Tom Winnifrith Bearcast - No Roger don't close down the fraudbusters please support investigative journalists not a failed establishment
Published 20 days ago
I will do a separate piece later this week on all the Sub-Standard Shockers that have come out (or not) with their accounts on deadline day of 30 April; however, I had to comment separately on Widecells (WDC) which as I type is still trading although should be suspended for two different reasons.
Published 40 days ago
I had to laugh at the basket case that is the stockbroker Daniel Stewart as it finally came out with the accounts for its trading subsidiary, Daniel Stewart & Co (DSAC), for the year to 31 March 2016, not just as it shows how worthless Rob Terry’s holding is but also, being such a quality outfit, it accidentally provided much more information than it intended to. It is worth taking a look before Daniel Stewart corrects it.
Published 183 days ago
I thought I would give Bluebird Merchant Ventures (BMV) a couple of weeks’ grace to come clean before getting stuck into what I perceived to be a classic piece of BS in its recent RNS relating to the delay in getting its results out leading to a “temporary” suspension. Time's up.
Published 194 days ago
Plastered all over the telly for the past couple of days have been revelations from the Paradise Papers, the stack of documents reviewed by the International Consortium of Investigative Journalists as a major follow-on to the Panama Papers.
Published 199 days ago
And so it came to pass that ShareProphets AIM-China Filthy Forty play Aquatic Foods (AFG) didn’t even bother to update the market at the end of October on the supposed progress towards getting its FY16 accounts released – accounts which should have been released by 30 June. The interims to June are also overdue, but there is no statement at all! Step forward those fine fellows at S P Angel, the company’s Nomad.
Published 260 days ago
I don’t normally comment on the ongoing delays of the potential RTO’s of Sub-Standard Shocker XI members as I would be writing on the topic every week but the Levrett (LVRT) story throws up another angle, namely the total disregard to the obligation to announce results; so without a Nomad to enforce compliance with listing obligations, I thought I’d see if I would have any luck.
Published 263 days ago
Yesterday at 4.14pm ShareProphets AIM-China Filthy Forty play Aquatic Foods (AFG) updated the market regarding its overdue FY16 accounts. Once again we are left waiting until next month – Godot is definitely coming tomorrow, honest guv, when the new FD is appointed. So nothing to do with the problems getting cash out of China to pay auditors, Nomad fees and director fees as we were previously told?
Published 265 days ago
We are two days from the end of August and we’ve had diddly squat from ShareProphets AIM-China Filthy Forty play Aquatic Foods (AFG) which is currently suspended pending accounts. In June it said they would be in July, and that directors were going to pony up to get enough bills paid to see the accounts signed. In July it hadn’t happened and there was no mention of it. Will the accounts appear this time?
Published 278 days ago
Back before the world went crazy in the nineties when folks committed or abetted financial wrongdoing they were named, shamed and punished as individuals. That was a real deterrent to crime. Then the world changed and we started fining corporations, banks, accountants and other advisers. The regulators announce seemingly large fines which meant they got newspaper headlines and seemed smart. But the banks and other advisers just treated the fines as a cost of business and so were not deterred from breaking the rules going forward. At least my very good friends at the Financial Reporting Council seems to appreciate that. The FRC is, as such, the UK's best regulator.
Published 297 days ago
ShareProphets AIM-China Filthy Forty play Aquatic Foods Group (AFG) has released news of its delayed FY16 numbers in an (almost) no-one is watching o’clock RNS yesterday, released at 4.26 pm – 12.26am local time in China. Goodness me, they must have been putting the wording together for hours! Needless to say, there are still no accounts. In my view the whole thing is a joke and Nomad SP Angel is being made to look foolish: take a look at the directors’ page of the company website!
Published 299 days ago
Nu-Oil and Gas (NUOG) is a company that I covered a couple of weeks back as being totally over-valued, and although it has pulled back a bit I think it potentially has further to go.
Published 314 days ago
San Leon (SLE) has updated on the suspension of its shares - something that has now lasted a week. We have been in constant communication with the company and are relaxed about the situation, not expecting it to last much longer.
Published 379 days ago
Noting recent coverage of AIM-listed Eden Research (EDEN) and its, ahem, “interesting” funding arrangements with Terpenetech here on ShareProphets I have a question: given that it appears that Eden is the only holder of paid-up shares in Terpenetech, does that not mean that Eden holds the only (currently) valid voting rights? And if that is the case, is not Eden in fact the ultimate controlling party? And if that is the case, should Terpenetech be viewed as a 100% owned and controlled entity of Eden - a subsidiary, therefore, and have to release full audited accounts?
Published 379 days ago
AIM-listed Advanced Oncotherapy (AVO) has a calendar year-end and as such its six-month deadline to publish accounts falls on 30 June – the end of next month. That means getting an audit done which will involve, amongst other things, agreeing the Going Concern statement. Yesterday’s share price plunge might have more than a small bearing on how conversations go in that regard.
Published 384 days ago
AIM-listed Rurelec (RUR) updated the market last Thursday that its currently crocked power generation plant held in its JV Energia Del Sur in Argentina may get fixed rather sooner than first feared – even if the proposed repair sounds a bit of a Heath Robinson affair. Good news. The slightly more disconcerting news is that the Companies House website is showing an Auditor’s Resignation filing as being processed and available in five days.
Published 387 days ago
This week was always going to throw up a few horrors with it being results week for a whole load of the Sub-Standard Shockers XI. I will do a round-up of some of the other comedic moments from the various announcements over the long weekend but Papillon Holdings (PPHP), which failed to get its results out at all, deserves a special mention.
Published 421 days ago
AIM Death Row long-termer and ShareProphets AIM-China Filthy Forty play Asian Citrus (ACHL) was suspended pending accounts way back on 28 September last year after its auditor demanded further testing, including visits to the company’s banks to see the bank statements first hand in the wake of allegations that the books had a few, ahem, “anomalies”.
Published 425 days ago
AIM-listed e-commerce play Cloudbuy (CBUY) released its full year numbers for calendar 2016 this morning. Having had a rescue refinancing last year and a change of strategy the question was always whether all the good news announced over the last few years would ever be converted into revenue. The bad news is that it hasn’t yet. By the way, as a general point to the company, if you are going to reference notes to the accounts in the RNS and don’t include those notes people will think you have something to hide. It looks poor.
Published 431 days ago
ShareProphets AIM-China Filthy Forty play Asian Citrus (ACHL) has offered yet another update on its delayed (due to allegations which looks like accusations of fraud) FY16 results. Having tried ever so hard to obtain relevant information and to facilitate additional audit procedures (ie visits to the banks in person) the company has announced that it has initiated legal proceedings to remove relevant senior management members of the relevant subsidiaries. With the shares having been suspended since 28 September execution after six months as long-termers on AIM’s Death Row is scheduled for 29 March. The company cheerfully tells us that the implementation of such changes may take time – ShareProphets RNS Translation Service: it’s delisting ahoy.
Published 443 days ago
ShareProphets AIM-China Filthy Forty play MoneySwap (SWAP) has been taking up a cell in the Casino’s Death Row since its shares were suspended pending accounts on 21 September 2016. Under AIM Rule 41 it has just days to release numbers or become the 25th departure from the Filthy Forty. Whatever happened to the links to Unionpay? The e-wallet? The software? And is Interim CEO Craig Niven again about to preside over the collapse and disappearance into the ether of a Lin brothers fiasco?
Published 453 days ago
The 24th delisting from the ShareProphets AIM-China Filthy Forty is almost upon us, for shareholders in Fujian Province-based Jiasen (JSI) voted through proposals to depart the Casino at a General Meeting on the 15th of this month, with the company’s exit scheduled for next Tuesday. Anyone still holding has less than four trading sessions left to get out.
Published 455 days ago
Tom Winnifrith asked a few questions earlier this morning as to why there was so little disclosure in the FY16 Accounts of AIM-listed Tern plc (TERN) in relation to the financial performance of its flagship investee company Device Authority Ltd, especially since Device Authority represents almost 100% of Tern’s investment portfolio. I have another question: why does it appear that Tern is paying the audit fees of Device Authority?
Published 468 days ago
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.
Published 478 days ago
That the ShareProphets AIM-China Filthy Forty is already down to just 17 members is, of course, a shocking indictment. 23 AIM departures later, we have been waiting for number 24 for quite some while but it looks as though the two front runners are battling it out to the finish line. Not to be outdone by MoneySwap (SWAP) and its Tuesday suspension update, Asian Citrus (ACHL) followed suit yesterday. Both are overdue with accounts, one perhaps to do with solvency and the other over allegations made which read to me like allegations of fraud.
Published 481 days ago
Yesterday ShareProphets AIM-China Filthy Forty play MoneySwap (SWAP) updated on its parlous financial position and the long-promised recapitalisation rescue. It has borrowed a bit more urgent financing, but warned investors that it’s suspension from trading on AIM (since 21 September last year) now has less than two months to run before the company is led to the AIM execution chamber.
Published 489 days ago
Formerly AIM-listed Teathers Financial (TEA) has released numbers for the year to 31 October 2016. They are truly shocking. In its year to October 2015 the group balance sheet sported a net assets value of about £800,000 having raised just over £1 million in the year. That is pretty bad. But as at 31 October 2016 (having raised no further cash) net assets came in at about just under £70,000 with just £658 in the bank. Where did it all go?
Published 491 days ago
A couple of interesting filings on Companies House leave me wondering whether former AIM-cesspit posterboy Daniel Stewart Securities plc (DAN) is being prepared for a quiet execution. It was clear from the (stunningly) late-filed 2015 Accounts that is was in serious trouble, and last year a debenture over the parent seemed to have morphed into a debenture over its subsidiary, Daniel Stewart & Co plc. Now the previously wholly-owned subsidiary, which contains the trading business, seems to have been raising money on its own account.
Published 494 days ago
It is my birthday today and the TrakM8(TRAK) supporters club of top blogger Paul Scott, crony capitalist PR man Reg Hoare and tech analyst Lorne Daniel of FinnCap need each to order a bottle of ouzo to send me with a note saying "you were right - you is da king". Subsidiary accounts for Route Monkey have finally emerged and are truly diabolical just as I predicted to hoots of derision from the supporters club.
Published 496 days ago
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.
Published 499 days ago
Oh joy upon joy, the accounts of ex-AIM Cesspit posterboy Daniel Stewart Securities plc and its subsidiary Daniel Stewart & Co plc have been published. As plcs they should have filed accounts to Companies House for the year to 31 March 2015 by the end of September that year, so the date stamp of Companies House of 22 December 2016 means that they were filed almost a year and three months late. But what joys there are to be had!
Published 503 days ago
No wonder that fraud African Potash (AFPO) did not want anyone reading its accounts which have finally arrived six days after they were signed off. It is a gold mine for anoraks like me. Let us now turn to page 45 and note 21, related party transactions of which there are many. But I refer to the third such transaction which involves CEO lyin' Chris Cleverley.
Published 506 days ago
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.
Published 521 days ago
Well I guess it is not dead yet, but ShareProphets AIM-China Filthy Forty poster-boy MoneySwap (SWAP) sure is pushing the line. Having bundled through shareholder authorities to get enough headroom available for a rescue bail-out at its last AGM even without a firm proposal on the table last June, apparently due to the urgency of the situation, here we are six months on and still there is no deal – and the company is running on the fumes of a series of emergency loans. What’s the point?!
Published 542 days ago
The Red Flags plastered all over the currently suspended pending accounts ShareProphets AIM-China Filthy Forty play Asian Citrus Holdings (ACHL) can all be found HERE and the latest development is that it has now called its AGM – still with no accounts published – on 28 December, right in the middle of the Christmas and New Year break. I guess the board is saving precious shareholder cash in that it will be able to book a very small room.
Published 544 days ago
AIM-China incubator play Grand Group (GIPO) only joined the Casino in January 2015, too late to make our ShareProphets AIM-China Filthy Forty index. This is most unfortunate, for the credentials on offer are impeccable – and now, it seems, we could be just over five weeks from a one-way trip to the AIM Execution chamber, courtesy of AIM Rule 41 (if, that is, the Oxymorons bother to enforce the rule this time). This is as on 30 December the mandatory delisting following a six-month suspension kicks in unless the company gets its accounts to December 2015 out.
Published 570 days ago
Oh dear, oh dear, oh dear. There’s trouble brewing at AIM-listed Blenheim Natural Resources (BNR) in the wake of a total disaster at the company’s AGM. In an RNS released yesterday at 3.19pm (HERE) the company announced that every single one of the resolutions put to the AGM were rejected. Thus, following the departure of Chris Cleverly of African Potash (AFPO) infamy, two further directors have been ousted as their retirement by rotation became permanent as shareholders voted down their re-election.
Published 575 days ago
I see that there has been some unhappiness at the Foresight 4 Venture Capital Trust (FTF) AGM, where a major new shareholder revolt almost succeeded in unseating the entire board, voting down the directors’ remuneration report and blocking the reappointment of KPMG as auditor (see HERE). Indeed, the directors saw the revolt garner votes against them of between 47.31% and 49.99% (in the case of the Chairman).
Published 578 days ago
Continuing our wanderings through the accounts of those who promote and look after companies listed on the Casino, we turn here to the FY (to Mar 16) accounts of Northland Capital Partners – Nomad to such fine enterprises such as AIM-listed Edenville Energy (EDL) and the now executed Eastbridge Investments (EBIV), Broker to AIM-listed Octagonal (OCT) and introducers of Vast Resources (VAST) to the fine fellows at Bracknor. A truly magnificent contribution to life on the Casino I’m sure we all agree.
Published 578 days ago
Remember when the fraudster Rob Terry told his deluded followers that shares in Daniel Stewart (DAN) were worth 10p each. In those days they were listed on AIM but Terry reckoned that they could be worth even more when delisted. Hmmmm. Now slung off AIM things seem to be going from bad to worse.
Published 584 days ago
Already suspended ShareProphets AIM-China Filthy Forty play Asian Citrus (ACHL) announced this morning that there has been a bit of a delay in getting its circular together in relation to a property acquisition first announced back in August which seemed riddled with related party issues. Since then the company’s shares have been suspended from trading on the Casino amid allegations of accounting irregularities which have led to a delay in releasing its FY16 accounts.
Published 586 days ago
AIM-listed jam-tomorrow investment company Tern plc (TERN) has a few strings to its bow beyond subsidiary (or is it investee?) Device Authority, formerly known as Cryptosoft. One might wonder at the valuation of that one – see HERE – but the other bits and pieces of investments are the (thus far) less than entirely successful Flexiant which is in administration, Push Technology and Seal Software.
Published 610 days ago
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.
Published 617 days ago
Tern plc (TERN) investee company Cryptosoft Ltd as was (now Device Authority Ltd) has filed its accounts for the fifteen-and-a-bit months to Dec 2015 and the picture painted is not pretty. Nor is the cross-match (or lack of it) to the accounts of (then) majority owner Tern plc. Call me a pedant, but surely the investment by Tern into the share capital of Cryptosoft at period end should not exceed the total of share capital and share premium, should it? Oh, and then there were a few balance sheet issues.
Published 635 days ago
I have this morning sent a missive to the fine upstanding, inscrutable and completely effective folks at AIM Regulation regarding the ongoing farce that is AIM-listed Galasys (GLS), which is currently suspended as its Nomad (WH Ireland) resigned last week with immediate effect. This morning, as reported HERE, yet another NED walked the plank with immediate effect, for “personal reasons”, following the Company Secretary, the Nomad and Broker and another NED out of the door, leaving the company with no registered office and a fast dwindling boardroom which is at war with itself.
Published 637 days ago
They are still dropping like flies. This morning the ShareProphets AIM-China Filthy Forty saw its 23rd victim as LED International Holdings (LED) had its one-way trip from AIM’s Death Row to the lethal injection room. There are now just 17 of the original forty remaining, of which one is currently suspended. This is an incredible indictment of AIM, and the recent history of LED is the sour cherry on the rancid icing on the mouldy cake.
Published 657 days ago
As expected it was announced this morning that ShareProphets AIM-China Filthy Forty play GTS Chemical (GTS) has had its listing on AIM cancelled after its shareholders passed a resolution to depart the Casino. This was always a foregone conclusion as there was a (vast) majority shareholder calling the shots, but it marks the twenty-second Filthy Forty departure from the world’s most successful growth market out of our original cohort. Shocking.
Published 661 days ago
Oh dear, oh dear, oh dear. Things are starting to terminal for AIM-listed Galasys (GLS). With the boardroom already at war with itself and dragging the dispute into English, Jersey and Singapore court-rooms and with qualified accounts released for FY15 now we learn that Computershare has terminated its services as company secretary and provider of the registered office.
Published 674 days ago
Blow me down! Having been suspended for failing to get its accounts out on time AIM-listed Rurelec has finally got its calendar FY15 numbers out. Fair play to the two-man board: with an ongoing cash-crisis as they try to rescue the company from its dire situation the workload must be extreme. With the numbers now out (after-hours, of course!) the shares are expected to resume trading on Monday. As to the report, it is dreadful – and the finger of blame is firmly pointing in the direction of the old guard under Peter Earl. It is a shocking read.
Published 675 days ago
The clock is ticking for ShareProphets AIM-China Filthy Forty play LED International Holdings (LED). Actually, the clock ran down to zero last month but still AIM Rule 41 has not been invoked. AIM Regulation is well aware of the situation and has elected to do nothing: the chocolate teapots appear to be happy to flout their own rulebook in blatant fashion.
Published 690 days ago
The race to see which of the twenty remaining ShareProphets AIM China Filthy Forty companies clocks up a suspension/delisting is hotting up as we enter the final furlong. Yesterday saw the loose horse of Grand Group (GIPO) – a non filthy forty runner but an otherwise well qualified AIM-China play nonetheless – cross the line first with a suspension as it can’t get its accounts out on time. But with a surprise late run GTS Chemical (GTS) now looks clear of the field as they head for the line after announcing plans to delist in August, subject to the forgone conclusion of a vote at its AGM.
Published 691 days ago
AIM-China play Grand Group (GIPO) only joined the Casino in January 2015 and consequently missed inclusion in the ShareProphets AIM-China Filthy Forty despite sporting outstanding credentials: Cayman Islands incorporated, ownership of assets through VIE arrangements. Oh and a cash-pile to die for. On listing, investors must have been sorely tempted to grab a grand. This morning the shares were suspended because it can’t get its calendar 2015 accounts out by tomorrow’s deadline. Oops.
Published 694 days ago
Well, well – another twist in the formerly AIM-listed Teathers (TEA) saga has emerged, as a wander through Companies House filings reveals that a certain Mr Jason Drummond quit as a director on 23 June 2016 (last Thursday), ahead of the forthcoming sack-the-board EGM on Tuesday. The question, of course, is why?
Published 699 days ago
Embattled Teathers Financial (TEA) boss Jason Drummond has admitted that the late filing of accounts was a mistake but, in a long conversation last night, he said that people who assume he is hiding something will have a big shock.
Published 710 days ago
Mr Kung Min Lin served as Chairman of Filthy 40 MoneySwap (SWAP) and PCG Entertainment (PCGE). But before that he served as Exec Director of AIM investing company Sportswinbet (SWB) from the 2005 IPO, which went on to become Power Capital Global (PCGB) with Mr Lin as Chairman. You can follow the progress of the first incarnation HERE. But we’re back from the break and with what's left of the £3 million raised in 2005 it’s now time for the second half: Mr Kung Min Lin’s brother comes to the fore.
Published 711 days ago
This morning AIM-listed investment company Tern (TERN) released an RNS entitled “Acquisition”. In fact the news was that the previously announced acquisition on Flexiant Ltd is all off, at least for now. This raises a few questions.
Published 719 days ago
I have a few questions to add to Tom Winnifrith’s and Cynical Bear’s coverage of the fine outfit that is AIM-listed FastForward Innovations Ltd (FFWD). I’m sure there are perfectly reasonable explanations, but perhaps the company might like to share them – especially with a placing so obviously on the way as the (re-) renewal of what was once the AIM-China play called London Asia Chinese Private Equity Fund (CGOP) continues.
Published 721 days ago
On Thursday of last week AIM-listed investment company Tern (TERN) announced the acquisition of Flexiant Limited. It looks a bit of a complex deal, but the question in my mind is what Tern has actually bought? And since Tern already has a holding in the parent company of Flexiant, how does it leave that looking?
Published 729 days ago
A curious filing has appeared at Companies House with regard to our dear friends at Daniel Stewart (DAN), the formerly AIM-listed company which used to be a Nomad, used to have a Nomad and which is still a Broker. Back in January a debenture in favour of the mysterious Asian outfit Epsilon appeared at Companies House: it seems that the parent company had entered into an arrangement with its largest shareholder in return for a charge over all its assets, as was covered at the time by Tom Winnifrith. Now we appear to have one covering all the assets of the only operating subsidiary.
Published 747 days ago
Hat tip to Drunken sailor for spotting that joke company Terpenetech Ltd which has been used to facilitate fraud at AIM listed Eden Research since 2011 has filed its accounts. For what it is worth they again point to the monumental £600,000 fraud of August 2015.
Published 767 days ago
We have known that the Peter Earl AIM-listed train-wreck Rurelec (RUR) has been in some financial difficulty for some time. Mr Earl departed the scene last June, but the fire-fighting for the new board has been on-going ever since. Last night at no-one-is-watching o’clock (4.55pm) the company gave an update on its funding arrangements and trading in what must be a classic case-study for all MBA students on how to deliver bad news. Over to the ShareProphets RNS Translation service for the low-down on last night’s announcement…..
Published 774 days ago
Quob Park Health Limited was incorporated on 31 March 2016, but thus far there is no sign of Rob Terry being directly involved. Not on the surface, anyway, but digging a little deeper there are a few links. One wonders what is going on?
Published 796 days ago
Our sincere apologies for missing the fact that ShareProphets AIM-China Filthy Forty play Jiasen (JSI) slipped out a board change RNS at lunchtime on Friday last week. I guess we were all in the Punter's Return at the time. It seems that Mr Curt Riley has resigned as a NED as from the end of May.
Published 798 days ago
ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) remains suspended pending financial clarification as shareholders face a grim high noon in the Isle of Man courts when the majority holder of (now defaulting) zeros looks set to get the company forced into wind-up.
Published 806 days ago
That soft spot for fully listed Telecom Plus (TEP) is hardening. Looking at Companies House filings and analysing accounts seems to present a less than convincing case that the company can afford to repay its loans and continue to meet its progressive dividend policy, especially in the light of the (as yet, still) unannounced new borrowing facility of £150 million. But today it is time to look into the company’s investment into Opus Energy. Oh goodie: another excuse to trawl through Companies House filings. Anorak at the ready….
Published 807 days ago
I just can’t help myself: fully listed (sort of, as it has been suspended since 13 October 2014 so it is more a case of the undead as it still has not been booted off the main market) Worthington Group (WRN) issued an RNS after-hours last night. Was it the long overdue results for the year to September 2014, which were promised to be released in March 2015 in an RNS released in Jan 2015, but are still outstanding almost a full year late?
Published 830 days ago
Already suspended for failing to produce its accounts to June 2015, ShareProphets AIM-China Filthy Forty play LED International Holdings (LED) gave out a Chinese new year update on Monday which covered a number of matters – not least of which is the overdue accounts. And the binning of a JV which started life as a proposed RTO. And the non-completion of an acquisition first announced back in March 2013. And a warning that its working capital position is constrained because its customers are not paying their bills. And the company needs to raise cash or restructure debts. Apart from that everything’s fine!
Published 831 days ago
Following on from kicking the tyres at AIM-listed investment vehicle Tern plc (TERN) which took a quizzical look at the accounts of Flexiant Corporation (and its subsidiary), we have had a note through from a reader. I wondered what a consolidated balance sheet might look like for a company which has about £12 million of current assets in the form of a loan to its subsidiary – but which the subsidiary reports as a non-current liability (for the same accounting period). Over to our reader…
Published 834 days ago
AIM-listed investment company Tern currently (to my knowledge) has four investments in its portfolio. Cryptosoft gets the lion’s share of the attention, but the other three (Flexiant, Push Technology and Seal Software) perhaps merit a look. A couple of things struck me as very unusual with Flexiant (HERE) - I did not under the accounting and had difficulty with the valuation but what of the others? Let’s take a peek at Seal Software Group Limited.
Published 839 days ago
We really have not had enough coverage of (now) delisted from the Casino Daniel Stewart (DAN), have we? We already know that the accounts for the year to March 2015 are overdue by four months (and counting) but I note today that its Annual Return is now also marked as overdue by Companies House. One wonders how long it will be before Companies House files a first gazette notice of compulsory strike-off.
Published 844 days ago
Nomad Allenby still appears happy to take the filthy money offered by Servision (SEV) to act on its behalf notwithstanding the now clear demonstration that its RNS statements are, on a serial basis, utterly misleading. So let us now look at the accounts which, natch, are a total joke. I refer to the issue of bad debts.
Published 865 days ago
Having posed a few questions over the change of auditor already, another one crosses my mind. It concerns dates. We have already seen that AIM-listed Inspirit Energy Holdings (INSP) mis-stated in its results RNS of New Year's Eve that both the 2014 and 2015 acounts had been audited by Welbeck. Yet we know that the 2014 accounts were audited by PKF Littlejohn LLP - and elsewhere in the results RNS we are told that PKF resigned during the year. Something is wrong somewhere! One could explain this away perfectly reasonably, of course, by postulating that it was just a cut-and-paste error with regard to the statement about Welbeck. But there are a few more details....
Published 866 days ago
AIM-listed Inspirit Energy Holdings plc (INSP) has confirmed that its change of auditor was due to the resignation of PKF Littlejohn. There is a statement in FY15 accounts that the auditor was appointed during the year following the resignation of PKF Littlejohn LLP. But that means that PKF resigned during the year to way back in June 2015. When an auditor resigns there is supposed to be a filing to Companies House to that effect, with an accompanying letter from the retiring auditor giving the circumstances relating to the resignation, or a statement that there is nothing to be brought to the attention of the members or creditors of the company. Those are supposed to be filed to Companies House within fourteen days. Here we are more than six months later: where are they?
Published 867 days ago
I have already flagged up enough Red Flags with regard to the ex-Lenigas play, AIM-listed Inspirit Energy (INSP) - see HERE and HERE - to consider it a share to keep well clear of even Desperate Dan's bargepole. But a change of Auditor is also a Red Flag, and there appears to be no statutory filing showing on the Companies House website to explain why PKF Littlejohn LLP is no longer in post.
Published 871 days ago
Our apologies are due for overlooking one of the ShareProphets AIM-China Filthy Forty companies. The RNS released by LED International (LED) three days before Christmas (HERE) almost passed us by: the company announced early in the no-one-is-watching o’clock holiday period that its shares were being suspended because it had become apparent that the Company [would] not be in a position to publish its audited report and accounts for the year ended 30 June 2015 by the deadline of 31 December.
Published 872 days ago
What a total joke. Daniel Stewart (DAN) the AIM-listed (for now) Broker (and ex-Nomad) has published its interims for the half year to Sept 30 2015. It has managed this even though its FY numbers to the previous March are still not published and so anyone unfortunate enough to be left lobster-potted in this disaster story has not had the benefit of an audited set of numbers for any period since March 2014.
Published 916 days ago
AIM-cesspit poster-boy Daniel Stewart Securities plc (DAN) has announced the raising of £650,000 from the issued of convertible and non-redeemable bonds. It then goes on to say that a total of £630,000 has been received. So it has raised £630,000 so far, not £650,000. Perhpas that is splitting hairs. But we are also told that the company continues to work on the finalisation of a placing....which it expects to announce shortly. Ah, that word "shortly" again. I'll come back tomorrow to see Mr Godot. Tom Winnifrith continues to work on the finalisation of an approach to Cheryl Cole. Well, maybe it is on the way after all.
Published 932 days ago
In part one of this two part look at Utilitywise plc (UTW), I highlighted areas of particular interest in the accounts. The following reviews post announcements from the company this week, including of a “Change to payment terms with existing supplier”…
Published 935 days ago
On 1 Oct - almost a month ago - shares in AIM-Cesspit poster-boy Daniel Stewart (DAN) were suspended as the company had, for the second year running, failed to publish its accounts on time. The statement issued by the company referred to a funding package, that it [Daniel Stewart] expects to announce shortly, following which it expects to be able to publish its FY 2015 Accounts and resume trading on AIM.
Published 938 days ago
I’ve been looking again at the interims from ShareProphets AIM-China Filthy Forty constituent Auhua Clean Energy (ACE) and its growth in receivables since FY14 of 60% since FY14 and of 92% since the first half last year – as against pretty flat turnover and margins. As at June this year we see that trade and other receivables of RMB 200.4 million as noted under current assets sit at 177% of (slightly falling) turnover of RMB 112.8 million. That looks just a tad on the high side.
Published 941 days ago
On 1 October shares in AIM Cesspit listed Daniel Stewart (DAN) were suspended because the company had failed, for the second year running, to produce its accounts on time. We were told in the suspension RNS that the company was working on a funding package which would be announced “shortly”. Today, more than three weeks later, we have had an update: the company is working on a funding package which will be announced “shortly”. Hmmm.
Published 946 days ago
Oh dear, oh dear. On 1 October shares in AIM-listed Daniel Stewart (DAN) were suspended for failure to publish accounts on time for the second year running. In between times it was suspended again after its previous Nomad resigned. Three suspensions in thirteen months does seem to be a tad careless, does it not? But the 1 October RNS told us that The Company is working on the conclusion of a funding package that it expects to announce shortly, following which it expects to be able to publish its FY 2015 Accounts and resume trading on AIM. It is now 18 October. Well, where is it? Are there a few issues going on behind the scenes that we have not been told about?
Published 963 days ago
You can’t say were not warned! Shares in AIM-cesspit poster-boy Daniel Stewart (DAN) have been suspended yet again as the company has failed to release accounts for the year to March 2015 by yesterday’s deadline. But having just raised £1.2 million of cash just at the end of June at the ludicrous price of 3.35p, it looks as though the reason for the lack of accounts is because the company needs to raise even more money. It sounds horribly as though there is a little bit of an issue over getting an audit sign-off. Is this because of a lack of regulatory capital, a reluctance of the auditors (PWC) to pass the company as a going concern, or PWC foreseeing a shortfall?
Published 983 days ago
We have pointed to a number of anomalies in the accounts of AIM Casino listed Daniel Stewart Securities plc (DAN) and its main trading subsidiary Daniel Stewart & Company plc. The share capital of the latter appears to be in a complete mess, as described HERE. There looks to me a mis-match of numbers between the parent and the subsidiary, as described HERE. And it would appear that the subsidiary accounts (which were filed to Companies House 11 months late, and four months after the parent accounts) are riddled with errors, as described HERE.
Published 985 days ago
The FY14 Accounts of AIM Cesspit posterboy Daniel Stewart Securities plc (DAN) and its main trading subsidiary Daniel Stewart & Company plc (DSC) look to be in real trouble. One wonders how new Auditor PWC passed them, given anomalies already highlighted HERE. But it gets worse. With thanks to an avid reader – let’s call him David – there are yet more questions to ask as a result of a devastating analysis. I have added a few comments [in bold] but I leave the rest to ‘David’. He writes…..
Published 985 days ago
We are still finding oddities in the FY14 accounts of AIM-listed Daniel Stewart Securities plc (DAN) and its subsidiary Daniel Stewart & Company plc (DSC). Now it may be that it is perfectly normal for a listed company to rack up a few expenses which are disallowable for tax and so on. But the magnitude of the numbers seems (at least to this pleb) somewhat surprising.
Published 986 days ago
Following a series of questions HERE, HERE and HERE AIM-listed Tern plc (TERN) has finally clarified how it managed to allow the holder of warrants exercisable at 4.6p to exercise them at 0.02p instead. I’ve lost count of the clarifications and restatements Tern has issued so far this year, but at least we can start to draw a line under this latest one – although yesterday’s RNS would suggest that Tern’s FY13 and FY14 accounts and results RNSs, and the RNS of 31 July 2013 (which announced the issue of the warrant instrument) were all just plain wrong.
Published 990 days ago
Following on from THIS ARTICLE from earlier today, I have written to AIM Regulation and asked them to step in. This is an important matter, because shareholders in AIM-listed Tern plc have just seen more than 1% of their company near-enough handed out for almost nothing, by way of an unexplained warrant exercise which they would have been unaware of. This is not an acceptable situation because the implication is that ownership rights on AIM can become arbitrary.
Published 992 days ago
Finally, dated 26 August 2015 – eight months late and four months after the parent, AIM-listed Daniel Stewart Securities plc (DAN) accounts were filed – we have the full year accounts for Daniel Stewart & Company plc to 31 March 2014. Two sets of numbers previously highlighted do not stack up. Perhaps there are more, but this will do for starters - along with an un-notified change of auditor.
Published 1033 days ago
Hat-tip to eagle-eyed ‘Keith’ in the comments section of my last piece on Daniel Stewart Securities plc (DAN) HERE, my question over how a £1 million share issue to the parent by subsidiary Daniel Stewart And Company plc was accounted for in the parent FY14 accounts has been answered. It is a bit complicated, but worth looking at because it appears to raise a few more questions.