Tom Winnifrith Bearcast: Woodford and another £10m down the Proton Partners pan - a new valuation scandal
Published 67 days ago
Previously writing on Transense Technologies (TRT), last month I noted the ramptastic language of the latest announcement doesn’t exactly suggest against the view of timely ‘good news’ “Contract Win”... attempted discounted fundraising ahoy? Now intra-day (Uh oh!) “Interim Results” and “Placing & General Meeting” announcements…
Published 227 days ago
A “Posting of Circular & Notice of General Meeting” announcement from IndigoVision (IND) sounds innocuous – though the first paragraph then states it is “for the purpose of approving a new Long Term Incentive Plan”. Hmmm…
Published 270 days ago
A “Contract Win” announcement from Toople (TOOP) has presently failed to inspire the shares. Let’s take a look…
Published 312 days ago
AIM-listed Greek resort hopeful Minoan (MIN) has announced yet another extension to its loan from Hillside. The terms are largely the same, but a further 1.7 million warrants at 6p are being issued, and the loan is now on demand, with a long-stop date of 31st August. This is in relation to the announcement last week that the sale of its travel and leisure business is on the way. With a long-stop date of 31st August, one might assume that at long last something is going to happen!
Published 332 days ago
Transense Technologies (TRT) “is pleased to announce… application has been made for both the existing 9,548,948 ordinary shares (post share reorganisation) and the 2,500,000 placing shares to be admitted to trading on AIM”. This follows, on previously writing on the company in February, I questioning is it cash crunch ahoy?...
Published 539 days ago
AIM-listed Bowleven (BLVN) has announced that the one remaining member of the old board is to depart the scene at the company’s forthcoming AGM on 13 December. The company thanks Mr David Clarkson for his three years of “considerable” service and the valuable role in providing continuity following the boardroom clear-out earlier this year.
Published 719 days ago
A “S656 General Meeting Update” from Torotrak (TRK). But it doesn’t seem to have released the results for its year ended 31st March 2017 as yet?…
Published 728 days ago
Having bought itself some time by declaring an initial sack-the-board General Meeting requisition “invalid” (a revised, valid requisition announced by it at an attempted ‘no one watching o’clock’, 5:15 pm, on Friday), Infrastrata (INFA) has this afternoon made a “Review of stategic options & project update” announcement...
Published 746 days ago
An announcement from Torotrak (TRK) entitled “Section 656 of the Companies Act 2006”. Hmmm, given the record here, I guessed this wasn’t good news… It ain’t…
Published 747 days ago
A “Restructuring and New Investment” announcement from Rex Bionics (RXB) sees Chief Executive Crispin Simon “delighted that the alternative options we have been pursuing have borne fruit” and Chairman David Macfarlane “warmly thank our shareholders, who have made this possible. I would also like to take this opportunity to thank our nominated adviser, Stifel, for its unstinting support over the past three years”. Sounds a good outcome then, strange though as I previously noted the company approaching a transaction from the perspective of going-concern desperation. Hmmm…
Published 783 days ago
It has arrived! My £52 costs and 32p investment in one share in AIM dog Advanced Oncotherapy (AVO) is not money wasted.
Published 845 days ago
Cash guzzling, litigation embroiled, lying Strat Aero (AERO) today announced by RNS that it was to hold a General Meeting. FFS does it do this once a month? The last one ( to authorise the issue of 380 million new shares) was just five weeks ago.
Published 881 days ago
Following an after-hours Friday affirmed agreement, conditional on shareholder approval, for the $16 million sale of the assets of its hardware division, Vislink (VLK) has made a “Trading Update” announcement rather showing why…
Published 906 days ago
The FRAUD African Potash (AFPO) has today snuck out notice of a General Meeting in an RNS which does not actually tell you what the meeting is for. It merely states that "a General Meeting ('GM') will be held at 12.00 p.m. on 20 December 2016 at Richmond House, St Julian's Avenue, St Peter Port, Guernsey GY1 1GZ.". I am sorely tempted to buy one or two shares in this company to attend and try to block the motion in hand. But I need to ask folks a question first.
Published 915 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.
Published 987 days ago
Having hit out (see HERE and HERE), with ripostes from Speedy Hire (SDY) (see HERE and HERE) ahead of a 9th September General Meeting dust-up, Toscafund Asset Management has now sought to focus on what it considers “egregious corporate governance failings instigated by Jan Astrand” (the Speedy Hire Chairman it is seeking to remove)...
Published 990 days ago
Ahead of a 9th September General Meeting dust-up with Toscafund, Speedy Hire (SDY) has again hit back - including noting “inconsistent” statements in “Toscafund does not believe sector consolidation is vital” and Toscafund having previously noted its analysis showed “the only sure way to achieve adequate returns would be by way of industry consolidation”. This as I noted in a previous review HERE (you read it here first)…
Published 991 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 997 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…
Published 1032 days ago
“Further to the Result of Open Offer announcement of 20 July 2016, the directors… of (Fitbug, FITB)… have indicated their intention to subscribe, at a price of 0.25p per share, for certain open offer shares that have not been subscribed for by qualifying shareholders”. Good, good – a chance for them to demonstrate confidence in the June results statement pronouncement that “the building blocks of a successful business are now in place” then? Erm…
Published 1041 days ago
Sabien Technology (SNT) has released the update provided at a General Meeting held today. Why the General Meeting? … “to effect a reorganisation of the company's share capital… the nominal value of the company's ordinary share capital needs to be reduced in order to allow the company to issue new ordinary shares should it decide to do so”. Hmmm...
Published 1140 days ago
We should all marvel at the care and attention of the regulatory system afforded to investors who dabble in shares listed on the world's most successful growth market. We really should. And that brings me to an RNS released yesterday at 11.59am by AIM-listed RedX Pharma (REDX) entitled Result of General Meeting. Except it wasn't a result of general meeting announcement at all.
Published 1183 days ago
Already booted off the Casino after is all became too much for poor old Cairn Financial to continue as Nomad and Broker to ShareProphets AIM-China Filthy Forty play JQW (JQW), it seems that the company called a General Meeting to dump three NEDs. An announcement on the JQW investor relations website details the passing of the resolutions, but what about the Notice of General Meeting? When did investors find out about it?
Published 1188 days ago
AIM-listed DQ Entertainment (DQE) looks set for imminent suspension on the resignation of Allenby as Nomad on 22 Feb (next Monday) as previously notified by the company on 4 Feb in controversial circumstances. Since then the company has issued three RNSs, none of which has given any update on progress on finding a replacement.
Published 1201 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 1329 days ago
I flagged HERE that AIM-China Origo Partners (OPP) had a bit of a problem with some zero dividend preference debt. This has now been resolved with the announcement of a restructuring of the liability, subject to various conditions – not least of which is a GM. But still there are Interims to come by tomorrow in order to avoid suspension. Following a 60% decline in net assets as at FY14, will we be once again singing Where has all the money gone?
Published 1393 days ago
This morning Afren (AFR) released an odd RNS to say that the General Meeting scheduled for last Friday which it called off had not happened. Over to the ShareProphets RNS Translation Service to explain….(original in bold)
Published 1512 days ago
I see that the offer price is now up to 57p, a steady enough jump from the 51p offer at which these were first mentioned over the Christmas break. RNS announcements would have you believe that NAV is sitting at 82p.Don’t believe it - see HERE The real net asset value is 60.97 so the shares are no longer a buy – there isn’t enough upside now.
Published 1592 days ago
Today is the last day that Gulfsands Petroleum’s (GPX) shareholders can submit their votes for next Tuesday’s crucial general meeting. It is no exaggeration to say that their investments depend on it.