it is. You can access it HERE. In today’s bearcast, I look at Centamin (CEY) and Kefi Copper & Gold (KEFI) as well as at almost insolvent con Supply@ME Capital (SYME).

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BREAKING: Technically Insolvent Verditek – the questions Scott Evans answers and you will piss yourself laughing

Verditek (VDTK), a company with negative net current assets and which is burning cash so is technically insolvent, has today announced the publication of a research report. Natch, the pathological liars at Verditek deceive investors even with this pathetic attempt to ramp the shares ahead of a placing.

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YU
YU
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Yu Group – major downside risks (if you actually read the statement carefully!)

Last week’s interim results for Yu Group (YU.) show net assets of £3,753,000 but this includes £4,730,000 of a deferred tax asset. Without this asset, the group would be technically insolvent as liabilities would exceed assets.

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BREAKING: Verditek – now tell us the truth about Optimeyes, time to come clean Tory Toff Lord Willetts

Spotting misleading and deceptive RNS statements made by technically insolvent AIM listed ramp Verditek (VDTK) is like shooting fish in a barrel. The skill is in finding one that is demonstrably true! Given that the company needs a placing pronto to avoid bankruptcy, AIM Regulation and the FCA should be investigating all its statements made via RNS to establish if ANY are true, given how many pre-placing lies I have unearthed. So here is yet another one… Optimeyes

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Tory Party Bulletin Board Moron of the week: Verditek mug natch. PS I am not a banana

I have now proved beyond any doubt that technically insolvent Verditek (VDTK) has misled investors grotesquely during five separate fund raises. If AIM Regulation was not staffed by such poltroons, the shares would already be suspended. They may still be. So what does that say for the integrity of the man at the helm, the chairman Tory Toff Lord David Willetts?

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EXPOSE: Another AIM scandal involving a Tory grandee, Verditek – why is this not slam dunk securities fraud?

Shares in Verditek (VDTK) have been pumped up to 18p, capitalising it at £52 million, on the back of supposed order wins. But this company is a serial liar in that regard. Its finances are shot so why does anyone buy into the nonsense?

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Confetti
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An ice age blizzard of confetti for the weekend sir? Canadians learn about lubing up for Lenigas dilution

If you are thinking in investing in Lenigas PLC, Big Dave’s soon-to-launch London listed mining investment company, before you open your cheque book, have a quick butchers at events yesterday in Canada. I do hope shareholders in Elixxer, formerly Lenigas Cuba, had vats of lube at the ready.

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Sinking_Ship

Chilango goes tits up – Covid is just the excuse, I did warn you all this was an insolvent mini-bond ponzi

Today, the deadwood press is noting that Mexican restaurant chain Chilango is about to appoint RSM Tenon as administrators with Covid 19 once again getting the blame. But is that fair on the poor little virus?

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Trafalgar Property – Chris Akers ups stake to 9% as the ramp continues

Things appear to be hotting up at the latest Chris Akers/Peterhouse ramp, AIM-listed Trafalgar Property (TRAF), with Chris Akers having upped his stake for a second time, now to 9.12%. Of course, at first glance Trafalgar is an utterly worthless POS but recently announced that the holding company was clean of debt – the expectation being that the subsidiaries will either be packed off to the administrator’s office or sold off for a traditional £1.

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EXPLOSIVE: Near insolvent: Supply@ME Capital lies to investors or hires a liar

Okay, this is not a £226 million investor mislead. But as near insolvent Supply@MECapital (SYME) tries to ramp its shares ahead of some sort of financial bailout I can state categorically that someone is telling a 100% slam dunk outright lie.

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SOU
SOU
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We know Sound Energy is worthless, but how soon will it go bust?

Pity those who bought shares in Sound Energy (SOU) at well over 80p at peak ramp. Luckily for him, the chief ramper James “Dracula” Parsons sold most of his stock while urging others to buy, as the shares now trade at just 1.11p to sell, valuing this company at £12.5 million, which is far too high. By about £12.5 million in fact.

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PHE
PHE
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Is Zak Mir still a Good German - the Powerhouse Energy ramp

I noted that in terms of the Eurasia Mining (EUA) scandal, my old friend, the Sith Lord Zak Mir played his part in the promote only becuase he was obeying orders. Now I see that he is pushing shares in almost insolvent Powerhouse Energy (PHE) ahead of its merger with almost insolvent Wastte2tricity. Peter Brailey exposed the ludicrous nature of Zak's ramping HERE yesterday.

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Catenae – another day and another serving of Covid spoof as a new wave of shares get ready to be dumped

On 20th May (Wednesday this week) 32 million Catenae (CTEA)shares issued at 1p will be admitted to AIM. Given that this company is almost certainly technically insolvent and is burning cash and that the shares trade at 2p+ what do you expect the spivs who backed the last placing to do? Exactly. And when they have finished dumping those pieces of confetti there are 16 million warrants with a 1.25p strike to consider…

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Catenae Innovation: is this the most insane valuation on the AIM Casino?

At the half year ended 31 March 2019, Catenae (CTEA)  had net liabilities of £389,980.  After adding the net loss for the second half of £287,330 (based on unaudited full year loss of £789,565 less half year loss of £502,941 and extrapolating the loss for another 7 months to end of April 2020 of £335,000 (based on 2nd half year run rate) results in net liabilities of £1,022,310.

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Conroy Gold and Natural Resources - £50k of February Placing dribbles in, still £100k to go

Roll up, roll up – buy now, pay whenever you like! AIM-listed Conroy Gold and Natural Resources (CGNR) seems to be behaving more like a cheap furniture shop, rather than a serious company when it comes to raising money. On Thursday afternoon it updated on the placing way back in February, under which (unbeknown to the market) most of the cash it said it had raised didn’t arrive. Updates last month detailed some cash which finally dribbled in and on Thursday we learnt that another £50,000 had arrived. Good news……just £100,000 to go out of a £302,500 fundraise.

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

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

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Anarchy
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Three AIM stocks monstrously overvalued where a placing is a certainty: I despair.

We truly live in mad times. The printing presses are running full steam, the dole queues building at rates not seen for decades, the economy imploding and yet on the AIM Casino there are stocks trading at ludicrous levels. I offer three: Catenae (CTEA), Conroy Gold and Natural Resources (CGNR) and Tern (TERN).

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UEX
UEX
PREMIUM CONTENT

Wellesley Group Investors– Urban Exposure Asset Bid. This is a spoof surely?

Today we are told that Wellesley Group Investors Limited has made a proposal to acquire the assets of Urban Exposure (UEX). This is a spoof and the spike in Urban’s share price cannot be justified if you do any digging at all

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PREMIUM CONTENT

Trafalgar Property gets its April Fool in a day early as surely the Grim Reaper books his appointment

The AIM-listed property disaster that is Trafalgar Property (TRAF) was surely already at death’s door but yesterday’s update shows that its board is either deluded or trying to delude investors. The last set of numbers (released at 4.23pm on the Friday before Christmas) showed negative shareholder funds of £2.9 million (quite an achievement for a housebuilder in a housing boom!). Three weeks ago it tried to dress up a hoped-for bucket shop bailout by proposing to grow tomatoes in test tubes and now we have a disastrous statement which it thinks polishes the turd – but looks more like an April Fool to me...

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G3E
G3E
PREMIUM CONTENT

G3 Exploration – where’s the goddamn statement you insolvent shysters?

Tick Tock, tick tock. On February 7 insolvent G3 Exploration (G3E) said it expected to announce a refinancing by March 13 2020. Well Guess what folks it is March 13. So where is the Goddamn statement from the shysters?

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Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast: Neill Ricketts shows his desperation using the Police to try to silence a Versarien critic

In today's podcast I first discuss the denial of some Versarien (VRS) poltroons wilfully misquiting Patrick Abbott in the whistleblower podcast. Then I turn to what it means for a company to be insolvent and why that is not necessarily trading whilst insolvent. Finally back to Versarien and Neill Ricketts trying to silence a critic using the Police. A) given the way he eggs on the mob to harass me and my wife this is nauseating hypocrisy, b) the Police do not have a leg to stand on and I urge the critic to keep posting so the Police look like fascist arseholes, c) it shows just how desprate Lyin' Neill has become and as such this is a massive red flag.

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KDR
KDR
PREMIUM CONTENT

Karelian Diamonds – Interims from second Conroy vehicle…..guess what?! And what was the Nomad smoking when signing this B***S*** off?

I covered technically insolvent Conroy Gold and Natural Resources’ (CGNR) interims and came to the obvious conclusion that it was technically insolvent. Yesterday its sister company (with largely the same management), AIM-listed Karelian Diamonds (KDR) followed with its own half-year numbers and guess what. But the statements are just unutterable tripe which, I suggest, are intended to mislead.

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PREMIUM CONTENT

Conroy Gold and Natural Resources – Interim numbers show it is still technically insolvent

Of course there is insolvency as far as the law is concerned, and insolvent in that there isn’t enough cash to pay the bills but AIM-listed Conroy Gold and Natural Resources (CGNR) had not the cash to pay its bills, but still goes on. The interims to last November 30 show that it clocked up a pre-tax loss of EUR 278,000 and had negative net current assets of a stonking MINUS EUR 3.7 million!  

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PREMIUM CONTENT

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

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

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PREMIUM CONTENT

Vast – Interims at 3pm on a Friday, no-one-is-watching o’clock? Uh-Oh…..where’s the cash?

AIM-listed Vast Resources (VAST), a company about which I have been a perennial bear and issued a sell call in the run-up to Christmas when the debt funding didn’t appear, has released interims to 31 October this afternoon. At 3pm on a Friday! What horrors do we find?

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Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast: fake sheiks & Nomads in the doghouse on another day of utter shame for the scandal plagued AIM Casino

I start with an update on ADVFN's paedo guy, then it is onto the role of Nomads on the AIM Casino, what they are meant to do and the problems they face. I look at three Nomads and their clients: Lekoil (LEK), Versarien (VRS) and Anglo African Oil & Gas (AAOG) plus I discuss Tizania (TILS) and today's monster spoof from almost insolvent Iconic Labs (ICON).

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PREMIUM CONTENT

The second time I’ve claimed this scalp this year: Toxic David Sefton “resigned” from Iconic

In July this year David Sefton was forced to quit Anglo African Oil & Gas (AAOG) after revelations on this website about horrific undeclared conflicts of interest, obscene expenses and other matters. Here we are on January 30th and after massive pressure about misleading RNS statements, related party deals and other matters I get to claim his scalp again, this time at insolvent Iconic (ICON).

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PREMIUM CONTENT

News from the boiler room: Inspirit Energy – 2.35pm Christmas Eve Eve results show what a POS it is

If you know your results are so poor they will be an immediate sell signal to even the most diehard of investors, the best time to release them is at no-one-is-watching o’clock. In theory, peak no-one-is-watching o’clock lies on Christmas Eve, especially after-hours, but with our annual watch on such matters perhaps Christmas Eve is not quite the best time to tell investors what a total POS your company is. And so AIM-listed Inspirit Energy (INSP) released its full year numbers to June 2019 at 2.35pm yesterday: truly the behaviour of pedants. But ShareProphets, always eager to share what companies do not want you to know, was indeed watching and the numbers were truly dire.

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Crime-Scene

Want someone to blame over Anglo African Oil & Gas debacle - how about the Whore blogger & the Clown?

Shares in Anglo African Oil & Gas (AAOG) were 16p a year ago and are now 0.6p ( and overvalued at that). The main blame for this debacle must lie with disgraced bosses James Berwick ("resigned" today) and toxic David Sefton.  But of you seek other culprits on the pay roll....

MPH
MPH
PREMIUM CONTENT

BREAKING Analysis Neil Woodford AIM dog Mereo Pharma, another body blow – insolvent by end January

For some reason, Britain’s most disgraced fund manager held this AIM dog in his Equity Income Fund though the chances of it paying a dividend made my chances of getting lucky with Cheryl Cole look like a nailed down sure fire certainty.  Today there is another body blow, clinical failure, but the real issue, if you do the maths, is looming insolvency.

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PREMIUM CONTENT

Neil Woodford uber dog Verseon – uh oh, comedy shit show

Yesterday Neil Woodford backed AIM listed uber dog Verseon (VERS) announced the sale and leaseback of its HQ in Fremont California, bringing in a net $9.5 million which would still have left it insolvent. Today, uh oh the deal is off. This is a shit show of the highest order.

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PREMIUM CONTENT

PCG Entertainment – shares suspended, administration looms, a statement that, even the white rabbit thinks is bonkers

This is insanity writ large. Richard Poulden of PCG Entertainment (PCGE) will always be my friend but I simply cannot defend a statement today which is, at almost every, level bonkers.

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PREMIUM CONTENT

Cash Hungry Neil Woodford Dog Verseon releases interims – when will this mutt be taken out and shot?

AIM-listed Woodford dog and purveyor of revolutionary computer generated drugs Verseon (VERS) released its interims results yesterday – deadline day. A look at the balance sheet says it all as the company bleats that its Magic Money Tree (ie Neil-Knows-Best Woodford) is barren. It has no income, is piled up with debt and nobody wants to invest.

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PREMIUM CONTENT

Catenae Innovation looks even more screwed after a profit warning and with funding needed 'in the near future'!

I’ve never been able to see any value in Catenae Innovation (CTEA) and haven’t been surprised to see the share price collapse, but an attempt to give it a pump now seems to be underway – which I’d expect given that a placing can’t be that far away!

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MRS
MRS

Oooo Er MRS, the comedy shit show continues – shares in Management Resource Solutions suspended

Shares in this posterboy for the AIM Cesspit fell in morning trade. Pure coincidence natch! Nothing to see here officer, move along quickly please. At 2.20 PM the Oxymorons at AIM Regulation suspended trading in a company we have pointed out is drowning in debt and red flags and is almost certainly worthless on many occasions as you can see HERE. At 4.01 PM Management issued a statement. You cannot make this shit up. Only on the AIM Cesspit.

KDR
KDR

Beer and Popcorn time at Karelian Diamonds

Oohhh goodie! It was announced on Friday morning that AIM-listed insolvent POS Karelian Diamonds (KDR) had received a EGM requisition to sack the board……but due to a technicality the requisition received was not valid. However, on the expectation that another is on the way minus any technicalities causing problems, it looks as though the Prof Richard Conroy soap opera is set to take another turn.

SJH
SJH
PREMIUM CONTENT

St James House – trading update as Razzall tries to dazzall (but fails)

AIM-listed St James House (SJH) is not the investment house which gave Neil Woodford the dreaded vote of confidence – this is the old Boxhill run by Lord Razzall. It may have a swanky upmarket new name but it still looks like the disaster of old...

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WSG
WSG

Westminster 2018 results – the ghastly truth, the fudges to stop it being marked insolvent

And so having promised us 2018 sales of £7.2 million and an EBITDA profit on January 29, simply to get a bailout placing away on February 8, the ghastly truth now emerges. Westminster’s (WSG) 2018 results are shite and bar an accounting fudge they would have shown the group as insolvent. Let me explain.

MRS
MRS
PREMIUM CONTENT

Gotcha? So how much of Management Resource Solutions does John Zorbas and concert party control?

Today at 2PM, Management Resource Solutions (MRS) hosts a teach in for analysts and investors at the offices of its PR firm FTI Consulting. Anyone attending might care to ask if the Takeover Panel has been in touch.

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Red Flags at Night: POS Challenger Acquisitions results at 5.24pm as the wheels come off

Well surprise, surprise – Cynical Bear was right! Standard-list posterboy Challenger Acquisitions (CHAL) reported its FY18 results last night at 5.24pm, hoping that nobody was looking. Unfortunately for its CEO, ShareProphets was watching and the numbers are absolutely dire. With net current liabilities of £3.2 million, it has a mountain to climb...

Inspirit ( an insolvent crock of shite) - is there something you are not telling us?

Inspirit (INSP) is technically insolvent and worthless but is there something it is not telling us? I suggest you to examine the screen shots below.

MRS
MRS
PREMIUM CONTENT

Management Resource Solutions – the Profits warning it is refusing to issue

As far as I can see, Management Resource Solutions (MRS) is insolvent so it does not matter how dismal its profits are, it is simply not generating free operating cashflow. As the old saying goes, profits are a matter of opinion, cash is fact. But for what it is worth Management owes us a profits warning…let me explain.

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MRS
MRS
PREMIUM CONTENT

EXPLOSIVE: Management Resource Solutions - 12 damning questions

It is bad enough that Management Resource Solutions (MRS) is insolvent as shown HERE. It is worse that it will not answer questions about the stink to high heaven non declared related party Alerion deal we exposed HERE. Now I have 12 more questions for Messrs Hogan, Zorbas and Grove. These worthless shares should be suspended at once.

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TLY
TLY

Totally trading statement – complete & utter gibberish and utterly meaningless

Totally (TLY) is probably insolvent, in that it cannot meet its existing current liabilities from existing resources,  but we do not quite know as today’s trading statement is just so much meaningless gibberish. What exactly is CEO Wendy Lawrence so desperate to hide?

Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast: Happy Birthday Dad, Ooh Er MRS & time to back Mr Farage

Happy Birthday Dad. I hope that you enjoy your "medicinal" apple based gift. I am about ten days from moving house and have just completed a mail relocation form so I shall get my postal vote for the Euros forwarded. I dislike many of the creeps who surround Nigel Farage but his Brexit party has my vote in the bag and I explain why. I look at Management Resource Solutions (MRS) as another red flag emerges for this insolvent piece of crap. I cover Westminster Group (WSG) run by loathsome swine Tony Baldry, Audioboom (BOOM), Woodford Patient Capital Trust (WPCT) and his other dogs and Purplebricks (PURP) in a Joshua interrupted podcast.

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Bearcast
PREMIUM CONTENT

Tom Winnifrith Bearcast - Mirriad needs to fess up, Debenhams does not discount what lies ahead

I cover WH Ireland (WHI) and the crisis engulfing the small cap world in a serperate bearcast HERE but touch on its downfall in the main bearcast. I look at Mirriad (MIRI) which needs to fess up as to how much cash has not yet been spunked, Rose Petroleum (ROSE) and insolvent Cabot (CAB) and the panic sells created by the demise of City Financial Investments, the bid for Independent Oil & Gas (IOG) and at Debenhams (DEB) where the worst is yet to come. If you enjoyed this bearcast, follow Jim Mellon and support the Rogue Bloggers for Woodlarks HERE. 

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Dead-Donkey
PREMIUM CONTENT

Wellesley Finance Plc – another mini bond lender heading for the rocks?

Wellesley Finance is another minibond lender provider and also a peer to peer lender. It shares
some features in common with London and Capital Finance Plc (in administration) and Blackmore
Bonds Plc ( as we showed HERE technically insolvent). It offers attractive headline rates of return better than the banks albeit lower than London and Capital and Blackmore. The directors report for Wellesley Group for
2017 shows that it had borrowed at an average rate of 4.17% in the year. The latest interest rate
offer is up to 7% per annum 

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FRR
FRR

Frontera arguably insolvent says Judge as he finds against it in crunch case - another breach of AIM Rules

The whore blogger Malcolm Graham Wood and Frontera Resources (FRR) repeatedly asserted that legal claims against it had no merit and would be thrown out. A Judgement handed down on 22 January, which we publish below, shows that was not the case. The Judge slams claims made by Frontera in the case against lender Outrider as "fantastical" says that it is "strongly arguable" that Frontera is insolvent and rules against the formerly AIM listed POS.

YU
YU

YU – all silent in run up to Christmas (so far….)

Back on 24th October, AIM-listed Yu Group (YU.) issued a devastating RNS regarding accrued income recognition, impairments of trade debtors and the shares collapsed 80%. Then on 5th November the company announced that it had appointed PWC and DLA Piper to carry out independent forensic investigations and promised to update the market in due course. So how about that update?

FRR
FRR

Frontera Financing Update is no such thing – Waseem knocks this bull for six

No doubt the whore blogger Malcolm “Fat Bastard” Graham Wood is preparing to pen rubbish about how Frontera (FRR) has solved all its cash issues in order to earn his Christmas bonus. But today’s statement from a company that is technically insolvent means nothing of the sort.  The great Waseem Shakoor, who I have forgotten to ask about Newcastle’s 3-0 thrashing at home to the Mighty Hammers, nails it with the post below.

OPP
OPP
PREMIUM CONTENT

KERBOOM, KERPOW! Origo Interims part 2 – hero Chapman rightly blasts the old regime again

In part 1 of this expose we saw that the new board of AIM-listed Origo (OPP) had spent time getting to grips with the trainwreck of a company left behind by previous management. New chairman, John Chapman was not mincing his words as he told us that company records were missing, such as the due diligence and investment rationale for the company’s investments – as were some of the investments, “expenses” had been paid to someone who left the scene four years ago and that the old guard  including its Nomad had been understandably reluctant to hand over the keys. Now let’s look at some of Origo’s portfolio.

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Filthy Forty Walcom – surprise, surprise: the customer hasn’t paid yet. SELL!

On 28th June ShareProphets AIM-China Filthy Forty play (one of only seven remaining) Walcom (WALG) announced it was having problems getting its biggest customer to pay – but it was ok because it expected to cough up by 10 July. Well, here we are and surprise, surprise……it still hasn’t ponied up the wonga. The company issued an RNS entitled “Customer Payment” (if that is not misleading, I don’t know what is!)

Updated: Filthy Forty Walcom Group warns it is in big trouble. Get out now!

This morning ShareProphets AIM-China Filthy Forty play Walcom Group (WALG) issued a trading statement. Given that its interims are due by tomorrow, that does not look good – indeed, I wonder if the numbers will not be forthcoming and a suspension will follow.

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.

Boom

A leaked Julie Meyer Email - how she bullied Glassdoor to take down hostile reviews from ex employees & was still trying to tap investors for cash after starting secret talks on calling in administrators

I was reminded today about numerous ways Julie Meyer has bullied her critics to silence them - defamatory internet posts, lawyers letters, the works. Thanks to the Winnileaks service we can now see confidential emails which show how she managed to silence ex employees posting on the workjplace review site Glassdoor.co.uk. First up is an email from Julie to key lieutenants within Ariadne including lawyer Peter Bradley. It is dated 26 November 2017.

ADL
ADL

Monty Python explains the true value of Andalas & the 4 questions it must answer NOW!

I was told last night by the PR spinner to Andalas (ADL) that I should be asking about its new focus in the North Sea, how it will build value, yadda, yadda, yadda. FFS This company has no assets of value, it is burning stacks of cash every day and has NEGATIVE Net current assets of up to $2 million, even after the £600,000 placing on Monday - what don't you understand about the words "FECKING INSOLVENT" darling? I leave it to Monty Python to explain the true state of Andalas below. Meanwhile here are 4 Burning questions it is not answering so I - and Brokerman Dan - will keep asking.

ADL
ADL

Andalas, Alan Green's podcast and the shitty bottom end of AIM sleaze

Andalas Energy (ADL) should be issuing a statement about its own solvency and other matters flagged up HERE. This company, as it stands, is insolvent. But this is AIM so instead....

ADL
ADL

Explosive letter sent to AIM Regulation re Andalas c/o Winnileaks - is it bust yet & what about the takeover panel?

Thanks to our Winnileaks service we can bring you a letter sent to AIM Regulation this week regarding Andalas Energy (ADL) the AIM listed POS which is almost certainly insolvent. The letter is detailed and is below:

MSG
MSG

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

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

MSG
MSG

Milestone – why does it always hop into bed with technically insolvent partners?

Milestone Group (MSG) has announced a memorandum of understanding with Seed Media Limited and Martin Heath with a joint venture that is intended to be owned 50.5% by Milestone. The proposed deal has two things in common with the proposed deal with Black Cactus namely that underlying technology to be used is Blockchain and the fact that Seed Media like Black Cactus is technically insolvent and loss making.

BOS
BOS

EXPOSE: BOS Global the deception of investors and misuse of funds

BOS Global (BOS) is teetering on the brink of insolvency while the company's founder Michael Travia also tries top oust current directors led by serial fuck-up merchant Adam Webb. I have now seen letters sent by those very close to the situation which act as a second source for me of the most damning allegations about Webb who should stand down at once and never be allowed to run a public company again.

Strat Aero placing and open offer - but in best case it is still bust by February!

Cometh the day cometh the broker who will raise cash for any old shite even if it is bust both before and not long after the exercise, as long as it can hand stock at a huge discount to its mates so they can flip and earn lots of lovely jubbly commission as well. Peterhouse Corporate Finance meet Strat Aero (AERO).

Conroy and Karelian lifestyle companies produce results in a sea of Red Flags. 2: Conroy

Yesterday I described the FY17 results of Karelian Diamond (KDR) and a series of Red Flags to be found. Today we look at its stable-mate, AIM-listed Conroy Gold and Natural Resources (CGNR) and find a similar story. It is a car-crash festooned with more Red Flags.

Strat Aero signs "Significant commercial agreement" - really? But what about the looming insolvency?

Today's pre-placing ramp is for serial offender in this regard, Strat Aero (AERO). The totally insolvent AIM dog boasts that it has signed a "significant" Commercial Agreement with Alnahdi Aviation Technology , experts in aviation technology in the Kingdom of Saudi Arabia to collaborate on establishing a UAV Training Centre in the KSA." Fab. So how much will this bring in? Er...

BOS
BOS

BOS Global: The saga continues – why does anyone really want to run this insolvent POS?

The ongoing farce at BOS Global (BOS) continued with an out-of-hours Company Update yesterday which may not be good news for shareholders but it is certainly providing a bit of light relief for the neutral as a high stakes game of chicken seems to be ongoing where the “winner” gets to run a loss-making, close to insolvent, horror show of a business.

Inspirit - time for another placing to stave off insolvency don't you think?

We have had no news from the Inspirit (INSP) boiler room run by John Gunn and once graced by the great Dave Lenigas since its last placing completed in early September. By my maths the company is once again insolvent so how about another placing Mr Gunn? As a reminder of the maths...

Strat Aero - pathetic pre-bailout placing ramp attempted - FFS this company is bust

Strat Aero (AERO) is quite clearly insolvent. That its shares have not been suspended pending clarification is just another badge of shame for the world's most successful growth market, that is to say the AIM Casino. Today sees another pathetic attempt to sucker in mug punters to try to pump this worthless stock ahead of another bailout placing. 

BREAKING: Three rats desert the sinking fraud ship that is African Potash - but when did they jump? Oh dear...

On 25 October the fraud African Potash (AFPO), now listed on the NEX lobster pot having been slung off AIM, managed to raise £60,000 gross (call it £45,00 net) at just 0.06p to keep the lights on. It is still drowning in liabilities and clearly insolvent. Hey ho, wind forward 12 days to today....

ADL
ADL

Andalas - what it did not flag up in yesterday's results: its 3 months from tits up time!

Yesterday I pointed out that Andalas Energy (ADL) was almost insolvent and that house broker Beaufort was in denial. But now let us turn to something which Nomad Cantor Fitzgerald somehow thought it apppropriate to omit. Sarah Wharry at Caantor you should be ashamed and if/when Andalas goes tits up you may well get sued just as your firm is over its negligence at the African Potash (AFPO) fraud.

ADL
ADL

Andalas - read the notes - it's bust & its house broker Beaufort is in denial

Andalas Energy (ADL) has today announced the departure of its, once greatly hyped, chairman Paul Warwick. How will we live without his blog? It has also served up a set of accounts which show that it is without doubt completely and utterly insolvent. If, like its house broker Beaufort whose comment to clients today is a disgrace, you can't read a balance sheet, the notes to the accounts make that 101% clear to all.

AVO
AVO

Advanced Oncotherapy Interims: cash-guzzler extraordinaire but the tank is empty

AIM-listed Advanced Oncotherapy (AVO) has released its interims results on deadline day. The highlights (if that is the right word) come from the cashflow statement, where cashburn appears to be almost £2 million a month. And then there is the company’s statement of working capital which, although technically correct, is a grossly misleading figure.

WSG
WSG

Westminster Group's paltry placing is not enough, Mr Market has given up

At the weekend I flagged up that Westminster Group (WSG) was at death's door and needed a bailout placing ASAP. Today it announced that it has raised a paltry £750,000 gross at just 10p. Any company chaired by the loathsome ex Tory MP Tony Baldry, of 3DM infamy, is a no go for me but it seems that Mr Market agrees with the Sheriff. Here is why Baldry's Westminster is toast.

Crime-Scene

NEX Exchange: which Corporate Adviser’s been a naughty boy, then?

A chance wander through the NEX Exchange website (formerly ISDX and Plus Markets) market notices page saw me turn up a NEX Exchange disciplinary notice dated 11 August 2017. I wondered what that was about and who had been done over, so naturally I took a look. The good news is that one Corporate Adviser has been hauled over the coals for failing to ensure its client company kept the market informed about important matters. The bad news is that it is released on an anonymous basis by the exchange.

MKA
MKA

AIM uber dog Mkango - insolvent by September, when's the bailout placing dudes?

The sad tale of Mkango Resources (MKA) , the TSX dog listed on the AIM Casino by SP Angel in June 2016 continues but for how much longer? The grim reaper is polishing his scythe and CEO William Dawes better start brushing up on the rules of battleship if he is to avoid what seems an inevitable fate. It all started so well. Mkango was insolvent and so SP Angel raised it some cash about eight months behind schedule and listed it to great fanfare.

PRS
PRS

Paternoster Resources - the Elephant in the valuation room

Yesterday I explained at length HERE why I would not touch Paternoster Resources (PRS) shares with a bargepole - they look cheap in relation to asset value but are not. Indeed I think that the real realisable NAV today is far lower than the last, March 31, stated NAV. Let us just look at an unlisted investment as a case study - Elephant Oil.

FastJet - PR fecking geniuses Citigate can't polish a turd - dismal results and a warning of worse: target price 0p

Hello fascist, journalist smearing, PR fecking geniuses at Citigate Dewe Rogerson, your favourite follower of the dog that is FastJet (FJET) is writing today from my home village in Greece. You have done a good job at polishing the turd that are the calendar 2016 results from Fastjet (FJET) but if folks read beyond your spin to the bottom of the statement they will realise this is a basket case and the shares - at 16p are a stonking sell - the target price is 0p.

SCANDAL: Redx Pharma – goes tits up & blames thieving scousers, just 3 months after raising £12m

It seems to be perfectly acceptable for companies on the Casino to complete fundraisings inadequate to see them solvent. Yesterday at 4.22pm shares in AIM-listed Redx Pharma (REDX) were suspended “pending an announcement” by AIM Regulation (the RNS following at 4.35pm – bit of a rush there fellas?) At no-one-is-watching o’clock (6.35pm: after-after-hours) the company announced that administrators had been appointed - just 3 months after the company had apparently raised £12 million in a placing and open offer. Coke and hookers all round for the Nomad and Brokers concerned. Stale bread and water for those sold this particular pup.

ADL
ADL

Andalas raises £600,000 - which means net cash is less than ZERO - it's still bust & worthless

With some great investigative journalism of which this website would have been proud, Brokerman Dan flushed it out a few weeks ago. The former bank robber - correctly - stated that Andalas (ADL) was looking to raise £1 million at 0.06p and the AIM listed crock of shit suspended its shares. Today they are unsuspended after the company raised £600,000 at 0.1p. It says this is at a premium to the suspension price. But it is a spoof, Andalas is still bust. It is insolvent as of today!

AVO
AVO

Has Advanced Oncotherapy broken covenants on Metric loan already - will it be insolvent on March 31 or is it there already?

I am beginning to think that the 32p I invested in buying one share in Advanced Oncotherapy (AVO) may be dead money sooner than I think. The silence on certain matters relating to the £11 million it owes Metric is deafening and leads me to believe that on March 31 this company could be insolvent. Or is it already insolvent?  The first question is whether Advanced has breached covenants on the loan already and so is in technical default, i.e. insolvent. If that is the case investors should be told at once should they not. Perhaps hapless Nomad Stockdale might force a clarification of this matter?

AVO
AVO

Advanced Oncotherapy - Death Spiral accelerating, what about the 25p hurdle?

When AIM uber dog Advanced Oncotherapy (AVO) announced that instead of going for non dilutive funding ( as no-one would provide it) it was being forced to resort to a dreadful £13 million death spiral from loan sharks Bracknor, its shares were 65p. When the death spiral started the shares were 58p. Now it just £100,000 of the death spiral loan notes on the first £1.3 million tranche converted, the shares are just 43p to sell. Bracknor now has three reasons to panic.

AVO
AVO

The broker that raised £10m for Advanced Oncotherapy downgrades its stance on the dog to hold - damning note

If you had raised £10 million for the AIM dog Advanced Oncotherapy (AVO) less than 5 months ago at 100p then your stance on the stock - at 54p-58p- would be some sort of buy. Oh no. broker Beaufort who did indeed raise that cash has today downgraded its stance to, what may be termed a corporate "hold" (i.e. sell) and makes it clear that the shares will fall allowing lower entry points. I should cocoa. Beaufort today opines after the Bracknor death spiral announcement of Friday - the underlines are mine:

BREAKING: Lyin' Chris Cleverley of African Potash: $250m RNS exposed as "a total fabrication"

Oh dear, Oh dear. Another source has come forward to expose yet another monstrous lie told by the fraud African Potash (AFPO) back in the autumn of 2015 as part of its pre bailout placing series of ramptastic lies. The undisclosed bungs, the $10m LOCs that did not exist, the bogus orders all were aimed at getting awasy the January 12 rescue bailout. It worked, the shares were ramped higher. But it was on the basis of lies. That is fraud. Let us rewind to 25 September 2015.

Bearcast

Tom Winnifrith Bearcast: Hard number crunching on Corero and Jim Griffin for the slammer?

With a hat tip to the pizza hard man Darren Atwater, I start with the sad tale of the demise of wearables darling Vinaya. Does this hold any lessons on investing or warnings for Cloudtag (CTAG) and Fitbug (FITB)? Oh yes! Then it is on to London Capital Group (LCG), Kennedy Ventures (KENV), Autins (AUTG) where - in my view - the now ex CEO Jim Griffin should face a full stewards at the FCA, insolvent dog Andalas (ADL) and finally a look at Corero (CNS) where I crunch the hard numbers for you and the results are not good.

ADL
ADL

Andalas train wreck results (it is bust) and possibly the most expensive death spiral in AIM history

Andalas Energy (ADL) is bankrupt but pretends that it is a proper company. Anyone reading train wreck interims to October 31 2016 can only wonder why its directors have not been charged with trading whilst insolvent. It's a total rum and coke but it gets worse.

AVM
AVM

Avocet Mining is a cracking short

I wrote a while back about Avocet (AVM), suggesting that the share price fluctuations, which were linked to the fortunes of 1392 ounces of gold seized by workers at its Inata mine in Burkina Faso, ignored the fact that the company was essentially insolvent.

AVO
AVO

EXCLUSIVE: Sinophi accuses near insolvent AIM dog Advanced Oncotherapy of lying AGAIN

This is becoming something of a ritual. Advanced Oncotherapy (AVO) is tardy in releasing very bad news but eventually fesses up. But it misleads investors. Its (now very clearly former) partner Sinophi then, effectively, accuses it of lying. Oh dear, for the second time Sinophi has stated that (almost insolvent) Advanced is telling porkies.

African Potash - now about that $600,000 fund raise, admit it fraudsters you are fucked, shares slide again

Now booted off AIM and listed on the NEX Markets lobster pot the fraud African Potash (AFPO) is almost out of cash, owes the FD's fragrant wife Katrina Clayton $985,000 so where is the rescue placing it admitted it needed? Admit it CEO lyin' Chris Cleverley your company is almost insolvent - when will you fess up and suspend the shares?

AVO
AVO

Advanced Oncotherapy says still talking to funders - will it be insolvent in five weeks?

Advanced Oncotherapy (AVO) said in September that it would secure additional non dilutive funding by the year end. Today it is clarified where it stands but has neglected to point out how perilous its financial position is. Net current assets will be negative within five weeks which begs a real question regarding whether this company is solvent

Challenger Acquisitions: Well? Have you paid your debts or are you insolvent?

I understand that Mark Gustafson, CEO, of Challenger Acquisitions (CHAL) is more than happy to treat its shareholders with disrespect and utter contempt but, come on, surely you can’t just sit on price-sensitive information about whether you are bust or not?

Cloudtag Inc –Amit Ben Haim a part time CEO? Just how good is he?

Cloudtag (CTAG) shareholders might expect that Amit Ben Haim, the supposedly superstar CEO, would be wholly focused on building Cloudtag’s business but based on filings at Companies House he has a number of other directorships. Let's look at how a few other businesses led by the great man are doing....

ADL
ADL

Andalas Energy – A review of its accounts show how grim it is - insolvency looms

On 31 October 2016 (the last day permitted for publication), Andalas (ADL) published its results for the year ended 30 April 2016, which showed that it was insolvent to the tune of $1.5 million after recording a net loss of $4,673,000.

Filthy 40 Asian Citrus moves into property. How much cash is left?

My thanks go to Cynical Bear for spotting the latest missive from the ShareProphets AIM-China Filthy Forty purveyor of biblical plagues, Asian Citrus (ACHL). Having seen a pretty complete disaster unfold over the last few years, the company has decided to make a move into the property game in order to broaden the sources of income and to boost the business performance of the group. Call me a cynic: given the history of natural disasters, plague, locusts and invasions by Martians, how long will it be before the buildings in question are found to be suffering from concrete cancer?

MKA
MKA

Mkango Resources - Quarterlies and a whopping great lie about cash

Mkango Resources (MKA) the companyu with worthless (not so) Rare Earth assets in African which no-one else wants and which was trading whilst insolvent at the time of its AIM IPO has released its debut quarterly results on the Casino."When in Rome"...Mkango has marked the occassion with a great big fat lie.

Filthy 40 – China New Energy FY15 results: a stinking POS festooned in Red Flags

ShareProphets AIM-China Filthy Forty play China New Energy (CNEL) has seen us hoist the Red Flag on several occasions before (see HERE) but its FT15 results, released on deadline day (Thursday) take the biscuit. The company is, quite simply, a disgrace and its advisers (Nomad Cairn and disgraced Broker Daniel Stewart) should be ashamed.

POS

Good News for Chris Oil, bad news for the AIM casino, POS Mkango is on its way

It appears that almost insolvent TSX listed Mkango Resources might finally be about to get the dual listing it told us, via RNS, would be in December and then January. I guess there is an appetite for utter shit but look at the price Mkango is paying...
As you can see from the screenshot below the company has been a little tardy in updating its website. Given that its bosses have been unable to afford to take any pay since March 2015 maybe that is no shock.

Environmental Recycling - New Direction Discussions End, now surely time to talk to the administrator

Back on 30 October 2015 long suffering shareholders in Environmental Recycling (ENRT) were promised a change of direction, a new beginning. Having seen its shares plunge from 150p, when it sent me a barrage of lawyers letters for pointing out that it was a total fraud back in 2005, to just 0.05p today the punters must have had some hope at last. But today Environmental ( formerly 3DM) fessed up. As disgraced Michael Walters who has tipped this piece of Turkish for 14 years and who told his readers to report me to the FSA for exposing the fraud, would say "oh dear, oh dear".

Cloudbuy – GM Circular forces reward for failure down shareholders’ throats

I had a few questions about the funding package which out-of-cash AIM-listed Cloudbuy announced on 31 March. The reward-for-failure options re-pricing already stuck in the throat (see HERE) but the GM circular really takes the biscuit. 

Fastjet going down the plughole as Sir Stelios wipes the floor with the board in PR battle

On 22nd March Sir Stelios sent to Fastjet (FJET) the letter which appears below as he upped the ante big time. The response of the Fastjet board has been lamentable with two holding statements and no outright refutation. No wonder the shares have collapsed to 27.5p. It is going to get worse. The target price is 0p or near as damn it.

No Gold to be found in this Port – just a stench

I covered proposals by the board of fully-listed Goldenport Holdings (GPRT) to dispose of its remaining fleet of container ships last weekend with an unequivocal “sell” stance, having previously given the company a wide berth (by more than the length of your average bargepole). The shares duly collapsed by more than 50% last week but I  think that they are worthless and so still a sell at any price. But I have grave misgivings about how this whole thing has been handled by the company.

LGO
LGO

Goudron Bollocks from LGO as it tries to ramp as £5 million rescue placing struggles

Five days ago we revealed that David Lenigas himself was trying to arrange a £5 million bailout placing for insolvent LGO Energy (LGO) which would see Jabba go back on the board and hapless CEO Neil Ritson pushed into the long grass a couple of months later. We have emails from broker Dowgate to potential investors explaining Jabba's plans and saying that the placing would close well before the end of last week. There has been no RNS. Clearly - and not surprisingly - the placement is struggling big time and so LGO has today released ramptastic bollocks from Goudron to try to spoof punters into backing the bailout.

Goldenport – down 53% today but shareholders still facing a zero. Will Tom W offer a bag of crisps?

On Saturday we showed why we think that main market listed Goldenport Holdings (GPRT) is a zero following its after-hours burial of bad news on Friday. With the shares (last seen) down 52.6% today, on a spread of 8p – 9p it is red faces all round at Panmure Gordon which rated the stock a buy with a price target of 125p as recently as November 2015 (down from its previous buy recommendation with a target of 200p - itself reduced from 450p - back in April of last year). 

PTV
PTV

Peer TV - farce & fraud - this one is toast, call in the Old Bill TODAY

Just when you thought PeerTV (PTV) could sink no lower in the AIM Cesspit it comes up with another shocker. The company is clearly insolvent, it has today admitted to lying to investors which is fraud as it issued shares after that lie and its Nomad ZAI Corporate Finance has formally walked. No-one else will act for it so after one month of suspension its shares will be booted off the AIM Casino. The next point of call will be the administrators and hopefully the rozzers as well.

SEV
SEV

Servision US deal - I dont believe you because your last US deal RNS was all bollocks

Earlier today I explained why Servision (SEV) is ramping its shares ahead of a placing - it is because it is almost insolvent as is burning cash. The company responded with news of a new distribution agreement in the US. But I dont believe a word these tossers say. Why? Lets look at the last big US distribution agreement signed. I put it to you that this stinks to high heaven.

Clown

Mkango Resources - where is that "early January" listing Chris Oil?

You may remember the strange tale of TSX listed Mkango Resources, a company in which market abuser, liar and criminal Chris Oil invested £100,000 in the late summer ahead of an AIM Listing on December 2nd. Of course, what Nomad SP Angel and Mr Oil failed to realise is that Mkango is as we speak insolvent, I guess the self-styled Britain's Buffet (sic) is just too clever to do any basic balance sheet analysis. So where are we now Mr Oil?

GSR
GSR

Golden Saint Resources - 2 days left to death? Crowd funded death spiral update - day 88

Why has Nomad Roland "fatty" Cornish not yet had shares in insolvent Golden Saint Resources (GSR) suspended? After all it is totally bust. Perhaps it is in the hope that its crowd funded debt death spiral organised by Richard "Gollum" Gill would be a saviour? If so I have bad news because after 88 days...

GSR
GSR

Golden Saint Resources completes placing but is still insolvent

How long can this joke go on? Floated at 10p, 18 months ago shares in Golden Saint now trade at just 0.035-0.04p as it has announced a placing to raise a £170,000 ( net £158,000) at 0.025p but it is still bust, insolvent, dead. What’s the point? Death is postponed but only for a few weeks.

GSR
GSR

Golden Saint Resources shares slide as death beckons – live execution watch update

Floated on the AIM casino 18 months ago at 10p, shares in the insolvent Golden Saint Resources (GSR) are sliding again today and are now just 0.035p to sell (loss since IPO of 99.965%) so how is its crowd funded debt death spiral doing. I am afraid that the news is not good on day 42.

GSR
GSR

Golden Saint Resources Live Execution Update day 26 – Grab a grand!

Totally insolvent AIM Golden Saint Resources (GSR) had a cracking day 26 on its live crowd funded debt death spiral – some mug punter pledged £1000. That means that £3,200 has now been pledged (admittedly at least £800 of that coming from imbecilic Northern slum refugee Richard “Gollum” Gill and colleagues at crowdforangels) and so the net proceeds (inc VAT outflows are now) a massive £88. Yes after 26 days Golden Saint has raised a net £88, enough to pay for the invaluable services of PR genius Stefania for approximately twenty two and a half hours. So …

GSR
GSR

Watch the Golden Saint Public Execution Live Update – Crowd Funding Net Proceeds now MINUS £1938.50

This gets more hilarious by the day, the slow public execution of Golden Saint Resources (GSR) as it endeavours to secure £250,000 via a crowd funded convertible debt death spiral. On day 2 the net proceeds so far are MINUS £1,938.50.  Death ahoy. The hard maths are just appalling.

RFC
RFC

EXPLOSIVE EXCLUSIVE: Why the £10 million claim by Worthington on Rangers is bogus and how Doug Ware tried to line his pockets with Rangers cash

One of the joys of being in London is that folks come to see me from the Square Mile bearing documents of great interest. I shall not name my City Source. But I have obtained documents showing why the £10 million claim by Law Financial against Rangers (RFC) is utterly bogus, that Worthington (WRN) knows it is bogus and how Worthington boss Doug Ware tried to line his own pockets in an obscene fashion at the expense of Worthington going behind the back of poor Aiden Earley and Craig Whyte.

WRN
WRN

Worthington - yet more questions raised by Companies House Filings

Hat tip to one of our readers who I know works in the small cap area and thus knows his onions for today's bit of Sherlocking on Worthington (WRN). For any Worthington investors this is yet another Red Flag 'fest. For any Rangers (RFC) fans scared that the claims of Law Financial & Craig Whyte may make against the club have any grounds, read this and LOL.  Enjoy. 

GSR
GSR

Golden Saint Resources – after-hours Interims. What a total POS.

Words fail to convey the contempt with which I read yesterday's after-hours interims statement issued by AIM Cesspit poster boy Golden Saint Resources (GSR) - a company that is almost certainly insolvent, numbers don't lie. It almost matches the contempt with which the management of this POS treats its own shareholders.

Ferrexpo's shocker shows why you have to be a top-down AND bottom-up investor

Way back at the start of the year one big picture investment theme I had a good deal of sympathy for was that bond investors would have to get used to the term ‘haircut’ (a cut in anticipated coupons/principal repayment cash flows) reflecting the reality of too many crud balance sheets out there.  I still believe Greek government bonds have that capability given time and a variety of energy sector bonds look deeply shocking but yesterday the Ukrainian Parliament voted through an agreement struck with its largest bond creditors which included a 20% haircut on its sovereign bonds. 

US Oil & Gas – the fraudsters are delusional

Another day and another statement is issued from the madhouse that is the bunker, I mean boardroom at US Oil & Gas (USOP). These folks are delusional. Their Company is also, by my sums, pretty much insolvent within weeks.

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