Results

Woodford Patient Capital Trust: The Big Short (Chapter 2) – The debt and liquidity crisis

Published 31 days ago

Continuing  my festive series on The Big Short, Woodford Patient Capital Trust (WPCT), having highlighted yesterday the huge unquoted risk within the portfolio and having to clean up after its big brother, the Equity Income Fund, I wanted to turn next to concerns I have over its debt levels which leads on to liquidity issues.

CSF Group looks screwed, yet the pump continues!

Published 136 days ago

Hardly a day goes by on AIM without some complete piece of junk being pumped up to some crazy share price level, and it often happens as a result of private investors failing to actually read RNSs properly and understand what they mean. Today has been the turn of failing IT company CSF Group (CSFG).

Tasty – “trading across the estate below management's revised expectations”. Uh oh…

Published 167 days ago

March-announced 2016 results from restaurant group Tasty (TAST) included that “the directors believe the group's core 'Wildwood' brand remains attractive to customers”, but that “trading since year has proved challenging and the directors are now expecting headline operating profit for 2017 to be below that achieved in 2016”. Hopefully the warning was heeded as the shares are currently further lower on the back of a “Trading Statement” announcement…

Igas – refinancing at 4.5p on the way (if the bondholders agree), Ouzo time!

Published 328 days ago

I’ve been saying for an age that AIM-listed Igas Energy (IGAS) was a sell and this morning the denoument has arrived. In the wake of previous boss Andrew “Piggy” Austin and his dealings with Equities First, and his legacy to the new board of a massively overindebted company, this morning came the announcement that a restructuring is being attempted at 4.5p per share. I fear that poor Tom Winnifrth senior may be further deprived of that bottle of Ouzo. Actually, if the new board manages to pull this off I will take my hat off to it but there are some hurdles to overcome first.

Igas – shares in freefall: statement required, still a sell

Published 349 days ago

Shares in over-indebted AIM-listed Igas Energy (IGAS) have not been strong of late but this morning they are down by 13% to just 8.7p (last seen) on no news. The silence from the company is deafening, especially as it faces having to redeem some of its bonds after a FY16 underspend on its conventional assets as well as having to deal with a bit of an issue with its net leverage covenants. Then there is an interest payment due on its secured bonds which the company has already indicated will cause a liquidity covenant problem. A statement is needed.

Tom Winnifrith Bearcast- Why liquidity is critical for small caps, notably 2 that are going bust

Published 378 days ago

When buying or selling shares ( or houses) folks all too often ignore the issue of liquidity. This matters greatly both for investors and also for companies. I look at this in detail using two examples, both companies that are, IMHO, weeks away from going bust.

Tom Winnifrith Bearcast: Go ahead start sacking the investment bankers, I'd pay to watch

Published 575 days ago

No lightning strikes today, thank God. What was he punishing me for? I start by discussing Richard Poulden's excellent letter on why folks are so angry so backed Brexit, but it is a wider issue as you can read here. Then I discuss liquidity in an investment company's portfolio, ref Teathers Financial (TEA) and finally I challenge the banks to make good their Brexit threat to fire investment banksters. I will pay for a ticket to watch but I explain why it was always a spoof. It won't happen.

Micro-caps - Don't buy unless you're willing to hold

Published 597 days ago

Yesterday I covered Norman Broadbent (NBB), arguing the pros and cons of making an investment at this point in its history. Regardless of these pros and cons, it’s an example of the type of AIM stock, from a more technical perspective, which investors need to be cautious of. Let’s go over the basics of liquidity.

Another Lenigas tainted AIM POS is booted off the Casino, off to ISDX goes Doriemus

Published 693 days ago

Oh dear. To have one POS turfed off the AIM Casino might be considered unfortuaate but to have two booted off and forced to flee to the ISDX lobster pot looks like carelessness. And so after the tobacco smuggling business of Afriag (AFRI) departed, next up is Doriemus (DOR). Oh dear.

The David Lenigas ISDX liquidity LIE exposed in full - Afriag tanks on Friday

Published 696 days ago

Throughout the last few months of last year David Lenigas tweeted again and again how an ISDX listing was the answer to all the liquidity nightmares at the bottom end of AIM. Big Dave misled his folowers for reasons I shall explain below but the proof of that lie came on what for me was a good Friday with Afriag. For Jabba The Hutt with yet another lie laid bar this is a disaster.

Lenigas Cuba - another ramptastic load of bollocks from David Lenigas

Published 699 days ago

Another day and another dismal attempt by David Lenigas to ramp shares in ailing Lenigas Cuba (CUBA) on the ISDX lobster pot. Hmmm. Lenigas tells us that ISDX - not AIM - is where the liquidity is so how come not one fucking share has traded in this company since 18 February with not one share traded after this latest ramp and with the shares (listed at 5p) stuck at 0.5p to sell just 3 months later? Answer please Mr Lenigas? And so to today's ramptastic bollocks from Jabba The Hutt.

Car Crash IPO Lenigas Cuba now MINUS 90% after 3 months - Jabba's Excuses Brilliant

Published 704 days ago

David Lenigas tries his best to ramp the crock of shit that is Lenigas Cuba (CUBA) but its shares are now just 0.5p to sell (in small amounts), that is 90% down in just over 3 months. The excuses Jabba The Hutt is offering on twitter are lamentable as you can see below. And there are also the half-truths.

Pond life: this month bathing in the waters of the Tigris and Euphrates and then, the Black Sea.

Published 1316 days ago

It is entirely reasonable that rational, thinking people should worry about markets when they are looking fully valued in conventional terms. Particularly so, when they appear to have fallen into a kind of stupefied slumber, which contrast with the St Vitas dance of normal market hyper activity. Nothing, it seems, can ruffle these markets. Whether it is some mind blocking malady of perception or an expression of clear headed market judgement, is of course the question?

Minoan and the utterly transparent Market Makers – pass the sick bowl (again)

Published 1410 days ago

I have used Minoan (MIN) before as an example of how market makers operate. When I pointed this out before (HERE) I was told that they provide liquidity. No, they just manipulate share prices to ensure that they make enough money to pay for the cocaine and hookers this weekend. The transparency is obvious. 

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