Keyword results: investigation

CR3
CR3

Core VCTs – A Vote Is Called: If You, Or Someone You Know, Held These Then Please Read

I have not written about the Core VCTs for several years. Given that the three companies – Core VCT (CR3), Core IV VCT (CR4) and Core V VCT (CR5) were formally delisted and wound up way back in 2015/2016 some may be surprised to learn that a shareholder vote has been ordered by the Court of Appeal and that vote is due to take place at an EGM on or around December 17th, with electronic and postal votes to be received by December 16th. In my view it is absolutely vital that every possible vote is cast.

Tom Winnifrith: Is Bidstack PLC involved with latest smear campaign against me? I report myself to FCA

I have today reported myself to the FCA, on the basis of a smear campaign initiated by someone who appears to be close to Bidstack PLC (BIDS). I have asked the FCA to investigate in full the, demonstrably untrue accusations made against me, and also the extent, if any, of the involvement of Bidstack and its officers in this poorly constructed hit job.

FIN
FIN
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Finablr – to “explore strategic options”... calls in Shetty’s financial advisor!

Given that fully-listed Finablr (FIN) is from the house of Shetty that gave us the now - or soon to be - defunct NMC Health (NMC), it is a surprise that Dr Shetty remains co-chairman having been forced out of the door at NMC amid a series of undisclosed share dealings and the subsequent discovery of undisclosed cheques, NMC being left on the hook for its suppliers loans and bank balances which did not match its accounts. And of course Finablr has been in a spot of bother already...

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Formal Request to FRC to investigate PWC, Purecircle and ex CFO Rakesh Sinha

Shares in PureCircle (PURE) remain suspended as it struggles to publish its June 30 2019 accounts. But we are already warned that there will be restatements of 2018 and possibly 2017. But these restatements, which relate to the carrying value of inventory, were repeatedly predicted by ourselves for many years as you can see HERE.  My good friends and keen admirers of my work, The Financial Reporting Council must launch an urgent and full investigation. I have written to the FRC today as you can see below.

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BRY
BRY
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Formal Request to AIM Regulation and FCA to investigate Brady PLC and Nomad Cenkos

Yesterday I revealed, HERE, the shocking way that Brady PLC (BRY) had withheld damaging price sensitive information from the AIM Market and investors, in part with the collusion of Nomad Cenkos. With the company now having to raise £3 million in just six weeks simply to meet November payroll but needing far more to be viable, it and Cenkos are still dissembling about the nature and scale of its problems. I have today written to AIM Regulation and the FCA asking for a formal investigation and to force Brady to come clean. The letter is below

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Boom

Julie Meyer plays the victim card again #Metoo

It is nothing to do with sticking lingerie on expenses while staff and creditors go unpaid, with the criminal charges in Malta, with the millions of pounds of other folks money she has blown, with the MSFA, FCA, SFO, HMRC, IRS and ActionFraud investigations, with the unsettled CCJs, the only reason anyone ever says anything bad about Julie Meyer is because they are men, she is a woman and thus a victim. Whatever...

TCM
TCM
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Are the wheels about to come off ref Telit’s disposal?

I can’t help but notice that the share price of AIM-listed Telit (TCM) hit a new end-of-week low last week, closing down at just 118.9p – a level not seen since August 2017. Of course, that still capitalises the company at £152 million, which seems extraordinary for a company looking to sell its crown jewels to leave it with, according to The Sheriff, perhaps only $10-20 million of cash at peak working capital usage. And loss making at the full year. But why the collapse now? Is that anything to do with the putative purchaser?

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FRR
FRR

Frontera Resources Court Filing - hung in its own words: we publish damning court papers

 The court filing below hangs Frontera (FRR) in its own words. It makes it clear that it is in default on the Outrider loans so is likely to lose all its assets. It also lays bare its failure to secure external funding throughout the past nine months and its now utterly parlous financial state. The shares should be suspended first thing Monday. If not they will utterly collapse. If you have ignored my repeated warnings and can sell Monday do so at any price. And this document may trigger another FCA investigation.

FRR
FRR

Winnileaks: Breaking - Frontera Resources under FCA investigation for misleading investors

The Winnileaks service has been provided with an email sent by an investor which confirms that investigations are underway into whether Frontera Resources (FRR) has mislead investors. Facing two big court cases, out of cash, drowning in debt and burning cash could this be the final straw?  It goes without saying that the shares are a sell. the email is below:

YU
YU

F*CK YU – now the FCA investigates as suspicions of securities fraud mounts

On Monday I wondered out loud what was happening about the forensic investigation into various accounting matters – including accrued income recognition and impairment of trade debtors at Yu Group (YU.). Then there was the small matter of a £12 million placing on the back of FY17 accounts which now appear to be somewhat questionable. Well blow me down with a feather: now the FCA has notified the company that it intends to conduct an investigation and the shares (which I called a bargepole of the highest order on the initial ‘fessing up of 24th October) have now fallen below half of the IPO price of March 2016.

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?

Boom

Winnileaks strikes again - Julie Meyer files documents with MSFA after her team agree to submit a false resignation date

Oh dear, oh dear, the cutlure of legging over regulators with false submissions at the Ariadne ponzi scheme headed up by Julie "lingerie on expenses" Meyer seems endemic.  In this email thread below followed by the filing submitted by Meyer herself we see Malta employee Chris Cachia and ex in house lawyer Peter Bradley discussing how to avoid financial penalties for Ariadne in Malta by not telling the truth about the date a key officer, Peter Hale, actually resigned. Natch I have passed this on to the MFSA for it to consider as part of its ongoing and wide ranging investigatiuons into Ariadne and Ms Meyer.

Etaireia Investments: Board investigating dodgy transactions…..at last!

I had to laugh at yesterday’s mid-afternoon “Market Update” from Etaireia Investments (NEX: ETIP) as now that Baron Bloom has left the company, the board has decided to look into a few strange looking transactions of his – transactions that I started flagging over two years ago!

Exclusive: David Lenigas run Afriag Global under formal investigation in South Africa

I have been shown emails which confirm that NEX Markets listed AIM refugee Afriag Global (AFRI), founded and run by David Lenigas is now under a formal investigation by South Africa's Companies and Intellectual Properties Commission (CIPC). Given the allegations about Yusuf Kajee and Paul de Robillard, the key players in Afriag earlier today, the company and those involved are now likely to come under inense scrutiny from regulators in London.

PFC
PFC

Petrofac – shares crash further on update on SFO investigation

An “Update on Serious Fraud Office Investigation and Board Change” announcement from Petrofac (PFC) sees the shares currently crashing further in response...

AVO
AVO

Advanced Oncotherapy - so does it have any orders at all? What does it define as a sale? This stinks

How many commercial orders does Advanced Oncotherapy (AVO) have for its Proton beam machines? I put it to you that the answer is zero but that it has always been zero. This company appears to have over-egged the pudding on a serial basis, allowing it to raise vast sums. The FCA should be now launching an urgent investigation into this matter demanding to see original "commercial sales" paperwork in order to see if Advanced has been as transparent as the rules dictate.

SER
SER

Open letter to the FCA; please investigate Friday’s trade in Sefton Resources

On Friday, midway through the morning session, market makers suddenly marked down the Bid for Sefton Resources (SER) to 0.04p. They did this on what appeared to be a relatively light volume day and with no official news from the company. The Ask was left at 0.06p, leaving Sefton’s share price with a massive 50% spread. This price strongly suggested the market wanted to discourage sellers. A possible (probable?) explanation for this was that there was a major seller in the background. After this morning’s news from the company, it shouldn’t take much effort for the FCA to confirm whether or not anything untoward happened. And so... 

QPP
QPP

Quindell; FCA decision to drop investigation gives birth to surprising hope

This morning, the FCA announced it had discontinued its investigation into Quindell (QPP) with “immediate effect”. Quindell’s shares have rallied slightly on the news to settle at 97p, last seen, but how significant is this move for the company’s embattled shareholders?

QPP
QPP

IT Factory; fraud does happen, auditors get deceived, CEOs do go to jail, why Quindell shareholders should be worried

Last November I wrote an article about a little known Danish software company, called the IT Factory. UK investors probably have never heard of this company, but if you are a Danish investor, you most certainly have. The IT Factory is Denmark’s most serious fraud case.

QPP
QPP

Open letter to AIM Regulation; add your voice to the calls for an investigation into Quindell

According to the Daily Telegraph, the London Stock Exchange has begun an investigation into Monday’s share price fall of Quindell (QPP). Specifically, the Telegraph believes that the LSE, and by extension AIM regulation, is going to examine whether or not the company withheld price sensitive information, when broker Cannacord Genuity submitted its notice of resignation on October 21st. Given the market reaction to this news on Monday, when Quindell finally bothered let its shareholders know this slightly important little titbit of information, it is probably fairly safe to assume that Cannacord’s notice of resignation was price sensitive.

QPP
QPP

Open letter to the FCA; investigate Rob Terry, Steve Scott and Laurence Moorse for market abuse

I’d love to believe that this morning’s statement from the disastrous, discredited and detestable Rob Terry is the last we will hear from this awful man in an RNS. Sadly I fear it won’t be, unless the authorities launch an immediate investigation into Quindell (QPP). Prior to listing Quindell, Terry’s record at the Innovation Group was there for all to see and red flag warning signs were waving long before Tom embarked on his valiant campaign. Once again, the “world’s most successful growth market” has fallen woefully short in offering British private investors any sort of genuine protection. The brokers, Nomad, PR firms and corporate advisors have all been paid handsomely, while thousands of ordinary people have watched their life savings evaporate. This cannot be acceptable. There are dozens of reasons why the FCA and AIM Regulation should investigate Quindell, but let’s begin with a first complaint of market abuse to the FCA. 

Open letter to the FCA; please investigate Kibo Mining’s placement of March 31st

On March 31st this year, Kibo Mining (KIBO) raised £750,000 at 2.5p. The price of this placement was horrific, at a 42% discount to the previous close’s 65 day Moving Average (65MA) closing price. On March 28th Kibo’s 65MA closing price was 4.28p. In percentage terms, this was one of the worst recent cases of placement value destruction I have come across and there was a very strong suggestion that Kibo, and its shareholders, had been victim of blatant (and sloppy) forward selling. Forward selling is the term used to describe a version of market abuse whereby certain parties, armed with confidential “inside” information, use this to profit, by going heavily short a stock, which they know is trying to raise money. We see possible cases of forward selling of placements regularly on AIM and there is an impression that that the regulator is doing little to nothing about it. Below I have drafted an open letter to the FCA to ask them to investigate this matter.

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