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Invited to become an AIM Casino NED - I'm flattered but I'd rather eat my own toes

Published 6 days ago

I will not name the company but suffice to say its management are greedy bastards who have not delivered. Its assets are shite and its balance sheet a trainwreck. The company and all associated with it, especially the paid shrills, merit a one way trip to the glue factory. With those clues I guess that narrows the list of possible candidates down to about 60% of the stocks on the Casino.

Advanced Oncotherapy – is it D-Day today, or Monday?

Published 71 days ago

Under its Bracknor death-spiral funding package, AIM-listed Advanced Oncotherapy (AVO) has to call an EGM proposing resolutions to drop the current nominal, or “par”, 25p price of its shares by at least half in the event of 10 consecutive closes below 110% of nominal (ie below 27.5p). But the company has never defined the closing price used: is it mid-price, bid-price, offer-price at close, or perhaps some more convoluted closing daily VWAP (volume weighted average price) calculation? But one thing is for sure, the match is right next to the blue touch-paper. Is it today or Monday, fellas?

Advanced Oncotherapy – another day, another spoof? Spot the missing statement....

Published 74 days ago

Advanced Oncotherapy (AVO) has announced that NED and highly respected senior clinical oncologist at Great Ormond St and Barts Dr Nick Plowman “will” invest £250,000 in the company – at 30p a share, a 36% premium to last week’s close. Why am I not convinced that this morning’s announcement is anything other than the most desperate of spoofs in a long line of spoofs here?

Advanced Oncotherapy – more spoofery as NED buys yet more shares

Published 88 days ago

AIM-listed Advanced Oncotherapy (AVO) – teetering on the brink of having to call an EGM to reduce its nominal share capital under the terms of its death-spiral funding package with Bracknor – has announced yet another director share purchase, the fourth just this month (if we ignore the botched 7am RNS of 4 April). As ever, this is just a spoof in order to encourage more buying in the market so as to allow Bracknor to offload more of its death-spiral conversion shares as Advanced hopes and prays for the next £1.235 million tranche of funding before the coffers run dry.

Advanced Oncotherapy – SPOOF, SPOOF AND SPOOF some more

Published 100 days ago

Under its death spiral funding package with Bracknor, AIM-listed Advanced Oncotherapy (AVO) has to call an EGM to seek shareholder approval to reduce the nominal price of its shares (currently 25p) by at least half if the closing share price is below 110% of nominal (ie 27.5p) for ten consecutive trading days. And that brings us to the latest spoof director share purchase announced this morning (which hasn’t worked: the shares are down 4% last seen this morning).

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? 

Red Flags at Night – NED-share-pledge-for-loan at Lobster-pot China play MiLoc and the read-across to F40 Jiasen

Published 147 days ago

5.34pm on a Friday – truly no-one-is-watching o’clock – and up pops an RNS from NEX- (the lobster-pot formerly known as ISDX) listed MiLoc Group Limited (ML.P) detailing the dealings of a NED in the company’s shares: he pledged a bunch of shares in return for a loan back in September and has now released the stock to the lender. Sound familiar? Are we thinking Equities First? So where is the RNS from September? And then there are the other companies on that NED’s CV – which include AIM-China Filthy Forty plays Jiasen (JSI), delisting on Tuesday, and already delisted (no accounts) LED Holdings (LED) as well as PAQ International (PAQ) which quietly disappeared from the Casino back in 2010.

FRAUD Jiasen - ouzo time as Filthy Forty AIM departure #24 is booked, NED walks

Published 173 days ago

Did it jump or was it pushed? ShareProphets AIM-China Filthy Forty posterboy Jiasen (JSI), one of the Fujian four, has announced this morning that it is proposing to delist from AIM and move instead to NEX (the lobster-pot formerly known as ISDX) - just when we thought that the race to AIM departure #24 from the Filthy Forty was down to a two-horse race between Asian Citrus (ACHL)and MoneySwap (SWAP). Jiasen also announced the departure of a NED with effect from the end of February.

Advanced Oncotherapy: GOTCHA again - another NED walks as predicted here

Published 177 days ago

On December 2 2016 I suggested here that Advanced Oncotherapy NED Tim Lebus had had enough and was walking. The lying snot-gobblers round at Advanced declined to comment. Guess what? He has walked with immediate effect today. It gets better, if you are a bear.

Parallel Media – Harwood says thanks very much for the spoof

Published 190 days ago

On Wednesday I called shares in AIM-listed Parallel Media (PAA) as a sell at 30.75p in the face of what appeared to be a BB pump and dump spoof on Tuesday which puffed the shares from 16p up to a peak of 46.5p in the middle, with a “speeding ticket” RNS released later that day. The shares have since come back to 24p mid (last seen), having put in a floor earlier today of 20.5p. Now we have had a NED walking with immediate effect after Harwood Capital had dumped the last of its holding.

AIM SHOCKER: Galasys - AIM’s day of sickening shame as Chairman points the finger

Published 316 days ago

In a quite astonishing statement released yesterday, the non-exec Chairman of AIM death-row inhabitant Galasys (GLS), Mr Kim Seng Teh, has given his account of an unbelievable systemic failure on the AIM Casino to control the behaviour of the board of a member of the world’s most successful growth market. WH Ireland, as the Nomad responsible for this train-wreck until a few days ago, has a number of serious questions to answer, as does AIM Regulation – which, I hope, will be asking a good few questions of its own. I wouldn’t like to second-guess who is the villain in the boardroom and who is the innocent party, but I am sure of one thing: heads must roll in the oversight department.

Galasys – an Open Letter to AIM Regulation

Published 331 days ago

I have this morning sent a missive to the fine upstanding, inscrutable and completely effective folks at AIM Regulation regarding the ongoing farce that is AIM-listed Galasys (GLS), which is currently suspended as its Nomad (WH Ireland) resigned last week with immediate effect. This morning, as reported HERE, yet another NED walked the plank with immediate effect, for “personal reasons”, following the Company Secretary, the Nomad and Broker and another NED out of the door, leaving the company with no registered office and a fast dwindling boardroom which is at war with itself.

Galasys – yet another rat deserts the s(t)inking ship as the company tries to pretend that it still has WH Ireland as Nomad.

Published 332 days ago

AIM-listed China and South East Asia play Galasys (GLS) has seen a stunning procession out of the door of late. One NED last December, the Company Secretary (not yet replaced) and Registered Office (not yet replaced) last week, another NED twelve days ago, the Nomad and Broker last week, and now yet another NED today. Surely there is no way back for the company now – yet the company’s RNS today was apparently signed off by WHI as Nomad and Broker!

Yujin International moves from AIM to ISDX in RTO. Bargepole of the highest order

Published 333 days ago

I’ve no idea what AIM-listed Yujin (YUJ) got up to in its previous life, but its shareholders (who may be wondering the same!) are clearly in for a treat as it moves to ISDX doing an RTO, share consolidation, change of name, a new board comes in and new advisers are appointed. We may have thought we had seen the Dream Team on ShareProphets, but this one goes straight to the top of the pile.

Galasys – now Nomad WHI walks and it is Death Row in another kill for the Deputy

Published 337 days ago

AIM-listed Galasys (GLS), with its boardroom at war, has seen a succession of departures of late. Its company secretary and provider of the registered office, Computershare, gave the company the heave-ho originally as from 5 August (later extended to today). The one NED whose job security did not depend on court proceedings walked as announced last Friday. And now Nomad WH Ireland has had enough, resigning with immediate effect yesterday afternoon. Is this the final death-knell?

Galasys – yet another corporate departure: what of corporate governance?

Published 340 days ago

Oh dear, just when things were going so well for AIM-listed Galasys (GLS)! Here we have a boardroom at war with itself, the provider of company secretarial services and registered office resigning (date now extended to this Friday) and joke accounts. Now, having seen its token Westerner walk from the board as independent NED last December, Mr Vincent Lai Tuck Yuen was announced to have stepped down as NED on Friday last week, effective immediately – apparently “due to personal reasons”.

Armadale - payoff for NED does not make sense.

Published 346 days ago

Okay the amount (just over £10,000) is not that big but why is Dr Andrew Tunks of Armadale Capital (ACP) getting a pay off at all?

Servision - new NED to reassure on dodgy accounts? You're 'avin' a giraffe!

Published 354 days ago

AIM-listed Servision (SEV) has announced the appointement of a new NED. If that is supposed to reassure in the face of Tom Winnifrith's complaint to the FRC over the "interesting" accounting going on at the company then the CV of new appointment Mr Anthony Legge is just jaw-dropping.

PhotonStar – running low on the readies?

Published 361 days ago

Serial AIM dog PhotonStar (PSL) has announced the issue of 230,857 shares at a price of 2.625p to former NED Mr Philip Marshall in settlement of outstanding remuneration, worth a total of £6,060. That the company didn’t just pony up the relatively small amount in cash raises the question as to why.

Video: Norman Ling of Kefi Minerals at UK Investor Show

Published 437 days ago

Norman Ling is a NED at Kefi Minerals (KEFI) another gold play presenting at UK Investor Show. Enjoy,

A NED to keep executives like fraudster Rob Terry in check at Quob Park...cometh the day

Published 454 days ago

Non Executive Directors are meant to be there to keep executive directors in check on behalf of other shareholders. That applies if you are dealing with an honest CEO or a psycopathic fraudster such as Rob Terry of Quindell (QPP) infamy who now runs the Knob Park Ponzi. So which NED's keep the old crook in check?

Wondering where the cash Costis stole from Globo went? Gavin Burnell might know a thing or two

Published 456 days ago

In case the rozzers want to know where Costis, Konstantinos Papadimitrakopoulos, hid the cash he liberated from the fraud Globo (GBO) both directly and via share sales in the days running up to its collapse, perhaps they should ask disgraced Globo NED and the man who listed it on AIM Gavin Burnell. For it seems that Gavin had dealings with the criminal bubble outside of Globo.

Cloudbuy – kitchen sink RNS. Buy or Bargepole? Part 3

Published 481 days ago

Looking through the lengthy RNS from AIM-listed Cloudbuy (CBUY) of last Thursday afternoon a few things caught my eye. I have already discussed the refinancing (HERE) and the repricing of director share options (HERE) but there is plenty more to look at. Here we consider the trading update, corporate governance and a few other matters.

China fraud Jiasen – oops, another NED walks

Published 493 days ago

Our sincere apologies for missing the fact that ShareProphets AIM-China Filthy Forty play Jiasen (JSI) slipped out a board change RNS at lunchtime on Friday last week. I guess we were all in the Punter's Return at the time. It seems that Mr Curt Riley has resigned as a NED as from the end of May.

China Fraud JQW – GM boots out NEDs but when were UK Investors told?

Published 515 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?

Galasys – court update on farcical boardroom bust-up

Published 545 days ago

We have previously reported (HERE) on the farce that is AIM-listed Galasys (GLS), the company where two directors were announced to have stepped down only for those directors to resort to law. There are three sets of legal proceedings – in the UK, Jersey and Malaysia and the company updated the market on Friday morning: it looks set to drag on for some time. Just who is in charge in the meantime? Anyone?

Galasys – handbags farce in the Boardroom

Published 580 days ago

There’s trouble at t’mill. AIM-listed Galasys (GLS) is turning into something of a soap-opera as boardroom infighting has spilled into the public arena. Quite what happens next remains to be seen, but as things stand shareholders cannot be certain who is actually running the company. According to AIM, Galasys’ country of operation is China. It is a holding company registered in Jersey, with its main assets rolled up into a BVI vehicle.

China Nonferrous Gold – more NED dumping

Published 587 days ago

I noted before (HERE) that NED of AIM-listed China Nonferrous Gold (CNG), Mr Abuali Ismatov, had been dumping his shares in the company all year. The sales had seen a pause until mid-November but seems to have resumed in the wake of the announcement of the commissioning of company’s processing plant at its Pakrut gold project in Tajikistan. Total sales this year by Mr Ismatov by 20 Nov had amounted to around three quarters of a Bernie. But the sales have continued apace.

China New Energy - some answers, but questions remain

Published 591 days ago

Following THIS PIECE at the weekend we have had a communication from Mr Richard Bennett, the independent NED at ShareProphets AIM-China Filthy Forty member China New Energy (CNEL). To remind readers, we were wondering who or what was Sunbird Bioenergy Africa Limited - the outfit with which China New announced a MOU had been signed last week regarding projects in Zimbabwe and Zambia.

China Nonferrous Gold - NED dumping and another Red Flag

Published 610 days ago

Two RNSs in two days from AIM-listed China Nonferrous Gold (CNG) reveal that Non-Exec Director Abuali Ismatov has been selling down his holding in the company. With the company having announced the successful commissioning of its processing plant at the Pakrut gold project in Tajikistan, along with the commencement of trial production back on October 1 2015 this hardly represents a massive vote of confidence.

Camkids..To lose one NED is unfortuanate, to lose 2 looks like..

Published 802 days ago

At this point I move away from Oscar Wilde, in the case of Camkids (CAMK) to lose 2 NEDs looks like… a fraud unraveling. Last week it was a British NED who walked. Today we hear that Mircle Yap , a Chinese NED, will be leaving after the AGM on June 11.

Red Flag Number 35 of Tom Winnifrith’s 49 Red Flags Dedicated to Rob Terry

Published 909 days ago

Those who have ordered a FREE copy of my new book, 49 Red Flags, which is dedicated to Robert Simon Terry, the founder of Quindell (QPP), will be receiving their copy today. If you want a copy simply fill in the form HERE. As a taster of what it contains I bring you Red Flag 35, a failure to have truly independent Non Execs. It reads: 

Outsourcery Statement – Piers Linney this does not wash Mr Dragon’s Den

Published 1086 days ago

Having promised an update on refinancing the POS AIM listed company Outsourcery in July, Dragon’s Den Prima Donna Piers Linney served up a pretty wet statement at the last minute this morning. The RNS is both wet and disingenuous. And here’s why.The statement reads:

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