On Monday AIM listed Haydale (HAYD) announced the appointment of new Nomad/Broker FinnCap. Yesterday there was a first RNS Reach spoof and today there is another. With cash surely inadequate to get through the auditor’s Going Concern test later this year, I ask again: when’s the placing.
AIM-listed graphene play Haydale (HAYD) is up to its old tricks again with the release of an RNS Reach telling us that iCraft is using Haydale’s graphene product in a graphene-coated fabric. Yesterday we were told of the appointment of a new Nomad/Broker, today we get an RNS Reach. When’s the placing fellas?
We all know that AIM-listed jam-tomorrow investment company Tern plc (TERN) needs to rattle the tin yet again and sharpish in order to hold its corner as the first round of Wyld warrants comes up for exercise. We also know that Tern’s share price has collapsed (not by enough) in the wake of bad news from its portfolio of cash-hungry investees. And that brings me to today’s flag-waving RNS.
Pot play MGC Pharmaceuticals (MXC) joined the Standard List on 9 February 2021 and has already issued more RNS releases than most companies do in a lifetime. But that is not the only red flag relating to this dual listed ASX entity now being touted by certain chatroom trolls as the next big thing. MGC is drowning in red flags and its valuation is absurd.
The fraud that is Chill Brands (CHLL) is running out of cash fast with sales at levels that are almost statistically insignificant. Rather than update us all on that tale of woe there is another spoof. This is all part of an attempted ramp to get a deeply discounted bailout placing away as soon as is possible. Todays spoof is laughable. I offer a translation service
UK Oil & Gas (UKOG) needs to get a placing away by St Valentine’s Day or it is deep in the merde as I explained HERE. No institution will touch this crock run by Lyin’ Steve Sanderson so the next bailout placing, like all the others, is a bucket shop special which is why Pinocchio is ramping his arse off with spoof RNS after spoof RNS to try to get private investors buying the shares ahead of a placing at a big discount to the City spivs. Yesterday’s spoof RNS was a green one - today Lyin’ Steve spoofs with a share purchase.
Aquis-listed Rutherford Health (RUTH) – formerly Proton Partners – announced this morning that it has secured bridge financing from shareholders including Neil Woodford’s former stamping ground of Schroder UK Public Private Trust (SUPP) – formerly Woodford Patient Capital – and LF Equity Income Fund – the unsaleable rump left over from the Woodford Equity Income fund – to raise up to £10 million in the form of various loans costing 15% per annum. The old saying that if you owe the bank a quid you’ve got a problem, but if you owe the bank a million quid then it is the bank which has the problem is writ large here.
In today’s Bearcast, I ask how much would you be prepared to do to break LSE Rules to stop your company’s share price from crashing – ref Chill Brands (CHLL). I look at Versarien (VRS) and its latest spoof and the track record of it spunking your cash via Innovate UK grants. But the meat here is on HK360 Limited Brian Basham, Net Zero Infratructure (NZI), the FCA and what appears to be amassive failure of corporate governance, as outlined HERE
Tintra (TNT) continues to pump out new RNS announcements. Some are bollocks and a spoof, but one vindicates a major thrust of my attack on this POS.
Quindell (QPP) was the first. Maybe there has been another, Anyhow I look in great detail at Eurasia Mining (EUA) but akso at a spoof from cash strapped Verditek (VDTK), more on Union Jack Oil (UJO) and signs of trouble at mill for Colin Bird and Bezant Resources (BZT).
I start by looking at a new normal and justifying a £50 million valuation. Then there is a look at the most almighty spoof from Marechale Capital (MAC) run by upper class twit Mark Warde-Norbury. How on earth did Nomad Cairn Financial sign off on this bollocks announcement regarding Weardale Lithium? Thirty seconds at Companies house shows what a farce this all is as I explain in full detail.
Having already admitted that it was going to run out of cash, the only questions are when will shamed Remote Monitored Solutions (RMS) do a placing and how massive a discount will the bucket shop spivs demand to get it away? To that end one can expect a stream of ramptastic RNS announcements using the Adam Reynolds keyboard and which often contain lies. Here is the first one today and it seems to have got the morons creaming themselves with joy even though this is, in fact, Remote announcing the same thing for a second time. If you needed evidence of just how dim shareholders in this company are….
They keep on coming, these spoof announcements which will make bugger all difference to Remote Monitored Systems’ (RMS) cashburn currently running at seven grand a day. I suspect this is to butter the morons up before admitting that the Francis McIntyre million face nappies a month deal has gone up in smoke. We were told on May 4 that it would be up and running again within two months. That would be by next weekend. Really? So today’s spoof?
Does anyone believe a word in an RNS from a company where Trevor Brown is in charge? If you do then I have a bridge in London I am prepared to sell you and an email with an offer you cannot refuse from a General in Nigeria.
Marchale Capital (MAC), the subscale loss-making merchant bank run by upper-class twit Mark “not very nice but dim” Warde Norbury from his family stately home, was last month’s Akers ramp. But now its shares are collapsing as the great spoofer has fessed that he is bailing. I noted in bearcast yesterday that this would happen and that I had repeatedly told y’all.
For those who do not understand the cultural idiom, younger listeners, the reference video is below. I inject a bit of class warfar to keep working class hero and Euro loon Jonathan Price happy. In today’s show I discuss Marechale (MAC) the latest Chris Akers spoof, Verditek (VDTK), Nightcap (NGHT) and Bluebird Merchant Ventures (BMV)
AIM-listed technically insolvent POS Trafalgar Property (TRAF) today announced a director share purchase: CEO Paul Treadaway has bought a million golden tickets. The stock is up on the news, but I fear that this is just a textbook spoof.
I haven’t written about AIM-listed Vast Resources (VAST) since January, when I said sell at 0.335p. Well, the stock is now 0.1375p so I guess it is time for an Ouzo – but a director share purchase announcement makes me think it is still a sell.
In today’s podcast I look at Alien Metals (UFO), at Novacyt (NCYT) and at Audioboom (BOOM), at spoof boardroom buying and at why broker buy notes are a sell signal. I also chuck a few Covid stats your way as we head for another national lockdown.
It is not quite in the league of that from Scancell (SCLP) but sub scale investment tidder Pires Investments (PIRI) is also clambering aboard the Covid bandwagon.
The spoof continues. Shares in Supply@ME Capital (SYME) a company drowning in more red flags than one sees on a May Day parade in the land of the free, that is Russia comrades, now trade at 0.74p after today’s spoof release valuing this crock at £242 million. Now to explain why today’s news is a 100% spoof and the claims made by the company are pure fiction…
I have more on last night's breaking news HERE on Lenigas PLC and I offer a challenge to Dave Lenigas. Is he man or mouse? Or just a chicken? C'mon Dave what have you to fear? Then I look at Eve Sleep (EVE) and wider issues on the stated cash position of PLCs and finally at 2 gold miners, both of whose shares are up today. One, Altus Strategies (ALS) (still looks cheap) and the other, Cobra (COBR), sends off the wrong signal with today's news which I view as a spoof.
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
Last Friday I called the announcement by AIM-listed Catenae Innovation (CTEA) that it was joining a consortium to track Covid data, an absurd spoof. The only questions were how partner fm2x had worked with fellow partner Z/Yen for over 25 years when it had only been in existence for 13 years and at what price the placing would be. Yesterday Tom Winnifrith was even more specific, naming the placing price and that there would be warrants attached in his Bearcast. By the time his dulcet tones transferred from recording to the internet, Catenae announced a placing. So much for not knowing how to play this Covid game!...
That AIM-listed Catenae Innovations (CTEA) is in a state of technical insolvency is surely beyond question. Last night at 5.30pm – no-one-is-watching o’clock – the company announced the appointment of a new sole Broker in the form of Brandon Hill Capital and miraculously, this morning it has announced it has joined a consortium with the objective of building an identity documentation system to record an individual’s Covid-19 test status. Yes folks, this technically insolvent POS is trying to jump on the Coronavirus bandwagon! But this morning’s RNS has to questionable on at least one point…..
Tertiary Minerals (TYM) seems to think that its investors are the dumbest folk going and with the shares up by 75% at 0.32p maybe it is right for today’s news of a £600,000 placing is just an almighty spoof. For starters this is not a £600,000 placing!
One of the signs that all is not well at a plc is when directors pile in for share purchases of a poxy amount to try to show confidence. And that brings me to Future plc (FUTR) which has been on the receiving end of a duffing up by our own Tom Winnifrith and the Dark Destroyer Matt Earl at Shadowfall. Of course, as Tom Winnifrith points out, Future’s response would have made the US fraudster-turned-fraudbuster Sam Antar proud: the report and criticisms were totally ignored.
……And they marched it down again. Woodford dog-pick extraordinaire, Aim- and Nasdaq- listed Mereo Biopharma (AIM: MPH, Nasdaq: MREO) announced what appeared to be good news yesterday, sending the AIM-listed shares up from 33p as high as 45.5p before they fell back down to 38p at the close yesterday. Meanwhile the Nasdaq stock put on around 48% at the peak, before giving up almost the entire gain to close up just 7%. The news was not so good after all!...
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).
I seem to have reacted badly to my flu jab and have thus only just got up. I am still not 100% but maybe will be so tomorrow. Pro tem I offer up thoughts on the clear market abuse at Dev Clever (DEV) and the 6.06 PM comedy gold at Bidstack (BIDS).
After yesterday’s shock lack of profits warning from Bidstack (BIDS) the next question is when will a bailout placing be needed. To that end the company has announced today what appears to be an almighty spoof designed to ramp the stock ahead of the placing. Even the company’s PR Buchannan has just admitted to me that the release is not clear. This is your £10 million spoof of the day.
As has been pointed out on numerous occasions on the website, AIM-listed Karelian Diamonds has a balance sheet in a complete mess and I reckon it has been techinically insolvent in that it has negative net current assets for an age. Not only that, like Conroy Gold and Natural Resources (CGNR), it is run by the goodly Professor Conroy, has money owed back and forth between the two, used to be part of Conroy anyway, shares its head office, has been under attack from disgruntled shareholders (twice) and has little to show for its existence. So today someone has ponied up £240,000 to keep the lights on. Nothing surprising there – this is AIM, after all – but the price is surely bonkers!
On 17 April 2018 AIM wannabee miner Amur Minerals (AMC) announced to great fanfare a scheme whereby directors and other senior managers would collectively buy £5000 worth of shares a month for a year. At the time, wityh the shares at 4.5p to sell, I wondered if it was a spoof. But as each monthly announcement of director share buying came out some folks were encouraged. Today, with the shares at 1.65p to sell, I demonstrate that this whole scheme was a spoof.
I start with a few words on The Guardian's obituary of Uncle Chris. I look at the deliberate spoof and placing at Mirriad (MIRI) answer your questions on Kefi (KEFI) look at the NEX lobster pot with its new owners and finally return to Anglo African Oil & Gas (AAOG) where a statement about THIS is needed ASAP
Woodford dog Mereo Biopharma, with its “value-enhancing” (according to 31% holder Neil Woodford) merger with Nasdaq’s Oncomed all delivered, has continued to slide: the shares, having been 325p at IPO on AIM in 2016 and having been over 160p up until completion of the merger have now collapsed to just 81p.
I couldn’t resist coming out of retirement today as I note that Benevolent AI published its group accounts today and my thoughts in the first two parts of this series back in May last year (HERE and HERE) have proven to be pretty much on the mark. This company, and in particular the $2 billion valuation, is an absolute spoof and Woodford is totally complicit in that - and making a fortune as a result. A good old-fashioned birching is too good for him.
In today's bearcast I explian where I was yesterday afternoon with Joshua. Roaarrrr! Then I look at Condor Gold (CNR), Galantas (GAL), Amur (DOG), Flybe (FLYB), Asiamet (ARS), the spoofing by the loathsome & always wrong CBI and at Frontera Resources (FRR) and why it could be a zero within days.
Number one is Amazon (again). Number two is Barclays Bank (BARC) again! And the third is explained HERE. Elswhere I explain what it means when I am made an insider and how I have to behave. I look at the bitcoin bloodbath and in that vein at Argo Blockchain (ARGO), Vela (VELA) and the Clem'Chambers spoof Online Blockchain (OBC). I cover Falanx (FLX), Photonstar Led (PSL) and AO World (AO).
The full year results from Online Blockchain (OBC) do not look that terrible until you compare them with the interims at which point you start to ask just when will the money run out. This statement is terrible and, understandably, the shares – 200p at peak ramp earlier this year – have slumped another 3p to 22p-27p. Ouch.
You will no doubt remember that as well as facing two legal cases either of which could strip it of all of its assets (having caved on a third) Frontera Resources (FRR) is completely out of cash, burning cash and drowning in debt and thus is trying to ramp its shares however it can to get a bailout rescue placing away. So welcome to the tale of two spoofs orchestrated by disgraced dirty tricks PR specialist Tim Thompson of morally bankrupt & intellectually challenged fucktards Yellow Jersey and egged on by the whore blogger Malcolm “fat bastard” Graham Wood.
The gyrations in the share price of Frontera Resources (FRR) caused by its latest lie-packed City presentation have forced the company to put out a statement and it makes for truly grim reading. This company is worth 0p per share and in the current climate it may well get there before too long.
To emphasise the point about the contrasting investment strategies of Neil Woodford and Terry Smith that I covered earlier today, I thought it appropriate to cover the health-tech AI spoof, BenevolentAI, that has just filed its results for the year to 31 December 2017 at Companies House (HERE). I am still struggling to find any evidence of anything other than a reasonably good concept here.....and it’s meant to be worth $2 billion!
AIM-listed rampathon Frontera Resources (FRR) has announced yet another ramptastic update this morning. Apparently it has entered into Non-Disclosure and Data Exchange Agreements with two industry majors and is currently progressing with technical work and commercial discussions regarding possible transactions involving a farmout or joint operating arrangement within its Block 12 holdings in Georgia but discussions are at an early stage. Righty-ho. The market has gone bananas this morning, marking the shares up by as much at 34% - very handy, for Frontera needs to get a placing away pronto. But Waseem Shakoor has been wondering what happened to the $3 million funding?
AIM-listed Conroy Gold and Natural Resources (CGNR) has announced a placing at 13.75p to raise £0.5 million, boasting a 20 per cent premium to the market price. Well that’s fine and dandy – so why has the market not piled in behind the placees? The shares are up just one penny, leaving the stock at 12p to sell.
Noting last week’s double announcement of pitiful boardroom buys, I see that the finance director of AIM-listed Falanx (FLX) hasn’t put his hand in his pocket again whilst shuffling his enormous holding of 221,359 shares (about £8,300 worth) into his ISA. Bully for him. But the company seems to have had to employ a medium in order to get the RNS signed off. Why? Well, if you look down the RNS you will see this….
Recorded and transmitted from the Greek Hovel I appear to have upset someone because my ,language has become too ffing clean. Whatever. In this podcast I look at Andalas (ADL), Frontera (FRR) and Online Blockchain (OBC), Clem Chambers' block-spoof.
A day after pretty poor results from AIM-listed Falanx (FLX) and we have two RNSs announcing that the boardroom has been buying shares. Is it good news? Er…..to quite Shania Twain, that don’t impress me much.
AIM-listed Tern (TERN) has announced that two of its directors have been purchasing shares. Normally one would pay attention, but there are good reasons to see through this as just a spoof.
In today's bearcast I look at Mysquar (FRAUD), UK Oil & Gas (UKOG) and its latest spoof, Dignity (DTY) where I have grave concerns, Magnolia Petroleum (MAGP) and its dead cat bounce, Pantheon Resources (PANR) where it's placing ahoy and at Mirada (MIRA) where I fear the worst. Sorry Matt Earl. Brokerman Dan says that if we raise our target £20,000 for Woodlarks with our 30 mile charity walk on July 28 he will do the last mile in his underpants. We will have cameras on hand and splash it all over the internet. Thanks to all who have donated but 95% of bearcast listeners have yet to do so although we are already 23% of the way there. So please donate a tenner each today HERE
The first part of this mini-series highlighted oddities relating to the recent $2 billion valuation of Benevolent AI, Woodford’s largest unquoted holding. To complement that piece, I thought I would undertake a bottom-up analysis to understand whether it could be worth such a sum. All I found was more spoofery. It’s a bit of a long read but surely you’ve got nothing better to do on Bank Holiday Monday!
In my view, Woodford’s dealings with what is now his largest unquoted holding across his funds, Benevolent AI, is his kryptonite and will be his undoing and I’m doing a couple of articles outlining why I think the current $2 billion valuation is an absolute spoof and why I believe Neil Woodford is complicit in said spoofery.
Yesterday afternoon, Neil Woodford released his end-April portfolio updates so thought I’d provide a bit of commentary prior to a couple of headache inducing articles (for Neil) later on in the week. Not a huge amount of change; however, it’s good to see an open-ended fund getting stuck into the use of debt in such a cavalier way!
As we know, Frontera Resources (FRR) is almost out of cash which makes the ramptastic presentation held for mug punters on May 9th even more sordid. Among those attending was the blogger Fat Bastard who reports back in his iii column without, natch, declaring that he is paid to write shite by companies such as Frontera. How does iii's joke compliance department tolerate this I wonder? After picking up his brown envelope, Fat Bastard opines:
Woodford Patient Capital Trust (WPCT) recently came out with its disappointing 2017 results and thought I’d highlight a few amusing aspects to try to cheer up shareholders here and ask a few serious questions of the Chairman, Susan Searle.
Darren uploaded yesterday's podcast by mistake becuase he is a fucking idiot. I am considering his future and mine tonight. Here now is today's podcast. To tip Quindell before Gotham City and I started to expose it was perhaps understandable. But to single it out as a stunning value investment afterwards? Who could have been so fecking dumb? As you can see HERE it was the same system also that thought Globo was a cracking investment when some of us very publicly said it was a fraud. Which system could be so bad? Step forward Ed Croft and Stockopedia and he says that Nigel Wray invests in "sucker stocks"?. I explain why Ed's system is bound to have some horrible failures and miss a stack of big winners. In this podcast I also look at Vitesse (VIS), Tern (TERN), Inspirit (INSP) which has a mega spoof today and Online Blockchain (OBC) where I am just a confused old dinosaur.
After 16 years of missing targets and ongoing dilution, AIM listed Amur Minerals (AMC) is still nowhere near actually building its mine in Eastern Russia and still does not have a single institutional shareholder. The only folks who still believe in this stock are mug punter private investors and that means the only funding available is via bucket shops or death spirals. Right now it is the latter and hence the shares are in a steady retreat - right now just 4.5p to sell. At this rate, losing 1p a month, the shares will be trending towards zero by the summer so its time to panic and go into mega spoof.
As old Jim Mellon is such a good friend I thought I'd have a butchers. Is it because of more problems at the Diabetic Boot Company or is it a cash crisis at SalvarX (SALV) or at Regent Pacific? What is it about this related party nest of snakes that is making investors shun shares in Jim's Port Erin (PEBI)? I discuss in detail. I also look at MySquar (MYSQ) as the fraud skids to a new low, Ecsc (ECSC), the cyber junk play, FastJet (FJET) - another bailout placing ahoy - and old Clem's spoof Online BlockChain (OBC) as it tanks again. And then its RIP Conviviality (CVR), formal notice of wipeout for those who punt on the back of a brokers note and for other investors. If you like bearcasts then remember that at UK Investor on April 21 one of many highlights will be a live bearcast with myself and Paul Scott. Make sure you book a free ticket HERE using the promotional code WINNIFRITH.
On 6th December I said that a token share purchase by Jim Mellon of shares on Condor Gold (CNR) was a spoof as it was so small for Jim. Moreover Condor was running out of cash and would do a placing within months. Mellon's PR man chewed my ear off. Well hey ho today there was a placing. A pattern of such spoofs and a subsequent placing has continued. Will I get an apology? I also look at lessons from Flybe (FLYB) and the non bid, at Fevertree (FEVR) director share sales, at UK Oil & Gas (UKOG) which is also spoofing, 13 Energy (13E) - "you say it best when you say nothing at all " - R Keating. Then I look at uber dog Golden Saint Resources (GSR) which is leaving AIM and says it wants to go to the Standard List. Lucky Standard List. I also mention our share purchase of more Optibiotix (OPTI). If you like bearcasts then remember that at UK Investor on April 21 one of many highlights will be a live bearcast with myself and Paul Scott. Make sure you book a free ticket HERE using the promotional code WINNIFRITH
I don’t take much glee in jumping on graves but having been consistently critical of the nonsense and spoofery at BOS Global (BOS) for the last eighteen months, I thought I should comment on this week’s RNS which seems to be throwing in the towel with no Nomad willing to take on the basket-case.
And so the blockchain spoofing continues. Step forward Stapleton Capital (STC), a standard list shell listed on 21 September to invest in telecoms. Its main man, the Holmes groupie Rodger Sergant has seen the light and the company is now to be known as BlockChain Worldwide (BLOC) The statement issued begs questions for the sleuth at 221B Baker Street.
The Nomad is Roland "Fatty" Corniush, the most incompetent financial adviser in the known universe so, on that basis, Clem Chambers blockspoof Online Blockchain (OBC) must feel under no obligation to tell the truth as it places £1 million at 100p. This is the stuff of peak bull market insanity.
My old friend Jim Mellon claims to be worth £800 million although I rather doubt that (by a long chalk). But he is certainly worth a bob or two and that brings us to news today that he has bought 50,000 shares in Condor Gold (CNR) at 39.5p. I say Spoooooooooooooooooooooooooooof - placing ahoy!
The one thing I hate more than being wrong about a share recommendation is being spoofed and falling for it, which is what I think has happened with FastForward Innovations (FFWD). Can’t believe I fell for it but I’m done now – SELL.
Sadly illness is still rife in this house so for this Thursday it is no coffee for me with the fit young mums. At least I shall be in Greece in five days time and that must be restorative to my health. In this podcast I start by looking back on UK Oil & Gas (UKOG) and its death spiral. I explain exactly how it works. Then a few further thoughts on Falanx (FLX) and why I am not selling our shares at this price. Then I look at Alexander Mining (AXM), another mega spoof from Clem Chambers, this time at ADVFN (AFN), at "Nomates" disaster RM2 (RM2)Fishing Republic (FISH) - a good zero bet - and at Regal Petroleum (RPT) which seems to be in a spot of bother in Ukraine.
Shares in On Line (ONL) are - as I record - up c350%. Is this peak blockchain insanity or is Clem Chambers simply the greatest spoofer in the history of mankind? What happens next is the big question. Then I look at murky share dealings in Mkango Resources (MKA) by market abuser and serial fantasist Chris Oil. Does he not care about TR1 rules at all? Then it is onto Lombard Risk Management (LRM) where I have 2 more questions about its overdraft but a very big question about how the silky words of Phil "InterX" Crawford on July 19 tally with the utterly shite H1 results. Does Nomad Finncap of Telit (TCM) infamy care? I suspect it does not. I look again at BCA Marketplace (BCA) - THE BIG SHORT - in light of recent macro data. It remains a stupendous short. I look at management greed and an impending placing to fund that at Arian Silver (AGQ) and then at the dire interims from System1 (SYS1) and profits alert from Attraqt (ATQT). It is the former which remains a stonking sell even after today's share price collapse. And I have a question or two for AIM dog Advanced Oncotherapy (AVO).
Sadly it is half term so that weekly treat with Joshua is postponed for another seven days. Instead I look at Magnolia Petroleum (MAGP) as its shares hit new all time lows: boy that share consolidation worked well did it not? Then it is onto Challenger Acquisitions (CHAL) which is utterly fecked but why is boss Mark Gustafson not filling his boots with shares at 1p when he bought so ostentaiously at 20p+? Then it is onto Cloudbuy (CBUY) which needs to fess up on its cash position, or rather lack of it. En passant I cover the spoof at On Line (ONL) and also revisit my earlier piece on AIM going underground.
I would not want to play poker against ADVFN (AFN) and On Line (ONL) boss Clem Chambers. The man has pulled off a blinder of a spoof this morning with On Line which has sent its shares soaring by 50%. It is all bollocks but I take my hat off to Clem anyway for pulling off such a classic spoof.
I start with a discussion prompted by a reader request on whether a brand has a hidden added value which you should account for when making an investment. Another reader asks if it is time to buy back into Eden Research (EDEN). I think he is being spoofed and explain why. Then I look at the latest (non) news from Telit (TCM) and ask if the mortgage fraudster and fugitive from US Justice, Uzi Katz, has dumped his shares. I look at what is happening at Conroy Gold & Natural Resources (CGNR) , at the latest Mosman (MSMN) spoof, comment again on Nighthawk (HAWK) and then at the next Neil Woodford car crash RM2 (RM2).
I was smiling for much of yesterday having read the announcement from Monchhichi (MCC) about its proposed cancellation from AIM and a move to the Sub-Standard segment of the Main Market. Let me explain why.
I despair somewhat when I read the likes of Friday’s announcement from Polemos (PLMO) as I can’t really believe that companies on AIM can get away with the most over-used spoof in the market, namely the “shares being issued at a premium as consideration in an RTO” spoof, but I guess I may well point it out in the vain hope that, one day, CEO’s and Nomads will pen a more honest RNS.
AIM-listed Advanced Oncotherapy has announced a director buy of 100,000 shares (about £17,750 worth). Dr Enrico Vanni, a NED, has gone into the market and hoovered up a few more shares to add to the series of shares acquired earlier this year as the company tried (and failed) to defend the 25p (par) share mark in the face of the Bracknor death spiral sales. Now he’s back.
A year ago I thought that loans taken out an annualised rate of 30% such as that African Potash (AFPO) obtained from the fragrant wife of its hapless FD were a rum and coke. But that is nothing to the stunning admission today from Andalas Energy (ADL) - a loan repayable in one month at an annualised rate of 150%. Even by the standards of AIM Casino junk - Wowee.
For the second time in a week we have seen share options exercised at AIM listed Norfolk MySQUAR (MYSQ) - this time it is 1.875 million warrants exercised at 5.5p which will add £103,125 to the coffers. that is kind of handy for this cash guzzler which is close to running on fumes. But this is a spoof.
I last wrote about Monchhichi (MCC) in February HERE when it completed its underwhelming placing of £2.1 million at the incredible price of 35p and I wondered what it was going to do next. Well, rather than actually invest its funds and generate shareholder value it is has just announced some more financial spoofery last seen at the disastrous Highlands Natural Resources (HNR), It is worth taking a closer look.
I’ve written a few times on the travails of The Diabetic Boot Company over time, usually after yet another Jim Mellon-related company lends or invests money in this biotech pipedream. Well, its results have finally come out, two months late, and they make interesting reading.
I wrote last week (HERE) about the disappointing opaque nature of some of the recent announcements emanating from BOS Global (BOS) and raised a number of questions that were bothering me. To give the company some credit, it has issued two RNS’s since then clarifying certain aspects and particularly pleased with the clarity on the Call Design deal.
Advanced Oncotherapy (AVO) has announced that NED and highly respected senior clinical oncologist at Great Ormond St and Barts Dr Nick Plowman “will” invest £250,000 in the company – at 30p a share, a 36% premium to last week’s close. Why am I not convinced that this morning’s announcement is anything other than the most desperate of spoofs in a long line of spoofs here?
Well that explains it then! Yesterday I noted my amazement that AIM-listed Advanced Oncotherapy (AVO) had issued yet another ramparoonie director share purchase RNS on Tuesday and that the shares had raced back above not only the all-important 27.5p mark, but above 30p. Now we know why: Executive Chairman Dr Michael Sinclair was in the market filling his boots with 200,000 shares at an average price of 30.44p. Shame he didn’t pile in when the shares were hovering around the 26p mark so as to save himself a few quid.
AIM-listed Advanced Oncotherapy (AVO) – teetering on the brink of having to call an EGM to reduce its nominal share capital under the terms of its death-spiral funding package with Bracknor – has announced yet another director share purchase, the fourth just this month (if we ignore the botched 7am RNS of 4 April). As ever, this is just a spoof in order to encourage more buying in the market so as to allow Bracknor to offload more of its death-spiral conversion shares as Advanced hopes and prays for the next £1.235 million tranche of funding before the coffers run dry.
Under its death spiral funding package with Bracknor, AIM-listed Advanced Oncotherapy (AVO) has to call an EGM to seek shareholder approval to reduce the nominal price of its shares (currently 25p) by at least half if the closing share price is below 110% of nominal (ie 27.5p) for ten consecutive trading days. And that brings us to the latest spoof director share purchase announced this morning (which hasn’t worked: the shares are down 4% last seen this morning).
Following the profit warning and announcement of the forthcoming Timegrand deal back in February that I covered HERE, Boxhill Technologies (BOX) announced the completion of that deal late yesterday afternoon. Unsurprisingly, the deal raises more questions than it answers and I’m beginning to wonder when Allenby will say enough is enough. Let’s take a closer look at the RNS.
It seems that AIM-listed Advanced Oncotherapy (AVO) is so desperate to get out any good news it can that it rushed out an RNS yesterday morning to notify the market of director buying and got the numbers wrong. Oops. Great work in checking and verifying there by Nomad Stockdale Securities.
It’s been an absolute roller-coaster of a week for Sepura (SEPU) which is embroiled in a drawn-out takeover saga with Hytera Communications subject to competition delays. There were a number of interesting RNS’s worth commenting on this week but one in particular has my spoof antennae whirring. Were shareholders being told the whole story?
So after all the questions, AIM-listed Servision (SEV) has provided answers. The AIM Rule 26 pages have been updated (after a year, vs 6-months under AIM rules), the personal guarantee of head honcho Gidon Tahan to white knight investors Cascade has been clarified and yesterday lunchtime we even had a TR-1 showing that Cascade was indeed holding the shares issued to it at over 400% of the previously prevailing share price ahead of the announcement of the funding package. But I still think the whole deal is a massive spoof and here is why.
One has to marvel at how oily serial disappointment AIM-listed Frontera (FRR) has doubled its share price since yesterday. Has it has a takeover? Nope. Has it announced a gusher? Nope. So what has sparked the rise? It seems that it is in talks over a possible transaction involving a farm-out or joint operation arrangement within the area of its Block 12 holding in Georgia. But is this just a monster spoof?
I haven’t been following BOS Global (BOS) that closely since the comedy gold video I commented on HERE but note the share price has increased quite nicely in recent months, much to my surprise. I noted, however, an acquisition announced yesterday which included the one thing that annoys me more than any other on AIM, the spoof made-up share price for equity issued as consideration for acquisitions. Let me explain.
Death spiral provider Bracknor does not buy shares in companies. It loans the desperate, cash at pound of flesh rates which it then converts into shares at discounted rates and flogs to mug punters. That is the classic death spiral model. But to get such a death spiral away it needs a perception of market liquidity and also to avoid a complete short term collapse of the share price. And that brings us to Advanced Oncotherapy (AVO).
If you object to bad language do not listen. The madness and corruption of AIM, the willingness of the crony capitalists to deceive investors to get away another placing just got to me. In today's podcast I cover Blur (BLUR) - but would commend young Steve's coverage which is superb HERE, FastForward (FFWD) - the Jim Mellon spoof - Advanced Oncotherapy (DOG), Independent Resources (IRG), Amur Minerals (AMC), Sunrise Resources (SRES) and Zenith Energy (ZEN).
On 24 August 2015, Eden Research (EDEN) announced its now infamous deal (aka massive panama pump fraud) with TerpeneTech. That fraud is now unravelling big time as explained here. But let us revert to the RNS of 2015 which stated :
Tom Winnifrith has already driven a coach and horses through the deal announced on Wednesday whereby an obscure US-based outfit has apparently agreed to throw $2 million (and up to a further $4 million) into AIM-listed Servision (SEV) at a massive premium to the share price previous to the announcement. But a no-one-is-watching o’clock RNS last night leaves me wondering whether the whole thing is so appallingly dressed up as to render the original RNS a gross misrepresentation of the truth.
After nine months of scratching my head, I had a lightbulb moment this morning and have finally reached a conclusion as to what is really going on at the “investment company”, Craven House Capital (CRV). The short answer, for those that struggle to get through a thousand words, is that it is totally uninvestable for the private investor, but the most interesting part of it is that the company knows that and it is pretty open about telling its shareholders that that is the case. Whether they listen or not is another matter!
As AIM-listed crock airline Fastjet (FJET) hurtles at full speed towards its next funding crisis two warrant exercises catch the eye – one yesterday and the other last week. With the shares trading at around 20p, why on earth would anyone exercise warrants at 31.5p a pop?
I almost spat out my cornflakes with laughter at the ridiculous announcement from Life Science Developments (LIFE) this morning as it entered suspension pending an RTO with The Diabetic Boot Company (“DBC”). Please allow me to explain.
As Levrett (LVRT), that I commented on earlier, has got my blood boiling slightly, I need to get a few more matters off my chest relating to the oddest investment company on the London market, namely Craven House Capital (CRV) and its two most recent investments.
Disappointing news emanating from Craven House Capital (CRV) at 11.20am today calling off the exciting move to the Specialist Fund Segment of the Main Market as it failed the eligibility criteria, so where does this leave the company now?
I see that AIM-listed President Energy (PPC) has this morning announced the appointment of a new joint broker in the form of BMO Capital Markets Ltd. One’s suspicions are, of course, immediately raised: an energy company (hardly a happy sector at the moment) appointing a new broker? Is it placing ahoy?
If one takes a disclosable stake in a listed company you must notify the company within five working days and it must by the close of the next working day, notify the market. So we should be seeing a TR1 from Highlands Natural Resources (HNR) today then. If we do not then investors have been spoofed.
I have a simple rule when it comes to AIM investing. If I cannot fathom what is happening, then I stay clear and Craven House Capital (CRV), that I have covered a number of times HERE, is a great example as it has issued yet another RNS that leaves me equally astonished and baffled.
No lightning strikes today, thank God. What was he punishing me for? I start by discussing Richard Poulden's excellent letter on why folks are so angry so backed Brexit, but it is a wider issue as you can read here. Then I discuss liquidity in an investment company's portfolio, ref Teathers Financial (TEA) and finally I challenge the banks to make good their Brexit threat to fire investment banksters. I will pay for a ticket to watch but I explain why it was always a spoof. It won't happen.
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.
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.
Having written a series of pieces earlier in the year on Craven House Capital (CRV) detailing various reasons as to why I perceived to be an almighty spoof (HERE), I am part astounded and part confused by yesterday’s placing announcement at a massive premium to the share price.
I explained on the previous occasion that Mark Gustafson, the CEO of Challenger Acquisitions (CHAL) announced that he had bought lots of shares that he was spoofing. Now he is at it again but it even the dumbest moron must now realise the spoof is not working.
Another day and its another announcement from Challenger Acquisitions (CHAL) that its boss is again buying shares. Don't be fooled this is a spoof. Its a sell signal not a sign to buy.
In reflective mood on election day I cover just a few companies. Falanx (FLX) where we backed the placing and the shares have tanked! LGO Energy (LGO) where the morons were spoofed and death is postponed, Centrica where shareholders are paying for CEO crack, that is debt addiction and Feedback (FDBK) which seems like a rum and coke to me. I also cover, en passant, Conroy after getting a pleasant ambush, but an ambush none the less, post dentists, from Ireland.
My final piece on Craven House Capital (CRV), for the moment, looks at the strange goings on in the last couple of months relating to a ridiculous recent increase in the authorised share capital. The full series on Craven House is here.
Continuing my series on Craven House Capital (CRV) and Tom’s look at the Pressfit deal, I’ve taken a closer look at their its most valuable single investment - The Bicycle Company. The full series on Craven House is here.
My series on Craven House Capital’s (CRV) appalling behaviour in RNS’s continues with one of the more recent spoofs, namely the potential investment by GEM Global Yield Fund of up to $30m.
Having got enraged over something admittedly rather minor in Craven House Capital’s (CRV) interims, I started looking at detail at the various investments and the absurd accounting of each one.
I accept that I woke up in a bad mood on Monday; however, one ridiculous comment in Craven House Capital’s (CRV) interims RNS got my back up even more and lead me to investigating further. I’ve been pulling on that investigative thread ever since so thought I’d write a series of articles on what appears to me to be one almighty spoof.
We warned you two days ago that Independent Resources (IRG) was trying to spoof investors with a bogus announcement in order to get a discounted placing away...it has not taken long, the placing today is a shocker. the FCA and AIM Regulation must investigate.
Independent Resoures (IRG) is almost bust and will do a placing to keep the lights on very soon. But its shares are up by 185% today at 0.3p thanks to an RNS which is a spoof aimed at fooling mug punters. It has worked, never underestimate the stupidity of AIM investors.
It goes without saying that there live execution of insolvent AIM listed POS Golden Saint Resources (GSR) via a crowd funded debt death spiral is not going well. The past 24 hours has seen another £0 raised meaning that on day nine net proceeds are still MINUS £1938.50. But an eagle eyed reader has flagged up a weekend change, as CrowdforAngels tries to cover up how investors are being spoofed.