Keyword results: open offer

HZM
HZM
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Horizonte Minerals – agrees huge Araguaia funding package, open offer value or just buy in the market

Horizonte Minerals (HZM) has announced it has raised £147.4 million (approx. $197 million) at 7p per share and an open offer for up to $8 million as part of a $633 million funding package which is expected to complete the funding required for the construction of the Araguaia nickel project in Brazil.

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Will McColls have to do ANOTHER placing after today’s dismal warning? Do the maths!

In August, McColls (MCLS) raised £33 million gross in a placing and open offer. Natch the crony capitalsts snaffled almost £3 million of that in fees which is perfectly understandable. FFS: Do you know what inflation is running at for upper class hookers and pure Charlie?  Today there was dismal profits warning which begs the question of whether another bailout will be needed. Let’s do the maths.

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PFC
PFC
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Petrofac looks to have resolved its issues just in time to take advantage of an oil and gas boom - speculative buy

Petrofac (PFC) shares have been good for trading over the past few years, assuming you managed to get your entries right, but the company has had too many potential issues to really have been considered an investment, unless you had a very high appetite for risk.

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Esken (former Stobart Group) – update on Ryanair Departure

As I had hoped, fully listed Esken (ESKN) has updated the market this morning on Friday’s Red Flags at Night announcement that Ryanair is departing from London Southend Airport. Good news…..well, up to a point.

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Red Flags at Night: Esken (ex-Stobart Group) Announces Departure of Ryanair from Southend at 5.36pm

Oh dear, oh dear, oh dear. 5.36pm on  a Friday evening in August – just as the City dives into its second G&T after a long week, or is already far away on holiday – clearly is a good  time to bury bad news! Fully listed Esken (ESKN) – the former Stobart Group (STOB) – has announced, at no-one is watching O’Clock, that Ryanair (RYA) has decided to chop its operations at Southend airport. It is yet another hammer blow for Esken’s/Stobart’s punch-drunk shareholders. The timing – apart from being announced late on a Friday evening when everybody had gone home – is even more terrible as Esken is in the middle of an open offer alongside the recent placing at 14p. With the shares having already dropped to 16p to sell at Friday’s close, will this news kybosh the whole operation?

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Letter to AIM Regulation & The FCA – UK Oil & Gas, did it bury bad news during open offer?

I make no accusation here against UK Oil & Gas (UKOG) and its boss Lyin’ Steve Sanderson. It is just that the recent timeline of disaster looks rather compressed to me. And given Lyin’ Steve’s form for er…lying, I have dropped the note, below, to the Oxymorons at AIM Regulation, cc’ing the woke dullards at the FCA since this relates to the conduct of an open offer.

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essensys – fundraise ‘to accelerate growth strategy and product development’. Good news?

Self-styled “leading global provider of mission critical software-as-a-service platforms and on-demand cloud services to the flexible workspace industry” essensys (ESYS“is pleased to announce… an aggregate of 10,984,552 primary placing shares have been successfully placed by Singer Capital Markets Securities Limited and Berenberg at an offer price of 285 pence per placing share to raise gross proceeds for the company of approximately £31.3 million”. Good news?…

IKA
IKA

Ilika – fundraising it is “pleased to announce” understandably…but not for why it says so!

Self-styled “pioneer in solid-state battery technology” Ilika (IKA) is “pleased to announce” an up to £24.7 million equity fundraise… and the shares have currently responded to 165p, more than 17% lower. Hmmm…

ENQ
ENQ
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EnQuest – “proposed issuance of equity”, recovery value - take up open offer

EnQuest (ENQ) has announced a proposed issuance of equity “in line with the announcement on 4 February 2021”. So what was that announcement and what is the proposed equity issuance and its impact?

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NMCN – refinancing for “working capital” & “to take advantage of the growth prospects”. ER...

Previously writing on UK engineering and construction company NMCN plc (NMCN), last week I concluded that I’d review again on the promised further refinancing announcement but for now continue to hope prior warnings were heeded and to avoid. The shares had since risen materially but are currently again falling on an update that “the company is pleased to announce it has entered into conditional agreements to recapitalise nmcn by way of a £24.0 million fundraising”…

KIE
KIE
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Kier – open offer result following subsidiary sale, recovery buy?...

Tip of the month last month, UK infrastructure services and construction group Kier (KIE) at a 114.6p offer price has announced the result of an open offer, following completion of its sale of the ‘Kier Living’ housebuilding business.

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GMS
GMS

Gulf Marine Services – as warned here, there’s a massively discounted equity raise...

Previously writing on support vessels provider Gulf Marine Services (GMS), with the shares above 7p in March I questioned it stating “as the numbers demonstrate… in a strong position”. Today a “pleased to announce… proposed capital raising” – and the shares currently at 3.25p…

BPC
BPC
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Is the Bahamas Petroleum open offer floundering? – last gasp director spoof

After years of executive greed and value destruction, Bahamas Petroleum (BPC) tried one last roll of the dice on April 23 with an open offer at just 0.35p but I wonder whether there are growing signs that this is failing?

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TMO
TMO

Time Out Group – General Meeting approval for (as warned here) material dilution...

Previously writing on visitor-related media and marketplaces group and former Woodford pick Time Out (TMO) I noted it is (as warned here) material dilution ahoy again. There has now been “Results of General Meeting, Placing and Open Offer”…

KP2
KP2
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Kore Potash – “Oversubscribed” institutional fundraise? Then sack the Broker!

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

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XSG
XSG
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Xeros Technology – fundraising (again!), how ‘pleasing’ really is it from this Woodford dog?...

Xeros Technology Group (XSG“is pleased to announce… the company has conditionally raised gross proceeds of approximately £8.0 million, through the successful placing of 3,333,333 placing shares” and that it “intends to provide… up to 416,586 open offer shares”. Just how ‘pleasing’ really is this though?…

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KMK
KMK

Kromek – “pleased to announce” equity raise for ‘growth opportunities’. Really?...

Kromek (KMK“is pleased to announce a conditional firm placing, directors’ subscription and open offer to raise up to £13.0 million before expenses”. Should shareholders be pleased though?…

IDP
IDP

InnovaDerma – discounted fundraising, hopefully prior warnings here were heeded...

Earlier this month I concluded on UK developer of beauty, personal care and life sciences products InnovaDerma (IDP) with the shares above 50p attempted significantly discounted fundraising ahoy? Certainly currently bargepole ahoy / sell, and then with the shares around 50p that a loan agreement just kicked a liquidity crunch down the road and didn’t bode well for the terms of any material fundraising. Today “Proposed Placing and Proposed Open Offer”…

ESC
ESC

Escape Hunt – open offer result, ‘well placed to resume recent positive momentum’. Really?...

“Result of the Open Offer” announcement which Escape Hunt (ESC), self-styled “a leading operator of escape rooms in the fast-growing experiential leisure sector, is pleased to announce”. The shares have though currently responded lower, further below 9p...

Stobart Group – 56% Open Offer take-up, that is piss poor

I suppose that 56% would probably go down as a success in normal times for an open offer from Stobart Group (STOB), but given that it was fully underwritten by placees and at 40p as opposed to the previous closing price of 69.2p, 56% looks pretty poor. Thanks gto the underwriters £100 million was raised but it gets worse….

CPC
CPC
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The City Pub Group – placing & open offer, a ‘well done’ or not?

The City Pub Group (CPC) “is pleased to announce that… it has successfully placed 30,000,000 new ordinary shares at a price of 50 pence per share, raising gross proceeds of £15 million”. Last week though it stated “the company's balance sheet is strong… is confident the company has sufficient working capital to maintain its operations for at least another six months without further capital, even in the event the Government extends its current guidance and mandates a temporary closure of all pubs and bars”. Hmmm…

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QRT
QRT
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Quarto – open offer makes a mockery of Ince’s ‘unfortunate feature of market conditions’ private investor screwing

“The Quarto Group Inc. (QRT), the illustrated book publisher and distribution group, today announces that it proposes to raise £13.9 million (approximately $18.2 million) in gross proceeds… at 68 pence per new common share by way of an open offer to the company's existing shareholders”. The price compares to a 75.5p prior close… Ince Group (and Arden Partners) take note!...

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Ince Group – now argues its private investor screwing “an unfortunate feature of the current market conditions”. Er!...

Legal and professional services group Ince (INCE) has updated that “it has successfully completed the Bookbuild which is now closed”, with CEO Adrian Biles stating “the funds raised will ensure that the group can continue to capitalise on market opportunities, including new lateral hires. The group has recently been joined by a number of very high calibre partners and fee earners and we are on track to deliver outstanding growth. I am very pleased that so many of our existing investors and some new institutional shareholders have supported this fundraise albeit at a significant discount to the market price of the company's shares, which is an unfortunate feature of the current market conditions”. Er!…

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Ince Group – a private investor screwing… and it’s “pleased to announce”!

“The Ince Group plc (AIM: INCE), the international legal and professional services company, is pleased to announce a proposed placing by way of an accelerated bookbuild to raise a minimum of £12 million (before expenses)… In particular, the group wishes to continue with its programme of partner recruitment, especially in the overseas offices to bolster and enhance their existing practices. Opportunities to make lateral and team hires are coming to the group”. So growth capital then – and the shares last closing at 89p, so with 37,326,730 in issue, a £33.2 million market cap. Not too bad a fundraising price then?...

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XSG
XSG
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Xeros Technology – this Neil Woodford dog completes fundraising… for less than it wanted & with pitiful director participation…

Xeros Technology (XSG) has updated commencing; “Following completion today of the placing and open offer announced on 31 October 2019 in which certain members of the board participated at a price of 1p per ordinary share, the company provides the following update regarding the holdings of the directors:” – and the shares have currently responded higher, back above 1p…

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Bearcast
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Tom Winnifrith Bearcast: Hey Ed what scandal are you going to "predict" next? Bernie Madoff? Enron?

I start and end with a request that each Bearcast listener backs the Woodlarks Christmas appeal. Even £2 each and we'd be there. So go on donate now HERE. Then it is onto reports that the stricken Woodford empire may be selling £500 million of healthcare stocks. But at what price? Then it is onto how Ed Croft of Stockopedia, the company that flagged up mega fraud Quindell as one of the top 10 AIM stocks to buy, is claiming to have "predicted" the Neil Woodford scandal. Of course it did not but no doubt this persuades more folks to sign up to Ed's flawed system.  Then I crow as I discuss Nanoco (NANO) which I called out as long ago as 2015 and discuss where next for Bahamas Petroleum (BPC) as its open offer flops.

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BPC
BPC
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Bahamas Petroleum - £7 million open offer: one to pass

And so the saga continues. Bahamas Petroleum (BPC) having failed to get institutional backing for a placing at 1p to raise $20-25 million is now heading back to its existing shareholders with a £7 million open offer at 2p. You’d be mad to take it and here is why.

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CAB
CAB
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Cabot Energy has been thrown a temporary lifeline - but I still wouldn't touch the shares

Cabot Energy (CAB) suddenly seems to have become very popular for such a small AIM oil company, and given the recent news on a forthcoming discounted fundraise, I’m surprised that people are paying a huge premium to that.

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MySale – “a leading international online retailer… pleased to announce…”. Er…

“MySale (MYSL), a leading international online retailer, is pleased to announce an open offer to raise up to approximately £2.1 million (before expenses) by the issue of 102,887,768 open offer shares in the company at an issue price of 2 pence per open offer share”. It has also just conditionally raised £11.2 million in a placing at the same price – with these after it having IPO’d on AIM just over 5 years ago… at 226p per share!…

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Staffline – 2018 results (eventually), proposed bailout fundraising & directors 'avin a laugh?

Recruitment and training group, Staffline (STAF) has eventually announced 2018 calendar year results (though not included the accounts in the RNS – instead making us go to https://www.stafflinegroupplc.co.uk !) and a “Proposed Placing and Open Offer”

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Hard to see any light at the end of the tunnel for Nu-oil with a placing needed soon

Unfortunately for any holders, Nu Oil and Gas (NUOG) has played out pretty much as I expected it to over the past couple of years, and anyone holding through this period will have seen their investment decimated.

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BOU
BOU
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The implied £4 million valuation for Bould Opportunities looks crazy - strong sell

A few weeks back I covered Bould Opportunities (BOU) and the huge increase in the share price, and I must admit that I am surprised that the share price has managed to stay up at these levels. At the time I last wrote about this company - which recently changed its name from Photonstar LED (PSL) - the shares were trading at around 0.045p, and I have been expecting them to drop hard at some point – and still do...

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MIN
MIN

Minoan – fundraising at a massive premium to recent share price, Buy

Updating on Minoan (MIN) with the shares at 1.9p earlier this month, we noted that, although the track-record suggests to be cautious and there may well be some further equity dilution to come, the potential for the shares to soar on a Crete project deal meant we continued to consider they merited at least a small, speculative position. Now “a proposal which the directors believe will provide the company with sufficient liquidity to service its short term cash obligations and to strengthen its balance sheet… believe… will greatly assist the group in its ongoing discussions and negotiations with third parties

MIN
MIN
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Minoan – subscription, open offer, directors’ debts for equity all at a big premium

In many ways the announcement of more confetti from AIM-listed Minoan (MIN) is a big disappointment. After all, it has an asset worth many times its market capitalisation, several multiples of the enterprise value and is also carried on the books in the recent (audited) full-year results at heavy multiples of market cap and EV. And we are told that there are interested parties who want a piece of the action – so why not just sell it? Well, it is more complicated than that...

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Tasty – discounted fundraising bears out my prior caution, though where from here?

Writing last month on Wildwood and dim t restaurants group Tasty (TAST) with the shares at 6.5p, I concluded that the noted trading and financial situation saw me retain prior caution. Today a placing & open offer announcement…

Haydale – even at 2p open offer raises less than 50%, shares crash again. Sell.

Oh dear – things are going from bad to worse at AIM-listed Haydale. The bailout refinancing had to be repriced down to just 2p and the open offer raised less than half the amount wanted. And now the shares have fallen below the bailout price – which was set at 2p, the nominal (or par) value of the shares which make raising any more cash a tad difficult.

LightwaveRF – discounted fundraising “to continue to scale the business… and provide working capital”. Really?!

“LightwaveRF (AIM: LWRF), the leading smart homes solutions provider, is pleased to announce that… it has successfully raised gross proceeds of £2.50 million through a placing of, and a subscription for, an aggregate of 29,411,780 new ordinary shares at a price of 8.5 pence per share”. Hmmm…

CAB
CAB

Cabot Energy postpones insolvency with up to £2.8 million fundraise at just 0.1p – Oh dear

Once upon a time shares in Cabot Energy (CAB), then Northern Petroleum, traded at almost 150p. Today it announced a bailout funding at just 0.1p. despite it raising $15.3 million at 5p just a year ago. Oh dear… and it could get worse.

QFI
QFI

Quadrise Fuels: Death postponed until October

Quadrise Fuels (QFI) announced a £2.16 million open offer at 2.4p on 7 December warning that  unless it was supported the company would be crash landing in tits up alley in January. It extended the closing date by a week until last Friday and today revealed that “it was delighted” that it had raised gross proceeds of £1.51 million. Death has been postponed. But not for long.

Location Sciences Group – fundraising “to accelerate the growth” from a “leading position”, Really?

“Placing, Open Offer and Trading Update” announcement from the former Proxama, now Location Sciences Group (LSAI), including “the directors believe that further funds will enable Location Sciences to maintain its leading position in the UK location data and insights market and allow the company to accelerate the growth of Verify, its leading location data verification product, both in the UK and overseas”. Hmmm…

CWD
CWD

Countrywide – significant equity fundraising reflects far from propitious circumstances. As warned!

I wrote last week on estate agency and property services company Countrywide (CWD) updating including “the adjusted EBITDA for the group for the six months ended 30 June 2018 was slightly better than the guidance previously provided” - and the shares have responded currently higher, back above 50p, but concluded the market cap is still now circa £120 million and with also it to be attempted significant equity fundraising ahoy in far from propitious circumstances, the stance remains avoid / sell. Today half-year results and a “Firm Placing, Placing and Open Offer 2018” announcement – and the shares down towards 17p!...

IKA
IKA

Ilika – funding completion sees CEO Purdy ‘like to thank shareholders’. I bet he would!

Previously writing on Ilika (IKA) in March, it was collaboration agreement, argues “large global markets” potential but still cash crunch first?. Today a “Results of General Meeting and Open Offer” announcement…

MMC
MMC

Management Consulting Group – a proposed placing and open offer, but not ‘pleased to announce’

I’ve previously noted on Management Consulting Group (MMC) it an ‘operational improvement implementer’ which needs some of its own medicine! and most recently in November ‘below expectations’ trading warning less than 3 months after “well placed” interims. The latter saw the shares heading down towards 6p, though I concluded that 'it remains that I’d want much more than the likes of “positive progress” and level of proposals “has now started to improve” here to be convinced of a turnaround. Currently still a bargepole stock'. Now a Proposed Placing and Open Offer announcement…

AIQ
AIQ

AIQ – open offer oversubscribed, still an outright SELL

I called Standard Listed AIQ (AIQ) lower when it announced its Open Offer and the shares have (very roughly) halved, but there is plenty more to go. This morning it announced that the offer, at 20p, had been oversubscribed but remember that the net assets per share (all cash) are around 8-10p.

Accrol – open offer update, how’s the “platform for the group to execute its strategy”?

Tissue products manufacturing group Accrol (ACRL) has updated that it received valid applications of 287.64% of the new shares available under an open offer to raise up to £1.935 million at 15p per share. That compares with a 22.5p prior close, but also more than 130p as recently as October 2017, so where now?...

AIQ
AIQ

Standard Listed AIQ announces placing, open offer and return from suspension. Who wins?

In one of the most bizarre listings the UKLA has allowed through, AIQ (AIQ) got onto the Standard List in January, only to be suspended three days later. The shares had gone mad, rising to 125p at suspension despite being a simple cash shell having raised money at just 8p. It seems that there were buyers but nobody could sell as their shares were paper certificates which had not arrived. But there were a few other matters too.

FRR
FRR

This week's Primary Bid offer is Frontera Resources - Woof Woof I'm out

Frontera Resources (FRR) is a dog with fleas but it is aggressively ramped and promoted. And it has just announced a £2.5 million fully underwritten open offer at 0.466p via Primary Bid.  This represents a discount of approximately 17.5% to the closing mid price today.

Strat Aero, chairman, CEO and Chairman & founder walk plank, training unit canned just six weeks after open offer

Surely this is putting the cart before the horse. On 13 December long term,, AIM uber dog Strat Aero (AERO) launched an open offer to raise up to £510,000 at 0.035p ( to complement a £590,000 placing at the same amount. The offer was 81% taken up. Today came the bad news...

Tri-Star Resources - what is the end game for Odey?

I can see why holders of Tri-Star Resources (TSTR) would be less than impressed with the recent open offer, especially given the huge discount to the share price prior to that. This isn’t a company which I have really followed closely in the past, but the recent large fundraising at a 92% discount to the previous share price, and subsequent approval at the general meeting this week, got my attention.

HRN
HRN

Hornby – results, ‘new strategy’ & fundraising. But is turnaround really ahoy?

Previously writing on models and collectibles company Hornby (HRN), I noted no longer offering bulk sales at a discount & profit warning, but would it have been profit warning anyway? We now have the results for the six months ended 30th September 2017, a strategy update and a placing and open offer announcement…

LightwaveRF – as warned, following the ‘pump’…

Writing less than two weeks ago on LightwaveRF (LWRF), my conclusion included the latest announcement has currently helped the shares back above 19p. However, this compares to more than 29p reached last month – the market also questioning cash crunch ahoy? And is this latest thus “fantastic to confirm” as it will aid a fundraising? There is now a “Proposed Placing to raise £5 Million & Open Offer” announcement – and the shares are currently down to 16.5p…

Proxama – claims now “well positioned”… but has to scramble around to reach even minimum requirement of fundraising

Last writing on Proxama (PROX) I noted new agreement announcements now being seen through – and the shares are currently lower today on the back of “Result of Open Offer” and General Meeting updates…

Proxama – amidst current attempted confetti issuance extraordinaire, “pleased to announce”…

Shares in Proxama (PROX) currently feature on today’s top gainers list on the back of a “Contract Renewal” announcement. Hmmm, what’s the detail here?...

Imaginatik – “pleased to announce” open offer result. Really?

Previously writing on Imaginatik (IMTK) in April, I questioned the progress being made and attempted discounted fundraising ahoy? Last month there was a “Placing and Open Offer to raise up to £1.9 million” announcement and this week a “Result of Open Offer” announcement...

Proxama – dire results, though emphasises “exciting transition” as needs to get away a confetti issuance extraordinaire

Proxama (PROX) “is pleased to announce its Full Year Results for the year ended 31 December 2016” and “pleased to announce the successful completion of an upsized bookbuild for the placing”. Shareholders probably aren’t so pleased – the shares having responded approaching 70% lower, to 0.04p…

KBT
KBT

K3 Business Technology – following profit warning last month… fundraising to avert cash crunch ahoy

K3 Business Technology (KBT) has announced a 140p per share conditional placing to raise a gross £7.5 million and an associated open offer to raise up to £1 million, with October-commenced CEO Adalsteinn Valdimarsson emphasising this as it “enables us to operate with full flexibility as we make strategic decisions”. This following recently another profit warning. Hmmm…

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.

RDT
RDT

Rosslyn Data – why are you hiding the related-party nature of this dog of a deal?

Tom Winnifrith has already covered the hidden bailout placing aspects of the Integritie deal announced by Rosslyn Data (RDT) last week (HERE) but I thought it worth elaborating on the deal (which looks like a real dog) and asking the simple question: why haven’t you told your shareholders about the related-party aspects?

RDT
RDT

Rosslyn Data - moves goalposts with bailout placing to hide its abject failure

Floated at 33p by Lagos Securities, or Cenkos as it prefers to be known, on the back of a prospectus that forgot to mention critical damaging information, Rosslyn Data (RDT) has been a serial disappointer and was clearly set to run out of cash this year, despite numerous protestations from its discredited management that this was not the case. And so today, the oldest trick in the book - a bailout placing dressed up as an acquisition. The price of the bailout, just 4.5p.

Filthy Forty Taihua – shares fall after GM approves delisting, but massive sudden surge today

ShareProphets AIM-China Filthy Forty play Taihua (TAIH) announced last Friday that the EGM called to approve the company’s proposed delisting from the AIM Casino had passed the proposals with the requisite majority. The shares are expected to depart the world’s most successful (but perhaps not for Taihua) growth market first thing on 8 May. In the wake of the announcement – at 4.15pm last Friday, bordering on no-one-is-watching o’clock - the shares again nose-dived, registering a new low of 0.1p on the bid yesterday, but all of a sudden the stock is on the rampage this morning. What is going on?

Filthy Forty Taihua: to delist 7 months post open offer, six weeks post buy-back (when chairman dumped his shares)

Yet another of the ShareProphets AIM-China Filthy Forty is set to depart the Casino – this time it is the turn of Taihua (TAIH), citing “best interests”, which will become the twenty-sixth casualty of our original forty. Yes, folks - the Filthy Forty is officially set to become the Filthy Fourteen.

IRG
IRG

Independent Resources down 30% but valuation insane

No doubt the spivs are on the ramp again but shares in Independent Resources (IRG) have dived by 30% to 0.415. That is because the stock has today on ex-rights on the open offer announced today. If you buy now you do not get to take part in a 2 for 3 offer at 0.065p! So do the maths again.

7digital – completion of share placing, broker updates

Following its 2016 results, digital music and radio services group 7digital (7DIG) has successfully placed 34,769,239 new shares at 6.5p to raise a gross approximately £2.26 million and house broker, finnCap, has updated on the company's manoeuvrings...

COS
COS

Collagen Placing and Open Offer - go for it!

On recommending shares in Collagen Solutions (COS) at the end of 2016 we noted that the company is understood to be investigating the possible use of debt financing, though this is a risk here.  It has now announced a financing potentially to provide “sufficient working capital to fund the group until it achieves cash flow positive operations”

Filthy Forty Taihua – at last that pesky buy-back is announced, but where has Daniel Stewart popped up from?

ShareProphets AIM-China Filthy Forty play Taihua (TAIH) has finally announced the long-awaited buy-back first announced way back last August when launching an Open Offer to pay for it. Hurrah! So it wasn’t a massive spoof to get a fundraising away after all, although the net result of the exercise appears to be a lot more shares in issue and a net inflow of well over half the funds raised. 

Filthy Forty Taihua – rum’n’coke RNS re AIM Rule 26: Bargepole

And so after its website disappeared at least as early as late November last year and two failed efforts at getting a replacement available so as to comply with AIM Rule 26, ShareProphets AIM-China Filthy Forty play Taihua (TAIH) has finally issued some Jackanory of a statement saying it now won’t be complying until Monday next week. The explanation may seem reasonable, but in context they’re ‘avin’ a bubble.

Filthy Forty Taihua – Another letter to AIM Regulation: still no website, still no buy-back, still no update on related party receivables.

ShareProphets Aim-China Filthy Forty play Taihua (TAIH) is having a giraffe. The buy-back announced last August, to be paid for from an Open Offer long since completed hasn’t happened. There has been no update on the matter since the end of September. The accounting matters over related party receivables which the company, in its FY15 Annual Report promised an update on has seen no further comment. The website has disappeared, meaning that the company is in breach of AIM Rule 26 – a matter I raised with AIM Regulation on 29 December last year.

ShareProphets share tips of the year Number 19: Sell Taihua says Nigel Somerville

ShareProphets AIM-China Filthy Forty play Taihua (TAIH) is, in my view, a screaming sell in view of the Red Flags highlighted on this site for months. I doubt very much whether a short position is possible with this stock, but if I were a holder I’d be running for the hills.

AVO
AVO

Advanced Oncotherapy - The deafening silence is itself a cause of panic: target price is 0p

Yesterday I published extracts from leaked emails that show that Advanced Oncotherapy (AVO ) kept very bad news regarding China contracts from investors as it launched and conducted an open offer. That is monumentally serious. In the US folks would already be doing a perp walk fort that but even our useless regulators will do something here. In normal circumstances the company would issue a response via RNS but here we are a day and a half later and even though the shares slumped yesterday and are sliding again today we hear only a deafening silence.

China fraud Taihua – where is the buy-back? Where is the website? Where is the update on RMB 10 million of Related Party receivables (which the FY15 audit could not confirm)?

I keep on asking, and still there is silence: where is that buy-back that ShareProphets AIM-China Filthy Forty poster-boy Taihua (TAIH) has been promising since announcing an Open Offer to pay for it back in August? And where is the company website? And what about those Related Party receivables which were subject to an audit qualification of opinion?

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

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

Sula - take up open offer

Sula Iron & Gold (SULA) had an active last week. Cracking news on the ground (the pump) followed by...you guessed it: the dump. A placing. But. hang on...

Filthy 40 Taihua – where, oh where, oh where is that share buy-back?

ShareProphets AIM-China Filthy Forty play Taihua (TAIH) has been promising a share buy-back since the launch of an Open Offer to shareholders which was being conducted, apparently, in order to pay for it. Sorry to sound like a broken record, but the buy-back was first promised on 25 August and we are now well into November. The last update from the company was on 30 September (interims, released on deadline day) when shareholders were told that the company expected to announce the mechanics of this Godot-esque buy-back “shortly”. That was more than five weeks ago.

Filthy Forty Taihua – where, oh where, is that share buy-back?

At risk of sounding like a broken clock, ShareProphets AIM-China Filthy Forty play Taihua (TAIH) announced a comical open offer which, apart from a bit of working capital, was to fund a share buy-back. That was back on 25 August – more than two months ago. So where is it?

AVO
AVO

Advanced Oncotherapy Open Offer at 100p: I'd rather get stranded on a desert Island with Hillary Clinton than accept

As indicated at the time of its bailout £10 million placing on September 30th, Advanced Oncotherapy (AVO) has now announced that it is to raise up to £4.8 million via an open offer at 100p. With the shares at 102p to sell, I'd rather sign up to spend two weeks alone on a desert island with crooked Hillary droning on about how being a rape enabler makes her a good feminist, than accept this offer.

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

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

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

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

Fastjet - Private investors refuse to take part in overpriced offer, trading likely remains grim

Fastjet has this afternoon announced the result of its general meeting and capital raising. Not surprisingly, given the support of the institutions involved, all resolutions were passed.

KMR
KMR

Kenmare – rescue refinancing sees just 7.45% support of Open Offer

Ireland- and London-listed Kenmare Resources (KMR) announced (after-hours, natch) on Friday that the open Offer element of its rescue refinancing package had met with just 7.45% support: hardly a ringing endorsement. Of course, since the Open Offer cash was headed straight into the hands of creditors rather than providing the business with much-needed working capital it was hardly an attractive proposition, not to mention the abject record of the board.

Fitbug – snubbed open offer gives directors chance to demonstrate their confidence, BUT…

“Further to the Result of Open Offer announcement of 20 July 2016, the directors… of (Fitbug, FITB)… have indicated their intention to subscribe, at a price of 0.25p per share, for certain open offer shares that have not been subscribed for by qualifying shareholders”. Good, good – a chance for them to demonstrate confidence in the June results statement pronouncement that “the building blocks of a successful business are now in place” then? Erm…

Fastjet – Fund managers request to pay more because they don’t want to own too many shares

The remarkable placing document which has finally been released says more about Fastjet’s (FJET) hapless shareholders than it does about the company itself.

FRI
FRI

Frontier Resources - more Reynolds magic: the Presentation is HERE

I discuss this in Bearcast today but Frontier Resources (FRI) has today announced the latest RTO by the shellmeister Adam Reynolds. We are shareholders and are taking up the open offer in full. Why?

Fitbug Holdings – rescue fundraising & debt-for-equity swap

Long-time cash burning machine (sorry, “technology developer and digital wellness pioneer”), Fitbug Holdings (FITB) “is pleased to announce a proposed equity fundraising… and loan capitalisation”. Hmmm…

Imaginatik – having talked of gross proceeds “expected to be approximately £2.11 million”, fundraising falls well short…

Having on 25th May announced a placing and open offer at 2.5p per share to raise expected gross proceeds of “approximately £2.11 million” and earlier this month the as-expected completion of the placing (for a gross £1.58 million), Imaginatik (IMTK) has now announced the result of the open offer…

HRN
HRN

Hornby – self-declared “disappointing” results, can further new money fund a recovery?

Hobby and toy products group Hornby (HRN) has announced results from an “extremely challenging” year, along with a placing and open offer to fund a new business plan which it is “confident… can be delivered successfully and that Hornby can return to being a profitable and cash generative business which will progress to delivering shareholder value”. Hmmm…

LRM
LRM

Lombard Risk Management raises £8 million at 8.75p - Phil Crawford pisses on private investors

This morning Lombard Risk Management (LRM) announced an £8 million bailout placing and open offer at 8.75p - news which reveals to all the utter contempt with which chairman Phil "interX" Crawford treats shareholders. Crawford is still refusing to explain why he left Oracle in a hurry, and his presence - at a cost of £400,000 last year - makes this stock toxic, at 8.75p.

SHG
SHG

Shanta Gold – another spoof director share buy

AIM-listed Shanta Gold (SHG) has announced another director share purchase which looks to me to be more of a sell signal than a buy signal. I previously highlighted (HERE) that CEO Toby Bradbury had changed his mind about supporting the recent fundraising by ponying up for 500,000 shares at the offer price of 6.5p – instead completing half of promised purchase in the market at the reduced price of 5.65p. Today we learn that NED Robin Fryer has put his hand in his pocket to the tune of 45,000 shares at 6.2p.

SHG
SHG

Shanta Gold - Director buy SPOOF!!

As much as it pains me to highlight this, as I hold a (very) small handful of shares here, I note with interest an announcement at 4.17pm yesterday afternoon (almost no-one-is-watching o'clock) from AIM-listed Shanta Gold (SHG) which simply strikes me as a spoof. It is a director buy, but I fear that it is a sell signal. Here is why.

KMR
KMR

Kenmare – FY15 Annual Report, refinancing, boardroom troughing

Ireland and London listed Kenmare (KMR) finally got around to releasing its 2015 annual report last week, in the wake of (yet another) proposed rescue refinancing. It strikes me that the company has been something of a disaster machine ever since it got its Moma titanium operation up and running in Mozambique.

US Oil & Gas raises $771,000 - Good Money after bad

US Oil & Gas (USOP) has announced that 15% of its shareholders were not just thick but full lobotomy patients. You have to be a fecking imbecile to own this stock anyway but 15% of the FIs were so stupid they took up the open offer at 27p and thus bankruptcy is postponed.

SCE
SCE

Surface Transforms – revises extent of smaller investor shafting

Having last month announced a smaller investor shafting (sorry, a “equity fundraising of up to £5.0 million”), Surface Transforms (SCE) has updated on a revised extent of the shafting…

Scancell – Open Offer update re EIS reliefs and a damned silly rule

Well this is very annoying, and a result of new rules brought to the EIS scheme. I’m sure that AIM-listed Scancell would have much preferred that it were not the case, but it seems that EIS reliefs can only be applied for by investors who had previously bought EIS-qualifying shares and are now looking to take up their Open Offer entitlements.

Scancell – Placing, Open Offer, future plans: a buy?

It has been too long since I revisited AIM-listed biotech Scancell (SCLP). Much has happened since I picked it as a share for 2015 but it is egg-on-face as the shares have more than halved, with (so far) no value-enhancing corporate deal on the table. The clinical trial on the company’s lead product, SCIB-1, is done but there have been funding questions – correctly called by Tom Winnifrith. Now we have an EIS-qualifying open offer on the table alongside a placing, with some detail of plans going forward. Still holding my shares, the question is what to do?

SGI
SGI

Stanley Gibbons - take up open offer, we are

Stanley Gibbons (SGI) “is pleased to announce that it now proposes to raise £13.0 million (£12.3 million net of expenses)”. It shouldn’t be. 

US Oil & Gas - is it time for comic relief already? The fraudsters excel themselves

I have been saving a duo of no-one is watching O'Clock announcements from Thursday 10 March and a third the next morning from the fraudsters at US Oil & Gas (USOP) for a day when I needed cheering up. After an hour in the dentist's chair, today is such a day. This is sheer comedy genius from Brian "the dog ate my drilling data" McDonnell. Say what you want about wee Brian but you cannot deny that this guy is the funniest Irishman since Father Ted. Where to start?

GPX
GPX

Gulfsands Petroleum extends open offer - looks like it is going to bomb

Quelle surprise, the open offer of shares at 4p from Gulfsands Petroleum (GPX) is going to bomb. As someone who called the shares out as a sell at 111.75p to much derision from the Bulletin Board Morons who - of course knew far more about oil and shares than did a dumb alcoholic pizza boy - it is somewhat gratifying to see the shares now trading at 3.5p to 3.75p.

RUR
RUR

Rurelec - noose tightens as shareholders again vote no

That AIM-listed Rurelec (RUR) is in a tight spot has already been admitted by its (new) Board of Directors in the RNS announcing a proposed Open Offer to shareholders. We have already pointed out that the Offer seemed to be doomed from the outset as the minimum funding level set looked impossible to achieve, given that the company's 54% major shareholder (Sterling Trust) was itself in administration. But we didn't have to wait for that to play out, for yesterday it was announced that shareholders had rejected all the resolutions put to an EGM called to approve measures needed to progress the attempted Open Offer. The Offer is a dead duck. 

RUR
RUR

Rurelec – open offer a doomed last throw of the dice?

AIM-listed and cash-strapped Rurelec (RUR) has proposed an Open Offer as the new management team fights to keep the lights on. But I fear that this potential fund-raising is already doomed to failure. The company admits that it faces a cash-crisis and the writing is on the wall. Here is why.

NEW
NEW

New World Oil & Gas: Peter Sztyk claims shareholders are behind him. So call the AGM.

There is still an opportunity to settle the future of New World Oil & Gas (NEW) like gentlemen. That is unless current Chief Executive Peter Sztyk gets his way. Having just lost an hour of my life to the company’s futile shareholder call, it is quite clear that Sztyk is the only man in the room who cannot see the game is up. To his credit he fielded some of the more difficult questions he was sent, though ducked the most challenging ones. Despite this, his answers were highly unsatisfactory. Sztyk claims he has a mandate from his shareholders to pursue the company’s interests in Belize. That is complete balderdash, as he knows full well.

NEW
NEW

Change is coming at New World Oil & Gas

Over the last six weeks the New World Oil & Gas (NEW) shareholder action group, NWOGaction, has been quietly laying the foundation for a most surprising turn of events. Where the market has given up hope, thirty-seven private shareholders have continued fighting for their company’s future. Their efforts are about to bear fruit.

GPX
GPX

Gulfsands Petroleum – is this a new beginning?

Last night, Gulfsands Petroleum (GPX) announced details of its long awaited $22million open offer. For long-term shareholders there wasn’t much to cheer about. At 4p, the best they can now hope for is to average down by taking up their 3.01 open offer shares and pray for a turnaround. But what chance is there of this?

NEW
NEW

Exclusive: New World Oil & Gas shareholder action rises like a glorious phoenix from the ashes

It’s not fashionable to say this, but there are times when it is impossible not to feel intense pride at being British. I experienced one such occasion last Thursday night. It is deeply woven into our national spirit never to give up; a characteristic which New World Oil & Gas’ (NEW) ordinary shareholders are increasingly demonstrating in spades. While the naysayers and market abusers crowed that the desire for shareholder action would be broken by the heavily dilutive, mispriced open offer, New World’s shareholders rallied to the call for positive change in their company. As of writing, as much as 4.8% of the company has indicated its intention to join the reformed NWOGaction (www.nwogaction.co.uk).

NEW
NEW

New World Oil and Gas – Placing and Open Offer result. Will it work?

New World Oil and Gas (NEW) has been explicit with its warnings that the plan to conduct a Placing and Open Offer is not guaranteed to solve the settlement crisis, which saw the London Stock Exchange belatedly step in and suspend trading. Tuesday night’s RNS (after hours, natch) with the results of the offer continued to warn that it may still not result in the lifting of the suspension. Let us have a look at the numbers.

NEW
NEW

New World Oil & Gas; the open offer that causes the London Stock Exchange an almighty dilemma

In one week New World Oil & Gas’ (NEW) highly controversial placing and open offer closes. The company expects to announce the result the following day. It then hopes that the London Stock Exchange will admit the new shares to trading on 10 July. This will present an acid test for AIM’s integrity and credibility. Few seem to appreciate the dilemma now facing the London Stock Exchange.

AFR
AFR

Is Afren trying to dupe its shareholders?

There is just so much to say about the restructuring it is hard to know where to start. A good place would be Waseem Shakoor’s piece HERE, but there are concerns that Afren is being, shall we say, less than helpful to its beleaguered shareholders as they decide upon whether to take part in the open Offer as part of the proposed restructuring.  Let us take a look at a few statements in the RNS and Prospectus from last Friday.

AFR
AFR

Afren equity is toast, ignore the spike says Waseem Shakoor

It has been some time since I wrote about Afren (AFR) but, suffice to say, anyone who chose to ignore the warnings about what would happen in a restructuring will now be sitting on very severe losses. From memory, I first called Afren out as a short at 7p, and then added heavily to that position as retail buyers drove the price up to as much as 14p. On Friday, the firm announced that the predicted dilution was on its way as a vast amount of shares would be issued to bond holders in exchange for a very modest reduction in debt:

NEW
NEW

New World Oil & Gas; could it pay a shameful £1.15million in fees to Cornhill Capital?

I took a temporary vow of silence last week concerning New World Oil & Gas (NEW). We should learn soon enough whether my faith in the regulatory authorities was misplaced, but there is one issue I am compelled to speak out on; the sickening and unconscionable fees New World has agreed to pay Cornhill Capital in relation to the highly controversial open offer.

NEW
NEW

New World – A case study in catastrophic shareholder value destruction on AIM

In my last piece on the latest twists in the ongoing shambles I looked at the apparent mis-match between what New World Oil and Gas (NEW) was saying, and the Market Notice issued by the London Stock Exchange. Ben Turney has since published this incredible article – I hope that he made sure that the board of New World had been offered a chat with the Priest and blindfolds all round before releasing the trap door. And if that was not enough, there are today’s revelations that placees of the failed placing were not informed of the required shareholders approvals. Meanwhile, a look at shareholder value.

NEW
NEW

Has New World Oil & Gas made a catastrophic error in its open offer?

By Friday afternoon it looked like New World Oil & Gas’ (NEW) board and its hapless regulated advisors had made yet another catastrophic error. Even by this group’s sheer rank incompetence over the last seven weeks, the latest blunder could be the worst. Not content to forward sell an unconfirmed placement, trample over shareholders’ lawful rights, ignore market rules, waste the company’s dwindling cash on an unjustifiable battle to save its advisors to the detriment of shareholders and try to force through an abysmally mispriced open offer, New World and its grossly inept advisors appear now to have broken the law.

NEW
NEW

New World Oil & Gas – an Omnishambles with bells on. Alarm bells.

Back at the start of May I asked who was regulating the omnishambles that is New World Oil and Gas (NEW) on the back of what appeared to me to be quite obviously a disorderly market. It looked as though there had been rampant forward selling of a conditional Placing which was, in the event, scuppered by shareholders. I was not the only one making noises about a disorderly market – see HERE and HERE from my more esteemed colleagues, yet the LSE allowed trading to continue for another couple of weeks before the stock was suspended due to a deteriorating settlement situation - ie a disorderly market. Now we have a monster of an open offer, backed by a placing which effectively underwrites the offer. Will it cure the settlement problem? And what other issues are thrown up by the new proposals?

NEW
NEW

RNS Translation Service on behalf of New World Oil & Gas' 0.09p open offer

So New World Oil & Gas’ (NEW) board has announced its long-heralded 0.09p open offer. Nigel is off today, so it falls on my to run today’s RNS Translation Service. There is so much to say about New World’s deeply flawed plan, but for now let’s just take a look at the not so hidden meaning of board’s conclusions.

NEW
NEW

ShareProphets Translation Service – New World’s extraordinary after-hours RNSs last night

The New World Oil and Gas (NEW) farce took another bizarre twist yesterday with not one, but two extraordinary after-hours RNSs. We have never before seen a holdings in company RNS which contains not only a cautionary statement, but also references to media commentary. These RNSs ought to come under Red Flags at Night, but the ShareProphets RNS Translation Service got in first. First up, at 6.18pm……

NEW
NEW

Exclusive: London Stock Exchange has now suspended New World

On Monday evening, New World Oil & Gas (NEW) put itself into “temporary suspension”, pending the outcome of the EGM. Last night New World announced the results of the EGM, but the stock remains suspended. It turns New World’s suspension is now out of its hands. The London Stock Exchange has stepped in and suspended New World, until the settlement situation is resolved.

NEW
NEW

Why New World Oil & Gas cannot, in good conscience, proceed with Open Offer

We still don’t know which way the vote from New World Oil & Gas’ (NEW) EGM will go. No doubt recognising that a show of hands would have resulted in defeat of Resolutions 1 & 2, meeting Chairman Peter Sztyk’s first action was to announce a poll. He was well within his rights to do this. The poll results should be available in the near future, but there is one point I have to make, while we wait. Based on what Mr Sztyk said in the meeting, in front of New World’s solicitor and brokers (four of whom were in the room), if Resolution 1 is defeated it is inconceivable that the company can proceed with an open offer in good conscience.

AFR
AFR

Afren; $75million open offer is a monstrous red herring – you only get 8.2%

Over the weekend, respected oil investor Paul Curtis (@paulcurtis123) sent me a spreadsheet, which provided detail to the number of shares Afren (AFR) proposes to issue under its recapitalisation plan. Paul’s efforts expose one startling revelation. The planned $75million open offer is a monstrous red herring. Below I explain why.

AFR
AFR

Afren RNS explained; why this stock has to be avoided (for now at least)

There is a slight chance that Afren (AFR) might prove to be a recovery gamble worth taking at some point. That time is most definitely not now. Careful reading of this morning’s complicated RNS from the company, concerning its proposed recapitalisation, confirms that whatever happens existing shareholders will be left with next to nothing. As unpalatable as some might find this, the numbers are categorical and at 5p (last seen) only widespread misinterpretation of today’s announcement sustains the current share price. Below I explain why.

RFC
RFC

Rangers International Football Club plc – fundraising announcement reveals dire current financial situation

Rangers International Football Club (RFC) has announced an open offer of up to 19,864,918 new shares at 20p each to raise up to £3.97 million before expenses (an estimated £3.6 million net) to purportedly “allow the company to start implementing the strategy to re-build and re-establish Rangers as a stable, sustainable and successful business to deliver both shareholder value and footballing success”. However, further reading reveals a continued dire financial position from a company which has already delivered an extraordinary litany of woe since its December 2012 AIM admission.

VLX
VLX

Volex – ramping Research, Odd Director buying and a ludicrous valuation

This just looks all wrong. Even based on the numbers in the latest paid for PR piffle (I mean in-depth research note) from Edison, shares in Volex (VLX) are at 80p ludicrously overvalued. The very odd behaviour of the directors makes this smell even worse.

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