Interserve – shares falling again today, still a sell

Published 97 days ago

Yesterday revelations on Sky and a company statement made clear that all is not well at Interserve (IRV), for all the positive noises about constructive  discussions with its lenders, Sky revealed that a syndicate of lenders including Royal Bank of Scotland and HSBC had called in Ernst and Young amid fears about the balance sheet. Noting also that the balance sheet is painfully thin, as per its recent interims statement, and the calamitous profit warning last month suggesting that the company had no idea of the eventual magnitude of the provision needed associated with its exit from its energy-from-waste business, as well as questions over current trading and you already have pretty good reasons to get out.

Interserve: more reasons to sell - the balance sheet, advisers called in by lenders

Published 98 days ago

A little bit more of a look at main market listed Interserve (IRV) simply serves to underline my comment earlier that it is a sell.

The Essentials I Insist on When I Commend a Potential Winner to You.

Published 100 days ago

Hello, Share Chuckers. As I bring you promising companies which may have escaped your notice on office days, there’s time to explain my general methods at the weekend. I can’t expect you to follow my various suggestions unless you know my lines of thought. So, for those of you wise enough to subscribe to this essential website, here goes.

Tasty – Interims leave a sour undertone

Published 132 days ago

AIM-listed restaurant group Tasty plc (TAST) served up its interims to 2 July this morning. Starters included good news that revenue was up 12% and that four new sites were opened. But the main course left a bad flavour in the mouth, reflected in the (last seen) drop of 12% in the share price.

21st Century Technology – interims argue “significant improvement”, so why are the shares lower?

Published 143 days ago

Fleet and passenger systems technology company 21st Century (C21) has announced results for the first half of 2017 emphasising “significant improvement”. So why are the shares approaching 4% lower following the announcement, at 3.25p?...

Reader Comment of the day - Drunken Sailor unearths local issues for Bushveld

Published 157 days ago

You may remember that ShareProphets poster Drunken Sailor and I were co-defendants in a libel case a couple of years ago ( which we won). Mr sailor is not a drunk and he is a great sleuth when he wants to be. My pressing concerns about uber ramped Bushveld Minerals (BMN) are its balance sheet, but DS has unearthed another major issue which, for some reason, Bushveld has not covered in an RNS. Perhaps it might do so now? Drunken's post merits a wider audience:

SRT Marine Systems – order “for the world's biggest single deployment of AIS AtoN”. Wow… Or not…

Published 157 days ago

Following the postponement of a significant contract announced at the end of last month, SRT Marine Systems (SRT) has now announced an “AIS Aids to Navigation Contract”, including that “the order is for the world's biggest single deployment of AIS AtoN”. The world's biggest hey, sounds impressive!…

Looking for a Possibly Safer Airline Venture? - Well, this Fleet's In

Published 157 days ago

Hello Share Grafters. The congestion in most of our airports will give you the heads-up that air travel is booming. It will continue to do so, especially as more people from developing countries become middle class. But you may still be wary of big airlines.

Idox – acquisition aids a rating which is “highly attractive”… Or is it?

Published 158 days ago

Having reached more than 75p in May, shares in information management technology and services company Idox (IDOX) declined below 60p early last month before recovering above 65p - then declining towards 60p again. The company is now “pleased to announce that it has acquired… Halarose, a supplier of electoral back office software and services to UK local authorities, for £5.0 million, comprising £3.5 million in cash and £1.5 million in shares” (at 61.5p)…

Telit Communications: what the bears saw, it's about the balance sheet stupid

Published 163 days ago

After my earlier story about the covenant breach which is, I am increasingly sure, a smoking gun, I explore some trends shown by the financial statements of Telit Communications (TCM) that may have been some the red flags that resulted in hedge funds making Telit the most heavily shorted AIM company - this is all about the balance sheet. It also highlights why some type of fund raise, equity or debt, was almost inevitable in May - without it the lights would have been switched off by now.

St. Ives – results expected to be at “top end” – but that is of previously heavily reduced expectations...

Published 165 days ago

Marketing services group St. Ives (SIV) has announced results for its year ended 28th July 2017 “are expected to be at the top end of the range of current market expectations”. Sounds promising, but what are those expectations and their context?...

21st Century Technology – Contract Win share price rise, but what of margins & the balance sheet?

Published 168 days ago

The largest percentage share price riser in London currently today is transport technology company 21st Century (C21). This is on the back of a “Contract Win” announcement…

SRT Marine Systems – “MDM Contract Update”, shares down 20%. Uh Oh…

Published 175 days ago

An “MDM Contract Update” announcement from SRT Marine Systems (SRT) – and the shares currently down approaching 20% in response. Uh oh…

LightwaveRF – Apple certification. Ooooh. Will it though need to be discounted fundraising ahoy?

Published 199 days ago

LightwaveRF (LWRF) “is delighted to announce that its next generation Lightwave Link Plus has been certified under Apple's licensing scheme as a ‘Works with Apple HomeKit’ product”. Ooooh, Apple hey. Cue a further share price rise, but what’s actually happening here?...

Nektan: Some good news, survival for now and a change of stance from a Not-Always-So-Cynical Bear

Published 201 days ago

Nektan (NKTN) has been surviving on fumes recently but its short-term survival is ensured by an announcement this morning with a loan from its major shareholders and although the future still looks tricky, such support is to be applauded as it keeps hopes alive for the wider shareholder base.

Porta Communications – announces completion of new banking facility, how’s the balance sheet then?

Published 224 days ago

On the back of a “Financial Completion of New Banking Facility” announcement, shares in PR and marketing group Porta Communications (PTCM) are currently more than 6% lower, sliding back below 4p. Hmmm...

Frontera - Why an AGM BEFORE FY numbers are released? Is the balance sheet really THAT bad?

Published 249 days ago

AIM-listed Frontera (FRR) has rather slipped since I last wrote about it last month HERE and HERE, concluding that it had a gaping black hole in its balance sheet. The shares were then trading at around 0.4p. This afternoon the shares are 0.31p in the middle (last seen) and it has announced its AGM. Just one thing: where are the full year results? The company is trying to raise c. £40 million in cash and loan settlements, and won’t show us the balance sheet? How big a RED FLAG do you want?

Tom Winnifrith Bearcast: Paternoster Resources why cheap could be incredibly expensive

Published 305 days ago

I comment on the hopeless response of smug MPs and the established media to yesterday's terror attack on my own website in a podcast HERE. On the markets I look at expectations management at Next (NXT), at how we know or knew about the balance sheet at Toople (TOOP) covered HERE by Cynical Bear or Advanced Oncotherapy (AVO) heading for 0p and covered in detail by me earlier HERE. I look at Public Services Properties (PSPI ) and what its AIM casino departure says about RTOs and contingent liabilities - which reminds me again of New World Oil & Gas (NEW). Finally I have a detailed look at the strange world of Paternoster Resources (PRS), not a stock you have to own in any way. PS Cynical Bear is not me. Can you see any typos in his articles?

Hardide – AGM update, “starting to see an upturn” from oil and gas customers

Published 336 days ago

Having thus far been sceptical of shares in engineering coatings company Hardide (HDD), I note they currently higher today with the company having updated in conjunction with its AGM…

Cobham – there was worse to come, much worse…

Published 340 days ago

Reviewing last month from Cobham (COB) ANOTHER profit warning I concluded, with the shares at 140p, that there could be worse to come and that it was a bargepole stock. Now, on the back of a further update, the shares are currently heading towards 100p…

Murgitroyd – profit warning sees shares slump, but is there now value on offer?

Published 363 days ago

Intellectual Property advisory group Murgitroyd (MUR) has issued a “Trading Statement” including that “the outcome for the full year will fall short of market forecasts, and likely see reduced full-year 2017 earnings”. Uh-oh...

Braemar Shipping Services – follows August’s profit warning, with another…

Published 364 days ago

Previously writing on Braemar Shipping Services (BMS), I suggested that holding, at the then 370p, was only for the very brave or very patient and that I’d avoid. Hopefully that was heeded as another “Trading Update” announcement today is another profit warning – and sees the shares currently down towards 250p…

Fitbug – shares soar (before suspension) on an RNS Reach ramparoonie

Published 369 days ago

On the back of an RNS Reach (i.e. not even deemed to merit a main RNS) announcement, shares in “digital wellness technology provider” Fitbug Holdings (FITB) roofed it to be 370% higher, at 0.775p, before a suspension of trading was announced. Hmmm…

Daniel Stewart – finally files 2015 accounts, almost a year and three months late

Published 380 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!

eServGlobal – full-year results, to “provide further evidence of our success”. Really?

Published 398 days ago

eServGlobal (ESG) has announced results for its year ended 31st October 2016 emphasising “steady progress in the re-alignment of the business” and “we are confident we will provide further evidence of our success in the year ahead”. Hmmm…

SP Angel’s Zac “the knife” Phillips plunges the blade into Frontera Resources (again…)

Published 455 days ago

Another ramptastic RNS this morning from AIM-listed Frontera Resources (FRR) saw the shares race up to 0.135p at the peak but the shares have been sliding ever since, and are now just 0.095p last seen. Surely there isn’t a placing on the way, is there? Broker S P Angel in the form of the City's No 1 oil analyst Zac “the knife” Phillips was not so impressed. It could be good news, or it could just be a pre-placing ramp. But first there is the small matter of funding…..

Image Scan Holdings – “Pre Close Trading Update”, jam now being delivered?

Published 462 days ago

Previously writing on X-ray imaging for the security and industrial inspection markets-focused Image Scan Holdings (IGE), I concluded that the order momentum continues to interest, but I wait for further cash flow and balance sheet clarity before possibly taking a more positive position than on the watchlist. The company has now announced a “Pre Close Trading Update” for its year ended 30th September 2016...

Filthy 40 Origo Partners – still a bargepole ahead of EGM

Published 492 days ago

A week on Monday sees ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) put a series of proposals to its shareholders which it hopes will finally draw to an end the ongoing dispute with Brooks Macdonald in relation to the non-redemption of a tranche of its zeros dividend convertible preference shares. The last effort at this ended up with shareholders defeating proposals aimed at a resolution, but perhaps this time – with the threat of an orderly wind-up under the watchful eye of the Isle of Man Court in mind – perhaps it will be different this time. But the shares remain a bargepole in my view.

Braemar Shipping Services – “Trading Update”, results “will be materially lower than 2016”. Uh-oh…

Published 510 days ago

“Braemar Shipping Services plc (BMS) provides the following trading update, further to our AGM Trading Update on 30 June 2016”. Not ‘pleased to provide’, just “provides”, Uh-oh...

Speedy Hire – agrees an asset disposal ahead of General Meeting dust-up with Toscafund…

Published 514 days ago

Ahead of a 9th September General Meeting after a requisition from largest shareholder Toscafund, Speedy Hire (SDY) has followed a circular hitting back with an announcement of a sale of its large mechanical plant fleet…

James Latham – AGM trading update, growth still slowing?

Published 514 days ago

Previously, with shares in James Latham (LTHM) at just above 700p, I was deterred by a results statement noting “like for like revenues are 4% higher for April and May than the corresponding period last year… there are some signs that this growth is slowing”. With the shares currently at 670p, I now review following an AGM trading update…

Castings – AGM Statement, is profit about to take a further hit? …

Published 523 days ago

Automotive and commercial vehicle-focused iron casting and machining company, Castings (CGS) has updated that “our plan to fill the profit gap created by the ending of a major machining contract remains on course with improvements still expected from 2017/18”, though now also that “we have seen a softening in demand from our main customers since the statement in the Chairman's report in June”. Hmmm...

Vislink - A few thoughts on balance sheets and compound returns

Published 564 days ago

Vislink (VLK) shares are down a further 21% today to 11.65p, for a market cap of just £14.25 million, as the fallout continues from yesterday’s hideous trading update. This is an opportune moment to make a few points on the issue of falling knives and when to catch them.

Scholium – full-year results, loss reversed & “markets stabilised”, but shares down. Hmmm…

Published 564 days ago

Results for the company’s year to 31st March 2016 see rare books, arts and collectibles group Scholium (SCHO) comment “we were pleased with the performance for the year. A significant loss has been reversed and many of our core markets stabilised”. However, the shares are currently approaching 11% lower on the day, at 32.5p, in response. Hmmm…

Sutton Harbour Holdings - An Easter Egg of an Investment

Published 572 days ago

Sutton Harbour Holdings (SUH) is one of those eccentric stocks which gets stuck trading below its NAV and frustrate shareholders for an extended period of time. In all the excitement yesterday over a particular airline’s precarious financial position, I neglected to read the annual results from this verifiable Easter egg of an investment.

St Ives – “Trading Update” + shares down 45% = you guessed it…

Published 637 days ago

“Trading Update” from marketing group St Ives (SIV) commences that “trading overall in the eight months ended 1 April 2016 has continued to be broadly in line with management expectations, with group revenue running approximately 5% ahead of the equivalent period last year”. Hmmm, ok. “However, the outlook for the final quarter, and for the following financial year, has deteriorated”. Uh oh…

South of the Border, Down Mexico Way Is a Share I Like - Given the Gold Rush.

Published 649 days ago

Hello Share Shakers. I don’t need tell you that at last gold is in happy vogue again. This comes despite all the negative comments on this beautiful website over the last 12 months when lots of critics attacked the premise that gold prices would go up. Well, blow me down, as confidence in currencies and world economies diminishes, the price of the yellow stuff has risen nicely.

Seaenergy – shares up, selling opportunity?

Published 703 days ago

Shares in AIM-listed under-sea train-wreck SeaEnergy were up 10% yesterday on news from Lansdowne Oil and Gas (LOGP) – see herewhich itself was up a whopping 33% at 2p mid. 

Tern – a reader looks under the bonnet re Flexiant

Published 712 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…

Pointless PR Puffery RNS of the day: ServicePower Technology – when’s the placing?

Published 822 days ago

Hmmm. Seven – yes, SEVEN RNS Reach releases since the start of H2 (July 1). That’s the running score with AIM-listed ServicePower Technology (SVR). It is almost one per fortnight. Surely there is no attempt to pump up the share price ahead of a placing, is there? Oh hang on, what do we find in the interims which were published on deadline day?

blinkx plc – “in line” trading update no reason for shareholders to celebrate…sell

Published 835 days ago

Blinkx plc (BLNX) has updated that “performance for H12016 is anticipated to be in line with expectations” – unfortunately for shareholders this follows a profit warning as recently as 24th August and means an anticipated “adjusted* EBITDA loss of approximately ($7 million)”

LGO Energy Placing – Big Dave and others I warned you: now apologise ( PS shares still a sell)

Published 840 days ago

Investing does not have to be hard. If you see a company with a weak balance sheet and burning cash you should expect a placing. And so I warned numerous times in recent weeks (notably HERE) that a placing was imminent at LGO Energy (LGO). The head in sand denial was predictable, I await the apologies. Big David Lenigas should be first in line.

Teathers Financial is a highly speculative Buy

Published 964 days ago

Teathers Financial (TEA) has gone from being one of the most talked about and hyped AIM shares to virtually forgotten in just a few weeks!

Pond Life – a macro call after Obama’s State of the Union.

Published 1097 days ago

The last dregs of 2014 vanished down the drain of time weeks ago but the uncertainty and discord it represented, are still with us; or rather, to be precise, with me. My last computer went into some kind of electronic fit in the beginning of this year, leaving me bereft as I try to cope with the subtle differences between them. 

The market is plunging and we are about to do what?

Published 1195 days ago

Steve Moore and I are pretty proud of NOT having published a new tip for several months on our pemium Nifty Fifty website  There are commercial pressures to write tips – folks do not renew if you see no tips! – but we could not have acted differently and felt good about ourselves. Instead we have advised the selling of a number of older tips some at a profit others not so and we hope our readers are now fairly heavily cash weighted as a result.

There's Oil Still To Play For with BP

Published 1235 days ago

Hello Share Totters. So BP (BP) runs against a US judge who says it has been negligent in that nasty oil leak in the Gulf of Mexico. The shares dropped nearly 6% on the news. Great – as I have a big holding in this British set-up! I don't know, the whole Footsie is rising like a lolly pop stick in a cloudburst – and I am still down today because of one American judge.

Red24 plc – profit warning a reminder

Published 1238 days ago

Shares in provider of a range of services to help organisations and individuals manage security and business risks, Red24 plc (REDT) have recently declined to a current 11.375p from 15.5p on the back of a decision of a major customer “to make changes to the products that they offer”. I review the situation in the following.

The Bank of Ireland; selling at a premium to net assets - one to avoid

Published 1260 days ago

The Bank of Ireland (BKIR) is a bank that has undergone a significant reduction in the size, scale and nature of its operations since it was taken to into the emergency department during the great banking crises that hit home around 2009. It has survived, but in doing so has ‘burned’ a lot of cash, assets and investor equity value. That process of downsizing is meant to be complete, as the bank continues to balance its assets - in terms for risk – against its capital base to meet regulatory requirements in the most efficient and sustainable way.

IndigoVision Group – trading update, one to keep an eye on?

Published 1264 days ago

IndigoVision Group (IND), the Edinburgh-headquartered designer and manufacturer of video security systems for large scale and complex security installations, has given an update on trading, including noting that “all major regions have reported year on year revenue growth”. The shares have fallen a couple of percent on this news, so now is the time to examine whether or not there is value to be had here.

Evil Knievil’s top three shorts and targets: Quindell, Mothercare and Globo

Published 1266 days ago

Infamous bear raider Evil Knievil believes that equity markets will have a poor next few months but his short portfolio is based on company specifics. In a conversation just now we discussed his biggest three short positions. And they are: 

Judges Scientific – as I warned, a reminder of the risks of overpaying

Published 1266 days ago

From the start of this year until early last month, shares in scientific instruments designer and manufacturer Judges Scientific (JDG) traded at above 2000p and were approaching 2400p in February, March and April. Not tha the stock has fallen to towards 1300p, following a July warning that over the first half of 2014 “the trading performance of the group's businesses during the period proved challenging”, I revisit this stock and examine if there is now value in it.

Why Uncle Tom is Wrong in Saying I'm Wrong.

Published 1267 days ago

Though he put it more politely, Uncle Tom Winnifrith has written again to say that my view that shares will keep on rising is a lot of bull. Well, a bear should be able to recognise a bull in the big wide City.

Globo plc – cash flow & balance sheet concerns remain

Published 1274 days ago

Shares in Globo plc (GBO) currently trade higher, at more than 50p, today on the back of an update reporting “a strong financial performance in the first half of 2014, ahead of market expectations” and that “we remain confident about our future prospects”. However, what about decisive cash generation?

Big risks & Big Rewards in Petropavlovsk

Published 1285 days ago

If you are bullish on gold prices in the near future and like risk then Petropavlovsk (POG) is well worth a look. This is by no means a safe bet, and if you’re not prepared for the remote possibility of losing the lot then this certainly isn’t for you – but then the same can be said of many companies!

Royal Dutch Shell at 2430p: an income stock with brighter prospects of dividend growth.

Published 1312 days ago

There is a bit of current interest in Royal Dutch Shell (RDSA) that is worth some comment. The shares now priced 2430p (last seen) have not only broken out from a recent sideways moving trading range (approximately 2340p -2370p) but have also reached new territory; not only that, they also reached at 2433p, their highest point  in five years.. The share price has climbed by 15% this year; handsomely beating the All Share Index, which only managed a rise of 7%. Over the last month, when the FTSE 100 hardly budged, Royal Dutch Shares clocked a 3% increase which has taken them to this peak.

Quindell – The Company (at last) Comments to Shareprophets re Bond Issue Position

Published 1353 days ago

Well done Quindell (QPP). It has finally offered a comment on the suggestion from a source of mine that it was considering a bond issue in 2014.  To those poltroons who suggested that Quindell would not bother speaking to me, only “proper” journalists


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