Mothercare – “refinancing, restructuring and reorganising… to ensure a sustainable future”. Is there?
Tom Winnifrith Bearcast: Why I think Malcolm Stacey is wrong on Bigdish & good riddance you mendacious old hag
Published 10 days ago
Chris Rynning, the former boss of ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) can rest a little easier today as we continue to follow the fine work of Norewegian E24 as the scandal of Rynning and Origo continues. Today we learn that having left Origo, Rynning was helping Norwegian entrepreneurs get a foothold in China as Innovation Norway referred them via its own website to Nhack, another Rynning company, based in Shanhai. Of course, Innovation Norway had checked him out.....hadn't they?
Published 165 days ago
I start with young Joshua's meeting with Santa Claus as flagged up yesterday and then discuss a couple of other Christmas rituals. Then it is onto today's shocker from Filtronic )(FTC). I cover why the statement is misleading, discuss what is the real cash position and thus how quickly this could completely unravel. I then look at FinnCrap (FCAP), appointed Nomad and broker on November 15. Either it failed to do adequate Due Diligence or it has colluded in sitting on price sensitive information in clear breach of AIM Rules. Either is very naughty indeed. Which is it Sam Smith? Finally a few words on the leadership challenge to wretched Theresa May,
Published 195 days ago
In August it was announced that Cenkos was buying the Nomad operations of Smith and Williamson, with completion expected in November after due diligence had been done on Smith & Williamson’s Nomad clients. On Friday, at no-one-is-watching o’clock (natch – 6.09pm!!) AIM-listed Arricano Real Estate (ARO) announced that Smith & Williamson had served notice that it would resign on 23 November 2018. Talk about Red Flags at Night!
Published 289 days ago
Another day and another shocking disclosure from AIM-listed Tern plc (TERN). Yesterday, at 3.10pm, after releasing details of two director buys which were trivial and showed Tuesday’s news of Device Authority’s elevation to “2018 Emerging Star” to be just a ramp (or insider trading by the chairman, take your pick!) we were told that disclosures in relation to two directors of the company had not been entirely truthful: the published directorships of the two had omitted not just the odd one which might have slipped the mind. No, it was TEN!! More to the point, it was ten insolvencies which should have been declared when they were appointed – and a further two which should have been disclosed after appointment.
Published 484 days ago
Hapless Neil Woodford has poured out his heart to the poodle press, Citywire, bleating about how wicked bears Kerrisdale have been beastly about one of the largest - and most obviously overvalued - of the pack of dog investments in his Woodford Patient Capital Trust (WPCT). The bears have bitten back!
Published 649 days ago
Having on 31st March announced “strong strategic logic for all stakeholders” and “opportunity to deliver significant value” DX Group (DX.) reverse takeover discussions for John Menzies' Distribution division – and on 5th June “agreed revised terms”, there are now “Termination of Discussions” announcements…
Published 723 days ago
Previously writing on Hayward Tyler (HAYT) I noted a bank facilities extension to the end of May, following an extension of the deadline for a possible offer for the company by Avingtrans plc to also late May. And now…
Published 997 days ago
We have already noted that AIM-listed Galasys (GLS) appears to be minus a company secretary, minus a registered office, minus a Nomad, minus a Broker and minus a NED or two since the board declared war upon itself last year. Now it seems that two disgruntled shareholders have decided enough is enough, but the implications as to what has been going on are dreadful.
Published 1088 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 1118 days ago
Last week’s AGM held by the London Stock Exchange Group (LSE) saw some biting criticism of AIM from our very own Tom Winnifrith and also from Mark Bentley of ShareSoc. What better way to counter the barrage than for the Sham Sheriff, Mr Marcus Stuttard, to get a soft interview in The Times (see HERE)? But in the article Mr Stuttard reveals that he simply has no idea at all. Unless, of course, there is a completely different AIM market on Planet Zarg…..
Published 1179 days ago
Toscafund has surprised us all with an announcement yesterday that it is indeed backing a buyout of InternetQ (INTQ) at 180p per share in cash. I see that it was paying 180p in the market last fall so it had no choice - that was the lowest that its new SPV could offer. This is madness. It strikes me that an embarasment is being swept under the carpet.
Published 1183 days ago
Anyone who held on to their shares in AIM-listed (pro tem) DQ Entertainment (DQE) ahead of the Nomad resignation-induced suspension had better look the other way now. The company has called the long-awaited EGM which was requisitioned to force through board changes and it looks as though a shareholder wipe-out very much on the cards.
Published 1189 days ago
I have sent this letter. I don't expect a response on the matter of InternetQ (INTQ).
Published 1207 days ago
Update: the company re-issued the RNS of last night at 7am this morning, with the correction in the title that it's Nomad was resigning. Now it could be that someone at the company thought it a bit of an oversight, or perhaps the Nomad (Allenby) insisted on the correction. Either way it would appear that any attempt to bury the bad news has backfired in spectacular fashion: the shares are off by 45% last seen.
Published 1242 days ago
Let me confess. The main reason I choose the old Royal Insurance, Royal & Sun Alliance (RSA) as my second New Year tip is that it has a good chance of being taken over in the next twelve months.
Published 1266 days ago
Hot on the heels of Globo (GBO), the Internetq (INTQ) saga raises interesting questions about the nature of the due diligence practiced at firms such as Canaccord and RBC the brokers to both of these fraudulent enterprises.
Published 1285 days ago
AIM-listed Rightster (RSTR) has this morning confirmed that the previously indicated board changes (see HERE) are now effective. In comes a new executive management team, led by a new CEO, COO – the founders of Base79 which Rightster bought in 2014. There is also a new Chairman, Sir Robin Miller who is the former CEO and chairman of EMAP (very impressive), although he is also chairman of Edge Performance VCT (not so impressive!). We knew that was coming, but it is the appointment of a new Nomad in the form of Westhouse that catches the eye.
Published 1289 days ago
Of the many lessons to be learned from the Globo (GBO) fiasco, perhaps the most salient is the danger of deriving comfort from institutional purchases. In the final days, as an obscure German fund named Forum was hoovering up stock (the founder’s stock, as it later transpired) a lot of impressionable punters were doubtless persuaded not to sell and maybe even “average down” on the basis that these guys are professionals and therefore “must have done due diligence”
Published 1299 days ago
In Part 8 Graham Chester examines how the advantages of gaining an AIM listing are marketed to Chinese companies, and the help they are offered to get to market. The marketing material contains a few case studies: oh dear…..look at them now!
Published 1304 days ago
Graham Chester continues his stinking series on Reporting Accountants to UK-listed China plays with a look at Team Quigley at Smith & Williamson – the one-stop shop for Chinese companies coming to the UK. How do their clients fare? Er….
Published 1387 days ago
With Slater & Gordon’s Chairman John Skippen noted to have described the due diligence on the company’s acquisition of Quindell's 'Professional Services Division' as “the most rigorous due diligence I have seen”, an Australian Financial Review article (as well as containing a bit disturbing, but brilliant cartoon) has reviewed why all the fuss? (see HERE) Is it all about “rumourtrage” and short-sellers? Er…
Published 1764 days ago
Fund Manager Robin Christie was arrested earlier this year and this week, I am led to believe, the Crown Prosecution Service will decide what charges to press against him. Meanwhile around £25 million invested in funds he created has disappeared. The cash was supplied by IFAs and it is not clear yet whether all ultimate investors know what has happened. The real red faces are round at the FCA which (under its previous guise as the FSA) visited Christie in 2009 and gave him a clean bill of health.
Published 1783 days ago
For the avoidance of doubt I think this note from broker Killik is unmitigated drivel. Quindell (QPP) has not answered a number of key Gotham points. Quindell’s cashflow looks incredibly weak. Killik refers to a “number” of Red Flags. There is a very large number. As to major shareholders doing Due Diligence, I guess they did with Gowex too. Maybe Killik can explain how many shares Quindell issued to itself to buy PT Healthcare and how many it has dumped without telling us? Anyhow in the interests of balance I bring you a buy note from Killik. My stance remains sell with a 20p target. Killik writes: