Results

Proxama – claims now “well positioned”… but has to scramble around to reach even minimum requirement of fundraising

Published 26 days ago

Last writing on Proxama (PROX) I noted new agreement announcements now being seen through – and the shares are currently lower today on the back of “Result of Open Offer” and General Meeting updates…

Proxama – amidst current attempted confetti issuance extraordinaire, “pleased to announce”…

Published 37 days ago

Shares in Proxama (PROX) currently feature on today’s top gainers list on the back of a “Contract Renewal” announcement. Hmmm, what’s the detail here?...

Imaginatik – “pleased to announce” open offer result. Really?

Published 43 days ago

Previously writing on Imaginatik (IMTK) in April, I questioned the progress being made and attempted discounted fundraising ahoy? Last month there was a “Placing and Open Offer to raise up to £1.9 million” announcement and this week a “Result of Open Offer” announcement...

Proxama – dire results, though emphasises “exciting transition” as needs to get away a confetti issuance extraordinaire

Published 49 days ago

Proxama (PROX) “is pleased to announce its Full Year Results for the year ended 31 December 2016” and “pleased to announce the successful completion of an upsized bookbuild for the placing”. Shareholders probably aren’t so pleased – the shares having responded approaching 70% lower, to 0.04p…

K3 Business Technology – following profit warning last month… fundraising to avert cash crunch ahoy

Published 68 days ago

K3 Business Technology (KBT) has announced a 140p per share conditional placing to raise a gross £7.5 million and an associated open offer to raise up to £1 million, with October-commenced CEO Adalsteinn Valdimarsson emphasising this as it “enables us to operate with full flexibility as we make strategic decisions”. This following recently another profit warning. Hmmm…

SCANDAL: Redx Pharma – goes tits up & blames thieving scousers, just 3 months after raising £12m

Published 86 days ago

It seems to be perfectly acceptable for companies on the Casino to complete fundraisings inadequate to see them solvent. Yesterday at 4.22pm shares in AIM-listed Redx Pharma (REDX) were suspended “pending an announcement” by AIM Regulation (the RNS following at 4.35pm – bit of a rush there fellas?) At no-one-is-watching o’clock (6.35pm: after-after-hours) the company announced that administrators had been appointed - just 3 months after the company had apparently raised £12 million in a placing and open offer. Coke and hookers all round for the Nomad and Brokers concerned. Stale bread and water for those sold this particular pup.

Rosslyn Data – why are you hiding the related-party nature of this dog of a deal?

Published 109 days ago

Tom Winnifrith has already covered the hidden bailout placing aspects of the Integritie deal announced by Rosslyn Data (RDT) last week (HERE) but I thought it worth elaborating on the deal (which looks like a real dog) and asking the simple question: why haven’t you told your shareholders about the related-party aspects?

Rosslyn Data - moves goalposts with bailout placing to hide its abject failure

Published 115 days ago

Floated at 33p by Lagos Securities, or Cenkos as it prefers to be known, on the back of a prospectus that forgot to mention critical damaging information, Rosslyn Data (RDT) has been a serial disappointer and was clearly set to run out of cash this year, despite numerous protestations from its discredited management that this was not the case. And so today, the oldest trick in the book - a bailout placing dressed up as an acquisition. The price of the bailout, just 4.5p.

Filthy Forty Taihua – shares fall after GM approves delisting, but massive sudden surge today

Published 116 days ago

ShareProphets AIM-China Filthy Forty play Taihua (TAIH) announced last Friday that the EGM called to approve the company’s proposed delisting from the AIM Casino had passed the proposals with the requisite majority. The shares are expected to depart the world’s most successful (but perhaps not for Taihua) growth market first thing on 8 May. In the wake of the announcement – at 4.15pm last Friday, bordering on no-one-is-watching o’clock - the shares again nose-dived, registering a new low of 0.1p on the bid yesterday, but all of a sudden the stock is on the rampage this morning. What is going on?

Filthy Forty Taihua: to delist 7 months post open offer, six weeks post buy-back (when chairman dumped his shares)

Published 136 days ago

Yet another of the ShareProphets AIM-China Filthy Forty is set to depart the Casino – this time it is the turn of Taihua (TAIH), citing “best interests”, which will become the twenty-sixth casualty of our original forty. Yes, folks - the Filthy Forty is officially set to become the Filthy Fourteen.

Independent Resources down 30% but valuation insane

Published 158 days ago

No doubt the spivs are on the ramp again but shares in Independent Resources (IRG) have dived by 30% to 0.415. That is because the stock has today on ex-rights on the open offer announced today. If you buy now you do not get to take part in a 2 for 3 offer at 0.065p! So do the maths again.

7digital – completion of share placing, broker updates

Published 159 days ago

Following its 2016 results, digital music and radio services group 7digital (7DIG) has successfully placed 34,769,239 new shares at 6.5p to raise a gross approximately £2.26 million and house broker, finnCap, has updated on the company's manoeuvrings...

Collagen Placing and Open Offer - go for it!

Published 184 days ago

On recommending shares in Collagen Solutions (COS) at the end of 2016 we noted that the company is understood to be investigating the possible use of debt financing, though this is a risk here.  It has now announced a financing potentially to provide “sufficient working capital to fund the group until it achieves cash flow positive operations”

Filthy Forty Taihua – at last that pesky buy-back is announced, but where has Daniel Stewart popped up from?

Published 193 days ago

ShareProphets AIM-China Filthy Forty play Taihua (TAIH) has finally announced the long-awaited buy-back first announced way back last August when launching an Open Offer to pay for it. Hurrah! So it wasn’t a massive spoof to get a fundraising away after all, although the net result of the exercise appears to be a lot more shares in issue and a net inflow of well over half the funds raised. 

Filthy Forty Taihua – rum’n’coke RNS re AIM Rule 26: Bargepole

Published 218 days ago

And so after its website disappeared at least as early as late November last year and two failed efforts at getting a replacement available so as to comply with AIM Rule 26, ShareProphets AIM-China Filthy Forty play Taihua (TAIH) has finally issued some Jackanory of a statement saying it now won’t be complying until Monday next week. The explanation may seem reasonable, but in context they’re ‘avin’ a bubble.

Filthy Forty Taihua – Another letter to AIM Regulation: still no website, still no buy-back, still no update on related party receivables.

Published 221 days ago

ShareProphets Aim-China Filthy Forty play Taihua (TAIH) is having a giraffe. The buy-back announced last August, to be paid for from an Open Offer long since completed hasn’t happened. There has been no update on the matter since the end of September. The accounting matters over related party receivables which the company, in its FY15 Annual Report promised an update on has seen no further comment. The website has disappeared, meaning that the company is in breach of AIM Rule 26 – a matter I raised with AIM Regulation on 29 December last year.

ShareProphets share tips of the year Number 19: Sell Taihua says Nigel Somerville

Published 231 days ago

ShareProphets AIM-China Filthy Forty play Taihua (TAIH) is, in my view, a screaming sell in view of the Red Flags highlighted on this site for months. I doubt very much whether a short position is possible with this stock, but if I were a holder I’d be running for the hills.

Advanced Oncotherapy - The deafening silence is itself a cause of panic: target price is 0p

Published 256 days ago

Yesterday I published extracts from leaked emails that show that Advanced Oncotherapy (AVO ) kept very bad news regarding China contracts from investors as it launched and conducted an open offer. That is monumentally serious. In the US folks would already be doing a perp walk fort that but even our useless regulators will do something here. In normal circumstances the company would issue a response via RNS but here we are a day and a half later and even though the shares slumped yesterday and are sliding again today we hear only a deafening silence.

China fraud Taihua – where is the buy-back? Where is the website? Where is the update on RMB 10 million of Related Party receivables (which the FY15 audit could not confirm)?

Published 258 days ago

I keep on asking, and still there is silence: where is that buy-back that ShareProphets AIM-China Filthy Forty poster-boy Taihua (TAIH) has been promising since announcing an Open Offer to pay for it back in August? And where is the company website? And what about those Related Party receivables which were subject to an audit qualification of opinion?

China fraud Taihua: where, oh where, oh where, oh where is the share buy-back (and what has happened to the company website)?

Published 266 days ago

ShareProphets AIM-China Filthy Forty play Taihua (TAIH) has been promising a share buy-back since the launch of an Open Offer back in August which was apparently being conducted to pay for it. The last update from the company - on 30 September (interims, released on deadline day) - told shareholders that the company expected to announce the mechanics of this Godot-esque buy-back “shortly”. That was more than eight weeks ago. We are now heading towards the very end of November. While we are at it, what has happened to the company website? 

Sula - take up open offer

Published 270 days ago

Sula Iron & Gold (SULA) had an active last week. Cracking news on the ground (the pump) followed by...you guessed it: the dump. A placing. But. hang on...

Filthy 40 Taihua – where, oh where, oh where is that share buy-back?

Published 286 days ago

ShareProphets AIM-China Filthy Forty play Taihua (TAIH) has been promising a share buy-back since the launch of an Open Offer to shareholders which was being conducted, apparently, in order to pay for it. Sorry to sound like a broken record, but the buy-back was first promised on 25 August and we are now well into November. The last update from the company was on 30 September (interims, released on deadline day) when shareholders were told that the company expected to announce the mechanics of this Godot-esque buy-back “shortly”. That was more than five weeks ago.

Filthy Forty Taihua – where, oh where, is that share buy-back?

Published 297 days ago

At risk of sounding like a broken clock, ShareProphets AIM-China Filthy Forty play Taihua (TAIH) announced a comical open offer which, apart from a bit of working capital, was to fund a share buy-back. That was back on 25 August – more than two months ago. So where is it?

Advanced Oncotherapy Open Offer at 100p: I'd rather get stranded on a desert Island with Hillary Clinton than accept

Published 309 days ago

As indicated at the time of its bailout £10 million placing on September 30th, Advanced Oncotherapy (AVO) has now announced that it is to raise up to £4.8 million via an open offer at 100p. With the shares at 102p to sell, I'd rather sign up to spend two weeks alone on a desert island with crooked Hillary droning on about how being a rape enabler makes her a good feminist, than accept this offer.

Filthy 40 Taihua – Open Offer (to fund share buy-back) result: it’s a rum’n’coke

Published 335 days ago

In the curious world of ShareProphets AIM-China Filthy Forty play Taihua (TAIH) we have now had the result of the Open Offer which was announced in order to raise funds to pay for a share buy-back. I’ve got a great idea to get Jeremy Corbyn elected into Downing Street: let’s raise the basic rate of income tax in order to fund a cut in the basic rate of tax. I digress….This is, of course, all from a company which saw its Auditor issue a going concern emphasis of matter and a qualified opinion on its FY15 accounts in relation to trade receivables.

ACEEEEEED!! Filthy 40 Taihua – on drugs as it announces Open Offer to pay for share buy-back.

Published 359 days ago

Well this is a most bizarre situation. ShareProphets AIM-China Filthy Forty play Taihua (TAIH) has announced an underwritten one-for-three Open Offer at a 134% premium so that it can fund a share buy-back (and keep back a few quid for working capital). Has the company been taking too many doses of its own medicine?

Fastjet - Private investors refuse to take part in overpriced offer, trading likely remains grim

Published 376 days ago

Fastjet has this afternoon announced the result of its general meeting and capital raising. Not surprisingly, given the support of the institutions involved, all resolutions were passed.

Kenmare – rescue refinancing sees just 7.45% support of Open Offer

Published 391 days ago

Ireland- and London-listed Kenmare Resources (KMR) announced (after-hours, natch) on Friday that the open Offer element of its rescue refinancing package had met with just 7.45% support: hardly a ringing endorsement. Of course, since the Open Offer cash was headed straight into the hands of creditors rather than providing the business with much-needed working capital it was hardly an attractive proposition, not to mention the abject record of the board.

Fitbug – snubbed open offer gives directors chance to demonstrate their confidence, BUT…

Published 393 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…

Fastjet – Fund managers request to pay more because they don’t want to own too many shares

Published 394 days ago

The remarkable placing document which has finally been released says more about Fastjet’s (FJET) hapless shareholders than it does about the company itself.

Frontier Resources - more Reynolds magic: the Presentation is HERE

Published 408 days ago

I discuss this in Bearcast today but Frontier Resources (FRI) has today announced the latest RTO by the shellmeister Adam Reynolds. We are shareholders and are taking up the open offer in full. Why?

Fitbug Holdings – rescue fundraising & debt-for-equity swap

Published 416 days ago

Long-time cash burning machine (sorry, “technology developer and digital wellness pioneer”), Fitbug Holdings (FITB) “is pleased to announce a proposed equity fundraising… and loan capitalisation”. Hmmm…

Imaginatik – having talked of gross proceeds “expected to be approximately £2.11 million”, fundraising falls well short…

Published 421 days ago

Having on 25th May announced a placing and open offer at 2.5p per share to raise expected gross proceeds of “approximately £2.11 million” and earlier this month the as-expected completion of the placing (for a gross £1.58 million), Imaginatik (IMTK) has now announced the result of the open offer…

Hornby – self-declared “disappointing” results, can further new money fund a recovery?

Published 423 days ago

Hobby and toy products group Hornby (HRN) has announced results from an “extremely challenging” year, along with a placing and open offer to fund a new business plan which it is “confident… can be delivered successfully and that Hornby can return to being a profitable and cash generative business which will progress to delivering shareholder value”. Hmmm…

Lombard Risk Management raises £8 million at 8.75p - Phil Crawford pisses on private investors

Published 428 days ago

This morning Lombard Risk Management (LRM) announced an £8 million bailout placing and open offer at 8.75p - news which reveals to all the utter contempt with which chairman Phil "interX" Crawford treats shareholders. Crawford is still refusing to explain why he left Oracle in a hurry, and his presence - at a cost of £400,000 last year - makes this stock toxic, at 8.75p.

Shanta Gold – another spoof director share buy

Published 431 days ago

AIM-listed Shanta Gold (SHG) has announced another director share purchase which looks to me to be more of a sell signal than a buy signal. I previously highlighted (HERE) that CEO Toby Bradbury had changed his mind about supporting the recent fundraising by ponying up for 500,000 shares at the offer price of 6.5p – instead completing half of promised purchase in the market at the reduced price of 5.65p. Today we learn that NED Robin Fryer has put his hand in his pocket to the tune of 45,000 shares at 6.2p.

Shanta Gold - Director buy SPOOF!!

Published 450 days ago

As much as it pains me to highlight this, as I hold a (very) small handful of shares here, I note with interest an announcement at 4.17pm yesterday afternoon (almost no-one-is-watching o'clock) from AIM-listed Shanta Gold (SHG) which simply strikes me as a spoof. It is a director buy, but I fear that it is a sell signal. Here is why.

Kenmare – FY15 Annual Report, refinancing, boardroom troughing

Published 473 days ago

Ireland and London listed Kenmare (KMR) finally got around to releasing its 2015 annual report last week, in the wake of (yet another) proposed rescue refinancing. It strikes me that the company has been something of a disaster machine ever since it got its Moma titanium operation up and running in Mozambique.

US Oil & Gas raises $771,000 - Good Money after bad

Published 487 days ago

US Oil & Gas (USOP) has announced that 15% of its shareholders were not just thick but full lobotomy patients. You have to be a fecking imbecile to own this stock anyway but 15% of the FIs were so stupid they took up the open offer at 27p and thus bankruptcy is postponed.

Surface Transforms – revises extent of smaller investor shafting

Published 492 days ago

Having last month announced a smaller investor shafting (sorry, a “equity fundraising of up to £5.0 million”), Surface Transforms (SCE) has updated on a revised extent of the shafting…

Scancell – Open Offer update re EIS reliefs and a damned silly rule

Published 515 days ago

Well this is very annoying, and a result of new rules brought to the EIS scheme. I’m sure that AIM-listed Scancell would have much preferred that it were not the case, but it seems that EIS reliefs can only be applied for by investors who had previously bought EIS-qualifying shares and are now looking to take up their Open Offer entitlements.

Scancell – Placing, Open Offer, future plans: a buy?

Published 517 days ago

It has been too long since I revisited AIM-listed biotech Scancell (SCLP). Much has happened since I picked it as a share for 2015 but it is egg-on-face as the shares have more than halved, with (so far) no value-enhancing corporate deal on the table. The clinical trial on the company’s lead product, SCIB-1, is done but there have been funding questions – correctly called by Tom Winnifrith. Now we have an EIS-qualifying open offer on the table alongside a placing, with some detail of plans going forward. Still holding my shares, the question is what to do?

Stanley Gibbons - take up open offer, we are

Published 522 days ago

Stanley Gibbons (SGI) “is pleased to announce that it now proposes to raise £13.0 million (£12.3 million net of expenses)”. It shouldn’t be. 

US Oil & Gas - is it time for comic relief already? The fraudsters excel themselves

Published 522 days ago

I have been saving a duo of no-one is watching O'Clock announcements from Thursday 10 March and a third the next morning from the fraudsters at US Oil & Gas (USOP) for a day when I needed cheering up. After an hour in the dentist's chair, today is such a day. This is sheer comedy genius from Brian "the dog ate my drilling data" McDonnell. Say what you want about wee Brian but you cannot deny that this guy is the funniest Irishman since Father Ted. Where to start?

Gulfsands Petroleum extends open offer - looks like it is going to bomb

Published 592 days ago

Quelle surprise, the open offer of shares at 4p from Gulfsands Petroleum (GPX) is going to bomb. As someone who called the shares out as a sell at 111.75p to much derision from the Bulletin Board Morons who - of course knew far more about oil and shares than did a dumb alcoholic pizza boy - it is somewhat gratifying to see the shares now trading at 3.5p to 3.75p.

Rurelec - noose tightens as shareholders again vote no

Published 627 days ago

That AIM-listed Rurelec (RUR) is in a tight spot has already been admitted by its (new) Board of Directors in the RNS announcing a proposed Open Offer to shareholders. We have already pointed out that the Offer seemed to be doomed from the outset as the minimum funding level set looked impossible to achieve, given that the company's 54% major shareholder (Sterling Trust) was itself in administration. But we didn't have to wait for that to play out, for yesterday it was announced that shareholders had rejected all the resolutions put to an EGM called to approve measures needed to progress the attempted Open Offer. The Offer is a dead duck. 

Rurelec – open offer a doomed last throw of the dice?

Published 645 days ago

AIM-listed and cash-strapped Rurelec (RUR) has proposed an Open Offer as the new management team fights to keep the lights on. But I fear that this potential fund-raising is already doomed to failure. The company admits that it faces a cash-crisis and the writing is on the wall. Here is why.

New World Oil & Gas: Peter Sztyk claims shareholders are behind him. So call the AGM.

Published 702 days ago

There is still an opportunity to settle the future of New World Oil & Gas (NEW) like gentlemen. That is unless current Chief Executive Peter Sztyk gets his way. Having just lost an hour of my life to the company’s futile shareholder call, it is quite clear that Sztyk is the only man in the room who cannot see the game is up. To his credit he fielded some of the more difficult questions he was sent, though ducked the most challenging ones. Despite this, his answers were highly unsatisfactory. Sztyk claims he has a mandate from his shareholders to pursue the company’s interests in Belize. That is complete balderdash, as he knows full well.

Change is coming at New World Oil & Gas

Published 719 days ago

Over the last six weeks the New World Oil & Gas (NEW) shareholder action group, NWOGaction, has been quietly laying the foundation for a most surprising turn of events. Where the market has given up hope, thirty-seven private shareholders have continued fighting for their company’s future. Their efforts are about to bear fruit.

Gulfsands Petroleum – is this a new beginning?

Published 722 days ago

Last night, Gulfsands Petroleum (GPX) announced details of its long awaited $22million open offer. For long-term shareholders there wasn’t much to cheer about. At 4p, the best they can now hope for is to average down by taking up their 3.01 open offer shares and pray for a turnaround. But what chance is there of this?

Exclusive: New World Oil & Gas shareholder action rises like a glorious phoenix from the ashes

Published 761 days ago

It’s not fashionable to say this, but there are times when it is impossible not to feel intense pride at being British. I experienced one such occasion last Thursday night. It is deeply woven into our national spirit never to give up; a characteristic which New World Oil & Gas’ (NEW) ordinary shareholders are increasingly demonstrating in spades. While the naysayers and market abusers crowed that the desire for shareholder action would be broken by the heavily dilutive, mispriced open offer, New World’s shareholders rallied to the call for positive change in their company. As of writing, as much as 4.8% of the company has indicated its intention to join the reformed NWOGaction (www.nwogaction.co.uk).

New World Oil and Gas – Placing and Open Offer result. Will it work?

Published 772 days ago

New World Oil and Gas (NEW) has been explicit with its warnings that the plan to conduct a Placing and Open Offer is not guaranteed to solve the settlement crisis, which saw the London Stock Exchange belatedly step in and suspend trading. Tuesday night’s RNS (after hours, natch) with the results of the offer continued to warn that it may still not result in the lifting of the suspension. Let us have a look at the numbers.

New World Oil & Gas; the open offer that causes the London Stock Exchange an almighty dilemma

Published 782 days ago

In one week New World Oil & Gas’ (NEW) highly controversial placing and open offer closes. The company expects to announce the result the following day. It then hopes that the London Stock Exchange will admit the new shares to trading on 10 July. This will present an acid test for AIM’s integrity and credibility. Few seem to appreciate the dilemma now facing the London Stock Exchange.

Is Afren trying to dupe its shareholders?

Published 786 days ago

There is just so much to say about the restructuring it is hard to know where to start. A good place would be Waseem Shakoor’s piece HERE, but there are concerns that Afren is being, shall we say, less than helpful to its beleaguered shareholders as they decide upon whether to take part in the open Offer as part of the proposed restructuring.  Let us take a look at a few statements in the RNS and Prospectus from last Friday.

Afren equity is toast, ignore the spike says Waseem Shakoor

Published 787 days ago

It has been some time since I wrote about Afren (AFR) but, suffice to say, anyone who chose to ignore the warnings about what would happen in a restructuring will now be sitting on very severe losses. From memory, I first called Afren out as a short at 7p, and then added heavily to that position as retail buyers drove the price up to as much as 14p. On Friday, the firm announced that the predicted dilution was on its way as a vast amount of shares would be issued to bond holders in exchange for a very modest reduction in debt:

New World Oil & Gas; could it pay a shameful £1.15million in fees to Cornhill Capital?

Published 789 days ago

I took a temporary vow of silence last week concerning New World Oil & Gas (NEW). We should learn soon enough whether my faith in the regulatory authorities was misplaced, but there is one issue I am compelled to speak out on; the sickening and unconscionable fees New World has agreed to pay Cornhill Capital in relation to the highly controversial open offer.

New World – A case study in catastrophic shareholder value destruction on AIM

Published 794 days ago

In my last piece on the latest twists in the ongoing shambles I looked at the apparent mis-match between what New World Oil and Gas (NEW) was saying, and the Market Notice issued by the London Stock Exchange. Ben Turney has since published this incredible article – I hope that he made sure that the board of New World had been offered a chat with the Priest and blindfolds all round before releasing the trap door. And if that was not enough, there are today’s revelations that placees of the failed placing were not informed of the required shareholders approvals. Meanwhile, a look at shareholder value.

Has New World Oil & Gas made a catastrophic error in its open offer?

Published 795 days ago

By Friday afternoon it looked like New World Oil & Gas’ (NEW) board and its hapless regulated advisors had made yet another catastrophic error. Even by this group’s sheer rank incompetence over the last seven weeks, the latest blunder could be the worst. Not content to forward sell an unconfirmed placement, trample over shareholders’ lawful rights, ignore market rules, waste the company’s dwindling cash on an unjustifiable battle to save its advisors to the detriment of shareholders and try to force through an abysmally mispriced open offer, New World and its grossly inept advisors appear now to have broken the law.

New World Oil & Gas – an Omnishambles with bells on. Alarm bells.

Published 796 days ago

Back at the start of May I asked who was regulating the omnishambles that is New World Oil and Gas (NEW) on the back of what appeared to me to be quite obviously a disorderly market. It looked as though there had been rampant forward selling of a conditional Placing which was, in the event, scuppered by shareholders. I was not the only one making noises about a disorderly market – see HERE and HERE from my more esteemed colleagues, yet the LSE allowed trading to continue for another couple of weeks before the stock was suspended due to a deteriorating settlement situation - ie a disorderly market. Now we have a monster of an open offer, backed by a placing which effectively underwrites the offer. Will it cure the settlement problem? And what other issues are thrown up by the new proposals?

RNS Translation Service on behalf of New World Oil & Gas' 0.09p open offer

Published 800 days ago

So New World Oil & Gas’ (NEW) board has announced its long-heralded 0.09p open offer. Nigel is off today, so it falls on my to run today’s RNS Translation Service. There is so much to say about New World’s deeply flawed plan, but for now let’s just take a look at the not so hidden meaning of board’s conclusions.

ShareProphets Translation Service – New World’s extraordinary after-hours RNSs last night

Published 802 days ago

The New World Oil and Gas (NEW) farce took another bizarre twist yesterday with not one, but two extraordinary after-hours RNSs. We have never before seen a holdings in company RNS which contains not only a cautionary statement, but also references to media commentary. These RNSs ought to come under Red Flags at Night, but the ShareProphets RNS Translation Service got in first. First up, at 6.18pm……

Exclusive: London Stock Exchange has now suspended New World

Published 821 days ago

On Monday evening, New World Oil & Gas (NEW) put itself into “temporary suspension”, pending the outcome of the EGM. Last night New World announced the results of the EGM, but the stock remains suspended. It turns New World’s suspension is now out of its hands. The London Stock Exchange has stepped in and suspended New World, until the settlement situation is resolved.

Why New World Oil & Gas cannot, in good conscience, proceed with Open Offer

Published 822 days ago

We still don’t know which way the vote from New World Oil & Gas’ (NEW) EGM will go. No doubt recognising that a show of hands would have resulted in defeat of Resolutions 1 & 2, meeting Chairman Peter Sztyk’s first action was to announce a poll. He was well within his rights to do this. The poll results should be available in the near future, but there is one point I have to make, while we wait. Based on what Mr Sztyk said in the meeting, in front of New World’s solicitor and brokers (four of whom were in the room), if Resolution 1 is defeated it is inconceivable that the company can proceed with an open offer in good conscience.

Afren; $75million open offer is a monstrous red herring – you only get 8.2%

Published 887 days ago

Over the weekend, respected oil investor Paul Curtis (@paulcurtis123) sent me a spreadsheet, which provided detail to the number of shares Afren (AFR) proposes to issue under its recapitalisation plan. Paul’s efforts expose one startling revelation. The planned $75million open offer is a monstrous red herring. Below I explain why.

Afren RNS explained; why this stock has to be avoided (for now at least)

Published 890 days ago

There is a slight chance that Afren (AFR) might prove to be a recovery gamble worth taking at some point. That time is most definitely not now. Careful reading of this morning’s complicated RNS from the company, concerning its proposed recapitalisation, confirms that whatever happens existing shareholders will be left with next to nothing. As unpalatable as some might find this, the numbers are categorical and at 5p (last seen) only widespread misinterpretation of today’s announcement sustains the current share price. Below I explain why.

Rangers International Football Club plc – fundraising announcement reveals dire current financial situation

Published 1085 days ago

Rangers International Football Club (RFC) has announced an open offer of up to 19,864,918 new shares at 20p each to raise up to £3.97 million before expenses (an estimated £3.6 million net) to purportedly “allow the company to start implementing the strategy to re-build and re-establish Rangers as a stable, sustainable and successful business to deliver both shareholder value and footballing success”. However, further reading reveals a continued dire financial position from a company which has already delivered an extraordinary litany of woe since its December 2012 AIM admission.

Volex – ramping Research, Odd Director buying and a ludicrous valuation

Published 1154 days ago

This just looks all wrong. Even based on the numbers in the latest paid for PR piffle (I mean in-depth research note) from Edison, shares in Volex (VLX) are at 80p ludicrously overvalued. The very odd behaviour of the directors makes this smell even worse.

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