Results

AIM-China Grand Group – oh dear, now the Chairman walks. Get out!

Published 5 days ago

AIM-China investment company Grand Group (GIPO) has announced the departure of its Chairman. It may not formally be one of our Filthy Forty, but it sure is doing its best to make the grade.

AIM-China Grand Group – after the shares fall at last an update

Published 8 days ago

AIM-China play Grand Group (GIPO) may not be of the filthy forty for listing too late, but the share price has been telling you something, given the massive discount to cash on offer. I said on Monday that a statement was needed as the shares again collapsed. Today (at last) it has obliged.

Grand Group: FY16 numbers a fitting tribute for a F40 wannabe, or a straight buy?

Published 24 days ago

Grand Group never made the ShareProphets AIM-China Filthy Forty. It was nothing to do with qualifying, it just arrived on the Casino too late. But listing in January 2015 at 80p to give it a market capitalisation of £27 million it is now worth just £4.8 million. Ouch!

Advanced Oncotherapy – just what are the terms of the Bracknor funding?

Published 59 days ago

AIM-listed Advanced Oncotherapy (AVO) has this morning announced another conversion of death-spiral loan notes by Bracknor. That is not news – there have been plenty already and there are many more to come. But for the third time in succession we seem to have different terms being applied. Surely it is time for the company to tell the market what is going on?

Photonstar LED – after-hours monster-discount placing. Anything to see here Guv?

Published 79 days ago

AIM-listed Photonstar LED (PSL) was the subject last week, in the wake of a rampfest RNS, of a Steve Moore conclusion of no financials, no cash, avoid. How bang-on-the-(lack of)-money, for last night the company – well after-hours at 5.24pm – announced a massively discounted keep-the-lights-on placing for a paltry £465,000 at an even more paltry 1.25p – vs a 2nd May closing price of 2.85p and yesterday of over 3p. Nice work. Now take a peek at the share price and volume chart of yesterday, courtesy of ADVFN. Surely it could not be that there was mass forward-selling of placing shares between 8am and 3pm?

Huge Discounts Up for Grabs - for Shareholders Only

Published 98 days ago

Hello Share Samplers. I’m quite excited about this. This family has now received its Whitbread (WTB) shareholder’s discount card. A good investment that, as I’ve only held the share a few weeks and am already up by 12%. And the added perk is really quite good, as shareholder discounts go.

China FRAUD Aquatic Foods Q4 update: drowning in a sea of Red Flags

Published 124 days ago

ShareProphets AIM-China Filthy Forty purveyor of all things fishy, Aquatic Foods (AFG), has updated on 2016 Q4 trading this morning. In a statement plastered with Red Flags it would appear that the company is nearing the final chapter of the China Norfolk playbook as we are warned that there has been a spot of bother getting cash out of China. Is it bye-bye to the dividend? 

AIM-China Grand Group: a bargepole investment from the province of Norfolk, or just misunderstood?

Published 162 days ago

By pure accident of timing AIM-listed China play Grand Group (GIPO) missed the cut-off for inclusion in  the ShareProphets AIM-China Filthy Forty. But it is littered with Red Flags and with the shares having collapsed from just shy of 60p a pop after a lack-of-accounts-induced suspension was lifted at the end of December to yesterday’s close at just 14.75p those Red Flags are fluttering brightly in the wind on the world’s most successful growth market. 

CloudTag – L1 converts, company takes the piss. Will Nomad Cairn now finally walk?

Published 212 days ago

Well surprise, surprise. AIM-listed CloudTag (CTAG) gets its shares unsuspended and a few days later L1 converts another batch of loan notes, as announced in last night's no-one-is-watching o’clock RNS. OK, no great surprises so far – especially in view of the price action since the suspension was lifted. But look at the terms: has there been a a material and previously unannounced change, and if so, when?

Another day on the Casino: Filthy 40 China Africa yesterday “knows of no specific reason” for share price move; today restructuring and discounted placing ahoy

Published 248 days ago

Shares in ShareProphets AIM-China Filthy Forty play China Africa (CAF) suddenly had a rocket under them late on Monday. Having been bumping along the bottom at around 4p for months on end, all of a sudden they shot up on Monday to 7.5p and a “know-of-no-reason” RNS duly followed at midday yesterday. This morning they have shot higher again clocking up a peak of 16p. But now, less than 24 hours after knowing of no specific reason for the share price move, the company has ‘fessed up that a restructuring and placing are on the way. 

Fastjet – unusual warrant exercises = spoofery, signs of a cash crunch or just madness?

Published 259 days ago

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?

Tern – yet more confetti, this time at just 7p – 36% discount

Published 288 days ago

Anyone who was buying shares over the last few days in AIM-listed jam-tomorrow investment company Tern plc (TERN) has just been spanked in pretty spectacular style this morning. With the shares having traded as high as 14p just last week, this morning saw a placing to raise £2.55 million (gross) at a whopping 36% discount to yesterday’s closing bid price – and a 50% discount to the peak of last week. Tern seems to be in a bit of a downward spiral with regard to its confetti issues – the previous two placings were at 8p and then 12p. 

Marcus Stuttard, Sham Sheriff of AIM: here is your specially selected AIM Portfolio. Good luck, pal.

Published 295 days ago

If Marcus Stuttard, the Sham Sheriff of AIM, really believes that the Casino is properly regulated, we think he should put some of his own money where his complacent mouth is by investing in a portfolio of companies which would demonstrate his confidence in his team of Oxymorons at AIM Regulation. We are such nice guys here at ShareProphets that we have helpfully compiled a beautifully diversified portfolio for him. We, ahem, AIM to please.

CSF Group – Delisting proposal for shareholders with a gun to the head

Published 298 days ago

AIM-listed CSF Group (CSFG) announced this morning that it is to call an EGM for shareholders to consider a resolution to delist from the world’s most successful growth market. The reasons cited are the lack of institutional demand, liquidity which is effectively meaningless and the failure to secure additional capital by way of equity financing. So much for AIM as a source of growth capital.

Cloudbuy – contract RNS, no financials (natch) and unlikely to change market expectations

Published 332 days ago

AIM-listed jam-tomorrow e-commerce platform provider Cloudbuy (CBUY) has announced another contract this morning. No financials were provided and we are told that the contract is “not expected to change market expectations”, yet the release was a full RNS. 

Core Blimey! Wednesday’s final shareholder liquidation meeting looks set to be a bun-fight

Published 347 days ago

I said at the time of suggesting ordinary shares in Core VCT (CR3) as a share for 2015 that I didn’t like the management, but that fundamentals looked set to deliver a positive return at the then share price. Happily, shareholders have now had a return of cash comfortably in excess of the recommendation price. But….oh, there are plenty of buts. The shareholders’ final liquidation meeting is on Wednesday at 11am, at CCT Venues Plus, Level 32, 40 Bank St, London E14 5NR and it looks set to be a lively affair.

IGAS - irrational exhuberance, just fracking nonsense

Published 348 days ago

Shares in overindebted AIM-listed Igas Energy (IGAS) have shot out of the traps this morning on news that Theresa May is in favour of fracking and wants to bribe the locals into letting it happen. There is also a technical matter announced last week that Igas underwent a capital reduction which apparently strengthens the balance sheet......if only. The share price reaction has seen the shares race ahead by as much at 47% (30% last seen) but has anything changed? Er....

KEFI Minerals – “pleased to announce” placing, is it right to be so?

Published 360 days ago

KEFI Minerals (KEFI) “is pleased to announce that it has conditionally raised approximately £3.8 million (approximately US$5 million), before expenses, through the issue of 761,921,740 new ordinary shares… at a price of 0.5p per share”. Is it right to be so?

Tern – placing at just 8p as share slide continues

Published 368 days ago

AIM-listed jam-tomorrow investment company Tern plc (TERN) has announced yet another fundraising this morning – this time at just 8p per share, raising £0.525 million. That won’t have gone down too well with those who ponied up at 12p back in February when the company raked in £1.1 million, or those who contributed to the £0.72 million placing at 12p last August.

Filthy 40 MoneySwap refinancing proposals as equity faces big dilution

Published 384 days ago

Friday after-hours saw a no-one-is-watching o’clock proposal released by ShareProphets AIM-China Filthy Forty play Moneyswap (SWAP). IF all goes according to plan then existing shareholders will be diluted very heavily as the bailout money gets most of the equity (at quite a discount to Friday’s closing price). If not then the company goes bust. But you can’t say you were not warned.

Grand Group – another AIM-China stock suspended!

Published 388 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.

Filthy Forty Fraud, China New Energy – so much for the institutional placing!

Published 395 days ago

On 9 June 2016 ShareProphets AIM-China Filthy Forty play China New energy (CNEL) announced that it had raised £750,000 from a subscription by funds managed by an institutional fund manager at a price of 2p (a 25% discount to the prevailing price). Ah, so the big boys had invested? Er….

CloudTag – Oops!

Published 464 days ago

With apologies for missing this on Tuesday afternoon, I see that AIM-listed CloudTag (CTAG) has issued a rather embarrassing correction to its Monday RNS which announced a fundraising of £171,430 apparently issuing 5,357,143 shares to a new investor….at a price of 3.2 pence per share, representing a premium of 12.3 per cent. Over the mid-market closing price of 2.85 pence per share on 8 April 2016 (the previous Friday).

Cloudbuy – kitchen sink RNS. Buy or Bargepole? Part 2 – refinancing

Published 483 days ago

I have already taken a look at the kitchen sink RNS of Thursday afternoon, issued by AIM-listed Cloudbuy (CBUY) an hour before the city packed up for Easter, with regard to re-priced options and concluded that we were looking at a reward for failure. There is much more to discuss from that RNS and here we look at the bailout refinancing which is proposed.

F40 Asian Growth Properties – proposed disposal triggers big re-rating but Red Flags are too big to ignore

Published 505 days ago

Some good news from the ShareProphets AIM-China Filthy Forty in the form of a proposed disposal by Asian Growth Properties (AGP) was detailed on Tuesday. At its last set of numbers interims to June 2015 the company stated NAV per share at 125p and until recently the shares had been trading at a fraction of that (sub-20p). The news saw the shares race away to close at 46.5p mid, although they gave some back on Thursday. 

China fraud Aquatic Foods Trading Update: drip, drip, drip - the water torture continues in a sea of Red Flags

Published 507 days ago

ShareProphets AIM-China Filthy Forty play Aquatic Foods (AFG) released a trading statement yesterday for its full year to Dec 2015. I commented that the last trading statement had more holes than a fish-net and yesterday’s serving of fishiness lowers none of the Red Flags previously raised. 

China Fraud Aquatic Foods - drip, drip, drip the torture continues

Published 522 days ago

Following on from yesterday's piece on ShareProphets AIM-China Filthy Forty play Aquatic Foods Group (AFG) we see that the shares are still sliding. Drip, drip, drip - the Chinese water torture continues. 

Red Flags at Night: Arian Silver (nearly) 50% discounted placing, 25% share price drop in advance

Published 541 days ago

Tom Winnifrith has made no secret of his contempt for AIM (and TSX) listed POS Arian Silver (AGQ), having quite correctly called it a sell many times. But the latest RNS – a no-one-is-watching o’clock placing announcement really takes the biscuit. Yesterday the shares closed at 1.9p, having dropped 25% over the day and lo-and-behold we have an after-hours placing at just 1p. 

Red Flags at Night: Reabold Resources 0.5p after-hours placing (closing share price 1.25p)

Published 559 days ago

AIM-listed Reabold Resources (RBD), with just £294,000 of net assets as at June 2015 is another of those sub-scale investment companies which would have to be run by Warrne Buffett on steroids in order for it to generate enough money just to keep the lights on. Yesterday at 5.45pm on a Friday, with the shares having closed for the day at 1.25p (valuing this fine enterprise at £3.5 million, according to ADVFN), a no-one-is-watching o'clock RNS announced a placing of 40 million shares at just 0.5p to raise £200,000 - a bit of electricity meter money. Something for the weekend, sir? Yes please - I'll have a nice spot of dilution at a whopping 60% discount.

Oxford Technology VCTs - cheer amidst market gloom

Published 561 days ago

I previously commented that following the disposal of Telegesis by three of the four Oxford Technology VCTs there looked to be some value to be had, and that it looked as though dividends were on the way. Yesterday evening came 3rd quarter numbers for all four funds and the news was generally good.

Oxford Technology VCTs – value to be had?

Published 600 days ago

I covered news that an investment made by VCTs 2, 3 and 4 had worked out very well, and that reading the runes one might come to the conclusion that there are some pretty hefty dividends on the way. If fact the numbers are rather better than I had calculated and the whopping discount to NAV now presented makes me wonder if at least one of the VCTs’ shares are a buy.

Corrected: NetDimensions – blow me down with a feather, placing at 60p

Published 625 days ago

Correction: NetDimension is not formally one of the ShareProphets AIM-China Filthy Forty. Apologies are therefore due to the company. Not that it is any great excuse, AIM itself states that NetDimensions' main country of operations is China (see HERE), and the FY14 Annual Report states that its principal place of business is Hong Kong  - hence the confusion. NetDimensions states in its FY14 Annual Report that has operations North America, Europe, Middle East and Africa, Asia Pacific and China and thus is by no means a pure an AIM-China play. My apologies to all. That said.... 

Auhua – receivables at 177% of turnover in H1 2015, er.Red Flag for breakfast?

Published 635 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.

Shares for 2015 update: Core VCT – a profit!

Published 643 days ago

I first suggested you buy the Core Venture Capital Trust back on 28 Dec last year, at an offer price of 51p. A few trades went through at well below that (the spread was big enough to drive a bus through) but we will take it as being 51p. The view at the time was that despite holding the management of this outfit in very low regard there appeared to be value to be had, with a good margin of safety. I suggested that it may even see a full liquidation within the year.

Asian Growth Properties Ltd – ANOTHER Filthy Forty suspension, at 13.5p vs NAV 125p!

Published 660 days ago

Not content with seeing Geong (GNG) suspended because its Nomad resigned on Tuesday, or that Camkids (CAMK) suffered the same fate on Monday, we find that a third ShareProphets AIM-China Filthy Forty suspension slipped by: Asian Growth Properties (AGP) - which was suspended in an RNS released by AIM itself, “pending an announcement”. That was at 10.55am, and there has been not a dickie bird since from the company. I note carefully that the AIM RNS did not say “at the request of the Company”. Oo-er missus.

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