Results

Yu Group – FY18 results and a lack of cash (despite the headlines)?

Published 11 days ago

AIM-listed Yu Group (YU.) has posted its much awaited results for the year to December 2018 – much awaited because during the year it ‘fessed up that its previous numbers had been less than believable. The opening lines make good reading – and the market has reacted well, marking the stock up by a whopping 67%, last seen, to 155p but I wonder about that.

Red Flags at Night – Novacyt death spiral: SELL

Published 20 days ago

AIM-listed diagnostics play Novacyt (NCYT) announced a death spiral deal on 23 April 2019 and at 6.23pm on Friday evening it slipped out details of the first two rounds of conversions – at no-one-is-watching o’clock….except ShareProphets was watching. It is also listed on the Euronext Growth market (ALNOV), and joined AIM at the back end of 2017 – since when it has been heading heavily southwards, as you can see from the chart below.

Trafalgar Property – FY trading statement shows this is a crock of….”exciting times”! SELL.

Published 27 days ago

Last time I commented on AIM-listed Trafalgar Property (TRAF) I responded to the claim it was well placed to deliver with the observation that since listing on AIM it had only delivered one set of profitable account out of five when the housing market was on fire, and that current borrowing of £3.1 million plus longer term loans of £4.9 million meant that the lenders would benefit long before shareholders. This morning we had a trading statement: how does the well placed to deliver company find itself?

Inspirit – finally gets around to confirming our scoop of last week with a load of tosh

Published 30 days ago

AIM-listed POS Inspirit Energy (INSP) has finally woken from its slumbers and confirmed our scoop of over a week ago, that it has vacated its factory. Apparently it is in the process of moving its facility  to Poland. Well it might be in process but it seems to be taking a long time for last week we know that its Sheffield factory had already been vacated and leased to a new tenant. And then there is the strategic review…..

Easter Red Flags at Night: Modern Water FY results a washout – SELL!

Published 34 days ago

Here haven’t been so many diabolical after-hours announcements as there used to be, but ahead of the Easter double bank holiday – at 6.19pm on Thursday evening – AIM-listed Modern Water (MWG) showed that the tradition is alive and kicking. Its investors might have gone home but ShareProphets was watching….

Does anyone have a Scooby as to why Inspirit is sharply higher?

Published 40 days ago

I have to admit it: I haven’t a clue why shares in AIM-listed Inspirit Energy (INSP) are hugely up today. The shares opened at 0.0225p and motored as high as 0.055p. They currently sit at 0.045p, up 100% on the day. But there has been no news and I am not aware of any imminent news. So why is the stock up so strongly?

AFC Energy – “pleased to announce” FY18 numbers - with a death spiral and further funding needs?

Published 44 days ago

It is some three years since Evil Banksta covered AIM-listed AFC Energy (AFC) on this site with his piece In the long run, AFC Energy is a zeroThe shares were then 14.5p. Last night they were 3.775p and now they are 3.39p. I guess we are 76.5% there, then! This morning we were told that the company was pleased to announce its results – but should it be?

Inspirit – Pleased to announce interims. It shouldn’t be – SELL.

Published 58 days ago

News from the boiler room this morning is that AIM-listed Inspirit Energy (INSP) is pleased to announce its interims. I’m not sure why – they are awful! But perhaps the pleasure relates to the fact that they are out at all, for the numbers show a deficit of net current assets. Is it bust yet?

Vast Resources – Manaila Mine not reopening (yet)…oh, and a Corporate Restructuring. SELL.

Published 59 days ago

As if the poor shareholders in AIM-listed Vast Resources (VAST) had not suffered enough! Today the company announced that its Manaila mine in Romania which has been on care and maintenance since December 2018 will not now be reopened as planned this month (with just two working days left!!), in order to reduce costs. Oh, and there is a full corporate restructuring and refinancing underway.

Cloudbuy? No, cloud sell!

Published 63 days ago

AIM-listed Cloudbuy (CBUY) released its FY18 results this week and they  were truly awful. The company remains dependent on future improvements in trading performance and/or its ability to raise additional finance, in order for it to continue operating for the foreseeable future, revenues are still falling, cashflow (apart from Mr Sella’s loan) is still solidly negative and profits came in at minus £2.2 million. It is grim reading indeed.

Five slam-dunk sells for 2019 – March edition, as Walcom struggles on (just)

Published 63 days ago

Last month one of the five had its denouement as AIM-listed Haydale (HAYD) had an emergency bailout  - as long predicted by me -  at only 2p. That left just four. My suspicion was that AIM-listed member of the Filthy Forty, Walcom (WALG) would be next with its head under the guillotine and the news there was only marginally better as death has been postponed to June.

WYG – after profit warning, CFO walking, now 0.6p dividend cancelled as covenant breach waived (for now). Sell.

Published 69 days ago

Dear, oh dear – every time we get an announcement from AIM-listed project management and technical consultancy purveyor WYG (WYG) the news seems to go from bad to worse, and hats off to Steve Moore for his unremitting bearishness on this. The latest news is that the banks have agreed to waive the 31 March covenant test (which the company had previously warned it would fail) but the 0.6p dividend per share - which was declared on 4 December 2018, payable on 4 April - has been cancelled. How embarrassing is that?

Interserve – down to the wire as shareholders vote tomorrow: still a sell

Published 73 days ago

I make no apology for saying sell and keep away from fully-listed Interserve (IRV) as we run up to tomorrow’s make-or-break shareholder vote. With rebel investor Coltrane holding just under 28% and planning to vote against, the risk to other shareholders is an immediate pre-pack administration which hands the whole outfit to lenders and shareholders get nothing.

Haydale – even at 2p open offer raises less than 50%, shares crash again. Sell.

Published 75 days ago

Oh dear – things are going from bad to worse at AIM-listed Haydale. The bailout refinancing had to be repriced down to just 2p and the open offer raised less than half the amount wanted. And now the shares have fallen below the bailout price – which was set at 2p, the nominal (or par) value of the shares which make raising any more cash a tad difficult.

Widecells – a total bargepole with a death spiral on steroids: SELL, SELL, SELL!!

Published 77 days ago

Normally when I see a damaging (to shareholders) death spiral in play it is with reference to company trading on the AIM Casino. We’ve had a few: Tern (TERN), Advanced Oncotherapy (AVO) VAST (VAST) to name just three. But Widecells (WDC) is listed on the main market – well, sort of: it was unleashed onto the Standard List in July 2016. But this death spiral really does take some beating!

Interserve – crunch day approaches, still a sell.

Published 79 days ago

Next Friday shareholders in fully-listed Interserve (IRV) will vote on the proposed financial restructuring which will see them reduced to 5% of the resulting equity, with creditors getting new shares at 15.3p in return for £435 million of debt. Interserve’s largest shareholder, Coltrane Asset Management with 27%, opposes the deal and if it is not passed a pre-pack administration beckons whereby shareholders will get nothing. The stakes are high.

I still see no reason to change my SELL view on Interserve

Published 84 days ago

One has to take one’s hat off to Coltrane Asset Management, the holder of about 28% of fully-listed Interserve (IRV). Seemingly from a stunningly weak hand, concessions have been forced out of the management and lenders to offer a doubled interest of 5% to current equity holders in the event that the proposed restructuring goes through. But it seems that Coltrane still wants more, even though the company has now published its full proposals and called the general meeting.

Five slam-dunk sells for 2019 – one down, four to go

Published 92 days ago

They say that a week is a long time in politics (attributed to Harold Wilson), and so it seems with the equity markets. A week ago my portfolio of five shares to sell was actually up by 4.6%. Now, all of a sudden we are at minus 8.6%.

Interserve – Coltrane puts alternative rescue forward. Still a sell!

Published 93 days ago

Fully-listed Interserve (IRV) saw gyrations in its share price yesterday as news leaked out on several fronts in the battle to restructure the company’s finances. The shares started at 10.26p, fell as low as 9.5p and then rallied hard to close at 15.6p, having been up to 16.6p. So what was going on and have shareholder prospects changed from 8p or 0p?

Haydale – ouzo on the way and Proactive should be ashamed; still a screaming sell

Published 95 days ago

Well here we are: I’ve  been saying for months that AIM-listed Haydale (HAYD) had to raise cash in a material way, all the way down from 78p last June and now we have word of a placing at just 5p which Steve Moore published yesterday. Amazingly, even after the company more-or-less confirmed our story (or failed to deny) the shares still sit at 12.25p, having been as low as 9.75p. Some people simply won’t be told. But Proactive should be shame-faced.

Interserve – slips again on FT comment and still a slam-dunk sell, now a very plausible zero

Published 99 days ago

Shares in my Christmas (sell) tip, fully-listed Interserve (IRV), slipped again yesterday after an article in the FT (see HERE) pointed to the stand-off between the company and its largest shareholder, which wants to derail the debt-for-equity swap proposed by the company’s management. The problem is that the company owes £66 million of overdue payments to the banks, which could force the company into liquidation.

Woodford – slammed by Bestinvest in table of dogs

Published 103 days ago

I pointed to Invesco and Woodford being named top dogs in the link to the article in the Telegraph at the weekend, but having looked through the latest issue of Spot the Dog from Bestinvest the data and conclusions are truly awful for Neil Woodford.

Interserve – still an outright sell: consider the creditors!

Published 105 days ago

We still await full details of the debt-for-equity swap at fully listed Interserve (IRV). But on what the company has told us so far, it is clear that the shares, at about 11.6p, are a stonking sell. Here is why.

Cloudbuy – Smoke and Mirrors Trading Statement: SELL

Published 107 days ago

AIM-listed Cloudbuy (CBUY) has offered up a trading statement for the year ended December 2018 and it seems that still not all of the garden is smelling of roses. Revenue was down by around 25% and although we are told of two opportunities which together would see the company reach cash-flow breakeven, we are not told when and we don’t know the likelihood of conversion to a contract.

Interserve – SKY reports closing in on rescue D4E deal

Published 111 days ago

I see that SKY News has reported that fully-listed Interserve plc (IRV) is closing in on a debt-for-equity rescue deal with its lenders. The report goes on to suggest that £300 million of debt is to be converted to equity and that a deal could be announced within days. Well that’s jolly good – so are equity-holders saved, then? Er…not so fast.

Yu – reading through the numbers

Published 113 days ago

As Tom Winnifrith said in his Bearcast on Wednesday, Yu Group (YU.) offered numbers in its latest trading statement which are completely meaningless – and thus its net cash position could be anything. I’ve been trying to piece some of it together.

5 Sells for 2019 – early January update

Published 126 days ago

I thought I’d update on my 5 sells for 2019 as after just a couple of weeks a few cracks are beginning to show already. The five, Telit (TCM), Haydale (HAYD), Yu Group (YU.), Walcom (WALG) of the ShareProphets AIM-China Filthy Forty and First Derivatives (FDP) are not necessarily shorts – some, such as Walcom, couldn’t be shorted anyway. But they are sells.

Haydale – after yesterday’s selling news, yet another RNS Reach

Published 131 days ago

I see that AIM-listed Haydale (HAYD) has released yet another RNS Reach to tell of an eighteen month supply agreement. The shares have jumped once again, by 12%, But, of course, it is an RNS Reach and thus should be viewed as a marketing, rather than anything significant such as mega-earnings.

Haydale – more insider selling tells you all you need to know

Published 140 days ago

It was announced on Friday that the former CEO and now former board member of AIM-listed Haydale (HAYD) has been selling shares. Back in December it was his two colleagues at Haydale Ceramic Technologies dumping shares (over £110,000 worth). In September, former boss Ray Gibbs sold about 38,000 bits of confetti and now he’s sold a further 80,000 shares. That’s a fair bit of selling by insiders!

Are the wheels about to come off ref Telit’s disposal?

Published 140 days ago

I can’t help but notice that the share price of AIM-listed Telit (TCM) hit a new end-of-week low last week, closing down at just 118.9p – a level not seen since August 2017. Of course, that still capitalises the company at £152 million, which seems extraordinary for a company looking to sell its crown jewels to leave it with, according to The Sheriff, perhaps only $10-20 million of cash at peak working capital usage. And loss making at the full year. But why the collapse now? Is that anything to do with the putative purchaser?

Five slam-dunk shares to sell for 2019

Published 145 days ago

Following on from my five to sell for 2018, which resulted in a gain of 38% as a bear, 2019 seems to offer more pickings. After all, the markets are very wobbly and we have the chaos of Brexit to look forward to. So here are my five to dump now for 2019.

Haydale: PMDRs selling out, take note!

Published 150 days ago

I have been calling AIM-listed Haydale lower from 78p last June, in the wake of a nasty profit warning. Since then we have had two more, and even the company’s paid-for ramper research company Hardman admits the company needs more cash but Haydale sat on its hands instead of biting the bullet until raising a pitiful £250,00 in a placing at 20p shortly before Christmas and kicked the can down the road with a further £750,000 loan (at 11% interest).

Woodford Dog RM2 – wins VAT reprieve but no cash impact (so why bother with an RNS?)

Published 154 days ago

AIM-listed and permanently on the edge of insolvency RM2 (RM2) has announced some good news. Well, sort of: the executioner is still booked, but at least the taxman is off its back.

5 Slam-Dunk Sells for 2018 – almost the final reckoning

Published 155 days ago

We are days away from the end of 2018 and so it is time for almost the final reckoning for my portfolio of 5 shares to sell this year. I say almost the final reckoning because Tom Winnifrith’s Winnileaks has been receiving a few things which suggest that AIM-listed Frontera Resources (FRR) may well be facing its final reckoning extremely soon – ouzo at the ready, then!

Red Flags at Night: Vast Resources - having said it would avoid death spiral finance……

Published 156 days ago

Oh dear! Previous boss of AIM-listed Vast Resource (VAST) Roy Pitchford had an unhappy time with death spiral finance facilities with Crede and Bracknor and now, despite the company having said it would avoid death spiral finance facilities in future, has announced – under Brian Moritz – a “bridge facility” which is….a death spiral, this time with Bergen. It is interest free, naturally – if you ignore the fees – but critically, this time the facility is not convertible for 30 days. After that…..well, we know what death spirals do to share prices.

Haydale – well ho ho ho, time for an ouzo!

Published 156 days ago

And so, at long last, AIM-listed graphene play Haydale (HAYD) has raised some money. With the shares closing at 25.5p last night, it raised just £250,000 in a placing at 20p (a 21.5% discount) and £750,000 by way of a loan from the Development Bank of Wales at 11%. Oh, and we have a new finance director (did he jump or was he pushed), the former CEO (who stepped down on the profit warning back in June) is off (did he jump or was he pushed too?) and so is a NED. 

Filthy Forty Red Flags at Night – China New Energy quacks away and to waddle from AIM?

Published 160 days ago

Last Night at 4.39pm – after hours at no-one-is-watching o’clock, ShareProphets AIM-China Filthy Forty member (one of just seven remaining) China New Energy (CNEL) issued a Trading Update. Except the meat of the dish was not about the company’s trading, it was about trading in its shares. We are told the Company is currently considering and assessing all the options available for fund raising in other stock exchanges. Aha - it is voluntary execution ahoy!

Interserve – another new low as investors take fright: yikes have you seen the balance sheet?

Published 175 days ago

Shares in fully-listed Interserve (IRV) had a bad week last week, tumbling to a new low point of just 27.5p, which makes my sell call at around £1 look like an act of pure genius. Having suffered something of a tremor following a BBC report that there were plans to tap shareholders up to sort out its balance sheet – which looked a little unlikely given the (then) market cap of around £50 million and debts of around £600 million without a massive debt-for-equity swap  – the shares recovered some temporary poise on a Statement following recent press coverage which failed to mention the issue.

Haydale – ANOTHER RNS Reach!! Pre bailout placing ramp in full swing!

Published 178 days ago

AIM-listed purveyor of all things graphene, Haydale (HAYD) has been on an RNS Reach-fest, the latest of which came this morning. Of course, RNS Reach announcement are by definition immaterial and are best viewed as free advertising. But the market has bought into the ramp and the shares are markedly up on the 12p low point they reached when it emerged – along with proft warning No. 3 in six months – that Haydale had been unable to raise loan finance it had planned to. The stock is now up at 36.5p – still a long way down from the 78p at which I wrote about the company last June.

Five slam-dunk sells for 2018 – November update and change of stance on one share

Published 183 days ago

My little portfolio of shares to dump for this year has shown some surprising resilience through the year. Of course it has always been down but some of the shares seem to be propped up in the same way a cartoon characted runs off the edge of a cliff but doesn’t fall until he looks down. But I suspect the wheels may be about to come off in some cases before year-end, and in one case imminently.

Interserve – well, well, what a surprise!

Published 184 days ago

Following the suggestion from the BBC that fully listed Interserve (IRV) was planning to tap up its shareholders for cash, and the non-denial which didn’t even mention it from Interserve, today the cat has partially escaped from the bag. We are told this morning that a Deleveraging plan [is] movng forward for announcement in early 2019. Given that year-end net debt is expected by the company to sit at between £625-650 million and the market capitalisation is (last seen) down to just £49 million it is clear that the BBC story is only partially true, as I suggested HERE.

Tern – attempts to calm with Portfolio Update…..shares down 8% and here's why

Published 185 days ago

AIM-listed jam-tomorrow investment company Tern plc (TERN) has seen its share price slipping sharply since they peaked in mid-June at 58p. What better way to reassure the market than with a Portfolio Update? That’ll help….or not: the shares are 10% down today, at just 13.5p. I’m sure the placees at 26p in July will be delighted….

Filthy Forty Walcom – profit warning, defaulting customer still not paying, discussions with lender. Uh-oh…..

Published 185 days ago

Yesterday ShareProphets AIM-China Filthy Forty member (one of only 7 remaining) Walcom (WALG) updated the market on its efforts to get its largest customer to pay its bills. Bad news there, as was the accompanying profit warning, repayments of borrowings, discussions with lender and the final coup de grace: ….the Company may be in a position where it is unable to settle its liabilities as and when they fall due. What’s not to like!

Haydale – another RNS Reach, no numbers. Desperate stuff

Published 188 days ago

AIM-listed and almost out of cash Haydale (HAYD) has issued yet another RNS Reach, this time to tell us that it has signed an exclusive deal with TKS Siampress Management for an anti-counterfeiting product. Whoopie doo – but there are, predictably, no numbers offered. And an RNS Reach is for news which is, effectively, not material.

Karelian Diamonds FY18 numbers: on death watch too, very bad read across for Conroy Gold

Published 191 days ago

Yesterday it was the turn of AIM-listed Conroy Gold and Natural Resources (CGNR) to show that it is one tiny little centipede step from insolvency. Today sister company, AIM-listed Karelian Diamonds (KDR) took advantage of a good day to bury bad news and followed suit – and my conclusion is the same. Indeed, for Conroy Gold there is another worry here which could bring its life to an early termination. My view is that both are stand-out sells and here is why...

Conroy Gold – FY results…..balance sheet a shambles, the end is surely nigh: SELL

Published 192 days ago

AIM-listed Conroy Gold and Natural Resources (CGNR) offered up its FY results to May y31 esterday morning. There was plenty of blarney, of course, but the bottom line is that the balance sheet is in a mess – it needs yet another mega-placing PDQ to keep the lights on, and I don’t think it will get it away. Oh, and  NED, Dr Karl Keegan, is stepping down after just 15 months in the job. In short, the end appears to be nigh.

Interserve: you haven’t answered the question – statement a screaming sell signal

Published 194 days ago

The BBC has run a story suggesting that fully listed Interserve (IRV) is going to raise cash from its shareholders and quoted a former shareholder suggesting that it won’t survive. The media picked up on it and the shares crashed again. Of course, I’ve been a bear of Interserve for an age, as regular readers will know (and been proved 100% right so far)...

Red Flags at Night: Arricano announces resignation of Smith & Williamson as Nomad after hours on Friday - SELL

Published 196 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!

Victoria plc – “outrageous untruths… damaged the value of the shares”?, what about the margin warning & bond issue shambles?

Published 201 days ago

Late last month, Steve noted on Victoria plc (VCP) warns on margins, Lucian’s ‘roll up unravel’ underway?. Since then there’s been “Credit Rating and Response to Speculation”“Credit Rating” and now “Update on Bond” announcements…

Imaginatik – new Nomad (well done!), placing at just 1.1p, death spiral and open offer

Published 212 days ago

AIM-listed Imaginatik (IMTK) has beaten the odds and signed up a new Nomad to replace FinnCap which slipped out of the back door a month ago. Good news – and on deadline day too. And so WH Ireland steps up to the plate. We also learnt that the company got a placing away – at just 1.1p, plans an Open Offer and has signed up for a death spiral toboot. Great stuff – but I won’t be interested for now and here is why.

Corero Network Security – “a transformational deal”? Hmmm…

Published 218 days ago

Shares in Corero Network Security (CNS) have risen back above 10p, with the company announcing “Completion of Subscription” of $2 million from Juniper Networks (NYSE: JNPR)…

Tern - Shocking Device Authority FY17 accounts released

Published 229 days ago

AIM-listed IoT investment company Tern (TERN) has seen its shares dropping again, despite the calls to Tom Winnifrith saying how shorts are being called in. That might put an upward pressure on the stock, but there is plenty down pressure too – and that includes today’s unaudited and abridged accounts for FY17 from principal investee Device Authority.

Standard-listed AIQ – gravity starting to assert itself

Published 232 days ago

The shenanigans of the Standard-Listing of AIQ are well documented here on ShareProphets, which included an incomplete prospectus, two suspensions due to a disorderly market (the IPO shares couldn’t be traded) and a fund-raising which was delayed – all in its first five months as a listed company! Meanwhile, with assets (all cash – it is a cash-shell) of around 8p a share, the price rocketed to an incredible 135p. We have been saying sell all along.

Haydale – shares tanking again. When's the placing (if you can)?

Published 233 days ago

I can’t help but notice that shares in AIM-listed Haydale have been on the slide once more. Today they are off by another 13.2% - I wonder if the company wants to issue a statement as to the reason why? Na….thought not. Well, just to help out Haydale (‘cos we are such nice guys)…..

Big Sofa – collapseroonie: Cynical Bear was right all along & I was wrong

Published 236 days ago

Like Tom Winnifrith I am licking my wounds, after AIM-listed Big Sofa (BST) announced awful interims (after the deadline, but escaped being suspended by releasing the numbers first thing this morning before AIM announced today’s suspensions) and a placing so heavily discounted that it made the interims look like the company had won the lottery. It has been a bad couple of weeks. Having been keen I suggested that readers pile in when IPSOS bought at a big premium yet the shares hardly moved. If it looks too good to be true…..lesson learnt.

Haydale: now a director is selling - follow the lead

Published 238 days ago

Yesterday afternoon while the city was tuning in to the Ryder Cup, AIM-listed Haydale (HAYD) released an RNS announcing the sale of 38,233 shares (about 7.7% of his holding) by director Ray Gibbs – the CEO who announced his intention to step down in June on the back of a profit warning – on 26th September, the day before Hardman issued its after-hours ramptastic buy note.

Haydale – ramped after hours by Hardman, it didn’t work…..SELL

Published 241 days ago

Yesterday at 5.20pm – no-one-is-watching o’clock – paid-for research house put out some piffle about AIM-listed Haydale (HAYD). The shares are attractively valued compared with their peer group, on P/NAV and EV/sales, and also on a DCF basis don’cha know. Well, maybe – apart from the fact it is loss-making, going to run out of cash and the last placing was at a 32% discount! If the company thought that would get a lift in the share price, I’ve got bad news….

Tern – conference call answers questions? No, but it was a sell note

Published 245 days ago

So hats off to AIM-listed Tern (TERN) boss Al Sisto for answering my two questions. At least, that’s what we are to believe but having waved goodbye to almost an hour of my life listening to the Q&A call the message was clear: we will release news in accordance with AIM Rules. To be fair, one of my two questions made the cut and sort of got an answer, but not one that sheds any light on the situation. The other, well….maybe next time. And then there was, effectively, a sell note from Mr Sisto!

Woodford Patient Capital Trust and Industrial Heat – this hilarity has made my day

Published 247 days ago

Just when you don’t think that the goings-on at Woodford Patient Capital Trust (WPCT) can get any more surprising, an RNS comes out of nowhere to make everything right in the world, relating to the unloved holding Industrial Heat. It seems that Neil Woodford can bend the laws of physics after all!

WPCT Interims: Some good news but a few questions

Published 248 days ago

Following my piece this morning on Woodford (HERE), I note that Woodford Patient Capital Trust (WPCT) published its interims at the rather odd time of 9.45am today which ruins my competition to some extent. Anyway, there is some good news in there that I am happy to report but it still begs a few questions that I am also happy to ask in my general nit-picking way.

Woodford Patient Capital Trust: The Big Short (August update) – Neil Woodford needs a break….and fast

Published 248 days ago

With the end-August portfolio listings coming out yesterday, it is time to update the story and it is not looking any rosier. In fact, quite the reverse. I think matters may be coming to a head here and I reckon Woodford needs a lucky break for once and pretty damn quickly.

Versarien: How are these collaborations coming along, Neill?

Published 248 days ago

A couple of months on from the well-received annual results of Versarien (VRS) on 19 July, the share price has risen to even higher levels from when I initiated coverage (HERE), now valuing the graphene part of the business at well over £200 million so I thought I’d pose a simple question to CEO Neill Ricketts – how are those collaborations coming along?

Tern – Interim car-crash: SELL

Published 251 days ago

AIM listed jam-tomorrow (or the day after) IoT investment company Tern (TERN) has released its interims to June 2018 and despite the polishing of things unmentionable they show what a car-crash had been – and still is - going on.

RM2 International: Interims as bad as expected, I reckon Woodford is tempted…

Published 254 days ago

Following the poor trading update last week from RM2 International (RM2) that I covered HERE, its interims were issued this morning and are largely as expected but still worth a quick look and it’s time to place your bets as to whether Mr Woodford is going to throw another $17 million in to the pot.

Xeros Technology Group: More cash please, Mr Woodford

Published 255 days ago

Nice of Tom to set me up for this one today with his preview yesterday (HERE) and, to no-one’s surprise whatsoever, Xeros Technology Group (XSG) published its interims this morning showing continued significant cash-burn and a need for another chunk of dosh from Mr Neil Woodford and his pals.

Haydale – batten down the hatches: discounted placing imminent!

Published 257 days ago

AIM-listed graphene play Haydale (HAYD) announced a Contract Updates % Notice of Results RNS this morning. Don’t be fooled: there’s a placing coming and the updates are a tad over-dressed to help.

WPCT and BenevolentAI – The spoof continues with results out showing, um, very little

Published 259 days ago

To emphasise the point about the contrasting investment strategies of Neil Woodford and Terry Smith that I covered earlier today, I thought it appropriate to cover the health-tech AI spoof, BenevolentAI, that has just filed its results for the year to 31 December 2017 at Companies House (HERE). I am still struggling to find any evidence of anything other than a reasonably good concept here.....and it’s meant to be worth $2 billion!

WPCT: This is going to be a difficult month for Neil Woodford – let’s play I-Spy

Published 263 days ago

I smiled at yesterday’s announcement from Woodford Patient Capital Trust (WPCT) summarising the “summer of milestones” achieved across the portfolio as I imagine that is just buttering up the audience before the bevy of bad news hits. From my point of view, September is going to be a hellish month for Mr Woodford so welcome to ‘I-Spy Woodford’s September Hell’

Sosandar – is Tom Winnifrith “nutso” to sell out? Possibly, but it is time to sell another slice

Published 273 days ago

My piece on AIM-listed Sosandar (SOS) Friday seems to have sparked a bit of interest. Noting that the shares had closed at an all-time high and with the date of the AGM just announced (and presumably another trading update), I reckoned it was a strong hold with a view to selling a portion at 40p. The shares duly put on another 10%, causing a smile at Deputy Sheriff Towers, but Tom Winnifrith sold all his Sosandar shares. Meanwhile Thirsty Paul Scott thinks it is a “hold forever” stock. Who is right?

Woodford Patient Capital Trust: The Big Short (July update) – Is the Equity Income Fund bending the rules again?

Published 277 days ago

There is good news for Woodford Patient Capital Trust (WPCT) in the end-July portfolio listings that came out yesterday, ironically due to a bit of help from the Woodford’s flagship fund, the Equity Income Fund. More interestingly, I think I have finally worked out how the Equity Income Fund is getting round its 10% unquoted stock limits which makes shocking reading if correct.

Sensyne Health: A great IPO for Woodford but is it a Purplebricks or RM2 International from here?

Published 280 days ago

Turning to my third, and the most recent, quoted constituent of Woodford Patient Capital Trust (WPCT) this weekend, I thought I should give a warm welcome to Sensyne Health (SENS) that joined AIM on Friday at a very nice valuation indeed. It’s good to see that the words ‘healthtech’ and ‘AI’ are able to suck in as much dumb money from the markets these days as the word ‘blockchain’!

Thin Film Electronics: A classic Woodford cash-burner, probably his best!

Published 280 days ago

Continuing my leisurely weekend stroll through the cash-guzzling listed stocks in Woodford Patient Capital Trust (WPCT), I’ll look at his second Norwegian dog, Thin Film Electronics, as its half year results came out yesterday.

Idex: Worst quarter in a decade – guess how much it’s worth?

Published 281 days ago

Neil Woodford doesn’t have many quoted stocks in Woodford Patient Capital Trust (WPCT) but I thought I’d look at three classic picks this weekend, two of which I’ve touched on before, the third being a brand new entrant. I’ll start by catching up with the two Norwegian quoted companies in the portfolio – first up, Idex.

Argo Blockchain: Congrats to Adrian Beeston, the Golden Fleece has been well and truly found

Published 294 days ago

I have a grudging admiration for the stock promoters that inhabit the lower reaches of AIM or the Standard List playing around with cash shells and investment vehicles looking for the next big thing such as Chris Akers, Peter Redmond, Geoffrey Dart etc. Just sometimes it goes spectacularly right and I take my hat off to Adrian Beeston who has pulled off a fabulous heist at Argo Blockchain (ARB).

FastForward Innovations – Oh dear, Jim Mellon and Lorne Abony have been taking lessons from Mr Woodford!

Published 294 days ago

Tom covered much of the nonsense surrounding the FastForward Innovations’ (FFWD) placing last week (HERE) but I wanted to look at how Jim Mellon and Lorne Abony got themselves into that particular mess as they seem to have taken a couple of plays straight out of “star fund manager” Neil Woodford’s book.

Woodford Patient Capital Trust: The Big Short (June update - WPCT) – Um, Neil, what do we do now?

Published 306 days ago

Having looked at Woodford’s Equity Income Fund earlier, I will now turn to Woodford Patient Capital Trust (WPCT) which as ever, even though the goalposts keep moving, is up against its limits and with the portfolio remaining awash with cash guzzlers, I’m struggling to understand how Neil Woodford gets out of the mess.

Versarien: Perhaps I’m wrong; how good is this wonder product?

Published 308 days ago

Having stuck my todger in the hornet’s nest as Tom so eloquently put it with my first ever piece on Versarien (VRS) (HERE), I thought I would dig a bit deeper into the products as perhaps one can make a case for a £200 million business after all?

PCG Entertainment: For the love of God, Poulden, do something….anything……just not another placing!

Published 308 days ago

Five months ago, I gave Mr Poulden at PCG Entertainment (PCGE) a slight ribbing as he never seems to achieve anything at PCGE other than a steady decline on the share price of course. He responded rather pompously so I thought it about time to review the exciting recent progress. Funnily enough just yet another bloody placing to report!

Haydale – shares crash again. So much for a placing at 50p, SELL!

Published 308 days ago

Shares in AIM-listed Haydale have been a one-way bet to financial destruction ever since it conducted a placing at 120p (a discount to the then share price of some 32%). In the wake of a trading warning and the stepping aside of its CEO, the stock has now crashed to just 50.5p – the stock gave up a further 14% on Friday alone. The problem is that it needs to get another bailout placing away.

GYG – The Woodford kiss of death must have the banks worried here

Published 317 days ago

I Thought I would follow up on both Steve’s piece and Tom’s Bearcast on yesterday’s debacle at GYG (GYG) as I was disappointed that both my colleagues failed to make the obvious Woodford connection but, more importantly, I wonder if the banks will be taking a close look at this as the 30 June banking covenants must be a tad challenging.

Itaconix and Hvivo – All very cosy but……WHAT”S THE POINT?

Published 317 days ago

Just following up on Steve’s piece on Itaconix yesterday (HERE) with a couple of further observations relating to some interesting interactions between Woodford and its partner-in-crime in many of these early stage biotech / tech plays, IP Group, (IPO), but more importantly to ponder why on earth either of them are bothering.

Filthy Forty Walcom – surprise, surprise: the customer hasn’t paid yet. SELL!

Published 320 days ago

On 28th June ShareProphets AIM-China Filthy Forty play (one of only seven remaining) Walcom (WALG) announced it was having problems getting its biggest customer to pay – but it was ok because it expected to cough up by 10 July. Well, here we are and surprise, surprise……it still hasn’t ponied up the wonga. The company issued an RNS entitled “Customer Payment” (if that is not misleading, I don’t know what is!)

Stobart: Outcome never in doubt as Woodford and Tinkler are left licking their wounds

Published 322 days ago

Further to my “Exclusive” on Friday in which I predicted the outcome of the Stobart (STOB) Boardroom battle, the results finally came out yesterday more than 24 hours after the AGM began confirming that Tinkler and his gang had lost; however, it is worth considering what happens next as I doubt very much that this is the end of it.

Boxhill Technologies: Is this the end of the road for Lord Razzall, Jackson and the gang?

Published 325 days ago

Today’s short but disappointing trading update from the jokers at Boxhill Technologies (BOX) could indicate that the past is beginning to catch up with these guys, particularly Phil Jackson. The share price has plummeted by 50% as a result. Let’s take a closer look.

Kibo Mining – Is this securities fraud or just plain old shoddy AIM behaviour?

Published 330 days ago

I’ve been following the Kibo Mining (KIBO) story for a while now watching Louis Coetzee continuing to fail to deliver the PPA at its flagship Mbeya power project but Friday’s announcement raised my eyebrows slightly higher than normal. In my view, it is either securities fraud or merely epitomises all that is wrong about disclosures and announcements and the roles of the various advisers at the lower end of the market.

Updated: Filthy Forty Walcom Group warns it is in big trouble. Get out now!

Published 333 days ago

This morning ShareProphets AIM-China Filthy Forty play Walcom Group (WALG) issued a trading statement. Given that its interims are due by tomorrow, that does not look good – indeed, I wonder if the numbers will not be forthcoming and a suspension will follow.

5 Slam-dunk sells for 2018 – will we see a casualty this week as results deadlines fall due?

Published 336 days ago

So far my 5 sells for 2018 have offered mixed results, although the average performance as at the end of May was -15%. As we approach the end of June we have results due: might we see a casualty or two?

Tern – DA Security Blueprint, but still no numbers. Still a sell.

Published 336 days ago

AIM-listed jam-tomorrow investment company Tern plc (TERN) announced on Friday that investee Device Authority’s (DA) strategic partnership with Thales has developed to a healthcare IoT security blueprint. We are told it represents a significant milestone, but once again there are no numbers. What is the profit split between Thales and Device Authority, for example?

Haydale – (almost) no-one-is-watching o’clock holdings in company tells you what you need to know

Published 337 days ago

AIM-listed Haydale offered a terrible trading update the week before last, announced the CEO was moving aside and we know it needs to raise cash. In that context, the ramptastic pre-placing RNS Reach of Tuesday and a sub-£9,000 director’s-wife’s buy announced on Wednesday would appear to need taking with a large pinch of salt. Last night, at 4.20pm, however, we learnt that Legal & General had been selling.

Woodford Patient Capital Trust: The Big Short (May update) – Shocking non-disclosure as debt now out of control

Published 338 days ago

Yesterday afternoon, Neil Woodford released his end-May portfolio updates and associated fund factsheets which highlighted the challenges facing Woodford Patient Capital Trust (WPCT) in the coming months as its debt position is now almost untenable, not that Woodford has disclosed as such.

FastForward Innovations – Jim Mellon’s tucked into the piggy bank yet again!

Published 342 days ago

If anyone thought anything else other that FastForward Innovations was merely the personal investment vehicle for Jim Mellon and Lorne Abony to dip into at will, today’s massive related party deal with Mellon’s Juvenescence Limited puts it beyond any doubt.

Boxhill Technologies: Shadow director, Jackson, disqualified in connection with suspected fraud – shocking stuff

Published 345 days ago

I’m slightly surprised that I haven’t commented on Boxhill Technologies (BOX) this year as it was a favourite of mine in 2016 and 2017 but I have managed to access new information that is shocking even by Boxhill’s standards, namely Phil Jackson’s director disqualification due to what looks like a slam dunk VAT fraud.

Tern issues a speeding ticket. SELL!!

Published 347 days ago

Call me mad, but if I were truly part of the Global Shorting Conspiracy I would now be shorting AIM-listed Tern plc (TERN). Having stated I wouldn’t short Tern because a price can go twice as bonkers as it is already, I fancy the time has come for reality to set it. Even Tern has issued a statement saying its own board knows of no reason for the continued rise in its share price. And just for good measure, Tern tells us its cash balance sits at £1.49 million – so I have been bang on the money (and it needs yet another placing).

Karelian Diamonds – 500k placing at 4.5p: it’s not enough – when’s the next placing? SELL.

Published 350 days ago

AIM-listed Karelian Diamonds has, as I predicted HERE, HERE and HERE, announced a placing to raise £500,000 before costs. At 4.5p, that is a discount of just over 30% to last Friday’s closing mid-price. Ouch! When I first commented on the lack of cash last November, the shares were 0.375p (mid) before they were consolidated (so they were 9.375p in today’s money): I think that means it’s time for an ouzo or two over at Deputy Sheriff Towers!

AIQ – open offer oversubscribed, still an outright SELL

Published 350 days ago

I called Standard Listed AIQ (AIQ) lower when it announced its Open Offer and the shares have (very roughly) halved, but there is plenty more to go. This morning it announced that the offer, at 20p, had been oversubscribed but remember that the net assets per share (all cash) are around 8-10p.

WPCT – Not more investment policy rule bending, Neil, surely?

Published 353 days ago

I’ve always thought it odd when investment vehicles merely take stakes in other investment funds as one ends up with duplication of fees. There is usually an investment policy limit on such stakes, not that Mr Woodford appears to be taking the limit at Woodford Patient Capital Trust (WPCT) that seriously. Why would he - rules are for the great unwashed aren’t they?

Frontier Smart Technologies - The warning signs were there all along!

Published 354 days ago

Back in May last year, Frontier Smart technologies (FST) was one of my few conviction buy picks at around 90p (HERE). After a strong initial performance, the share price has dropped significantly recently but the truth is that the alarm bells should have been ringing well before now. Please allow me to self-flagellate.

Autins Group – The warning signs were there all along

Published 355 days ago

A couple of pieces from me today to remind investors to heed warning signs, the second of which shows that I am prone to the odd piece of blindness now and again too! First though, I’ll pat myself on the back and take a look at the latest news from Autins Group (AUTG) that I first warned on at the start of last year (HERE).

Stobart: Great defence play by Team Ferguson in the Sunday Times today

Published 358 days ago

Continuing my commentary on the fascinating public boardroom battle being played out at Stobart, I thought I would highlight the role that the media plays in these and other more traditional hostile takeovers as I must tip my hat to the home team and their use/manipulation of the Sunday Times today.

Appscatter: Shareholders beware - this could collapse quickly

Published 359 days ago

When investing at the speculative end of AIM, I think it is critical to try to avoid sudden disasters or unexpected suspensions as a sensible stop-loss strategy can usually deal with most other occurrences. Accordingly, I thought I would flag a potential issue in the making at Appscatter (APPS) as the current risk / reward pay-off looks way off.

Stobart: Public dirty washing airing hilarity – is Woodford backing the wrong horse (again)?

Published 361 days ago

As a keen observer of the public markets, I love a good old-fashioned boardroom squabble as much as the next man but the one being played out in public at Stobart (STOB) is funnier than normal as the Tinkler/Ferguson tiff is only part of the comedy. Sure the details being shared add to the amusement but I am more concerned about the fact that Neil Woodford and Invesco’s Mark Barnett may have fallen out too – is the protégé finally casting the shackles aside?

Woodford and the $2 billion spoof – Part 2: How many reasons do you want?

Published 364 days ago

The first part of this mini-series highlighted oddities relating to the recent $2 billion valuation of Benevolent AI, Woodford’s largest unquoted holding. To complement that piece, I thought I would undertake a bottom-up analysis to understand whether it could be worth such a sum. All I found was more spoofery. It’s a bit of a long read but surely you’ve got nothing better to do on Bank Holiday Monday!

5 Slam-dunk Sells for 2018 – May update

Published 364 days ago

I suggested a portfolio of five stocks to sell – or just avoid – for 2018 during the ShareProphets tipfest. Those stocks were Tern (TERN), UK Oil and Gas (UKOG), Frontera (FRR), Telit ((TCM) and Milestone Group (MSG) – since renamed Catenae (CTEA). Tern was subsequently withdrawn when the fundamentals changed (the death spiral was terminated), and Inspirit (INSP) brought in in its place. Here is the May update.

Mereo Biopharma – Is this the worst PrimaryBid offering ever?

Published 366 days ago

I had to laugh last night when I saw PrimaryBid’s pre-Bank Holiday offer to the likes of you and me -  Mereo Biopharma (MPH) - as although there’s some stiff competition, I think this must the worst  deal offered up to-date and, in fact, worse than the other offer of a lifetime that I’m currently working out how to avoid, namely dinner at the in-laws during the Champions League final!

Woodford and the $2 billion spoof – Part 1: More odd-looking funding

Published 369 days ago

In my view, Woodford’s dealings with what is now his largest unquoted holding across his funds, Benevolent AI, is his kryptonite and will be his undoing and I’m doing a couple of articles outlining why I think the current $2 billion valuation is an absolute spoof and why I believe Neil Woodford is complicit in said spoofery.

AIQ – Open Offer launched, shares in freefall: keep selling

Published 369 days ago

Having made it back to the market after its second suspension (and it only listed in January!), Standard-listed AIQ (AIQ) has now launched the promised open offer at 20p. Meanwhile, the shares have been collapsing from the suspension price of 135p to just 55.5p last seen. So the open offer is a giveaway, right?

Woodford Patient Capital Trust: The Big Short (April update) – Equity Income Fund ups its debt level to £170m!

Published 370 days ago

Yesterday afternoon, Neil Woodford released his end-April portfolio updates so thought I’d provide a bit of commentary prior to a couple of headache inducing articles (for Neil) later on in the week. Not a huge amount of change; however, it’s good to see an open-ended fund getting stuck into the use of debt in such a cavalier way!

Frontera – flow rates offered but Waseem reckons it is “worthless”

Published 370 days ago

AIM-listed, Houston headquartered, Cayman Islands registered oil/gas play Frontera (FRR), whose operations are in Georgia (and if that’s not a Red Flag….) has confirmed gas flow rates from its Dino-2 well in the Taribani complex. It flowed at 315 bbls per day – well, at least part of one day. Apparently that’s commercial, but I doubt shareholders can count their winnings just yet.

The Seven Mythical Wonders (May update) – Incredible scenes as EVR Holdings proves the Melody VR app exists after all…..time to exit!

Published 380 days ago

A time for celebration as one of the Seven Mythical Creatures has become a reality this month with the long awaited launch of the Melody VR app from EVR Holdings (EVRH). We may never see such events again or at least not the share price anyway.

Mirriad Advertising and Pelatro: SELL and BUY tips are working out as expected

Published 382 days ago

Just before last Christmas, I compared and contrasted two new AIM IPOs that both came to market at just over 60p in the broad “adtech” space. An IP Group-backed dog, Mirriad Advertising (MIRI) and what I though was an interesting play at a low valuation, Pelatro (PTRO).

WPCT: A review of the laughable results and three important questions for the Chairman

Published 386 days ago

Woodford Patient Capital Trust (WPCT) recently came out with its disappointing 2017 results and thought I’d highlight a few amusing aspects to try to cheer up shareholders here and ask a few serious questions of the Chairman, Susan Searle.

The Shocking Sub-Standard performance on deadline day

Published 387 days ago

I don’t write as often about my Sub-Standard Shockers XI as monthly updates saying that nothing much has happened and most of them remain in suspension is pretty dull; however, with 30 April being a crucial day in many of their calendars I thought I would do a quick review of some of the drivel emanating from these Standard Listed entities.

Five Slam-Dunk shares to sell for 2018 – April update

Published 387 days ago

I offered a portfolio of shares to sell for 2018 during the ShareProphets Christmas Tipfest – let’s see how it is doing (albeit a few days late). Into the original portfolio went Frontera (FRR), Milestone Group (MSG), Tern (TERN), UK Oil and Gas (UKOG) and Telit (TCM). Subsequently Milestone changed its name to Catenae (CTEA) and Tern dropped its death spiral so was replaced by Inspirit (INSP).

UPDATED/CORRECTED: Inspirit – Issue of Convertibles RNS = share capital reorganisation

Published 387 days ago

We have been calling out AIM-listed Inspirit Energy Holdings (INSP) here on ShareProphets for an age: we reckoned the boiler room had no cash and its shares were below nominal. On Friday, at 2.54pm, as the market was getting ready for a nice sunny bank holiday weekend (talk about no-one-is-watching o'clock), up popped an RNS entitled “Issue of Convertible Loan Notes”. It is only after reading the whole RNS that you realise that they are proposing to split the ordinary shares of 0.1p into one ordinary share of just 0.001p and a deferred share (with no rights) of 0.099p. Oh, and incidentally, where is the Confirmation Statement on Companies House, which was due on 30 March?

Widecells: Sub-Standard List shocker – should be suspended immediately

Published 391 days ago

I will do a separate piece later this week on all the Sub-Standard Shockers that have come out (or not) with their accounts on deadline day of 30 April; however, I had to comment separately on Widecells (WDC) which as I type is still trading although should be suspended for two different reasons.

Bowleven – share price advancing again

Published 391 days ago

I offered up AIM-listed Bowleven (BLVN) as one of my two ideas for 2018 at 31-31p and I see that the shares have headed north again. What to do?

Woodford Patient Capital Trust: GOTCHA – Investment Policy WAS changed: an absolute scandal!

Published 398 days ago

Following on from my piece on Sunday in which I suspected that Woodford had covertly changed the Investment Policy for Woodford Patient Capital Trust (WPCT), it was confirmed this morning in its full year results. This is an absolute disgrace and shareholders should get on to their lawyers.

BREAKING: WPCT: Prothena blows up – yet another Woodford biotech debacle

Published 398 days ago

Just as the tide seemed to be turning in favour of a couple of Woodford’s holdings, he suffered an absolute body blow this afternoon with his largest quoted holding, Prothena (NSDQ: PRTA), which comprised 9.12% of WPCT as at end-March, as it announced that it was discontinuing the development of its main drug  and the share price collapsed as a result.

WPCT – Has Neil Woodford changed the Investment Policy without telling anyone??

Published 399 days ago

Following on from Tom’s excellent presentation at the UK Investor Show yesterday I thought it only right to continue in my questioning of the “star fund manager” especially as it looks to me as if the Investment Policy for Woodford Patient Capital Trust (WPCT) has been subtly changed (to the detriment of shareholders of course) but Woodford doesn’t seem to have told anyone!

AIM-China Filthy Forty Origo warns on NAV – ouzo time as shareholders brace for another spanking

Published 402 days ago

ShareProphets AIM-China Filthy Forty investment company Origo Partners (OPP) has updated the market this morning in a series of announcements which look to amount to a complete dog’s breakfast as far as shareholders are concerned. There is a new Nomad which looks to me to have been appointed in suspicious circumstances, there are proposals to change the remuneration of the company’s grotesquely overpaid advisors….and expected realisation amounts will be significantly less than the Company's last reported net asset value. What’s not to like!

Woodford’s Biotech Woes: Part 2 – hVIVO

Published 414 days ago

Completing my weekend mini-series on a couple of (the many) Woodford-owned biotech investments that haven’t quite worked out as he would have hoped, I couldn’t help but notice that hVIVO (HVO)lost about 50% of its value this week so wondered what was going on.

Woodford’s Biotech Woes: Part 1 – Oxford Pharmascience / Abaco Capital

Published 414 days ago

I may have mentioned a few times that I thought Neil Woodford had lost his marbles when he went pretty much all-in on early-ish stage biotech stocks in recent years but although everyone will be aware of the high profile disasters such as Northwest Biotherapeutics and Circassia (CIR), I thought that I would highlight a couple more examples this weekend that hit my radar this week showing how difficult / impossible it can be to pick biotech winners. First up, the business formerly known as Oxford Pharmascience, now Abaco Capital (ABA).

Inspirit – or insolvent? 2017 Interims

Published 423 days ago

AIM-listed Inspirit Energy (INSP) has released its interim accounts to December 2017. We are told the company is pleased to announce its interims. What there is to be pleased about rather escapes me – the company is drowning in payables and has hardly any cash left (if any at all).

RM2 International: Woodford all-in holding seven-deuce; wonder how it will turn out?

Published 423 days ago

I ended my most recent piece on RM2 International (RM2) with a suspicion that Woodford was getting tempted to support these guys one last time and today a $36 million placing at 1p was announced, pretty much wiping out the existing shareholders and leaving him holding 67% of this uber-dog!

Interserve – another cash headache?

Published 425 days ago

One minute everyone is celebrating the rescue deal to save fully listed Interserve (IRV) and the share rally strongly to peak at over 110p. Now all of a sudden, we are back to 82p. Perhaps it is the 25% dilution at 10p to come which has sunk in – or perhaps it has something to do with a story yesterday in the most excellent Construction News which tells of a horror story at an Energy from Waste project in Glasgow – from which Interserve was sacked in 2016. According to the report, Interserve could be on the hook for £95 million. The silence form Interserve if deafening.

Woodford Patient Capital Trust: Surely this is a breach of Investment Policy?

Published 426 days ago

Further to my update piece last week, I’ve managed to take a closer look at the end-February portfolio of Woodford Patient Capital Trust (WPCT) and I just can’t make the numbers work. I can only assume that Woodford has breached his investment policy; let me explain.

Five slam-dunk shares to sell for 2018 – March update

Published 428 days ago

As we approach the end on March it is once again time to look at my portfolio of shares to sell. Of course, it is now down to four after Tern plc (TERN) ditched its death spiral so we’ll need to find a replacement for that one.

Woodford Patient Capital Trust: The Big Short (Feb updates: WPCT) – Family silver being sold and the future looks bleak

Published 430 days ago

Almost three years after launch, Woodford has achieved what would have seemed impossible at the launch of Woodford Patient Capital Trust (WPCT) back in April 2015 in that he has managed to compile a portfolio of 85 holdings without one obviously profitable company among them. Having sold the star of the portfolio in the month namely A J Bell, to keep the lights on and fund a few other future dogs, he’s now left with a whole array of cash-guzzling, largely illiquid dogs – what’s not to like.

Falcon Media House: Oh dear – directors quit and a massive funding hole found!

Published 432 days ago

It’s clearly one of those weeks where chickens (or falcons) come home to roost as the wheels have well and truly come off at Falcon Media House (FAL) this week and it looks like the inevitable is starting, only two years after I started warning about it HERE.

RM2 International: More good news – one more month’s stay of execution!

Published 443 days ago

It’s amazing what can be done when one’s back is against the wall. For the third month running, the guys at RM2 International (RM2) have found some cash from behind the sofa and can put some money in the meter. Its RNS this morning is its most upbeat in a while although I'm not sure it will alter the long-term outcome.

Kibo Mining: Lightning strikes twice and this time it looks even messier

Published 448 days ago

Almost exactly three years ago, Kibo Mining (KIBO) raised funds from Hume Capital, a couple of weeks before it went into administration still holding the placing proceeds. Somewhat unbelievably, history has repeated itself with Beaufort Securities going into insolvency on Friday. It looks like a right old mess.

Vernalis: Another Woodford horror-show – a classic example of what happens when the money runs out!

Published 451 days ago

Vernalis (VER) raised the white flag in its RNS yesterday morning and it is no great surprise to see Woodford and Invesco dominating the shareholder base. I hate to think how much Neil Woodford has spent on this dog over the years, but I’m going to see if I can work it out.

Feedback - Oh dear, Malcolm appears to have contracted a nasty bout of Woodforditis

Published 454 days ago

To be clear, I don’t believe Malcolm has ripped off shareholders in an investment trust he manages by stuffing it full of unquoted stocks to save his bacon elsewhere; however, he does seem to have picked up a few of the “star fund manager’s” bad habits when it comes to a stock, namely Feedback (FDBK).

PCG Entertainment: When did something last happen at this cash shell and no, Mr Poulden, A PLACING DOES NOT COUNT!

Published 457 days ago

I last wrote about PCG Entertainment (PCGE) about six months ago (HERE) after it announced its Riverfort funding deal which I thought was potentially ok provided PCGE kept up its newsflow to provide the necessary liquidity to soak up the Riverfort sales; however, unfortunately, nothing of any import has been announced and in fact, nothing has happened at PCGE since the dark ages it seems – isn’t it just a cash shell?

Woodford Patient Capital Trust: The Big Short (Jan updates) – Someone’s got to do it!

Published 457 days ago

As Neil Woodford is such a believer in transparency, he has pulled his monthly updates altogether so these monthly updates now take on a greater importance to provide much needed information to the long-suffering investors in the three funds. Can’t imagine why Woodford stopped them?

Idex - yet another Woofdog Norwegian money pit! Is Neil actually Montgomery Brewster in disguise?

Published 463 days ago

I would urge anyone interested in these Woodford stock stories to read the sister Norwegian piece relating to Thin Film Electronics first as the similarities are astounding but it is worth covering Idex in its full glory. Yet another horror show.

Itaconix – a bit more to add on this classic Woodford dog case study

Published 464 days ago

I appreciate that Steve covered the highlights HERE but it is worth providing a bit more information on yet another yapping Woodford pug as the tale is all too familiar and one that will no doubt be repeated again and again in the future.

EXCLUSIVE: Insight into the Woodford investment diligence process

Published 469 days ago

After much digging and talking to those in the know I have managed to piece together how Neil Woodford and his team assess potential investments and have actually managed to access a transcript of a recent investment meeting that makes very “interesting” reading!

The WPCT scandal – Shareholders should contact the Board and the FCA immediately

Published 474 days ago

I’m not normally one for emotive comment but my “Big Short” thesis at Woodford Patient Capital Trust (WPCT) is playing out almost exactly as I anticipated, albeit more quickly than I imagined, and it is an absolute scandal, make no mistake. All shareholders should be seeking redress and recompense immediately. Let me explain.

Five Slam Dunk shares to sell for 2018 – one month update

Published 483 days ago

It is time for a review of the five shares I put up as slam-dunk sells on New Year’s Day. Those shares were UK Oil and Gas (UKOG), Frontera (FRR), Tern (TERN), Telit (TCM) and Milestone Group (MSG). How have they fared so far this year?

Malin Corp: Yet another Woodford cash-guzzler – part of the incestuous biotech investor family

Published 483 days ago

Thought I may as well stick to a theme today and look at another Woodford investment which, surprise, surprise, undertook a placing on Friday, Dublin-listed, Malin Corp. This is yet another fund that invests in the same sort of early-stage biotech plays as Woodford Patient Capital Trust (WPCT). I will touch on why it looks overvalued to me and leave you with a piece of analysis to highlight the odd incestuous world of these biotech investors not that I’m making any accusations of course.

Woodford Patient Capital Trust and Benevolent AI (again) – a bit more to the shoddy tale

Published 487 days ago

I don’t apologise for banging this drum a bit more in the context of Woodford Patient Capital Trust (WPCT) as the transactions relating to Benevolent AI just look so wrong and WPCT shareholders should be fuming and raising hell. I also have a few more facts to share and two additional interesting pieces of information – one new, one old.

BREAKING: Hey Milestone – anything you want to tell us? Oh, OK, we'll tell then...

Published 488 days ago

AIM-listed Milestone Group (MSG) has been up to its neck in controversy for over a year now, but I wonder if the company has had some bad news it hasn’t quite got around to sharing. This is regarding its blockshain spoofery (oops), I mean its software license agreement with Black Cactus Global Inc (Envoy Group as was) which we were told it had entered into on 6 December.

Frontera: WTF is “sustained deliverability” – where are the Ud-2 flow rates?

Published 489 days ago

Oh BBMs, lap up the nonsense coming out of AIM-listed Frontera (FRR) this morning. Please buy lots of shares, for there are lots more coming. We had expected an update on the company’s work on the Ud-2 well in Georgia, but this morning’s effort offered  no numbers to go on and some strange terminology.

Woodford Patient Capital Trust: The Big Short (Dec updates) – Things are getting ever tighter

Published 492 days ago

As I anticipated in my RM2 International (RM2) piece yesterday, the December monthly updates finally came out yesterday afternoon and I thought it appropriate to provide monthly updates on The Big Short in conjunction with those each month so here goes. Quick summary: it’s not getting any easier for Woodford.

RM2 International: Good news – Neil Woodford’s dog has been given three weeks more to live!

Published 492 days ago

Look, I’m trying to be nice. We were last told that it could be tits up for RM2 International (RM2) by the end of January and today we heard that it has found enough cash down the back of the sofa to last until the third week of February. Good news! The reality is that this is a cash guzzling uber-dog and highlights the predicament that Britain's most conceited fund manager Neil Woodford has got himself into.

AIQ: “It was the very model of an Initial Public Offering”

Published 496 days ago

Clearly, the whole AIQ (AIQ) IPO was a farce the way it has been handled and having also been digging around, there is more to come but I will leave it in the excellent hands of Nigel to report further on the dodginess here. I will just turn my hand to a bit of poetry inspired by Monk’s defence this morning and by recent Twitter hilarity.

Woodford’s so good he can bend the laws of physics – The Industrial Heat debacle

Published 497 days ago

I love Warren Buffett’s quote that you only find out who has been swimming naked when the tide goes out and after Woodford’s annus horribilis in 2017, it certainly seems to be easier and easier to find examples of his commando-style investing (thanks also to the pointer from ‘alcira16247’). Next witness for the prosecution, M’Lud, is Industrial Heat, a business that is trying to invent a “cold fusion” machine, an area of physics that most sane scientists appear to think is something out of a science-fiction novel. Not Woodford though.

Kimberley Enterprises – get your bag of crisps now!

Published 502 days ago

An announcement just out from AIM-listed central and east European property developer Kimberley Enterprises (KBE) that it is proposing to delist from AIM also tells you that the company is utterly worthless. It’s bag of crisps time – if you can sell now and get anything above your dealing costs then that is what you should do.

Woodford’s Income Focus Fund – Just keep digging, Neil, keep digging

Published 507 days ago

I’ve been smiling this week at the comments on Woodford’s website as the moderators are desperately sticking to the party line regardless of what is happening in reality or what Woodford himself is briefing to investors privately. Let me explain in the context of his Income Focus Fund.

Stanley Gibbons – awful interims as shareholders prepare for a shafting

Published 510 days ago

AIM-listed Stanley Gibbons (SGI) published its interims on Friday 29 December – the last trading day ahead of the New Year break. Worse still, it released them at 11.07am on a stock market half day. Talk about no-one-is-watching o’clock. Unfortunately, there was plenty to watch – and none of it pleasant for the company’s shareholders.

Woodford Patient Capital Trust: The Big Short (Appendix 2) – A look at the detail of the strange Benevolent AI transactions

Published 512 days ago

I alluded to the swapping of the Benevolent AI stock between the two Woodford funds in my early chapters of The Big Short looking at Woodford Patient Capital Trust (WPCT) but there are so many odd aspects to the saga going back a few years that it merits an Appendix to itself as it raises a number of serious additional questions for the Board in my view.

Tern - more funding for Device Authority, more sales for Mr D Spiral

Published 514 days ago

AIM-listed Tern has announced a further funding round for its biggest investee, Device Authority, totalling “up to” $1.7 million in the form of loans from existing shareholders. Tern is up for $720,000 of that, on top of the $150,000 announced at the back end of November. Whatever else, the proposed $10 million fundraise by DA which would have seen Tern get back $2 million looks to be dead in the water.

Woodford Patient Capital: The Big Short (Appendix 1) – The (not so) “independent” Board of Directors

Published 516 days ago

I made reference in my concluding part of “The Big Short” on Woodford Patient Capital Trust (WPCT) about a potential Appendix or two to deal with some of the detail, so here’s the first providing more information on the WPCT Board Directors which, as Tom has pointed out during his Christmas Eve Bearcast, are not particularly independent at all and there is a significant conflict of interest issue.

Woodford Patient Capital Trust: The Big Short (Chapter 5): Conclusion – the perfect short?

Published 517 days ago

I’m going to draw together my analysis on Woodford Patient Capital Trust (WPCT) in one piece now so that if you’ve actually been enjoying Christmas rather than reading Shareprophets, you can start here and work backwards. I will also add a few words of caution that I picked up from the book “The Big Short” itself.

Woodford Patient Capital Trust: The Big Short (Bonus Chapter 4) – SHOCKING: The Income Focus Fund has been roped in now!

Published 518 days ago

Er….hi, just me again! This Chapter of “The Big Short” looking at Woodford Patient Capital Trust (WPCT) wasn’t in the original draft manuscript sent to my editor but as something truly astounding was pointed out to me in the comments of my piece yesterday, I thought I’d better add to the opus. Hat tip to Robert Dwek for spotting it.

Woodford Patient Capital Trust: The Big Short (Chapter 3) – Concerns over its aggressive valuation policy

Published 518 days ago

Having looked at the unquoted risk and the level of debt and connected liquidity issues within the Woodford Patient Capital Trust (WPCT), it is time to look at the tricky topic of valuation policy as it looks to me as if Woodford is taking a particularly aggressive approach, albeit a flexible one, to the valuation of the unquoted stocks (almost all the fund!) that casts further doubts on the underlying NAV.

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

Published 520 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.

Professor Stacey's Famous Christmas Lecture.

Published 520 days ago

Hello Share Revellers. As I've traded shares longer than my talented fellow writers, may I take the liberty at this jolly time of year to reflect on how Christmas should influence our dealings in the wicked, wicked City. We should BUY integrity, HOLD morals and Sell dishonesty in keeping with the spirit of Xmas. Because it's not just dodgy directors that try to pounce on money they're not entitled to.

Woodford Patient Capital Trust: The Big Short (Chapter 1) – Huge unquoted risk and a shocking conflict of interest

Published 521 days ago

I started my festive series on The Big Short, namely Woodford Patient Capital Trust (WPCT) earlier by providing some wider context about some of the challenges Woodford faces particularly with his flagship fund, the Equity Income Fund, but let’s get into the details of WPCT itself. I’ll start with the ever increasing size of its unquoted portfolio and what appears to me to be a massive conflict of interest.

Woodford Patient Capital Trust: The Big Short (Foreword) – The wider context: Woodford’s problems with the Equity Income Fund

Published 521 days ago

My Christmas Quiz may have been too clever by half (one entry so far at the time of writing!) but I found it helpful in any event as the research I undertook made me realise that there is massive short potential across the biotech echo chamber participants with Woodford Patient Capital Trust (WPCT) being the best example for a couple of specific reasons. Accordingly, I’m doing a few pieces over the festive period outlining my analysis and raising some serious questions along the way for Woodford to answer. To start though one must provide some wider Woodford context particularly in relation to his flagship fund – the Equity Income Fund.

Mirriad Advertising: The valuation echo chamber at work again - Sell

Published 523 days ago

An interesting compare and contrast for me today looking at the two technology businesses that joined AIM yesterday at a very similar share price. That is where the similarities end though as one is a classic example of an overvalued business bid up by participants in the valuation echo chamber and one looks like that rare mythological beast – a Cynical Bear Buy tip. Let’s start with Mirriad Advertising (MIRI), the massive Sell pick.

Neil Woodford backed Xeros Technology: Is this 2018’s version of RM2 International?

Published 524 days ago

As a natural bear, I’m always interested in finding the next £200 million plus business that could lose 90% in a year a la RM2 International (RM2) this year (see question 4 of my Alternative Woodford Christmas quiz) and I didn’t have to look far for the next possibility; just a bit further down the alphabetical list of Woodford’s holdings in fact, namely Xeros Technology Group (XSG).

Milestone Group: Well he’s no Uzi Katz but Larry’s still got some front

Published 527 days ago

With Milestone Group (MSG) still unable or unwilling to put out an announcement to its shareholders about its relationship with Lyin’ Larry Cummins, I thought I would keep the pressure on with a couple of snippets that I find amusing about the fraudulent front of the man. I mean he’s not a writer, gardener, ballet dancer or boxer from Boston but I still find it amusing.

Tern – beating UK Oil & Gas hands down in race to the bottom

Published 528 days ago

AIM-listed Tern plc (TERN) seems to be a good few steps ahead of fellow AIM-listed UK Oil and Gas (UKOG) in the self-inflicted terminal slide as a result of signing up to a death spiral funding package. Indeed , on the day Tern announced the deal the shares collapsed from over 5p to under 4p. They now languish at 2.625p mid: Impressive stuff – unless you are a shareholder.

Milestone Group: Why suddenly so coy, Larry? Not because you’ve been busted surely?

Published 531 days ago

Further to my weekend expose on Milestone Group’s (MSG) saviour, Larry Cummins and his dubious CV, I couldn’t help but notice that Larry suddenly seems to come over all immodest and has removed all signs of his incredibly impressive education from his LinkedIn and corporate website. Why could that be?

EXPOSE: Milestone Group: We need to talk about Larry!

Published 533 days ago

Further to yesterday’s piece on Milestone Group (MSG), it gets a bit more serious today as any Milestone shareholders should think very hard about whether they want to get into bed with Black Cactus and Larry Cummins as he looks like an A1 prize bull-shitter to me.

Milestone Group: The Deborah White clear-out

Published 534 days ago

A couple of pieces this weekend on one of the Blockchain Buffoons, Milestone Group (MSG). First a light-hearted look at what must have been a dispiriting clear-out this week of the ex-CEO, Deborah White’s mess and then tomorrow a more serious piece that I would urge all Milestone shareholders to read. First though, the (more amusing stuff.

YOLO: Surprise, surprise, the Daily Mail was totally wrong again

Published 534 days ago

I smiled wryly at the announcement on Thursday from YOLO Leisure and Technology (YOLO) about its investment in Magic Media Works, the manufacturer of the Electric Jukebox / ROXI as, once again, it makes the Daily Mail look pretty silly and one wonders whether its “financial journalists” ever ask a probing question before just publishing whatever is served up to them by corporate PR.

Cloudbuy – more borrowing from Sella as alternative to insolvency: SELL

Published 534 days ago

As predicted HERE, AIM-listed Cloudbuy (CBUY) has again run out of cash and proposes to take further loans from white knight Roberto Sella to keep the lights on. Obviously the company wants all of its shareholders to approve the proposed deal – why is why it has called an EGM for 27 December. I’m sure all shareholders will want to break off from Christmas celebrations to attend. Not!

Rurelec – more bad news, examining further funding options

Published 535 days ago

AIM-listed Rurelec (RUR) has updated the market with regard to its dealings wth Energia del Sur in Argentina. In short, the cash ain’t flowing into Rurelec’s coffers.

Tern: Is this going to be the worst ever example of the death spiral?

Published 540 days ago

I must admit to having a slightly morbid fascination with the various death spiral variants. They all look so similar on the face of it but the devil is in the detail and although the one announced by Tern (TERN) on Thursday looks harmless enough, it could easily crucify the share price, much more so than has been seen already.

FastForward Innovations: Ok, this short-lived love affair is over - SELL

Published 545 days ago

The one thing I hate more than being wrong about a share recommendation is being spoofed and falling for it, which is what I think has happened with FastForward Innovations (FFWD). Can’t believe I fell for it but I’m done now – SELL.

RM2 International: Another bad week ahead for Woodford?

Published 545 days ago

If I was Neil Woodford I would wake up each Monday morning thinking, for the love of god, please can this be the week with some good news to come out of the Woodford Patient Capital Trust (WPCT) portfolio. Unfortunately, I don’t think it will be this week as it looks like crunch time is approaching for the “disruptive” pallet-maker, RM2 International (RM2).

Britain’s most cynical share blogger explains why he has NOT bought 1% of Sosandar and why Paul Scott (and others) are wrong!

Published 548 days ago

I should start this piece by making clear that I am a fan of Paul Scott. I think his coverage of the small-cap space is excellent, data-driven and based on years of experience. But his investment in Sosandar (SOS) is a punt too far. I’ve been tempted to comment on Sosandar for a while now but Paul’s Bulletin Board moron-esque attempt at justification yesterday has tipped me over the edge.

Altona Energy: The perfect place....ramp…..place manoeuvre – Christmas drinks all round

Published 550 days ago

And there we have it. Today’s announcement of the placing at Altona Energy (ANR) to raise £735,000 at 0.5p completes a very successful, oft–repeated, operation at the lower end of AIM, namely the placing, followed by the industrial-sized ramp, followed by the placing – the “PRP”. It is worth looking at in closer detail.

BOS Global: The end game begins – Travia makes his move

Published 555 days ago

This entertaining farce (for the neutral at least) at BOS Global (BOS) moved on a step yesterday with the ex-CEO, Michael Travia, making his move to give him a shot at the assets, most notably the 40% stake In Call Design, but I’m not convinced that it will be as easy as he hopes.

BOS Global: The saga continues – why does anyone really want to run this insolvent POS?

Published 557 days ago

The ongoing farce at BOS Global (BOS) continued with an out-of-hours Company Update yesterday which may not be good news for shareholders but it is certainly providing a bit of light relief for the neutral as a high stakes game of chicken seems to be ongoing where the “winner” gets to run a loss-making, close to insolvent, horror show of a business.

Tern – Oh dear, now former Chairman Angus Forrest dumps shares

Published 562 days ago

AIM-listed and perennial jam tomorrow Internet of Things (IoT) investment company Tern plc (TERN) released a TR-1 this morning, showing that former (and now fully departed) Chairman Angus Forrest has been dumping his shares. The stock has slipped a little on the news, but not enough to make me think that the full significance of this selling has really been appreciated by the market.

BOS Global: All the money’s gone - it doesn’t look good

Published 563 days ago

It was only last Sunday when I was explaining that buying BOS Global (BOS) at 3p wasn’t a bargain. Well, it closed yesterday down 36% at 1.75p due to a shocker of a Company Update, the short summary of which was: Help, we need some money quick! It’s still not a bargain.

Tern – heading for the perfect storm: SELL.

Published 565 days ago

Cynical Bear suggested last week that all was not well with the attempted fundraising by Tern plc (TERN) principal investment Device Authority. Not surprising really, since the funding round is being conducted at a whopping premium to the value of Tern’s holding implied by its share price - investors who were convinced would be better off simply buying Tern stock. He also wondered what has happened to Tern’s investment in new portfolio member InVMA, into which Tern was supposed to be pumping a further £250,000 by 31 October. It is now November 7th and there has been no update. Why?

URU Metals: Acid leaching news finally out – not really worth the wait was it?

Published 566 days ago

I laughed at last week’s announcement from URU Metals (URU) concerning the acid leaching results but I wasn’t necessarily going to comment on the meaningless tripe. However, I feel I almost have a moral duty to counter the “Speculative Buy” nonsense from its corporate broker, Beaufort Securities, so here goes.

BOS Global: Meet Michael Travia – the world’s worst death spiral funder!

Published 567 days ago

I last covered BOS Global (BOS) in early September when the CEO and founder, Michael Travia, quit suddenly (HERE) and I warned about the future. At the time the share price was over 7p; it’s now 3p. For the avoidance of doubt, I don’t think it’s a bargain now but I thought it worth commenting on the continued role of Mr Travia in this ongoing decline as he is currently playing an idiotic, poor-man’s version of Darwin or Yorkville.

Tern: This could implode quickly – time to get out now while you can

Published 572 days ago

I saw that Tern (TERN) was one of the biggest fallers yesterday down almost 18% to 5.25p. However, having revisited the information related to the Device Authority funding, it seems to me that it could drop far lower than that and very quickly indeed as and when it becomes clear that Device Authority is a busted flush.

Boxhill Technologies: More shocking results – AIM Regulation and Allenby should be asking serious questions

Published 572 days ago

Tom covered some of the “highlights” from the interim results of Boxhill Technologies (BOX) yesterday in his Bearcast (HERE) but a couple of points are worth reiterating and he missed the biggest red flag of all in my view, namely the £3 million owed by the former CEO, Phil Jackson. I trust Boxhill’s Nomad, Allenby, has asked all the necessary questions!

Altona Energy – What on earth is Zorbas the Magpie up to now?

Published 581 days ago

Anyone who follows the lower end of AIM will have spotted the recent excitement and massive share price increase at Altona Energy (ANR) following a heavily discounted keep the lights on placing at 0.05p on 13 October. I couldn’t help but notice the name of John Zorbas cropping up and suspect that he has found something new and shiny to get excited about.

Kibo Mining – Is Louis Coetzee a liar or just a bit dim?

Published 581 days ago

I don’t normally get into personal attacks but having finally caught up with Kibo Mining’s (KIBO) most recent Monthly Q&A and listened to its CEO’s implied dig at me, I thought I should give as good as I get. I was left thinking that Louis Coetzee doesn’t really understand what happened with Kibo’s recent convoluted funding or is just lying about it.

Northwest Investment Group – heading for the knackers’ yard?

Published 586 days ago

With ZAI Corporate Finance losing its Nomad status on Thursday, its client companies are running out of time to book in a replacement to avoid suspension. And that brings us to ShareProphets AIM-China Filthy Forty play Northwest Investment Group (NWIG) – the investment company which, after seven years, has invested not a cent.

Interserve – shares falling again today, still a sell

Published 586 days ago

Yesterday revelations on Sky and a company statement made clear that all is not well at Interserve (IRV), for all the positive noises about constructive  discussions with its lenders, Sky revealed that a syndicate of lenders including Royal Bank of Scotland and HSBC had called in Ernst and Young amid fears about the balance sheet. Noting also that the balance sheet is painfully thin, as per its recent interims statement, and the calamitous profit warning last month suggesting that the company had no idea of the eventual magnitude of the provision needed associated with its exit from its energy-from-waste business, as well as questions over current trading and you already have pretty good reasons to get out.

Falcon Media House: Funding confirmed – a £3.4 million death spiral!

Published 587 days ago

I last wrote about Falcon Media House (FAL) at the end of July following its year-end results (HERE) in which it stated that more funding would be needed despite only coming to the market in March. This morning it announced the form of such funding and it’s not pretty.

Interserve: more reasons to sell - the balance sheet, advisers called in by lenders

Published 588 days ago

A little bit more of a look at main market listed Interserve (IRV) simply serves to underline my comment earlier that it is a sell.

Interserve – oh dear, “in constructive and ongoing discussions with its lenders”

Published 588 days ago

Main market listed Interserve (IRV) has followed up its profit warning of 14 September with a statement today that it is in constructive and ongoing discussions with its lenders. The word constructive may sound positive, but I fancy it is anything but: the 14 September warning said that the Board continues to believe that the group will be able to operate within its banking covenants. Oh, and the CFO stepped down on 30 September 2017, as announced on 30 June – except that it looks like that was after a nudge.

Reason to sell MySQUAR No. 136: A partnership with even more of a dog!

Published 593 days ago

Readers will know I have no love for MySQUAR (MYSQ) for reasons outlined earlier today; however, I had to laugh at yesterday’s announcement of an MOU agreed with Sealand Capital Galaxy (SCGL) as it is arguably an even dodgier company than MySQUAR – clearly a match made in heaven.

Reason to sell MySQUAR No. 135: Shocking trading update - pre-placing lies ramp all too clear

Published 593 days ago

The reason for the deafening silence emanating from uber-dog MySQUAR (MYSQ) became all too clear this morning as it issued a shocking trading announcement which makes clear that revenue has fallen off a cliff. Surely something should have been mentioned at the time of the placing in late-July?

EVR Holdings: Interims out and the MelodyVR launch to take place at some point in the future…..probably

Published 604 days ago

The bronze medal for EVR Holdings (EVRH) as it managed to get out its results on Thursday so beat a couple of contenders in the Results Preview race. Unfortunately, there is not a lot else to say as there was limited information in the results although that won’t stop me trying to get a contractually agreed 400 word article from such dire raw material.

URU Metals – Results out: something new for the Great Distractor to get excited about!

Published 604 days ago

As expected the full year results for URU Metals (URU) came out on the last possible day yesterday and, also as expected, they didn’t provide any answers to the questions I raised in my preview piece (HERE). However, that didn’t stop John Zorbas finding something new to get excited about and distract investors about the pitiful lack of progress here.

Advanced Oncotherapy Interims: cash-guzzler extraordinaire but the tank is empty

Published 605 days ago

AIM-listed Advanced Oncotherapy (AVO) has released its interims results on deadline day. The highlights (if that is the right word) come from the cashflow statement, where cashburn appears to be almost £2 million a month. And then there is the company’s statement of working capital which, although technically correct, is a grossly misleading figure.

RM2 International: The future’s fine apparently – just need funding and customers!

Published 606 days ago

RM2 International (RM2) gets the silver medal in the Results Preview five horse race having released its interims this morning. I was keen to see progress on the funding but there is nothing definite on that front although there’s nothing to worry about out as the management have got it covered – yeah right!

Frontera - no reason for share price movement. Timber....

Published 607 days ago

AIM-listed Frontera Resources has watched its share climb from 0.1p to peak earlier today at 0.78p. No doubt the BBMs have celebrated their collective superiority and intelligence. Except that even the company now tells us that there is no reason for the rise. 

RM2 International: Interims preview – another Woodford debacle

Published 611 days ago

I’m continuing my look at forthcoming interims with the horror show that is the Woodford-backed RM2 International (RM2), first pointed out as an excellent bear tip by Graham Neary (HERE). One has to ask what the hell was Woodford thinking here?

Frontera – YA cashes in convertible shares at 0.09p: share price madness!

Published 614 days ago

AIM-listed, Cayman Islands registered, Houston (USA)-based and with Georgia operations Frontera (FRR) has announced that YA II PN Ltd (aka Yorkville) has cashed in by converting convertible stock at just 0.09p. With the shares having raced up from sub-0.1 pence to 0.3625p earlier today, on the back of a series of soft PR interviews, website updates and corporate musical chairs, private investors are once again being screwed.

EVR Holdings: Interims preview: ‘Guess the excuse for the delay’ competition

Published 615 days ago

With all the “quality” companies waiting until the last possible moment at the end of next week to release their results, I thought I’d do a series of previews this week on some of my favourites starting with the “warrant exercise machine”, EVR Holdings (EVRH) where the only real unknown is what the latest excuse will be for the delayed launch of the app.

URU Metals – Results preview: will the Great Distractor finally come clean?

Published 615 days ago

I’m expecting URU Metals (URU) to issue its end of year results on the last possible day  on 29 September, next Friday week, and am also expecting a sleight of hand masterpiece from the CEO, John Zorbas, who loves to distract from the real issue here, namely an uneconomic mine. Here’s a contrast of what I would like to see in the results and what I expect to see.

Frontera – shares rampaging higher over a website update?

Published 619 days ago

Shares in AIM-listed Frontera Resources (FRR) have been zooming ahead. Having raised the princely sum of £750,000 (including £250,000 from directors) one might wonder how much of that cash is left over already. That helped pick the stock up from a low point of less than 0.1p per share, but the news that apparently got things really going was the announcement that it has updated its website. Really?

AIM-China Grand Group – a chance to bail

Published 620 days ago

AIM-China investment company Grand Group (GIPO) has divested itself of its investments and as such has until the end of this month to implement its investing policy or face a share suspension under AIM Rule 40. Another six months with no progress would result in a trip to the execution chamber.

BOS Global: Founder, CEO and major shareholder quits suddenly – oh dear!

Published 623 days ago

Readers will know I’ve never been a fan of BOS Global (BOS) and the opaque nonsense emanating from its CEO, Michael Travia, especially as its suite of workplace analytics software is as cutting edge as Snake on the old Nokia. I last asked for transparency on a few key points last month (HERE) but today, instead of answers, I have more questions as Mr BOS Global himself, Michael Travia, has suddenly left the building!

Papillon Holdings – Bad news: the deal’s off; the good news: you can take your money and run

Published 628 days ago

A week after my last piece on Papillon Holdings (PPHP) in which I slated the directors Charles Tatnall and James Longley, for their shocking behaviour, I can’t help but comment on this morning’s RNS stating that the long-awaited RTO with a failed gambling business is off. Who would have thought?

Blancco Technology – following April cash warning & July receivables warning, what now?!

Published 629 days ago

On the back of a “Q3 Trading Update, Cash Flow Review and Funding” announcement in April, I warned on shares in Blancco Technology (BLTG), updating in July – with they slipping below 120p – that I retained a lack of confidence in what is going on here and thus also a stance of bargepole/sell. There’s now a “Updates on revenue and management announcement, seeing the shares slump well below 100p…

Etaireia Investments: Bloom, Collier and Fattal – what on earth could go wrong?

Published 631 days ago

No great surprise that after hours on the last possible day, Etaireia Investments (NEX:ETIP) put out its year-end results. It’s also no great surprise that they were shockingly poor but it is worth highlighting one particularly disappointing aspect as it looks very similar to the 2014/2015 fraud and I wonder if history is repeating itself.

SHOCKING: Stranger Holdings - Tatnall and Longley are scheming bastards. Lock ‘em up!

Published 634 days ago

My earlier piece outlined some disgraceful behaviour by Charles Tatnall and James Longley at Papillon Holdings (PPHP); however, one has to look at the announcement of Stranger Holdings (STHP) on the same day to really understand the Machiavellian approach being taken by these guys.

Mirada – argues it is interest in its new OPEX model which leads it to seek new financing. Really?!?

Published 634 days ago

On the back of a “New Contract Win” announcement, shares in Mirada (MIRA) are recovering having been heading towards 1p following a trading update earlier this month…

Bye, Bye IQE - But Maybe Not for Long

Published 634 days ago

Hello Share Trouncers. After a great deal of pressurised angst, I have sold all my IQE (IQE) stash of shares. This doesn’t mean I won’t charge back in at a moment’s notice if things pick up. I had considered selling half or at least top slicing. But I’m beginning to get warning niggles about the way the stock has shot up in the last few months.

 

Frontera: after-hours placing and directors’ subscription

Published 634 days ago

At 4.46pm yesterday AIM-listed Frontera Resources (FRR) announced a placing raising £500,000 and director subscriptions for a further £250,000 all at 0.0975p per share. Compared to the 0.44p per share back in March, when commenting on the announcement of a possible farm-out or joint operation arrangement regarding the company’s Block 12 holding in Georgia (no sign of the deal yet, is there!) the company said it was suspending operations (operations which had already been delayed and tardily announced, according to Tom Winnifrith) I said if I were a holder I’d get on to my broker post haste and sell.

BOS Global: Back to its old tricks – more transparency required please

Published 637 days ago

At the start of June I was highly critical of the opaque nonsense emanating from BOS Global (BOS), particularly around the Call Design deal (HERE). To its credit, it provided some answers and clarity at that time; however, since then my list of questions arising from the RNS’s has started to grow again so here’s my Bank Holiday weekend quiz for Michael Travia.

Nanoco – full-year trading update, still firmly on route to cash crunch ahoy (again)

Published 639 days ago

Previously writing on Nanoco Group (NANO) in October with the shares at 55p, I concluded that still a very high asking price for the ‘jam tomorrow’ story with cash burn concerns; sell. The following updates with the shares currently further lower below 30p on the back of a “Full Year Trading Update and Outlook” announcement…

Advanced Oncotherapy – how’s the cash position? Still a stonking SELL.

Published 646 days ago

After a stack of RNSs earlier this year, it has all gone quiet at AIM-listed Advanced Oncotherapy (AVO) since the announcement of the termination of the Bracknor death-spiral. How’s the cash position?

Nyota – no-one is watching o’clock update: no Nomad, Peterhouse back in the frame and placing at a “substantial discount” if a Nomad can be found

Published 649 days ago

AIM-listed Nyota Minerals (NYO) announced a company update last night at no-one-is-watching o’clock. The good news is that we were watching, the bad news for anyone left holding the stock is that Peterhouse is planning to “unresign” itself if the company can attract a Nomad before it is kicked off AIM altogether, with a potential placing at a “substantial discount” to last night’s closing price.

Challenger Acquisitions: Really ugly stuff – no winners here, other than Yorkville and Magna of course

Published 649 days ago

I’ve been keeping my powder dry on Challenger Acquisitions (CHAL) in recent weeks despite the rampfest extraordinaire going on in all the usual places. However, the two RNS’s yesterday have got me banging at my keyboard as it highlights the shoddy behaviour going on. It’s clear who the CEO, Mark Gustafson, is really working for here, namely the death spiral funders backing this piece of crap.

MySQUAR: Finally, house broker Beaufort confirms “operating break-even” actually means “still heavily loss-making”

Published 654 days ago

I always take house broker notes with a heavy pinch of salt as they will paint as optimistic a picture as possible so this morning’s effort from Beaufort Securities on its client, MySQUAR (MYSQ), surprised me somewhat with its honesty but it’s good to finally put the nonsense about “operating break-even” to bed.

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

Published 656 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…

IQE Has Become My Riddle of the Sands. Help!

Published 656 days ago

Hello Share Japers. The riddle over quite why IQE shares keep on rising is no nearer to being solved. Given the lack of news and lack of confirmation of swirling rumours about a big deal with Apple, you would expect the recently-rocketed share price to level off. If not degenerate into the usual ‘lack of news slide’. But each day I log on I am delighted, though at the same time rather alarmed, to see the share price scale new heights.

Nyota – former chairman selling again last week, now below disclosable 3%.

Published 657 days ago

Following my run for the hills at the weekend, we learn today from AIM-listed Nyota Minerals (NYO) that the former chairman dumped another line of stock last Wednesday (informing the company on Thursday) – 25 million shares. His holding – which started as 90 million shares in lieu of director’s fees – was down to 55 million. Since it is now below 3% he’s free to dump the rest without bothering the RNS system. 

Falcon Media House: Cap in hand already – FCA should investigate

Published 664 days ago

Falcon Media House (FAL) finally reported its year-end results yesterday on the last possible day and, surprise, surprise, despite only coming back to the market 4 months ago, with 12 months funds in the coffers, honest, it has now had to admit that it needs more funds. This is shoddy stuff and is an area where the FCA should investigate.

Monitise – “Trading Update” = Trading Warning (natch)…

Published 668 days ago

Currently attempting to push a 2.9p per share offer from S&P 500 financial services technology company Fiserv through, Monitise (MONI) has followed the recent lead of InterQuest (ITQ) in delivering a downbeat trading update…

Nyota – former Chairman selling ahead of suspension - what a smart trade!

Published 669 days ago

Yesterday at 5.57pm this RNS was released by AIM-listed (for now) Nyota Minerals (NYO). It followed this RNS at 7am that morning. Nothing extraordinary, two TR-1s issued but it seems that former chairman has been offloading shares issued to him by the company in lieu of director fees in short order. 

Time Out Group – argues “well positioned”, so why are the shares muted?

Published 670 days ago

Time Out (TMO) has updated on the first half of 2017, arguing “we are well positioned to drive further growth, transactional traffic and monetisation of our unique content”. The shares though, at 138p, remain below the 150p June of last year AIM listing price…

DP Poland – “Update on Store Performance”, why not on company performance?

Published 676 days ago

DP Poland (DPP) has made an “Update on Store Performance” announcement for the first half of 2017, emphasising ‘continued strong growth in system sales’. The following updates with the shares having responded a few percent higher, back above 45p…

EVR Holdings: Where’s the bloody app – is this just a warrant exercise vehicle?

Published 677 days ago

A couple of people have asked me for my views since I called the top for EVR Holdings (EVRH) a few months back HERE, following the recent Microsoft and Sony announcements. Well, the more interesting news to me is a recent interview by the CEO with Music Ally (HERE) which hints at further delays, presumably as it’s taking longer than envisaged for all the connected guys to sell their warrants! Let me explain.

Kin Group – on the verge of ‘kin disaster as shares suspended. You were warned…

Published 677 days ago

On 15th May the renamed from Fitbug Holdings, Kin Group (KIN) was “pleased to announce that it has secured up to £1.125 million (before expenses) of additional funding”. I bet it was – as I noted this bailout funding, with also amongst the conditions “the closing bid price of the company's ordinary shares (as reported by Bloomberg) not being below £0.001 (0.1 pence) for any five consecutive trading days on or prior to the relevant issue date” and concluding it remains bargepole ahoy. The shares had now slid towards 0.05p – and there’s a “Statement re. Suspension” announcement. Uh oh…

Challenger Acquisitions: Oh, oh, the wheel has finally stopped turning – could this be the end?

Published 681 days ago

Not that Challenger Acquisitions (CHAL) has bothered with an RNS but the wheels are literally falling off here with disastrous news pertaining to its only real asset, the New York Wheel. If you haven’t got out already I suggest you do so now and save a few pennies while you can.

FastForward Innovations: Another disappointing Lorne deal – disgraceful non-disclosure

Published 686 days ago

Tom covered the key headlines on the year-end results of Jim Mellon's FastForward Innovations (FFWD) on Friday but I wanted to focus in on a couple of points, most notably the exorbitant amount Lorne Abony, CEO, gets paid considering the despicable way in which he treats his shareholders and the shocking performance, and non-disclosure, of one of the investments that he brought to the table, namely Vemo.

Boxhill Technologies: Disappointing results - what was the point of all the acquisitions?

Published 688 days ago

The poor results from Boxhill Technologies (BOX) yesterday were not a huge surprise as the drop in the payment processing revenues had been flagged in the recent trading update that I covered HERE. However, while there is still a chance that an unsuspecting PI thinks there’s opportunity here, I will continue to emphasise a couple of odd points about this business that continues to make it uninvestable for me.

Highlands Natural Resources: Some funding (not death spiral, honest) but a hugely risky punt even at 14p, sorry I mean 12p

Published 689 days ago

Two weeks ago, following the results of Highlands Natural Resources (HNR) I advised getting out at 23.75p as the bubble appeared to be bursting (see HERE). Well done if you did as you could have got back in at 12p last night as part of the announced funding via PrimaryBid but the question is: should you have done? Hmm, I’m not quite as tempted as Tom sounded HERE but let’s take a look at the details.

Blancco Technology – 2 months after placing, cash performance below expectations due to non-payment of receivables. Hmmm…

Published 689 days ago

Having in May been “pleased to announce the completion of a placing of 5,800,000 new ordinary shares… at a price of 169 pence per placing share” (I bet it was pleased - as otherwise it was cash crunch within weeks!), Blancco Technology Group (BLTG) has today released a “Trading Statement” which currently sees the shares down by more than 20% at sub 120p. Those who took part in the placing won’t be “pleased” then!...

Entu – further from bad (en)tu worse; Strategic Review, new financing needed

Published 689 days ago

Last month saw a delayed profit warning from energy efficient-home improvement group Entu (ENTU) – and me particularly noting the net debt and that, although purportedly “strengthened”, the executive team still not seemingly having the answers themselves – ‘from bad (en)tu worse, issues “more complex and extend further” than expected’. There is now a “Strategic Review” announcement. Hmmm…

Tern – Was this week’s RNS actually a massive SELL note?

Published 689 days ago

Having read Tern’s update on Device Authority and Nigel’s take on it HERE, I wonder whether there is a bit more to say as on a further re-read, I actually think that Al Sisto, Tern’s CEO, is admitting to all that the current share price is massively overvalued and shareholders should be heading for the door. Sounds like sage advice to me.

Advanced Oncotherapy – when the Final Results don’t tell you everything you need to know

Published 700 days ago

AIM-listed Advanced Oncotherapy(AVO)  has released its final results RNS for 2016 with four days to go before deadline day  Bully for Advanced. But there are no notes to the accounts and why is there no no auditor’s statement – the very things that we were looking for. What is the company hiding? We are told that the report WILL be made availlable on the website but hang on...this is crucial!

Echo Energy: The “Cornerstone Investor” leaving so soon – surely not?

Published 702 days ago

My second piece on insiders cashing in and odd TR-1’s is, very predictably, looking at Echo Energy and, in particular, the two late RNS’s on Friday afternoon which show that the “Cornerstone Investor”, Greenberry plc, is offloading shares and warrants all over the shop and appears to be almost giving them away too – what a charitable sort! Let’s take a look.

Red Leopard Holdings: Congrats to Mr Akers – he could be an AIM millionaire (again)!

Published 702 days ago

A couple of pieces this weekend on similar themes, namely insiders cashing in and unusual, or complete lack of, TR-1s. This first article looks at the astonishing amount of money seemingly made in no time at all by Chris Akers at Red Leopard Holdings (RLH).

Highlands Natural Resources: Results out - fun over - bubble bursting - get out

Published 704 days ago

I’m no longer surprised how stocks that, in my view, are inherently worthless or at least worth a fraction of their current share price can stay at such a high price or so long but I think the bubble is bursting, and gravity is taking hold, at Highlands Natural Resources (HNR) with a shocking set of results released yesterday. Let’s have a look at the “highlights”!

Xtract Resources: Plus ca change - more delays, more ramping and more dilution (plus a Royal Ascot tip)

Published 705 days ago

I thought I would pause before commenting on yesterday’s RNS from Xtract Resources (XTR) relating to the Manica alluvials as I felt it was odds-on that more dilution would come from one source or another following the ramping off the back of it. Surprise, surprise, Yorkville cashed in and announced a loan note conversion today, but let’s take a closer look at the announcements in any event.

Toople – Let’s hear it for Epsilon Investments, a modern-day St Jude

Published 706 days ago

A blast from the past yesterday as I note that the Singapore-based investor, Epsilon Investments, has acquired 10 million shares in Toople (TOOP). As Epsilon’s history shows, it really is the modern day patron saint of lost causes, AIM’s very own St Jude; although I wonder if it recently had a very narrow escape.

Tesla Motors – Is it a FANTA stock or is Elon Musk just David Lenigas on steroids?

Published 708 days ago

I was going to have my usual weekend dig at one of the many over-promoted pieces of crap on the lower reaches of AIM but thought instead I should lift up my head and look further afield and take a pop at most over-promoted stock in the global markets with a proper superhero at the helm, namely Tesla Motors (NSDQ: TSLA) and the irrepressible Elon Musk.

Entu – from bad (en)tu worse, issues “more complex and extend further” than expected

Published 711 days ago

October 2014, 100p per share, IPO, Entu (ENTU) has issued a trading update commencing that its strengthened executive team is progressing with the implementation of a detailed action plan, as set out in the full-year results statement, to reduce costs, improve operational efficiency, leverage its supply chain, improve cash collection and strengthen controls. Good, good. But what? The shares currently more than 30% lower on the day at well below 20p. Uh oh…

Monchhichi – hilarious stuff, it’s the old Highlands Natural manoeuvre

Published 712 days ago

I last wrote about Monchhichi (MCC) in February HERE when it completed its underwhelming placing of £2.1 million at the incredible price of 35p and I wondered what it was going to do next. Well, rather than actually invest its funds and generate shareholder value it is has just announced some more financial spoofery last seen at the disastrous Highlands Natural Resources (HNR), It is worth taking a closer look.

Monitise – from 80p in 2014 and “well placed” at approaching 6p in 2015 to a recommended offer… at 2.9p!

Published 712 days ago

Having previously attracted some adverse comment for bearishness on Monitise (MONI) – including at 50p+, I note the shares currently trade approaching 22% higher today, at 2.80p, on the back of a recommended cash offer for the company…

Red Leopard Holdings: The Spreadex and Aberdeenman combo – can they repeat their CloudTag magic?

Published 716 days ago

I see things are beginning to stir at Red Leopard Holdings (RLH) but one of Friday’s RNS’s relating to a significant stake being acquired by Spreadex left me in a bit of a cold sweat. History isn’t going to repeat itself so soon is it?

BOS Global: Fair play – some answers provided and the Call Design spoof clarified

Published 716 days ago

I wrote last week (HERE) about the disappointing opaque nature of some of the recent announcements emanating from BOS Global (BOS) and raised a number of questions that were bothering me. To give the company some credit, it has issued two RNS’s since then clarifying certain aspects and particularly pleased with the clarity on the Call Design deal.

Nektan: CEO quits – Daily Mail readers have had a bad week!

Published 716 days ago

No great surprise that Nektan’s (NKTN) CEO, Leigh Nissim, has announced his resignation this week as it must be a challenging and dispiriting role, although one I do wonder when he actually started looking as he’s been in the role for less than a year. It leaves me though with me with a sinking feeling about the PR machines at play at this end of AIM and must also leave Daily Mail readers fuming.

HaloSource – Chinese investor approval “not been granted”, currently c. 21 days to insolvency for another of Woodford’s dogs

Published 716 days ago

Writing on HaloSource (HALO) last week, I noted funding delay from China now leaves no margin for error. There is now a “Further Update on Fundraising” announcement, which includes “the Chinese governmental approval has not been granted”. Uh oh…

AO World – AO, Oh no! (again)… full-year results see CEO argue “great progress”, but detail suggests otherwise

Published 718 days ago

Results for its year ended 31st March 2017 from UK and Europe online electrical retailer AO World (AO.) see its CEO Steve Caunce emphasising “it's been another year of great progress for AO”. Hmmm, why a significant share price decline then, Steve?...

BOS Global: Something smells wrong here - a few questions for Mr Travia

Published 720 days ago

A number of things have been bugging me about BOS Global (BOS) for a couple of weeks as certain acts and omissions have had me scratching my head, so I thought I would raise some of these questions here and perhaps Michael Travia, CEO, can provide some answers.

Dillistone – profit warning, dividend cut, fundraising needed, but reckons a-ok due to unidentified new product!

Published 721 days ago

“Trading & New Product Update” announcement from recruitment industry software group Dillistone (DSG) commences that, having previously noted some market softness, “as we have moved further into the year, we have seen some improvement in terms of the volume of new business wins and are pleased to have taken a number of clients from our direct competitors”. Sounds encouraging, but what? The shares currently down 15% (at sub 72p)! Better read on…

FastForward Innovations – What’s going on with Nuuvera? More like New Tricks!

Published 723 days ago

There’s a few short-term challenges ahead for Jim Mellon's FastForward Innovations (FFWD) but for this piece I wanted to focus on the one I find most amusing, namely its most recent investment in the marijuana space, Nuuvera Corp, which reminds me of an episode of Dennis Waterman’s finest work – New Tricks.

HaloSource – funding delay from China now leaves no margin for error

Published 726 days ago

Last month I looked at a conditional fundraising announcement from HaloSource (HALO) – conditional bailout fundraising, kicks the can down the road (not very far!). It may be not very far at all…

Echo Energy – Insane valuation; James Parsons is not worth £100m, he’s not a magician: SELL

Published 733 days ago

My last piece rather naively thought that Echo Energy’s (ECHO) new institutional equity investor, Spartan Fund, or Pegasus Fund as it became, would want to put its funds in at a fair valuation and thought the share price would go down. I was wrong and must assume that it is all part of the connected group of institutions and individuals here that have led to an insane valuation that appears to indicate that the mere mention of James Parsons is worth £100 million. That is nonsense and this is a massive sell.

It's hard to see how BOS GLOBAL can justify its current market valuation!

Published 733 days ago

There are plenty of companies on AIM where it is hard to see where the value is and why private investors are so keen to chuck their savings into the shares, and BOS GLOBAL Holdings (BOS) would certainly seem to fit the bill!

Challenger Acquisitions: Shameful rampathon – the FCA should investigate

Published 734 days ago

Any reader of my pieces will know I hold Challenger Acquisitions (CHAL) in pretty low regard but the outrageous ramping that has now gone on for the last four trading days is an absolute disgrace and the FCA should take a look. I’ll explain.

Boxhill Technologies: Happy anniversary, M’Lud – shocking performance, mind

Published 734 days ago

Doesn’t time fly when you’re having fun? It’s now been a year since Boxhill Technologies’ (BOX) CEO stepped down and Lord Razzall stepped into the role of Executive Chairman while looking for a replacement. Worth having a look how the boss has done – not good is the short answer, so doubt shareholders have been having too much fun. Read on for the longer answer.

Zytronic – strong interims - lets bank our profits

Published 737 days ago

Zytronic (ZYT) has announced results for its half year ended 31st March 2017 and that “the second half of the year has started well and is in line with expectations and on this basis we expect to make further progress in creating value for shareholders”.

MySQUAR: it’s all kicking off, let’s take a proper look

Published 737 days ago

I feel partly to blame for the ongoing war between the bears and bulls on MySQUAR (MYSQ) as I started covering the company at the start of the year on this site with a piece that was largely a writing exercise to see if I could write 400 words without using the letter ‘e’ (HERE). So I thought I’d better give it a more considered view now as I do have a bit of relevant expertise.

‘Kin ‘ell, Steve, you missed a trick or two, what are you playing at? Where’s the warm welcome back for L1 Capital?

Published 737 days ago

I’ve been away for a few days so just catching up on matters and first things first, I need to pick up my normally excellent colleague, Steve Moore, on a couple of glaring ommissions in his piece on Kin Group (KIN) and its funding announcement earlier this week. It was rather rude after all to not give a warm welcome to an old friend.

Frontera - Why an AGM BEFORE FY numbers are released? Is the balance sheet really THAT bad?

Published 738 days ago

AIM-listed Frontera (FRR) has rather slipped since I last wrote about it last month HERE and HERE, concluding that it had a gaping black hole in its balance sheet. The shares were then trading at around 0.4p. This afternoon the shares are 0.31p in the middle (last seen) and it has announced its AGM. Just one thing: where are the full year results? The company is trying to raise c. £40 million in cash and loan settlements, and won’t show us the balance sheet? How big a RED FLAG do you want?

Safestyle UK – AGM update, bank profits recommendation justified?

Published 738 days ago

PVCu replacement windows and doors company, Safestyle UK (SFE) was a January 2016, 245p offer price recommendation on the Nifty Fifty – on which we suggesting banking profits at approaching 300p in March. The shares reached a more than 320p close yesterday, but are currently heading back towards 290p on the back of an AGM trading update…

K3 Business Technology – another profit warning, faith lost. Sell.

Published 739 days ago

K3 Business Technology (KBT) has updated that it “now believes that the results for the year to 30 June 2017 will be significantly below current market expectations” as “certain large Enterprise contracts have not been secured as expected”...

Advanced Oncotherapy – yet another director ponies up, EGM seemingly avoided and Bracknor converts. Most bizarre

Published 740 days ago

Well this is most bizarre! Lobster-potted Bracknor has converted another lump of its death-spiral loan notes. That, of course, is not a great surprise until you study the detail of yesterday morning’s announcement from AIM-listed Advanced Oncotherapy (AVO), where we discover that the conversion shares have been issued not at the lowest daily volume-weighted average price of the past 15 days (21.35p) as per previously announced conversion terms, but at 25p (par price of the shares). Why has Bracknor elected to pay a 17% premium?

Advanced Oncotherapy – a last-ditch effort to avoid an EGM?

Published 742 days ago

Well it looks as though D-day is today after all for the triggering of an EGM to drop the nominal (par) price of AIM-listed Advanced Oncotherapy (AVO) stock so as to allow Bracknor to resume its convert-and-dump operations. With the shares edging a little higher this morning, one is tempted to wonder whether some heavy boardroom buying might be enough to lift the shares back over the 27.5p mark just in the nick of time. But there is a fair way to go, with the stock still 2.25p short of salvation. 

Eden Research boasts that the taxpayer is funding promotion of its fraud

Published 746 days ago

AIM Cesspit listed FRAUD Eden Research (EDEN) has two massive problems. One is that with pitiful sales it is rapidly running out of cash and so must get yet another bailout placing away. The second is that it has now been fully exposed as committing a massive panama pump securities fraud HERE. Its response....

Nyota Minerals – mega ramp & joke valuation following discounted, ‘keep the lights on’, placing?!?

Published 748 days ago

Last week Nyota Minerals (NYO) was “pleased to announce” a placing to raise up to approximately £93,880 (approximately Australian$120,000) at 0.02p per share. Despite this thus looking very much a ‘keep the lights on’ raise, the shares have currently reached 0.07p. Hmmm…

Advanced Oncotherapy – the 25p dam bursts. What now for Bracknor as shares resume slide towards the abyss

Published 752 days ago

You can’t say you have not been warned. This morning shares in AIM-listed Advanced Oncotherapy (AVO) have fallen firmly below the nominal 25p price of the confetti. Companies are not allowed to issue shares below their nominal price and that, in turn, means that for the time being Bracknor is lobster-potted with something like £2.5 million of convertible (death-spiral) loans which it cannot convert. My heart bleeds….

Advanced Oncotherapy – Uh-oh: Aviva bailing as 25p nominal dam buckles under the strain

Published 753 days ago

Oh dear. Oh dearie me. AIM-listed Advanced Oncotherapy (AVO) has released a TR-1 from institutional investor Aviva showing that it has been dumping shares and went below the disclosable threshold to 2.44% last Friday in terms of its directly held interests. It had a further 0.66% interest via loaned out shares. Meanwhile Advanced Onco shares today fell below the 25p nominal price of its confetti, leaving death-spiral funder Bracknor in a bit of a pickle just five days after ponying up tranche 2 of convertible loans which it can’t convert for less than 25p. Ouch.

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

Published 755 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?

Nektan – Why I despise the Daily Mail: Reason no. 423

Published 758 days ago

I know I shouldn’t have too much sympathy for the retired bigots that read the Daily Mail but its recent tipping of Nektan (NKTN), which will no doubt cost its loyal readers a few quid, is yet another reason to boycott the rag.

Advanced Oncotherapy draws second tranche of Bracknor funds but who is paying for what at Harley Street?

Published 759 days ago

AIM-listed Advanced Oncotherapy (AVO) has announced this morning the drawdown of the second tranche of £1.3 million (nominal - £1.235 million after the 5% discount) on its convertible loan note (aka death spiral) package with Bracknor. Good news – the lights will stay on for a few weeks extra. But the second half of the statement is a bit of a puzzle, raising more questions than it seemingly tries to answer.

Advanced Oncotherapy – more spoofery as NED buys yet more shares

Published 761 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.

Blancco Technology – “Q3 Trading Update, Cash Flow Review and Funding”. Uh oh…

Published 762 days ago

An announcement from Blancco Technology Group (BLTG) entitled “Q3 Trading Update, Cash Flow Review and Funding”. Hmmm, I’d guess it ain’t gonna be positive…

HaloSource – conditional bailout fundraising, kicks the can down the road (not very far!)

Published 765 days ago

HaloSource (HALO) has announced “Board Changes” and that it “is pleased to confirm that the company has conditionally raised approximately £1.9 million ($2.3 million)”. I bet it is…

Echo Energy – Bizarre funding arrangement, share price must drop, mustn’t it?

Published 766 days ago

I’ve been scratching my head over the funding plans announced by the newly re-named Echo Energy (ECHO) earlier this week as there is an unusual aspect to it and can’t believe that the share price won’t drop in the short term as a result. Let me explain.

Advanced Oncotherapy – Bracknor ups the ante, converts £200,000, tick tock to EGM o'clock

Published 768 days ago

This morning AIM-listed Advanced Oncotherapy (AVO) announced another conversion by Bracknor. Having previously converted three lumps of £100,000 of death spiral loans, Bracknor has gone for £200,000 worth this time – but at the lowest price yet, just 26.74p. That leaves things looking decidedly sticky for the company, which got authority to issue Bracknor with enough loan conversion shares based on the assumption of an average loan conversion price of 44p and the associated warrants at 57p.

ASA Resource – from “completely mischievous” allegations to “strong evidence” of fraud in 2 weeks, calling Babylon Zoo…

Published 768 days ago

Early this month ASA Resource Group (ASA) announced its directors had “received certain anonymous allegations relating to… certain aspects of the financial management at Freda Rebecca” (gold mine in Zimbabwe in which it has an 85% interest). However, it sought to reassure that “the company's directors believe these allegations to be completely mischievous”. Now though “the board is extremely disappointed to report”… Uh oh…

Falcon Media House – A welcome return? Part 2 – Where has all the cash gone?

Published 770 days ago

Apologies for the delay in this mini-series (Part 1 of which can be accessed HERE) but I thought I’d do the decent thing and ask Falcon Media House (FAL) some questions directly first. As it has ignored me, I thought I should just crack on instead and now turn to the worrying matter of the fast vanishing cash balance, both historically and forecast.

Frontera – ShareProphets RNS Translation Service as the shares are ramped

Published 775 days ago

Readers will know that I'm far from convinced at the buy case for AIM-listed Frontera (FRR), shares in which have again been on the rampage after what looks like a rampety-ramp RNS yesterday. The ShareProphets RNS Translation Service thought it should chip in...

Advanced Oncotherapy – Bracknor converts again, shares crumbling: when will the EGM be forced? SELL!!!!

Published 775 days ago

AIM-listed Advanced Oncotherapy (AVO) has this morning announced another loan conversion by its white knight death spiral funding provider Bracknor. The lack of liquidity of late makes it hard to imagine that Bracknor is having an easy time offloading. Meanwhile the shares have again slipped and now sit below the threshold at which an EGM to reduce the nominal price of the shares is triggered. Oh dear….

MySQUAR: A classic Pump and Dump

Published 776 days ago

I looked at MySQUAR (MYSQ) recently commenting on the apparent conflict between the broker, Beaufort Securities, and its lender, Sandabel Capital (HERE). The good news is that the Sandabel deal has now come to an end. The less good news is that the average PI here has just been played like a fiddle with a classic pump and dump and it is worth taking a closer look.

The Standard List – Home of the Comeback Kid: Part 1: Dukemount Capital

Published 776 days ago

As a kid, I used to watch the first three Rocky films pretty much on loop as I love a feel-good comeback story and I note that the Standard Segment of the Official List is fast becoming the home for such stocks. Unfortunately, I doubt the ones I’ll cover today are going to have the beating of Apollo Creed or Clubber Lang. First up is Dukemount Capital (DKE).

Tip of the year update – Taihua collapseroonie

Published 778 days ago

I think I should rename Deputy Sheriff Towers as Smug Towers. Having offered two sells in the ShareProphets Tipfest for this year, Igas Energy (IGAS) duly crashed to bottom out at 4.5p (I’d been saying sell from 18.5p - last year’s Christmas tipfest, and then 11.625p this year). Last week came the turn of Filthy Forty play Taihua (TAIH) to do the decent thing and collapse in the wake of an entirely squeaky clean suggestion that it delist from the Casino. There’s nothing wrong here at all – move along please, nothing to see……

Advanced Oncotherapy – Bracknor converts again but is it selling?, can it sell?

Published 779 days ago

AIM-listed Advanced Oncotherapy (AVO) has announced a second conversion of death-spiral loan by Bracknor. As per the first conversion, it is £100,000 (nominal) but this time the conversion price was just 27.89p. Given that the recent EGM gave approval for the company to convert the full package at an average 44p per share that might mean a bit of a headache.

HaloSource – 2016 results, cash crunch AHOY!

Published 780 days ago

I most recently cautioned on water technology company HaloSource (HALO) in February HERE. It has now announced results for the 2016 calendar year…

blur Group – another contender for most ridiculous announcement of the year?

Published 780 days ago

Previously commenting on blur Group (BLUR) I noted CEO Letts & co excelling themselves with a leading contender for ‘Ramparoonie RNS of the Year’. We today have a “blur engaged with UK County Council” announcement. Surely not again…

FastForward Innovations – Got any spare change as the Moet is running low?

Published 783 days ago

When reading this morning’s RNS from FastForward Innovation (FFWD), I just had this image of Lorne Abony and Jim Mellon scrabbling around behind the back of the sofas in FastForward Towers looking for some spare change as the cash crunch (detailed HERE) becomes ever more pressing. The announcement related to a change in the lock-in arrangements relating to the sale of the SatoshiPay investment to Blue Star Capital (BLU).

Strat Aero – “Trading Update”, what’s the real balance sheet picture though?

Published 783 days ago

Strat Aero (AERO) “announces a trading update ahead of its full year results for the year ended 31 December 2016”. Hmmm – it’s already April 2017 though. I’d suggest this doesn’t bode well…

MySQUAR: Isn’t there a massive conflict of interest, Beaufort?

Published 786 days ago

I wrote about MySQUAR (MYSQ) at the start of the year (HERE) in part because I thought the share price was only going one way and nothing in the many announcements since including yesterday’s result have changed my stance; however, I did want to raise what I believe to be a massive conflict of interest involving its joint-broker, Beaufort Securities, and its lender, Sandabel Capital.

Nektan – Some progress but balance sheet restructuring now critical

Published 786 days ago

Interims are out this morning for Nektan (NKTN), one of my Sell Picks of 2017, and despite a few green shoots continuing to develop, one wonders how shareholders will fare from the forthcoming funding round and essential balance sheet restructuring.

Challenger Acquisitions: Good news – it’s not going bust yet, cue outrageous rampfest

Published 789 days ago

I’ve been badgering Challenger Acquisitions (CHAL) for three weeks now to tell the market what was happening with the debt it owed and today it finally made the announcement and it was marginally good news. What happened next though was just wrong, a rampathon across LSE, ADVFN and Twitter (and Challenger should take some of the blame), with one sole aim, to mug off the average punter. This behaviour must be stopped – my campaign starts here.

Short RPC Group: I tip my hat to Aviate

Published 790 days ago

When I announced my return from retirement, I mentioned a couple of other companies that I might be short. One of which was RPC Group (RPC). Since then Aviate has released a very good and very bearish note on the company. Unusually for the sell side this is actually a really good note. This is what sell side research should be.

Digital Barriers – trading warning (you were warned). Timberrrrrr…

Published 793 days ago

Shares in surveillance technology company Digital Barriers (DGB) are currently more than 17.5% lower, at 25.5p, on the back of a “Trading Update” announcement. Trading warning ahoy! You were warned

Frontera – well ahead of itself, sell

Published 794 days ago

One has to marvel at how oily serial disappointment AIM-listed Frontera (FRR) has doubled its share price since yesterday. Has it has a takeover? Nope. Has it announced a gusher? Nope. So what has sparked the rise? It seems  that it is in talks over a possible transaction involving a farm-out or joint operation arrangement within the area of its Block 12 holding in Georgia. But is this just a monster spoof?

Toople – Business plan failed and new funds needed: anyone surprised?

Published 794 days ago

I last commented on Sub-Standard Shocker XI member, Toople (TOOP), at the start of February (HERE) following its final results on 31 January, in which I was sceptical of its going concern claims and thought funds would be needed shortly. Funnily enough, it has now announced that the business is struggling and it needs new funds. No great surprise.

Ilika – CEO argues “growing confidence in our licensing model”, but in reality it’s forecasts slashed

Published 800 days ago

Self-described “pioneer in materials innovation and solid-state battery technology”, Ilika (IKA) has followed recent “Toyota Funds Collaboration with Ilika” and “Collaboration with Galvani Bioelectronics” announcements with a “Trading update” commencing with that such deals “are resulting in a strong ramp-up of revenue relative to 2015/16”. Good, good… You what? The shares currently down circa 15%, approaching 40p?!?...

Kalibrate Technologies – interim results show how ‘bullshit earnings’ were the previously announced EBITDA

Published 802 days ago

After a profit warning in January, CEO of Kalibrate Technologies (KLBT), Bob Stein, is “pleased to report our results for the six months ended 31 December 2016. Hmmm. The shares have responded lower, back below 60p…

Rex Bionics – “Funding and strategic review update” – heading for a de-listing?... or worse?

Published 804 days ago

Having previously concluded with shares in Rex Bionics (RXB) at circa 70p HERE, 43.5p HERE and 32.5p HERE, that, although a type of business you want to succeed, some way from being able to prove its commerciality and cash burn concerns until it gets there, the shares don’t look to appeal as an investment, I note they currently at 13p and an update including that “the company estimates that it will likely need external funding by the end of April 2017 in order to remain as a going concern”. Uh oh…

Challenger Acquisitions: Come on Mark, spill the beans - is the game up?

Published 809 days ago

I had given Mark Gustafson, CEO of Challenge Acquisitions (CHAL), a few days grace to see if he would do the decent thing and tell his shareholders what the hell is going on at the moment, but seems like he needs a bit of persuasion to come out with the six word RNS: “Um…sorry, it’s gone tits up!”

blur Group – CEO Letts & co excel themselves with a leading contender for ‘Ramparoonie RNS of the Year’

Published 810 days ago

Having last month failed to ignite the share price with a ramptastic “blur engaged with Top 100 UK law firm” announcement, blur Group (BLUR) has had much more success today – on the back of a “blur engaged with Global Electronics Group” announcement, the shares currently 200%+ higher at above 20p…

DX Group – from trading despair to planning, er, despair…

Published 811 days ago

Having noted previously justified caution on parcels, mail and logistics group DX (DX.), the shares had edged up to 9.5p before a “Re: Proposed West Midlands Hub” announcement last week…

Intercede – following a bullish January announcement, now blames ‘The Donald’ for another profit warning ahoy!

Published 814 days ago

Having previously gone from “well positioned for future growth” to trading “below expectations” in just over 3 months, cybersecurity group Intercede (IGP) has now followed a January announcement of a record $3 million order (“demonstrates that Intercede continues to win orders for its MyID technology platform in spite of the continuing budget constraints within the US Government”) with that “the order book as of 2 March 2017 indicates that, unless further orders are received that can be recognised as revenue in the current period, the revenue outturn for the financial year ending 31 March 2017 will be approximately £8 million”. Uh oh…

Craven House Capital – Interims out but impossible to fathom: should be slung off AIM

Published 817 days ago

I’ve left Craven House Capital (CRV) well alone since the finals came out at the end of November last year but, just like a year ago, this morning’s interims have got my hackles right up so I need to get a few things off my chest. I’ll start with the simple question – WHERE IS ALL THE CASH?

Milestone Group – Shocking year-end results, surely this lifestyle farce must come to an end soon

Published 817 days ago

I wrote about Milestone Group (MSG) back in November (HERE) highlighting it as one of the best examples of a lifestyle company on AIM. That combined with the lack of disclosure around the (lack of) funding in October suggests one should stay well clear. Today’s results for the full year to 30 September 2016 only emphasise that fact.

The broker that raised £10m for Advanced Oncotherapy downgrades its stance on the dog to hold - damning note

Published 819 days ago

If you had raised £10 million for the AIM dog Advanced Oncotherapy (AVO) less than 5 months ago at 100p then your stance on the stock - at 54p-58p- would be some sort of buy. Oh no. broker Beaufort who did indeed raise that cash has today downgraded its stance to, what may be termed a corporate "hold" (i.e. sell) and makes it clear that the shares will fall allowing lower entry points. I should cocoa. Beaufort today opines after the Bracknor death spiral announcement of Friday - the underlines are mine:

Challenger Acquisitions: Share price cratering – will it survive the week?

Published 819 days ago

Another week and yet more all-time lows for the share price of Challenger Acquisitions (CHAL); however, with a critical convertible loan note deadline looming, it could get much worse very quickly and I wonder whether it will actually make it through the week.

Buy, Sell or Hold? Here's How to Make Those Awful Decisions.

Published 821 days ago

Hello Share Swingers. The most arduous element of share-shifting is having to make big decisions, knowing that the wrong choice can cost you thousands of pounds. But which is the correct way to make a choice? As the markets are not open at the weekend, this is a good time to examine the ensible way to make a your decisions in future.

Audioboom – progress towards 100% acquisition in murky related-party transaction

Published 821 days ago

Audioboom (BOOM) has updated that it “has received a further acceptance of its offer to purchase the entire issued share capital of SONR” and “is in the process of exercising the squeeze-out rights… to acquire, on a compulsory basis, the remaining balance”. It looks like the 100% acquisition in a murky related-party transaction is thus nearing completion…

SCANDAL? Filthy Forty Taihua – Tender Offer at 3.28p sees Chairman dump the lot - at 200p?

Published 823 days ago

Shares in ShareProphets AIM-China Filthy Forty play Taihua (TAIH) are unchanged this morning on news of the result of its Tender Offer at 3.28p - paid for from the Open Offer last summer and conducted through the good offices of former Casino poster-boy and former Nomad Daniel Stewart (DAN). But we also see that company chairman Nicholas Lyth has dumped his entire holding. That’s already a bit of a concern, but then so is the statement that his disposal was not at the 3.28p everybody else got, but at 200p per share. What????

Spot the Difference No 1: Mark Gustafson v Arsene Wenger

Published 826 days ago

I used to love scouring my mum’s monthly ‘Puzzler’ magazine for the Spot the Difference puzzles trying to find the extra seagull in the beach scene or the additional letter poking out of the postman’s bag on the high street. So I thought I’d offer up a bit of Sunday fun with a couple of my own, although admittedly, this one is a tad easier than the second one.

Brave Bison – more ‘wrongster’ from the previous Rightster Group, disastrous profit warning…

Published 828 days ago

A 10am “Trading Update” announcement from Brave Bison Group (BBSN), a company which has previously proven a wrongster. Uh oh…

CloudTag – L1 finishes loan conversion. Now for death-spiral-on-steroids warrants. Sell!

Published 829 days ago

AIM-listed CloudTag (CTAG) has announced the conversion of the final little bit of loan notes held by death spiral provider L1, at 4.5p. The shares have raced ahead, even though this only marks the half-way point in the share price carnage caused by the package. Indeed, it may not even be half, for the warrant exercise terms are far more favourable than the loan conversion terms (from L1’s perspective).

Filthy Forty Jiasen – EGM passes delisting motion, no NEX application filed, might go for HK instead (or not….)

Published 830 days ago

That’s it then, ShareProphets AIM-China Filthy Forty play Jiasen (JSI) is to leave the Casino, with the last day of dealings on the 27th of this month. If you still hold, you know the deadline for claiming your bag of Tesco value crisps. But the statement is a hoot. A listing on the Hong Kong exchange? You’re ‘avin’ a bubble.

Frontera – another “speeding ticket” RNS on the way? Sell.

Published 830 days ago

I think Tom Winnifrith missed a cracking entry for his Dirty Dozen AIM-listed resource stocks whose share prices might head north for no good reason. Certainly, the history of Frontera (FRR) suggests so from its share price performance over the years. Plenty of Red Flags to look at here! This morning the shares are indeed on the rampage (up 168% last seen) in the wake of a board appointment RNS. As we shall see, there seems to be little reason to celebrate that, and with one “know of no reason” RNS already issued this week, I fancy another is on the way.

OneView Group – following December bailout loan… another bailout loan!

Published 831 days ago

Having in December announced “an additional loan facility of $1 million on similar terms to that of the existing $3m facility, which is fully drawn… to cover short term working capital needs around the company's new business contracts”, OneView Group (ONEV) has now announced an additional $300,000 loan “to cover short term working capital needs”. Hmmm…

Toople – Surprise, surprise, the Breith comeback has been a flop…..and it’s still a sell

Published 833 days ago

In May 2016, I commented on the forthcoming IPO of a David Breith-connected business, Toople, which joined the Sub-Standard List raising £2 million at 8p (see HERE). It currently trades at 3.25p, a disappointing 60% drop in a mere eight months, but I thought I’d take a closer look at its recent maiden full year results to assess where it goes from here.

Boxhill Technologies: A profits warning and yet another odd-looking deal – no great surprise!

Published 835 days ago

The thing about dodgy companies is that eventually the chickens come home to roost and this morning’s RNS from Boxhill Technologies (BOX) is testament to that fact. Nevertheless, I almost admire the chutzpah of the guys as it’s not holding them back from issuing more confetti in unknown directions in a further attempt to squeeze a few quid out of the mug punter!

Corero – new contract & partnership + utter bullshit, cash crunch AHOY!

Published 836 days ago

Corero Network Security (CNS) has announced it “ended the year strongly… a material order for its ‘SmartWall’ Threat Defense System from a leading Cloud computing company and Juniper Networks technology alliance partnership”. Why are the shares thus currently unchanged at the 6.375p they have slumped to?...

blur Group – says “progresses on its path to profitability”, but it looks cash crunch ahoy first!

Published 837 days ago

blur Group (BLUR) has announced “key metrics for Q4 2016”, in the same opening paragraph noting “FY 2016 EBITDA is expected to be ahead of expectations”. EBITDA is of course not a ‘key metric’, but bullshit earnings. What about the real key metrics – cash generation and the balance sheet position?...

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

Published 837 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.

DX Group – another profit warning, from 100p IPO to sub 10p in less than 3 years…

Published 838 days ago

I previously cautioned on parcels, mail and logistics group DX (DX.) with the shares at 30p HERE and 16p HERE. Hopefully the warnings were heeded as a “Trading update” announcement currently sees the shares 60% lower, heading towards 7p…

Eagle Eye Solutions – having questioned whether it was cash crunch ahoy... “Extension of credit facility”

Published 839 days ago

While an update last week from digital promotions technology company, Eagle Eye Solutions (EYE) claimed “confidence in the group's prospects”I questioned whether it was cash crunch ahoy. There is now an “Extension of credit facility” announcement...

Challenger Acquisitions: Two bits of “good news” but I’m starting to despair

Published 839 days ago

This morning’s RNS from Challenger Acquisitions (CHAL) is actually good news for the business, but some of the goings-on in the last week have made me more cynical than ever and I despair at the state of the lower end of the market.

Eagle Eye Solutions – claims ‘confidence in prospects’, but cash crunch ahoy?

Published 845 days ago

Digital promotions technology company, Eagle Eye Solutions (EYE) has updated that during its half year ended 31st December 2016 it “has continued to trade well delivering revenue… ahead of market expectations”. But what’s that? A swing into a net debt position. Uh oh…

Igas – mandatory bond buy-back after investment falls short

Published 846 days ago

AIM-listed and over-indebted Igas Energy (IGAS) this morning announced that it is to conduct a mandatory redemption of $2.3 million of its secured bonds after investment in its conventional hydrocarbon assets fell short of the required $15 million last year by the aforesaid $2.3 million. It may seem that this is good news in that the company is being prudent, but I suspect that this is bad news on two fronts.

PhotonStar LED – loss warning, product modifications needed & cash crunch ahoy as CEO claims “good progress”!?!

Published 846 days ago

“James McKenzie, Chief Executive of PhotonStar (PSL), said: ‘In 2016, we made good progress in transitioning the group into becoming a retrofit connected lighting and building management business’”. Good, good. You what? The shares currently more than 15% lower, at sub 1p, in response to the announcement…

Challenger Acquisitions: Surprise, surprise, Chiel Smits has had enough and takes his ball home

Published 846 days ago

Another slow step towards the grisly end for Challenger Acquisitions (CHAL) this morning as, unable to pay its debts due to the Starneth guys, it “sold” the business back to them, leaving Challenger holding nothing but a few promises and hopes, although clearly it hasn’t been spun that way.

EVR Holdings – That’s enough of the larks, I’m calling the top - SELL

Published 851 days ago

This morning’s RNS from EVR Holdings (EVRH) made me look again at this AIM darling and I have reassessed. I ended my last piece on 6 January on the topic with the sentence: “For the avoidance of doubt, I’m not calling the top…….yet. Just keep on moving that stop loss up and enjoy the ride!” Well, I’m calling it now, it’s time to get off the ride!

Time Out Group – 2016 trading update, revenue is vanity…

Published 851 days ago

Time Out Group (TMO) “is pleased to announce” that “revenue for the full year is anticipated to be ahead of the board's expectations” and “closing net cash expected to be better than previously anticipated”. So why are the shares barely ahead, at 137p?...

Audioboom – related-party bailout & acquisition with marked uplift from “nominal consideration” in sub 6 months

Published 851 days ago

Having last month noted on spoken-word audio platform company Audioboom (BOOM) that nearly all the money’s gone AGAIN, I note an announcement today of an agreement to acquire SONR News Ltd for an all-share £1.42 million and the issue of a £1 million, 10% interest, convertible loan note...

CloudTag – when does the L1 funding package fall apart?

Published 852 days ago

Tom Winnifrith and Waseem Shakoor were commenting yesterday on where shares in AIM-listed CloudTag were heading. Obviously the end target for a company with still no working product available to sell, revenues of zero and stonking cash-burn is nil. But the focus of attention is the L1 funding package and when it could fall apart.

GAME Digital – claims “pleased” with performance over peak weeks, BUT…

Published 858 days ago

Previously writing on GAME Digital (GMD) with the shares at 67p, I concluded bearishly HERE. The following updates with the shares currently down further, at sub 60p, on the back of an “AGM Statement and Trading Update” announcement…

Challenger Acquisitions: Well? Have you paid your debts or are you insolvent?

Published 858 days ago

I understand that Mark Gustafson, CEO, of Challenger Acquisitions (CHAL) is more than happy to treat its shareholders with disrespect and utter contempt but, come on, surely you can’t just sit on price-sensitive information about whether you are bust or not?

Hotel Chocolat – argues ‘performed well’, but what about on a like-for-like basis?

Published 859 days ago

Chocolatier and retailer Hotel Chocolat (HOTC) has updated that it ‘performed well’ in a trading statement for the 13 weeks ended 25th December 2016, with adjusted revenue 14.6% ahead. What about like-for-like performance though?...

Countrywide – full-year trading statement, a “pleasing” performance?

Published 863 days ago

Following Foxtons earlier this week, Countrywide (CWD) has now updated for the 2016 calendar year with CEO Alison Platt claiming “it is pleasing to report modest full year revenue growth”. Hmmm…

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

Published 863 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.

Parallel Media – Harwood says thanks very much for the spoof

Published 864 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.

AO World – argues “Continued Growth and Strategic Progress”, BUT…

Published 864 days ago

UK and Europe online electrical retailer, AO World (AO.) headlines a trading update for the quarter to 31st December “Continued Growth and Strategic Progress”, though the shares are currently approaching 8% lower, at 170p, in response. Hmmm…

FARCE!! Filthy Forty Taihua – second new website blocked, another missive to AIM Regulation

Published 865 days ago

This is descending into farce: almost seven weeks ago we noted that the company website of ShareProphets AIM-China Filthy Forty play Taihua (TAIH) had disappeared. Following two missives to AIM Regulation, finally a new website was notified by RNS on Wednesday but it lasted less than 24 hours before being blocked – one assumes by the Chinese authorities, since the notification was in Chinese. Not to worry, yesterday the company notified another web address for its website but this morning that too has been blocked.

UPDATE: Filthy Forty Taihua - Company Website news at long last

Published 866 days ago

Well there you go: two letters to AIM Regulation and half an hour after the second one is published ShareProphets AIM-China Filthy Forty Taihua (TAIH) releases an RNS saying it has a new website: www.taihplc.cn. Amen to that - and a rare well done to the oxymorons. A dot.com becomes a dot.cn - was that really so hard to explain to the market in an RNS, that it has taken over six weeks to update investors since the demise of the company's previous pages?

HaloSource – trading update, still desperate times?

Published 867 days ago

Having from November 2015 onwards been warning on the shares of water technology company HaloSource (HALO), I note an update on trading and its strategic review...

Sell Picks of 2017 Review Part 2: Nektan – is that a light at the end of the tunnel?

Published 868 days ago

Anyone who read my sell article HERE and took the brave option of selling pre-final results would have made an instant profit but, to be fair, you wouldn’t have had long as the year-end results came out on 29 December, about an hour after my piece was published. An additional trading update came out this morning though - is that a light at the end of the tunnel I see?

Boxhill Technologies: Um, M’Lord, just wondered, if you don’t mind….WHERE’S THE CEO?

Published 871 days ago

I surprised myself to note that I haven’t commented on the quality outfit, Boxhill Technologies (BOX), in over two months so thought I should start the New Year by asking the question that must be on every investor’s lips: when is the new CEO going to start and who the hell is it? Surely the company's not struggling to find a suitable mug / candidate?

MySQUAR: A cash-burning, “jam tomorrow stock” – AVOID!

Published 871 days ago

A tad surprisingly, I got into cryptography at Christmas so, taking inspiration from a mighty opus in that domain, I thought I would look at a shockingly, disappointing stock, MySQUAR (MYSQ), using a particularly odd approach. No trophy for working out my antics as you may actually find it a risky topic to Disqus, but can I actually do 400 words on this stock in a fitting way with my customary virtuosity?

Corero - “pleased to announce” minor contract wins, what about the cash burn?

Published 872 days ago

“Corero Network Security plc (CNS), the AIM listed network security company, is pleased to announce that it has won five ‘as-a-service’ subscription-based contracts for its DDoS protection products and technology in the final quarter of 2016”. Sounds promising. Oh, but wait… “with an aggregate annualised contract value of $0.3 million”. Hmmm…

CloudTag – drawdown of final tranche L1 funding, and yet another clarification needed by Nomad Cairn?

Published 873 days ago

Two RNS announcements this morning from AIM-listed CloudTag (CTAG) this morning tell us that the company has drawn down the final amount of cash under its death spiral funding deal with L1. The problem is that the dates don’t quite work. Perhaps Nomad Cairn would care to clarify (yet again)?

CloudTag – A review of the year: let’s evaluate progress….or rather the lack of it!

Published 875 days ago

With CES in Las Vegas starting next week, there must be a strong feeling of déjà vu for CloudTag (CTAG) shareholders; however, with the company valuation shooting through the roof during the year, it felt appropriate to assess progress from the 2016 CES show through to the 2017 event to ascertain whether such a valuation was warranted.

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

Published 876 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.

ShareProphets share tips of the year Number 16: Sell IGAS says Nigel Somerville

Published 879 days ago

A year ago I made AIM-listed Igas Energy (IGAS) my one suggestion – as a sell - as part of the ShareProphets tipfest for 2016. Without wishing to sound like a broken record, it is still a sell – and the clock is really ticking now especially in the light of this morning’s RNS.

ShareProphets share tip of the year Number 14: Cynical Bear says sell Nektan

Published 879 days ago

I wasn’t writing for Shareprophets a year ago but I called Nektan (NKTN) as my bear pick of the year on 14 January and it has played out as I envisaged with the share price dropping from its 31 December 2015 price of 130p to 32p today – a drop of 75%; but I think there’s still some way to go as I sense matters are coming to a head.

Shareprophets Share tips of the year Number 11 - Cynical Bear says sell Challenger Acquisitions

Published 880 days ago

Challenger Acquisitions (CHAL) has a been a common target for me this year and it doesn’t surprise me that its share price has collapsed from 37.5p when I first wrote on the subject back in January to 11.875p today – a drop of 68%. However, I think there’s plenty more to go and would actually be surprised if it still existed by this time next year.

CloudTag – “Fiske”ing yesterday’s “clarification” RNS: was it more an “obfuscation” RNS? Answers required from Cairn.

Published 884 days ago

The ‘fessing-up RNS of yesterday leaves a few unanswered questions – so many that I just can’t help but wonder whether what we think we are being told is not actually the same as what we are being told. Let me explain as we “Fiske” the text and wonder whether there had, in fact, been a retrospective alteration to the terms of the loan conversion and associated warrant terms.

CloudTag – L1 converts, company takes the piss. Will Nomad Cairn now finally walk?

Published 886 days ago

Well surprise, surprise. AIM-listed CloudTag (CTAG) gets its shares unsuspended and a few days later L1 converts another batch of loan notes, as announced in last night's no-one-is-watching o’clock RNS. OK, no great surprises so far – especially in view of the price action since the suspension was lifted. But look at the terms: has there been a a material and previously unannounced change, and if so, when?

Arria NLG - little more than 3 years after listing on AIM… proposed de-listing…

Published 888 days ago

5th December 2013: “Arria (NLG) is joining AIM (at 100p per share) in order to raise the company's profile and support the development of the Arria NLG brand internationally, give access to equity capital as needed, facilitate the recruitment of high calibre employees and provide liquidity in the company's shares”19th December 2016: “Proposed cancellation of trading on AIM” (with the shares at 13.25p)…

Audioboom – claims “reached a crucial tipping point”. Er, yep… nearly all the money’s gone AGAIN!

Published 893 days ago

Previously writing on spoken-word audio platform company, Audioboom (BOOM) I noted “agreement for investment from China ‘not yet been reached’, surely not to be cash crunch ahoy AGAIN!”. The company is now “pleased to provide an update on its Q4 KPIs and trading for the year ended 30 November 2016” and, well, er…

Microsaic Systems – reckons “clear opportunities exist”, but it's a profit warning…

Published 894 days ago

“Trading Statement” announcement from Microsaic Systems (MSYS) starts with that “it is expected that EBITDA and pre-tax profit for 2016 will be broadly in line with market expectations… The company has reshaped its business strategy to focus on the Pharma market where clear opportunities exist for the company's products”. Hmmm, “broadly in line” is of course ‘slightly behind’, though at least there’s “clear opportunities” ahead. Though, wait. What’s that? The shares currently down approaching 20%, towards 3p?!? …

Milestone – Christmas Panto RNS: finally gets October Placing away.…Oh no it doesn’t!

Published 894 days ago

It seems the pantomime season has started early: AIM-listed lifestyler Milestone Group (MSG) has announced that it has raised a keep-the-lights-on placing at just 0.3p, and that of the original October placing which was announced to have brought in £1.385 million, only £60,000 has made it to the coffers. If Nomad Cairn Financial thought that its (currently suspended) client CloudTag (CTAG) was just a rogue case, Milestone begins to make it look more like carelessness.

Filthy 40 All Asia Asset Capital – keeps the lights on with a new contender for most expensive loan in AIM history

Published 900 days ago

At the new no-one-is-watching o’clock of lunch-time yesterday, ShareProphets AIM-China Filthy Forty play All Asia Asset Capital (AAA) announced that it had received £100,000 in the form of a convertible keep-the-lights-on loan from an entity controlled by an un-named shareholder. One assumes that it must be a very small shareholder as there was no Related Party Transaction statement, but the terms suggest that the company is in a spot of bother. Er, actually a serious spot of bother.

Milestone – shambles upon shambles, is it insolvent yet?

Published 900 days ago

AIM-listed lifestyle company Milestone Group (MSG) has updated on the placing that didn’t raise the £1.385 million announced on 20 October. Having previously announced that £1.25 million of the proceeds hadn’t arrived, it now turns out that the little bit of meter-money which did arrive has now been paid back and the company is trying to do a replacement placing. Shambles upon shambles.

OneView Group – half-year results show reason for additional loan facility

Published 902 days ago

Having most recently warned on OneView Group (ONEV) last month HERE, the company has now announced an additional loan facility and results for its half year ended 30th September 2016 showing why…

James Halstead – AGM statement notes FX benefits & ‘confidence in prospects’, so why are the shares down?…

Published 905 days ago

Writing on commercial flooring company James Halstead (JHD) in August I concluded that the circa 426p per share valuation deterred me. The shares have recently risen towards 500p but despite now updating that “the fall in the value of Sterling following the referendum vote of June has contributed to increased margins on our overseas sales, increased competitiveness and positive growth” and noting confidence “in the prospects of the company going forward”, the shares are currently approaching 6% lower today, back towards 450p...

Digital Barriers – contract wins, able to focus on converting pipeline & generating follow-on sales... or not?

Published 906 days ago

Reviewing results for the six months ended 30th September 2016 from Digital Barriers (DGB), I noted a £7.4 million reduction in net cash to £3.4 million and that the company has established a £10 million revolving credit facility. It has now made a “Contract wins across APAC and EMEA” announcement. Hmmm…

DP Poland – sale and sub-franchising of Krakow stores, shares further higher…

Published 906 days ago

The company with the exclusive right to develop, operate and sub-franchise Domino's Pizza stores in Poland, DP Poland (DPP) has announced the sale and sub-franchising of 4 stores in Krakow – and the shares have reacted further higher…

Sabien Technology – yet more delays. Cash crunch ahoy (again)?

Published 908 days ago

Previously writing on boiler technology company Sabien (SNT) last month, I noted a considerable improvement in sales performance needed otherwise its funds will continue being used just to keep the lights on. The following updates with the shares currently more than 6% lower, at 3.75p, on the back of an “AGM Statement”.

Digital Barriers – H1 results, claims a clear, strong organic growth engine. But is there?

Published 908 days ago

Provider of surveillance technologies, Digital Barriers (DGB) has announced results for the six months ended 30th September 2016 including “it is clear that we have now established a strong organic growth engine”, though later also stating “organic revenues… were broadly flat at £6.9m”. Hmmm…

CloudTag – L1 Death Spiral financing update: Shareprophets Translation Service

Published 909 days ago

This morning, CloudTag (CTAG) has announced an update to its funding arrangements with death spiral funder, L1 Capital. Here at Shareprophets, we are conscious that these funding agreements can be rather convoluted and obtuse so are happy to provide a free of charge translation service.

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

Published 911 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? 

CloudTag – EGM circular published, my plan for great riches hits a snag but there is a get-out

Published 912 days ago

Oh dear. They say that no news is good news and so conversely it was beginning to seem that every time AIM-listed CloudTag (CTAG) opened its mouth via the RNS system these days it was bad news. What a come-down from the good old days when it could announce anything it liked and the market loved it. Perhaps the company’s fortunes will change with this morning’s ramptastic RNS, although the reaction seems a tad muted already. Watching this unfold I wonder if my plan for instant wealth as a death spiral financier might hit a snag.

AO World – half-year results argue “a great start to the year”, market response sceptical…

Published 915 days ago

UK and Europe online electrical retailer, AO World (AO.) has announced results for the six months ended 30th September 2016 emphasising “a great start to the year, with group revenue and profits growing well as we continue to deliver on our long-term strategy”. The shares are though little changed at 168.5p…

Eagle Eye Solutions – seeks to emphasise ‘accelerated growth’, but looks to be cash crunch ahoy!

Published 919 days ago

An AGM update from Eagle Eye Solutions (EYE) commences “the year ended 30 June 2016 saw continued progress against the group's strategic and operational objectives. The significant contracts won and the developments to our software platform mean that we entered FY17 with strong momentum”. Sounds promising, but…

Igas unsecured bonds plunge again: now just 20.94c in the $

Published 921 days ago

AIM-listed and over-indebted Igas Energy (IGAS) equity may still be valued by the equity markets at £36 million but the read-across from the bond market tells a very different story. I'm sure readers don't need reminding that when the equity and bond markets disagree, it is generally the latter which wins out. With the unsecured bonds in Igas now trading all the way down at just 20.94c in the $, the implication on the equity is clear: it is toast.

Igas – planning permission changes nothing: sell

Published 921 days ago

Yesterday AIM-listed and over-indebted Igas Energy (IGAS) was pleased to announced that Notts County Council had approved a planning application for the development of a hydrocarbon wellsite and the drilling of two wells. This, of course, is with a view to developing a fracking project.

LightwaveRF – recent puff news helping share price rise = take a guess…

Published 921 days ago

I warned on shares in LightwaveRF (LWRF) last month following it being “pleased to announce” an uber-expensive loan (& trading warning). There have since been recent announcements of “Additional order from Megaman” and “Launch of Amazon Echo Alexa voice control” and the shares rising from little more than 13p to 21p. Thus, on cue, it’s discounted fundraising time…

M. P. Evans - Kuala Lumpur Kepong Berhad returns with a “final cash offer”...

Published 922 days ago

With the M. P. Evans (MPE) board and shareholders of a majority of its share capital having rejected a 640p per share takeover offer, Malaysian company Kuala Lumpur Kepong Berhad has now returned with a 740p per share “final cash offer”

Igas – bond market signals another warning to equity holders as unsecured debt plunges

Published 925 days ago

That AIM-listed Igas Energy (IGAS) is in trouble is in little doubt as the company battles with the over-indebtedness legacy of the Andrew “piggy” Austin days. KKR-backed Trans European Oil & Gas is in possession of a blocking holding of the secured bonds and the cash is draining away. But the latest warning sign comes not via the secured bonds, but via the unsecured bonds. The price has crashed from around 54c in the $ to just 28.6c in the $. The implication for the equity is clear.

Challenger Acquisitions – Is this wheel still moving?

Published 925 days ago

Having listened to Tom’s Bearcast on the topic yesterday, I thought I’d add my tuppence-worth on Challenger Acquisitions (CHAL), which like one of the Giant Observation Wheels that it designs, appears to be moving so slowly that one wonders whether it is actually moving at all.

SIG – profit warning & ‘mutually agreed’ that CEO walks the plank…

Published 926 days ago

On the back of “Trading Update” and “Directorate Change” announcements, shares in building products distributor, SIG plc (SHI) are currently more than 20% lower, heading towards 90p. Uh-oh…

OneView – following swift about-turn profit warning, now attempted bailout fundraising ahoy!

Published 927 days ago

I warned shares in OneView (ONEV) were for the bargepole list as they slumped last month after the company went from “remains confident” to “likely to be below market expectations” in 6 weeks. They had subsequently recovered somewhat, but that before a Thursday 10:32am “Trading Update and Notice of Results” announcement…

Devro – Trading Update includes 2016 expectations “unchanged”, so why 20%+ share price decline?

Published 927 days ago

Devro (DVO) has made a “Trading Update” announcement, including “the board's full year expectations for underlying operating profit remain unchanged”. However, the shares are currently more than 20% lower, at sub 180p…

Igas kicks the can, but not very far

Published 934 days ago

Yesterday afternoon AIM-listed and over indebted Igas Energy (IGAS) announced that it had sold some of the secured bonds hitherto held in treasury and that this has now shored up its finances such that it now no longer expects a breach of its daily liquidity covenant in 2016. Good news? Er, no – this simply kicks the can down the road (and not very far at that).

Dialight – despite update that trading “remains in line”, shares down…

Published 934 days ago

Previously writing on LED lighting technology company Dialight (DIA), I was bearish on the back of its half-year results in August. The shares have since risen, but are currently 5% lower, at 675p, on the back of a “Trading Statement” announcement…

HaloSource – “Trading Update” = Loss & Cash Warning, desperate strategic review ahoy…

Published 934 days ago

Having consistently over the last year warned on shares in HaloSource (HALO) – most recently HERE – I note they currently more than halved today, heading towards 1p, on the back of “an update on trading ahead of the year ending 31 December 2016”

Igas – Barbarians at the gate, shareholders will lose their shirts

Published 937 days ago

Yesterday saw Sky News unmask the mystery buyer of AIM-listed and over-indebted Igas Energy (IGAS) Oslo-traded secured bonds via the recent Dutch Auction conducted at 75c in the dollar – see HERE. We already knew that the previously un-named buyer had acquired a 34% stake in the bonds – enough to block any proposed debt restructuring that it didn’t like.

Entu – further disappointment as “important step forward” March 2015 acquisition to be sold for net £1

Published 941 days ago

Shares in home improvement group entu (ENTU) are currently further lower, at sub 20p, on the back of an agreement for the disposal of Astley Facades Ltd – for a net £1…

Blenheim Natural Resources – trouble at t’mill

Published 941 days ago

Oh dear, oh dear, oh dear. There’s trouble brewing at AIM-listed Blenheim Natural Resources (BNR) in the wake of a total disaster at the company’s AGM. In an RNS released yesterday at 3.19pm (HERE) the company announced that every single one of the resolutions put to the AGM were rejected. Thus, following the departure of Chris Cleverly of African Potash (AFPO) infamy, two further directors have been ousted as their retirement by rotation became permanent as shareholders voted down their re-election.

M. P. Evans – details why it considers offer “highly opportunistic and wholly inadequate” & shareholder support…

Published 942 days ago

Following its announcement earlier this week that the board had unanimously rejected a 640p per share takeover offer from Malaysian company Kuala Lumpur Kepong Berhad, M. P. Evans (MPE) has detailed that shareholders of a majority of its share capital have also stated their intention to reject the offer and why it considers the offer “highly opportunistic and wholly inadequate”...

Igas – bondholder meeting update: secured debt says no

Published 942 days ago

AIM-listed and over-indebted Igas Energy (IGAS) has just announced the result of its bondholder meeting. The unsecured debt voted the proposals through, but the secured debt voted it down. The company says it has not yet breached its bond covenants, but that this is now expected next week. 

Igas – high noon in Oslo

Published 942 days ago

At time of writing bondholders in AIM-listed over-indebted Igas Energy (IGAS) are meeting in Oslo, having been summoned by the company to consider proposals to waive certain bond covenants while a restructuring of the company’s capital is negotiated. Igas previously indicated that a bond covenant breach was anticipated to occur this very week. Will the bondholders play ball?

Earthport – “is pleased to announce”… dire full-year results…

Published 942 days ago

“Earthport (EPO), the leading payment network for cross-border payments, is pleased to announce its final results for the year ended 30 June 2016”. The shares are currently down 4%, to sub 16p, in response. Hmmm…

M. P. Evans – rejects takeover offer, faces hostile move. What to do?

Published 943 days ago

Shares in palm oil producer M. P. Evans (MPE) have soared more than 43% to 610p on the back of a takeover offer from Malaysian company Kuala Lumpur Kepong Berhad – though the offer has been unanimously rejected by the M. P. Evans board...

Digital Globe Services – another AIM success story; seller returns for 62% discounted takeover just 44 months after IPO! ...

Published 946 days ago

14 February 2013: “Digital Globe Services, Ltd (DGS), a leading provider of outsourced online customer acquisition solutions for large, consumer-facing corporations, is pleased to announce at 0800 today the admission to trading on AIM… at the placing price of 159 pence per common share… The Resource Group International (TRGI), the selling shareholder”21 October 2016: “The independent directors and TRGI are pleased to announce that they have reached agreement on the terms of a recommended cash offer for DGS… shareholders will be offered for each DGS Share: 60 pence”. You what?!?…

Digital Barriers – credit facility ahead of interim results?

Published 950 days ago

Having warned on shares in Digital Barriers (DGB) last year, I note an announcement of a £10 million credit facility – with this following a trading update announcement last week…

Starcom – legal woes follow half-year results concern…

Published 952 days ago

Having previously questioned whether it has sufficient working capital, I note a “Litigation update” announcement from Starcom (STAR) and the shares currently 12.5% lower, at 2.625p, in response. Uh-oh...

LightwaveRF – “pleased to announce”… an uber-expensive loan (& trading warning)…

Published 953 days ago

LightwaveRF (LWRF), “enabling domestic and commercial users to remotely monitor and control light, heat, power and security by smartphone, tablet or PC… is pleased to announce that it has entered into an agreement with its principal shareholder, Committed Capital Financial Services Limited for a loan of £150,000”. Uh oh – sounds like ‘keep the lights on’ stuff…

GAME Digital – full-year results, is this a sustainable proposition?

Published 955 days ago

Following an August pre-close trading update which saw its shares lower to sub 70p, I now update on GAME Digital (GMD) with the shares falling to 67p on the back of its full-year results announcement…

Time Out – claims “incredible milestone” in it to bring “highly successful” market format to London. Hmmm…

Published 956 days ago

Having recently been “very excited” to announce a second ‘Time Out Market’, Time Out Group (TMO) is now “absolutely delighted to announce that we will be bringing our unique Time Out Market format to London”. The following reviews with the stock market not particularly delighted – the shares currently 1.4% higher at 141p, still comfortably below the 150p June IPO price…

Igas – proposes bond covenant waivers as breach expected w/c 24 Oct. SELL!

Published 957 days ago

The denouement has started – you can’t say you were not warned over and over again here in ShareProphets. AIM-listed and over indebted Igas Energy (IGAS) has gone cap-in-hand to its bondholders to seek a series of waivers and a standstill agreement on its bond covenants while a capital restructuring is negotiated. Shareholders face a bloodbath this side of Christmas, but already the stock is down 11% on the day.

Igas – tick tock, tick tock, as bonds slip it’s almost covenant breach o’clock

Published 957 days ago

For all the positive news of late regarding permits for the fracking industry (even if its own application for planning permission from Notts County Council saw the decision deferred to next month), AIM-listed drowning-in-debt Igas (IGAS) still has the pressing problem of staying within its bond covenants. The company stated in its interims to June 2016, released on deadline day of 30 Sept,  that it was expecting to breach its daily liquidity covenant in the second half of October – that could be as early as next Monday.

Nanoco – full-year results; claims “excellent position”, but actually en-route to cash crunch ahoy (again)?

Published 957 days ago

Nanoco Group (NANO) Chairman Dr Christopher Richards considers it “a pleasure to be introducing Nanoco's results for the year to 31 July 2016”. The shares are currently more than 6% further lower, at 55p, in response…

Nanoco – “update on the timing of revenue recognition” just days before scheduled results announcement. Uh-oh…

Published 961 days ago

Having in August announced, for its year ended 31st July 2016, “unaudited revenues in the year were £1.9 million (FY 2015: £2.0 million)”, Nanoco Group (NANO) has now made an “Update re Unaudited Revenues” announcement just days before its scheduled results announcement. Hmmm…

Eagle Eye Solutions – a management either trying to fool you or fooling themselves, whilst at the trough. Oink, oink…

Published 962 days ago

Shares in “SaaS technology company that validates and redeems digital promotions in real-time for the grocery, retail and hospitality industries”, Eagle Eye Solutions (EYE) have recently been on the rise – with recent announcements including a share purchase by CEO Tim Mason and results for the company’s year ended 30th June 2016 including “overall the board is pleased with the significant progress made”. Sounds interesting…

Time Out Group – “pleased to announce” a new 'Time Out Market' in Portugal, still a gold-plated sell?

Published 963 days ago

“Time Out Group (TMO), the global multi-platform media and e-commerce business with food & cultural markets, is pleased to announce that it has signed a lease for a new Time Out Market in the iconic São Bento train station in Porto, Portugal. This will be the second Time Out Market, following the success of the group's flagship market in Lisbon which opened in May 2014”. Hmmm…

DP Poland – reckons business model “proven”, to accelerate roll-out. It’s placing time

Published 963 days ago

Arguing “the strong financial and KPI performance from the stores reported in the company's 2016 interim results gives the board comfort that the business model is proven and the confidence to accelerate the roll-out of new stores”, the company with the exclusive right to develop, operate and sub-franchise Domino's Pizza stores in Poland, DP Poland (DPP) has announced it’s placing ahoy! Hmmm…

Igas – dire interims, bondholders take box seat as covenant breach looms

Published 968 days ago

Rarely does one find good news in results which are released at the last minute, and in the case of Igas the recent record of fairly prompt reporting suggested that leaving the interims to deadline day would be a bad omen. This morning’s numbers and, more to the point, update on the bond situation reads badly – for all the positive spin applied. The numbers aren’t good, a bond covenant breach is expected in the second half of next month and then there is the question of how long it may be before the cash simply runs out.

Vislink – half-year results, TIMBERRR!

Published 968 days ago

July profit warning meant results for the first half of 2016 from Vislink (VLK) were not going to be good but, on revenue 15% lower than in the corresponding 2015 period, at £22.6 million, a loss of £32.8 million!?! And there’s worse…

SpaceandPeople – half-year results suggest it’ll be profit warning ahoy!

Published 972 days ago

Shares in shopping centre and other high footfall venue promotional and retail company SpaceandPeople (SAL) currently trade approaching 30% lower, at well below 30p, on the back of its results for the first half of 2016. Let’s take a look…

Igas – New Year tip update: crunch time this week?

Published 973 days ago

When I penned my one and only suggestion in the 2015 ShareProphets Christmas tipfest, AIM-listed Igas Energy (IGAS) shares sat at 18.5p on a market capitalisation of £55.3 million. They have been all over the place since then – up as high as 21p twice and down as low as 10p. They are currently 12p as the last bubble nonsense deflates gently but has anything really changed? Er, no. The company is still drowning in debt which it can’t repay and the lit fuse is now almost ten months shorter. Igas remains a stonking sell.

Filthy 40 Origo Partners: "Notice of Results" = profit warning

Published 976 days ago

ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) issued a notice of results RNS on Wednesday, telling us that its interims to June 2016 will be released on reporting deadline day of Sept 30th. But the statement also had a massaging down of expectations slipped into it. Oh, alright, let’s call it a profit warning – but how bad?

Majestic Wine – review of a far from majestic “Trading Update”

Published 977 days ago

Specialist wine seller Majestic (WINE) has announced, despite its retail operations “trading on track”, Naked Wines UK and Australia performing “on plan” and “a return to growth for Lay & Wheeler”, that “EBIT for the current financial year ending 3 April 2017 is expected to fall below current market expectations”. Uh-oh…

Filthy Forty MoneySwap – share price falls below proposed bailout

Published 978 days ago

I wondered HERE whether the proposed rescue refinancing of stricken ShareProphets AIM-China Filthy Forty play MoneySwap (SWAP) could get into a spot of bother as the shares were sliding. Now they have slipped below the mooted bail-out price of 0.2c per share.

DP Poland – half-year results; seeks to emphasise “EBITDA loss reduced”, but…

Published 979 days ago

The company with the exclusive right to develop, operate and sub-franchise Domino's Pizza stores in Poland, DP Poland (DPP) has announced results for the first half of 2016 and the shares have responded back above 50p. Let’s take a look…

Sabien Technology – “£750,000 placing to continue growth strategy”, AKA to keep the lights on…

Published 982 days ago

Previously writing on Sabien Technology (SNT) in July, I noted its seeking to reduce the nominal value of its shares “in order to allow the company to issue new ordinary shares should it decide to do so”, concluding that somehow, I’d guess it would decide to do so! - see HERE. Today we have an announcement of “£750,000 Placing To Continue Growth Strategy”...

Intercede – from “well positioned for future growth” to trading “below expectations” in just over 3 months…

Published 982 days ago

Intercede (IGP), a software and service company specialising in jargon to describe what it does (sorry, specialising in “identity, credential management and secure mobility”) has announced it “has had a slow start to the current financial year and is continuing to experience delays in the receipt of anticipated MyID license orders from both new and existing customers”. Uh-oh…

Starcom – half-year results, “sufficient working capital”?

Published 992 days ago

“Starcom (STAR), which specialises in the development of wireless solutions for the remote tracking, monitoring and protection of a variety of assets and people… (is) pleased to report the unaudited results for the six months period ended 30 June 2016”. The shares are currently more than 15% lower, at 3.375p, in response. Hmmm…

Mobile Streams - “a significant initial milestone in India”, Really? …

Published 992 days ago

Shares in mobile media company, Mobile Streams (MOS) are currently more than 170% higher, at above 11p, on the back of an announcement that the company has reached 50,000 ‘active subscribers’ in India. Hmmm…

CloudTag – Just one more question, Amit, who is Massimo Ventimiglia; not worried about insolvency are you??

Published 994 days ago

Amit, as you were so kind to answer my last question relating to CloudTag (CTAG) as to when the revenue warning was finally going to come......by issuing a revenue warning on Friday, I thought I’d follow-up with a simple one. Why has Massimo Ventimiglia, who appears to be a hired-help, grim reaper of the corporate world been appointed the sole director of your main operating subsidiary, Cloudtag Active Limited. Surely can’t be because you’re worried about going bust, can it?

HSS Hire – half-year results, appalling balance sheet, also of interest to Speedy Hire shareholders…

Published 998 days ago

UK and Ireland tool, equipment and related services group, HSS Hire (HSS) has announced results for the 27 weeks to 2nd July 2016 – and the shares are currently circa 8% lower, to below 80p, in response. With the results also coming as 19% shareholder in the group, Toscafund, prepares for a General Meeting dust-up with the board of fellow hire group Speedy (SDY) - which it has urged to consider merging with HSS - the following reviews…

Filthy 40 Asian Citrus moves into property. How much cash is left?

Published 998 days ago

My thanks go to Cynical Bear for spotting the latest missive from the ShareProphets AIM-China Filthy Forty purveyor of biblical plagues, Asian Citrus (ACHL). Having seen a pretty complete disaster unfold over the last few years, the company has decided to make a move into the property game in order to broaden the sources of income and to boost the business performance of the group. Call me a cynic: given the history of natural disasters, plague, locusts and invasions by Martians, how long will it be before the buildings in question are found to be suffering from concrete cancer?

Challenger Acquisitions – Interims out…..suggest shareholders follow suit!

Published 1000 days ago

In last week’s piece on Challenger Acquisitions (CHAL) HERE, I said I would comment further once the interims came out. Well, they were released this morning and, unfortunately for shareholders, there were no surprises.

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

Published 1005 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?

Challenger Acquisitions – Great news, more debt deferred - only a month late!

Published 1006 days ago

Having asked the question five weeks ago (HERE), I was pleased to see Challenger Acquisitions (CHAL) finally announce this morning what had happened with the €1.25 million debt that it owed the three ex-Starneth shareholders. Guess what – it didn’t pay it. Big surprise!

21st Century Technology – you were warned & it’s now profit warning ahoy

Published 1010 days ago

Unlike its previous “Trading Update” announcement, it’s not ‘no one watching o’clock’ this time - but it is the same end result for shares in 21st Century Technology (C21); they're crashing...

Kellan Group – Half-Year results. “A market leading recruitment business”, Really? …

Published 1010 days ago

Self-described “market leading recruitment business” Kellan (KLN) has announced results for the first six months of 2016. The shares are currently down 24%, to 0.95p, in response...

Earthport – “is pleased to provide” a trading statement for a year of “challenges” & a “material… fraud incident”. Hmmm…

Published 1013 days ago

A leading burner of cash (Oops, sorry, “leading payment network for cross-border payments”), Earthport (EPO) “is pleased to provide an unaudited trading update for the fiscal year ended 30 June 2016”. Hmmm…

Filthy 40 China fraud Aquatic Foods: “Technical administrative delay” sees dividend postponed.

Published 1013 days ago

Oh dear, oh dear. This does not look good. ShareProphets AIM-China Filthy Forty China fraud Aquatic Foods Group (AFG) has announced that it hasn’t paid its full-year dividend of 0.7p per share due to a “technical administrative delay”. Is that because there isn’t any cash?

blur Group – “is pleased to present” its half year results, it shouldn’t be…

Published 1016 days ago

Prodigious cash-burning machine (sorry, services platform and marketplace group), blur (BLUR) “is pleased to present its unaudited interim results for the six months ended 30 June 2016”. Hmmm – this with the shares down from a start of the year 17p (and much, much higher when we first started warning) to a current little more than 7p…

Forte Energy – For the love of God, can we drop this Fintech nonsense!

Published 1017 days ago

As the share price of Forte Energy (FTE) keeps dropping as the BOS Global RTO approaches, as even long-suffering shareholders think some cash today is worth more than nothing tomorrow, I’ll have one last dig (for now) at something really riling me with this stock and that is the total misuse of the term “Fintech”.

Forte Energy – mea culpa, my valuation was wrong..…it was far too high!

Published 1021 days ago

Two weeks ago, following the release of its admission document I wrote about the valuation of Forte Energy (FTE) HERE. It was at 0.006p at the time and I thought 0.002p was a better reflection of the value. Well the share price has dropped to 0.0035p in the meantime but the bad news for those that have stuck it out so far is that my valuation should have been lower.

IGAS - irrational exhuberance, just fracking nonsense

Published 1022 days ago

Shares in overindebted AIM-listed Igas Energy (IGAS) have shot out of the traps this morning on news that Theresa May is in favour of fracking and wants to bribe the locals into letting it happen. There is also a technical matter announced last week that Igas underwent a capital reduction which apparently strengthens the balance sheet......if only. The share price reaction has seen the shares race ahead by as much at 47% (30% last seen) but has anything changed? Er....

Golden Saint – Er, about those licence renewals?

Published 1024 days ago

On 19 July AIM-listed POS Golden Saint Resources (GSR) released an RNS entitled Licence Renewal and Operational Update. What we learned was that in fact it had not renewed its licences at all (in Sierra Leone) but that it would be making arrangements to pay for the…licences in the course of the next two weeks. That was two and a half weeks ago: has it paid? Has it been granted the permits?

Dialight – half-year results, board “confident” but will FY expectations really be met?

Published 1027 days ago

LED lighting for industrial and hazardous applications-focused, Dialight plc (DIA) has announced half year results emphasising “underlying operating profit” up from £1.7 million to £4.2 million, though showing a statutory loss before tax of £7.1 million, from breakeven. Hmmm, let’s take a look…

APC Technology - “is pleased to announce”… another private investor screwing

Published 1027 days ago

APC Technology (APC) “is pleased to announce that it has conditionally raised £1.1 million (before expenses) by way of a placing of 13,750,000 ordinary shares… together with two warrants for every five placing shares issued”. The market is not as pleased – the following updates with the shares currently more than 16% lower, at 8.375p, on the day…

Rurelec – another short-term loan, this time for just 90 days, death merely postponed

Published 1028 days ago

The noose does appear to be tightening around AIM-listed Rurelec (RUR). It had appeared for a while that the board had managed to buy itself a little time with an extension to a previous short-term loan out to the summer of next year. But all the while the company has been clear that funding is tight. It comes as little surprise, then, that a bit of extra cash was needed but the terms (90-day maturity, 18% annualised interest) suggests that the company is more than a little distressed.

Filthy 40 MoneySwap – heads you lose, tails er….

Published 1029 days ago

ShareProphets AIM-China Filthy Forty play MoneySwap (SWAP) has made no secret lately of its dire financial predicament. The investment case appears to be that it either gets a refinancing (with a new board) and survives – but with the new money coming in at a significant discount, or it does not in which case it is bust.

Filthy 40 China Africa down 36% today: how long until it is bust?

Published 1032 days ago

Leading the losers board today currently is ShareProphets AIM-China Filthy Forty play China Africa Resources (CAF) with (last seen) a stonking drop of 36%. There is no news today, but yesterday’s interims, released at lunchtime, might provide the clue: it’s not pretty – the company needs to raise cash.

Blur Trading Statement - Show Me The Lack of Money: Letts Must Go

Published 1033 days ago

The hapless Phil Letts, founder and CEO of disaster story Blur (BLUR) must surely know that his time - and that of his grossly overpaid Mrs - is almost up. After another dire trading statement today, There's No Other Way, as Blur used to say:

Frontera Resources – Red Flags for breakfast, anyone? SELL!

Published 1034 days ago

DIRECTOR PURCHASES SHARES screams the headline – in capitals - of an RNS from AIM-listed Frontera Resources (FRR) - not to be confused with Frontier Resources - this morning. Ooooh quick, let’s all pile in – follow the money, as they say, because the insiders know what’s really going on. Er, hang on a moment….

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

Published 1036 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.

LSL – initial acceleration of activity attributed to changes to Stamp Duty, but Profit Warning now to Brexit. Hmmm…

Published 1039 days ago

“Trading Update” announcement from residential property services company, incorporating both estate agency and surveying businesses, LSL Property Services (LSL) commences that the company “expects to report strong interim results on 2nd August… delivering growth across all major revenue lines” and that “the group performed strongly in quarter one”. Good, goo… what’s that? “full year group operating profit will be significantly lower than previously anticipated”

AO World – shares ahead on Q1 trading statement. Hmmm…

Published 1039 days ago

Having long been bearish, I note shares in online electrical retailer AO World (AO.) are currently more than 10% higher today, at 148p, on the back of an AGM (and first quarter) trading statement. Let’s take a look…

China fraud: Haike Chemical loses CFO. Uh Oh…..are we on a familiar path to oblivion?

Published 1041 days ago

Oh dear. One of the traits of the China Frauds is that so often the precursor to the wheels coming off the subterfuge is the resignation of the finance director. And so this morning’s announcement from ShareProphets AIM-China Filthy Forty play Haike Chemical (HAIK) that its Chief Financial Officer stepped down on Monday with immediate effect “for personal reasons” is a stand-out Red Flag. So is the tardy announcement.

CloudTag – A disappointing “jam tomorrow” stock since 2013

Published 1042 days ago

Being one of the few writers on ShareProphets yet to comment on the stock du jour of rampers everywhere (see HERE for the full coverage), I thought I’d take a visit down memory lane and see what lessons one can learn from CloudTag’s (CTAG) history. Guess what, it’s been promising jam tomorrow from the beginning.

Sabien Technology – GM to reduce nominal value of shares + “three month's cash to cover working capital”. Hmmm…

Published 1047 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...

Shock, Horror! Beaufort issues a "sell" note (re Hotel Chocolat)

Published 1048 days ago

Well this doesn't happen very often. In fact, I can't remember the last time I had a morning note drop into my inbox only to find that something was being rated as an outright sell. The usual guff is a series of "speculative buy" ratings (often on things I wouldn't go near). But this morning Beaufort Securities has broken the city's unwritten code of conduct, plunging the knife into recent AIM IPO candidate Hotel Chocolat (HOTC).

Igas – Sunday press PR puffery tells you all you need to know: sell

Published 1050 days ago

Tom Winnifrith has already quite correctly berated the Sunday Telegraph for its piece yesterday on the ongoing travails of AIM-listed Igas Energy (IGAS) and its little debt problem. The sense of desperation which saw this piece of abject puffery in a national newspaper is apparent to anyone who looks at the balance sheet, or read the comments from the company about its expected bond covenant default in the second half of this year (ie any time now). But the article reads like a dodgy RNS aimed at getting the bulletin board morons to pile in while the crony capitalists get out.

Igas - shares sliding, is the penny starting to drop?

Published 1053 days ago

Shares in AIM-listed and debt-ridden Igas Energy (IGAS) hit a new low point today of just 11.5p per share. They have since recovered to 12.25p (last seen) which is still below anything registered during the slide from the heady days when previous head honcho Andrew "piggy" Austin did his sale-and-repurchase deal with Equities First Holdings LLC. Is the penny starting to drop about how big the debt problems are?

Vislink – strangely timed “Trading Update” = ‘material’ profit warning & worse still…

Published 1054 days ago

A strangely timed (8:01am) “Trading Update” from technology group “specialising in solutions for the capture, management and delivery of high quality video for the broadcast and surveillance and public safety markets”, Vislink (VLK). Hmmm…

Igas - result of bond "Dutch Auction", shares still a sell

Published 1055 days ago

We previously flagged that the "Dutch Auction" tender offer by an un-named client of Pareto Securities for the senior secured bonds of AIM-listed Igas Energy (IGAS) might present a bit of a threat to shareholders. We've now had the result of the tender offer...

Filthy 40 – China New Energy FY15 results: a stinking POS festooned in Red Flags

Published 1059 days ago

ShareProphets AIM-China Filthy Forty play China New Energy (CNEL) has seen us hoist the Red Flag on several occasions before (see HERE) but its FT15 results, released on deadline day (Thursday) take the biscuit. The company is, quite simply, a disgrace and its advisers (Nomad Cairn and disgraced Broker Daniel Stewart) should be ashamed.

China fraud 40 Jiasen – drowning is cash, generating cash, profitable, PE<1, cancels dividend. Why might that be?

Published 1059 days ago

Having traded as high as 6.25p just six weeks ago, shares in ShareProphets AIM-China Filthy Forty Jiasen International (JSI) have collapsed down to just 3p after it scraped over the line to release its calendar FY15 numbers on deadline day yesterday. The numbers are, of course, wonderful…which is why the company which is drowning in Red Flags (oops) cash has cancelled the full year dividend.

Igas – bondholder Dutch Auction lights up neon warning signs for equity holders

Published 1068 days ago

I’ve been a bear of Igas Energy (IGAS) ever since previous CEO Andrew “piggy” Austin’s shady dealings with Equities First Holdings LLC (EFH) when he walked away with millions in cash whilst still being able to claim that his interests in the shares were unchanged by the transaction. It ran rings around the disclosure rules. Ever since he walked (or, more likely, was pushed) it has been clear that he left the company drowning in debt and sitting on a ticking time-bomb. Yesterday came a surprise move, but one which could, perhaps, spell the end of the road for equity holders. Quite why the shares spiked (albeit temporarily) on the news is a mystery.

CAP-XX – “secured new orders for automotive applications”. Hmmm…

Published 1068 days ago

Having previously written in March in a sceptical vein, I note shares in the company which modestly describes itself as “a world leader in the design and manufacture of thin, flat supercapacitors and energy management systems”, CAP-XX (CPX) currently trade higher, at around 5p, on the back of an announcement which begins with that the company “is pleased to announce that it has secured new orders for its supercapacitor solutions for both passenger vehicle and heavy vehicle automotive applications”.

CloudTag – the equity issues go on and on…. And on and on…

Published 1074 days ago

“CloudTag (CTAG), the company that brings personal monitoring to the health, wellbeing and fitness markets, is pleased to announce an operational update and to announce it has raised £470,000 by way of a subscription for new ordinary shares”. At 6.05p, this now means a market cap here of more than £19.5 million. Hmmm…

Christie Group – AGM statement, relying on second half year recovery. Hmmm…

Published 1075 days ago

Shares in provider of professional business services and stock & inventory systems and services, Christie Group (CTG) are currently trading lower on the back of an “AGM Statement” announcement. Let’s take a look…

Time Out Group – IPO, an absolute rum n’ coke

Published 1076 days ago

Time Out (TMO), founded in 1968 as a London culture and entertainment magazine, has listed on AIM at 150p per share, to capitalise the group at £195 million. Founder Tony Elliott sold a controlling share to private equity firm Oakley Capital in November 2010 with the “strategy to transform what was a traditional print brand into a leading digital platform”. Apparently Oakley “invests in and supports the continued growth and development of some of Europe’s leading companies”. Financially, this ain’t one of them…

eg solutions – “Board Changes” announcement adds to an extraordinary track record

Published 1077 days ago

“eg solutions plc (EGS), the back office optimisation software company, announces that Jonathan Kay, Chief Financial Officer, Duncan McIntyre, Non-Executive Chairman, Mark Brady, Non-Executive Director and John Brougham, Non-Executive Director, have tendered their resignations”. Uh-oh…

Eagle Eye Solutions – CEO reckons “encouraging progress”, the market reckons not…

Published 1080 days ago

In February, with its shares at over 200p, I noted scepticism on Eagle Eye Solutions (EYE) after a heavily spun trading update - see HERE. We now have another trading update and CEO Phill Blundell emphasising “encouraging progress”, though the shares currently down a further more than 10%, to 164p, in response. Hmmm…

AO World – full-year results, do the numbers reflect “deliver(ing) huge benefits to the business”?

Published 1081 days ago

Online electrical retailer AO World (AO.) has announced results including that “the consistent focus we place on delivering amazing customer service along with the investment we have been making in our brand continues to deliver huge benefits to the business” and that “trading in the current financial year has started well”. The shares though are now down 6%, to 157p, on the back of the announcement. Hmmm, let’s take a look...

Hardide – half-year results dire, cash crunch & thus (explicitly) fundraising ahoy!

Published 1084 days ago

Half-year results (to 31st March 2016) from Hardide plc (HDD), a company which “develops, manufactures and applies advanced technology tungsten-carbide coatings to a wide range of engineering components… Customers include leading companies operating in oil…” Uh oh...

DCD Media – follows no-one watching o'clock "business update", with no-one watching o'clock results

Published 1088 days ago

Following a true 'no-one watching o'clock’ “Business Update” from DCD Media (DCD), it has followed suit with the results announcement – with a 4:10pm release. I wonder why...

Sabien Technology – more problems (& some pure comedy) in the boiler room

Published 1088 days ago

“The board of Sabien Technology Group plc (AIM: SNT), the manufacturer and supplier of M2G, an energy efficiency technology, announces that the company now expects to report revenues of c. £0.9m and a loss of up to c. £1.7 m in the financial period to 30 June 2016”. Hmmm, let’s read on... ‘UK pilot programme’, ‘Sales pipeline’, ‘Overseas pilot programme’ and finally ‘UK trading’… “results for the current financial year stem from the withdrawal of a number of large prospects from the opening pipeline at 1 July 2015 and a reduction in contract value of a number of sales”. Uh oh…

Igas – new Nomad and Broker appointed: bail-out imminent?

Published 1091 days ago

Shares in AIM-listed and over-indebted Igas Energy (IGAS)  had a good week last week, rising by about a third in value before slipping back again. But its balance sheet problems (well documented on ShareProphets, see HERE) continue to mount and this morning it was announced that Investec has been appointed Nomad and joint Broker, replacing the previous incumbent Jefferies International. Whilst one might wonder if Jefferies jumped or was pushed, the bigger question is when the bail-out re-financing will come and how big the shafting for existing shareholders will be.

DCD Media – Friday 4:07pm “Business Update”, true 'no-one watching o'clock’ stuff?

Published 1094 days ago

No announcements since 13th November last year from DCD Media (DCD), that is until now… a Friday before a bank holiday weekend 4:07pm “Business Update & Notification of Results”. I’m guessing this ain’t going to be good…

CDialogues – “Update on new Business Opportunities” = from bad to worse…

Published 1095 days ago

A 10:58 am “Update on new Business Opportunities” announcement from mobile marketing services company CDialogues (CDOG). Hmmm, with last month-announced results including that “given that net contributions from some mature projects are expected to decrease during 2016, the company is now focused on building the new business pipeline”, this really needs to be positive…

Lombard Risk – full-year results it is “pleased to report”, it shouldn’t be…

Published 1095 days ago

Chairman Philip Crawford is “pleased to report on a year of considerable development and growth for Lombard Risk” (LRM). The results suggest he shouldn’t be…

eServGlobal – trading & research update, “on track”... or not?

Published 1096 days ago

Shares in mobile financial services company eServGlobal (ESG) have recently moved higher on the back of a trading update particularly emphasising that “the company confirms it remains on track to achieve a small EBITDA* surplus for the core business”. However, researcher Edison has now updated including “we have revised our forecasts to reflect H116 performance, reducing our revenue and EBITDA forecasts”. Hmmm…

Shanta Gold - Director buy SPOOF!!

Published 1096 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.

Tungsten – Full-year trading update, the board reckons ‘unwavering belief’. Hmmm…

Published 1097 days ago

Tungsten Corp (TUNG) has updated on a cash balance “£1.1 million in excess of the board's expectations” and revenues for its year ended 30th April “representing an increase of at least 12.5% on the prior year”. The shares are though currently lower, at around 58p, in response. Hmmm, better continue reading…

IGAS – a fracking good shorting opportunity?

Published 1098 days ago

This morning came an announcement (see HERE) that North Yorkshire County Council has voted to allow the use of hydraulic fracturing to extract shale gas from a site in northern England. It is the first fracking permit in the UK since 2011 and all of a sudden over-indebted Igas Energy (IGAS) shares have leapt 25% on the news. Of course it does nothing to relieve the balance sheet issues facing Igas and as such this seems to be a cracking (or fracking) good shorting opportunity.

Mobile Streams – a 2:21pm “Trading Update”, Uh oh…

Published 1101 days ago

A Thursday 2:21pm “Trading Update”. Hmmm. “Mobile Streams plc (MOS) updates the market on its expectations for the current financial year ending 30 June 2016”. Uh oh…

Goldenport – last chance for the bag of Walkers, it is shipwreck ahoy!

Published 1102 days ago

On 22 April 2016 fully listed Goldenport Holdings (GPRT) announced its intention to delist from the London Stock Exchange, stating that the last day of dealings was expected to be 23 May 2016 – Monday of next week. But, as discussed previously, following the disposal of its shipping fleet (in a series of related party deals, all approved by shareholders) it seems clear that there will be nothing left for shareholders at all. 

Imaginatik – shares on the rise despite admitted discounted fundraising discussions. Hmmm…

Published 1102 days ago

Having fallen back towards 3p following a couple of RNS announcements earlier this week, shares in Imaginatik (IMTK) are currently on the rise again. With this coming after the shares had slumped to sub 2p by the start of April before soaring beyond 5p by the commencement of May, the following reviews the goings-on here…

Ubisense – it’s so long, farewell, Auf Weidersehen, goodbye... to CEO Richard Green & his “performance payments”

Published 1103 days ago

Previously on Ubisense Group (UBI), I reviewed a November profit warning and noted an idea where the “further cost actions” can start – see HERE. That was with the shares then at 66p. With them now at 29p, an announcement from the company begins with “that it is to expand the remit of its chairman, Peter Harverson, to become executive chairman with immediate effect”. Hmmm, why’s that then?

Earthport – follows recent bad news with… £650k+ of nil-cost share awards to management!

Published 1109 days ago

Having in February seen its shares slump further on potential foreign exchange business fraud and in March announced an increased net cash outflow, pioneering cash-burning machine (sorry, “pioneering technology success story… revolutionising global payments”) Earthport (EPO) has announced… “nil-cost share awards under 2016 Long Term Incentive and Retention Plan to the members of the executive management team”!?! …

MediaZest - ‘keep the lights on’ placing, is ‘transformation’ really ahoy?

Published 1110 days ago

“MediaZest (MDZ), the creative audio-visual company, is pleased to announce that it has raised £250,000 (before expenses)… The net funds raised will be used to help deliver current and future projects for existing clients including Hyundai, Adidas, HMV, Diesel and Kuoni. The funds will also provide MediaZest with additional working capital and will help the company to develop new business opportunities and expand the client base”. Hmmm – the amount sounds much more like a ‘keep the lights on’ placing to me. Let’s take a look...

HaloSource, Inc. – agreement for sale of Recreational Water business, is all as it initially seems?

Published 1112 days ago

HaloSource, Inc. (HAL) has announced “a conditional asset sale agreement to sell its Recreational Water business… for an initial cash consideration of up to $7.5 million and further deferred cash consideration of up to $0.5 million”. The announcement though later states “an initial cash payment of $4.0 million”. Hmmm, what’s going on?

eServGlobal – Contract announcement, Rampity, ramp. How long till private investor screwing ahoy?

Published 1116 days ago

Mobile money company eServGlobal (ESG) has followed a claimed “significant contract” which saw guidance only maintained, with a contract win in West Africa which purportedly “is further confirmation that a recovery in the sales engine of our company is now underway”. Hmmm…

blur Group – ‘Contract win’ seemingly sparks further delusion

Published 1118 days ago

Perennial cash-burning machine, sorry “Enterprise Services Platform & Marketplace”, blur (BLUR) “is pleased to announce the signing of a two year contract with a FTSE 250 multi-channel retail group”. Apparently, this contract win “demonstrates that business leaders and large corporates are increasingly acknowledging the need to prioritize their unmanaged, indirect business services spend and recognize that blur's platform offers an efficient and agile solution to drive new efficiencies within indirect spend”. Hmmm…

Sepura – you were warned & highly suspicious share price movement ahead of mega dilution ahoy!

Published 1124 days ago

Following a 4th April profit warning and with the shares at around 140p, I warned that the lack of order visibility together with the possibility of debt covenant breaches must make shares in Sepura plc (SEPU) a sell/bargepole, concluding that the warning signs are loud & clear – see HERE. With the shares currently down a further more than 30% today, at 65p, on the back of a “Trading Update and Financial Position” announcement, you were warned…

Goldenport – Institutional dash for the exit

Published 1126 days ago

Soon-to-be delisted from the main market and surely worthless (see HERE) Goldenport Holdings (GPRT) released a TR-1 yesterday which showed that Artemis Investment Management LLP dumped most of its holding last Friday, 22 April – the day that the company announced that it was to delist.

Goldenport – delisting leaves shareholders dead in the water

Published 1130 days ago

It will come as no surprise to readers of ShareProphets that main market listed Goldenport Holdings (GPRT) is to leave the LSE, as announced this morning. Shareholders are set to lose everything just as predicted (see HERE, HERE, HERE and HERE) but amazingly the shares are still trading pro tem. You can still get your bad of crisps….or perhaps just a couple of penny chews, for the shares have collapsed (so far) by 70% today, to 1.5p mid. So there is another 1.5p to go….

Torotrak – “Trading Statement” announcement is actually ‘commercialisation delay’

Published 1130 days ago

Emissions reduction and fuel efficiency technology company Torotrak (TRK) has released a “Trading Statement” commencing that “the group has made good progress in executing the three year strategy to commercialise its technologies… During the last 12 months there has been a significant increase in interest from potential licensees and OEM customers in gaining access to the group's KERS technology in off-highway and V-Charge in passenger cars”. The shares are though currently more than 6.5% lower, at 5p, in response. Hmmm…

21st Century Technology plc – another attempted ‘no one watching o’clock’ failure

Published 1136 days ago

Friday (15th April) at 2:24pm: “The board of 21st Century (C21) today provides the following trading update”. Hmmm. My guess is it ain’t gonna be good…

Red Flags at Night: Rurelec trading/funding update - ShareProphets RNS Translation Serice

Published 1138 days ago

We have known that the Peter Earl AIM-listed train-wreck Rurelec (RUR) has been in some financial difficulty for some time. Mr Earl departed the scene last June, but the fire-fighting for the new board has been on-going ever since. Last night at no-one-is-watching o’clock (4.55pm) the company gave an update on its funding arrangements and trading in what must be a classic case-study for all MBA students on how to deliver bad news. Over to the ShareProphets RNS Translation service for the low-down on last night’s announcement…..

SeaEnergy – grim read across from appeal judgement vs Lansdowne/Providence

Published 1138 days ago

Oh dear, things have just got a whole lot worse for AIM-listed SeaEnergy (SEA) as fellow AIM company Lansdowne Oil and Gas (LOGP) – in which SeaEnergy has an 18.67% interest - has just announced that its shares are suspended pending financial clarification.

Intelligent Energy – shares soar, but is funding & restructuring announcement all it seems?

Published 1147 days ago

Having reviewed “energy technology” (AKA ‘green shite’) company, Intelligent Energy (IEH) last month on the back of funding calamity - see HERE, I now update with the shares currently more than 70% higher, at around 17p, today on the back of an announcement entitled “Funding Update and Proposed Business Restructuring”. Hmmm...

China Norfolk Asian Citrus profits warning – how long until the corporate undertakers are called?

Published 1153 days ago

ShareProphets AIM-China Filthy Forty purveyor of Biblical plagues, Asian Citrus Holdings (ACHL) has updated the market on its latest calamity. Apparently it grows oranges too, but its main product these days does seem to be natural disasters that prompt ( lack of) profits warnings.

CDialogues – CDOG a complete dog? Another unhappy Greece-originating AIM story

Published 1153 days ago

Provider of mobile marketing to mobile network operators, CDialogues (CDOG) has announced that “following the announcement made by the company on the 25th January 2016, the company now expects that EBITDA for the year ended 31 December 2015 will be less than €1.6 million” and that its “existing contracts have generated revenues in the first quarter of 2016 less than the board anticipated”. And it possibly gets still worse…

Intelligent Energy – shares short-circuit on funding calamity

Published 1158 days ago

Shares in energy technology company, Intelligent Energy (IEH) currently trade approaching 80% lower today, at below 10p, on the back of an “Update on funding position” announcement which includes that “in light of recent and unexpected developments in the discussions with various parties, the company will not be able to complete a funding process, in sufficient quanta, by the end of Q1 2016”. And it gets worse…

No Gold to be found in this Port – just a stench

Published 1162 days ago

I covered proposals by the board of fully-listed Goldenport Holdings (GPRT) to dispose of its remaining fleet of container ships last weekend with an unequivocal “sell” stance, having previously given the company a wide berth (by more than the length of your average bargepole). The shares duly collapsed by more than 50% last week but I  think that they are worthless and so still a sell at any price. But I have grave misgivings about how this whole thing has been handled by the company.

IGAS – results to Dec 2015: company foresees non-compliance with bond covenants. Sell.

Published 1166 days ago

AIM-listed Igas Energy (IGAS) is my share tip of the year – as a sell. This morning saw its results for the 9-month period to Dec 2015 which did nothing to make me change my stance. Indeed there was a clear warning that the company is on course to breach its bond covenants during H2. The shares remain a stonking sell.

Red Flags at Night – Goldenport Holdings sets sail into the sunset: SELL!!

Published 1170 days ago

Talk about burying bad news. Quite apart from now scoring a hat-trick of appearances in the Red Flags at Night column (see its previous gracings of this fine website HERE), fully-listed Goldenport Holdings (GPRT) didn’t even bother to include the bad news in last night’s no-one-is-watching o’clock RNS, released at 5.20pm when everyone had gone home for the weekend. It did say there is a Notice of EGM but you then have to find it on the Company’s website. And even that does not spell out the true horror. If the shares are still trading on Monday, it should be treated as a last chance to get out with one of Tom Winnifrith’s bags of crisps.

Petroceltic – ShareProphets RNS translation service on “Response to Worldview Offer”

Published 1179 days ago

Petroceltic International (PCI) has released a convoluted response to 29.6% shareholder Worldview Capital Management’s 3p per share offer for the company. A clear job for the ShareProphets RNS translation service...

AO World – A O, now it’s the Chairman to go...

Published 1179 days ago

Domestic appliances online retailer, AO World (AO.) has announced that Chairman Richard "Quindell" Rose “has announced his intention to step down from the board once a successor has been appointed”, with Rose noting “the long-term strategy we set out at the time of our IPO is firmly on track and I feel now is the right time for me to move on”. Hmmm.

Avanti Communications - please explain your 100% rum & coke subsidiary accounts?

Published 1183 days ago

If a company organanises itself with complex subsidiaries with opaque accounts that simply contradict themselves you know to run a mile. Think Quindell. Now welcome to the world of Avanti Communications (AVN) - target price 0p - and its wholly owned subsidiary Avanti Communications Infrastructure Limited. The numbers just do not make sense.

Volex: update on trading & meaningless director share purchase reaffirm bear view

Published 1185 days ago

November-announced interim results from power and data cabling provider, Volex plc (VLX) noted “tough” trading conditions, but also that “several significant new projects expected in H1 FY2016 have been deferred into H2 FY2016 including the roll out of a new product from our largest customer. We are already beginning to see the benefits of these projects in the second half”. Today we have that “expected demand for both existing and new products from our largest customer was less than expected in the second half of the year”. Uh oh…

Earthport – shares slump on potential foreign exchange business fraud

Published 1186 days ago

Joining shares in Solid State plc (see HERE) in being trashed today are those in provider of cross-border payments services to banks and other financial companies, Earthport (EPO). This follows an announcement that the company is exposed to a potential loss of £5 million as a result of a customer of its foreign exchange business, Baydonhill, failing to honour pre-confirmed bank payment instructions, on the basis of which payments were made on the client's behalf. Hmmm…

Grafenia – hopefully my previous calls on this heeded; it’s another profit warning

Published 1187 days ago

“Trading Update” announcement from Grafenia plc (GRA) commences “Post the last market update, trading has been more challenging in the company's domestic channels. Our markets have never been more competitive, with established players, aggressive pricing from new European entrants and domestic commercial printers diversifying into the trade print sector”. Uh oh…

Rurelec – breathing space following new secured loan

Published 1193 days ago

This morning AIM-listed Rurelec (RUR) which is rather fighting for its life announced that it has bought itself a little more time in the form of a new short-term secured (over all the assets of the company) loan of £850,000, which has already been fully drawn down. This will be repayable at the end of June and will repay the last short term secured loan from Radix (of £600,000), associated accrued interest as well as provide working capital.

600 Group – industrial products company “Trading Update” suggests increasing macro woe

Published 1194 days ago

Distributor, designer and manufacturer of industrial products, 600 Group (SIXH) has updated that continued weakness within Europe and the UK is now also being encountered in the USA market. Uh oh…

China AIM fraud Auhua Clean Energy – a last chance to escape as the fat lady warms up in the wings?

Published 1194 days ago

Time is running out for ShareProphets AIM-China Filthy Forty poster-boy Auhua Clean Energy (ACE) to find a new Nomad. It was announced on 29 Jan 2016 that the current incumbent, Grant Thornton, had given notice that it was to quit the post with effect from 29 Feb 2016 (a week on Monday). Barring a miracle (and we know that AIM Regulation has been keen to discourage Nomads from taking on China plays where the previous Nomad has resigned) then shareholders have until Friday of next week to get out or face being lobster-potted.

F40 Origo Partners: The Noose Tightens

Published 1195 days ago

I previously commented (HERE) in the wake of ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) seeing shareholders reject proposals aimed at settling a dispute with the majority holder of its Zeros, Brooks Macdonald, that the company seemed to have a bit of a problem. In particular, one might note that the company had already ‘fessed up that it would not be able to meet scheduled redemptions next month. Now Brooks has made a move as the noose tightens.

WANdisco– new forecasts (lower, natch), even deeper in the merde

Published 1199 days ago

Following a “2015 year-end update” from WANdisco plc (WAND) earlier this week, forecast changes are now following. They ain’t exactly promising!...

DQ Entertainment – the Red Flags pile up. Writing, wall.....this stinks!

Published 1205 days ago

Following the appearance of AIM-listed DQ Entertainment (DQE) in our Red Flags at Night series regarding the resignation of its Nomad and other matters, slipped out at no-one-is-watching o’clock on 3 Feb, we had a Director Shareholding RNS yesterday afternoon. It is a complex announcement, but it stinks. Certainly it did not give any reason to question the wisdom of the Nomad, Allenby, to step down on 22 Feb. The shares remain a big sell even after the collapse of last week.

RockRose Energy – more on the Employee Benefit Trust, implications for NAV – and another error

Published 1210 days ago

We still don’t have an answer to the question posed regarding a share issue of 700,000 shares at 50p a pop in November 2015 (ignored in the Admission Document). Nor do we have an answer to the question over how share with a nominal value of 0.5p were consolidated 4:1 into share of 20p. I would argue that the Companies House filings of LSE Main Market (Standard) Listed RockRose Energy (RRE) has serious questions to answer. Who benefits from the Employee Benefit Trust is (at least for now) in no longer a question – but there another error.

Reader Post of the Day: Bearfacts - who runs Blenheim & what is it worth?

Published 1212 days ago

Blenheim Natural Resources (BNR) is another much hyped shitty little AIM investment company. It also smothered itself in merde with its recent shoddy dealings with African Potash (AFPO). One of our readers (Bearfacts) posts on this matter, a comment which merits a wider audience. Over to Mr Bearfacts before I add another kicking below: 

Igas – an interesting TR-1: is there an error here?

Published 1213 days ago

Andrew “piggy” Austin, the former CEO of AIM-listed Igas (IGAS) and head honcho of newly listed RockRose Energy (RRE) has submitted an interesting TR-1 which was released by Igas yesterday afternoon. It raises a number of questions, not least of which is whether it was erroneous. Surely the Equities First Holdings LLP (EFH) saga is not taking yet another twist, is it? 

SolGold continues to burn through cash - sell

Published 1217 days ago

There seem to be so many mining companies on AIM that burn through cash without looking any closer to actually producing anything! Some of them catch my eye as they’ve been around for a few years and often were previous ‘darlings of AIM’ amongst private investors, and SolGold (SOLG) definitely falls into that category.

RockRose Energy – more filings from the pig-sty on Companies House. How can we possibly believe the Admission Document?

Published 1221 days ago

We have already flagged up a bit of a mis-match of data between the Admission Document and the Companies House filings of the newly floated RockRose Energy (RRE) on a Standard Listing of the Main Market of the London Stock Exchange – see HERE. But on the day of that first article, Companies House later showed that a correction had been filed (on 7 Jan 2016, as it turns out). A further filing appeared the next day (filed on Christmas Eve). What it seems to show is that the Admission Document was just plain wrong. Or the filings are wrong – even after the correction. This is turning into a farce from Andrew “Piggy” Austin, formerly of IGAS.

Inspirit – more Companies House issues, more on that change of Auditor, more Red Flags.

Published 1236 days ago

AIM-listed Inspirit Energy Holdings plc (INSP) has confirmed that its change of auditor was due to the resignation of PKF Littlejohn. There is a statement in FY15 accounts that the auditor was appointed during the year following the resignation of PKF Littlejohn LLP. But that means that PKF resigned during the year to way back in June 2015. When an auditor resigns there is supposed to be a filing to Companies House to that effect, with an accompanying letter from the retiring auditor giving the circumstances relating to the resignation, or a statement that there is nothing to be brought to the attention of the members or creditors of the company. Those are supposed to be filed to Companies House within fourteen days. Here we are more than six months later: where are they? 

Inspirit - about that change of auditor: why no Companies House filing? And More

Published 1237 days ago

I have already flagged up enough Red Flags with regard to the ex-Lenigas play, AIM-listed Inspirit Energy (INSP) - see HERE and HERE - to consider it a share to keep well clear of even Desperate Dan's bargepole. But a change of Auditor is also a Red Flag, and there appears to be no statutory filing showing on the Companies House website to explain why PKF Littlejohn LLP is no longer in post.

Inspirit Energy - a festival of Red Flags on New Year's Eve: Sell

Published 1238 days ago

The ex-Lenigas stock that is AIM-listed Inspirit Energy (INSP) issued its full year results to 20 June 2015 on the day of its reporting deadline of New Year's Eve. Just the timing of the RNS during no-one-is-watching o'clock week is a Red Flag in itself. But quite how it has taken six months to collate its numbers when there are no sales is a mystery to me - that is another Red Flag, but there are plenty more. For a start, there is a change of auditor but a glaring error and a few other matters leave me reaching for the bargepole even before looking at the balance sheet.

China New Energy - the fastest pump and dump in history?

Published 1244 days ago

This morning at 8.47am F40 AIM-listed China New Energy (CNEL) announced a contract worth CAD$3 million. The shares rocketed on the news, from an open at about 2p to peak at over 2.5p. Thirty-nine minutes later came the dump, in the form of a placing at just 1.5p in a keep-the-lights-on issue which raised just £200,000. Nice work, fellas - I'll bet anyone who piled in on the contract news at up to 2.5p is delighted with their purchase, with the shares now languishing at just 1.725p last seen. This is a disgrace.

ZincOx – failed fundraising, delisting mooted. Cheese’n’Onion or Salt’n’Vinegar, anyone?

Published 1244 days ago

This morning AIM-listed ZincOx Resources (ZOX) produced a calamitous RNS. A failed funding round (for $5 million) means that 90% of its erstwhile wholly-owned subsidiary ZincOx Korea Ltd is to be handed over to Korea Zinc or – at Korea Zinc’s request – a loan by Korea Zinc will be converted in an eye-watering debt-for-equity shareholder dilution to leave ZincOx shareholders with just 10% of the equity. And there could be more dilution as ZincOx Korea is loss-making: any further funding to keep the lights on at the plant will come from Korea Zinc which will increase its ownership in proportion. Even after this ZincOx looks to be in dire straits and is now considering delisting. In short, this is a trainwreck. Time for one of Tom Winnifrith’s bags of Walkers – or will it be just Tesco Value?

WANdisco – after-hours contract wins RNS: Why?

Published 1250 days ago

It is pretty unusual for a company to slip out good news at no-one-is-watching o’clock, but that is what AIM-listed and rather short of cash WANdisco (WAND) pulled out of the hat yesterday at 5.26pm. Is the news really that good? And talking of hats…..…is this all just a precursor to passing the hat around to raise some much needed cash?

Igas - do you believe the shareholders or the bondholders? The bondholders say sell!

Published 1250 days ago

We have noted already - in the wake of dire interims -  that AIM-listed Igas Energy (IGAS) has seen its bonds selling off to well below par value, and that Igas has warned on its bond covenants. The sell-off on its bonds has continued. With the shares having headed south before a bounce in the wake of favourable permitting news, shareholders might want to note the latest move in the bond price: it says sell.

SeaEnergy: profit warning, loans, new Nomad. Was that plain or cheese'n'onion?

Published 1278 days ago

I suppose that a profit warning should actually involve profits but unfortunately for SeaEnergy's (SEA) beleaguered shareholders that seems to be a long way off. With the low oil price it goes without saying that companies with exposure to black gold in some form or other are going to be suffering in the current climate. But SeaEnergy – as discussed HERE - could and should have been almost bullet-proof. Having had cash and readily realisable assets worth millions, the company has spent the cash and stood by while the value of the holding in Lansdowne Oil and Gas (LOGP) has dwindled away. It now finds itself reliant on the bank and having to go round with a begging bowl in order to keep the lights on.

Xcite Energy – could it be toast by June?

Published 1280 days ago

Third quarter numbers from Xcite Energy (XEL) make for grim reading indeed. At 18.5p the company is valued at £57.4 million but it could well be toast within nine months.

Gulf Keystone – Ben Turney needs to be locked away for his insanity – the shares are a sell

Published 1287 days ago

Ben has produced yet another truly awful piece on Gulf Keystone GKP) today, Flip Flop is a stale long and wrong bull, I have called it spot on as a sell from 180p down to today’s 25.75p. But his offering today “facts about Gulf Keystone’s debt” is not based on fact and makes assertions that are ludicrous.

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

Published 1290 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.

Rurelec – woe upon woe as 54% shareholder goes into administration

Published 1315 days ago

I have been bearish on AIM-listed Rurelec (RUR) all the way down from 3.75p in May. With the shares now down 79% since then, at 0.775p, I sense a notch on the bed-post at Deputy Sheriff of AIM Towers. Rurelec’s 54% controlling shareholder, Sterling Trust, has gone into administration and so we now have (to add to the balance sheet issues) a monster of a stock overhang. Also in the fray is the already suspended AIM-listed IPSA (IPSA), which sees a 30% stock overhang created.

Rurelec – boardroom departures. Rats, sinking ship, writing on the wall?

Published 1322 days ago

This morning two boardroom departures have been announced at AIM-listed Rurelec (RUR). The chairman was announced to have gone first thing this morning, and now he has been followed by a NED who is departing as of the end of the month. Is this a sign of further woes to come?

Seaenergy – results: how much shareholder value has been pissed away? Sell.

Published 1348 days ago

AIM-Listed Seaenergy (SEA) announced its interim results to 30 June yesterday morning. Having previously highlighted a few missed opportunities HERE (and that is being uber-polite) I see some pretty horrible numbers. I note that Tom Winnifrith called it a Bargepole stock in yesterday's Bearcast, but stopped short of calling it an outright sell. I hesitate to disagree. Er…..no I don’t. I say it is a sell, a bag of crisps job.  

Naibu – Comedy RNS, Tragedy awaits – sell at 51.5p – target price 1p

Published 1755 days ago

A Trading statement from China based AIM Cesspit POS Naibu (NBU) today is sheer comedy genius. The shares are off again at 51.5p and I am now minded to revisit my 1p target price as I am being generous.

Monitise plc – forecasts down, share price to fall again?

Published 1776 days ago

Shares in mobile banking, payment and commerce company Monitise plc (MONI) were hit earlier this month by a trading statement – as analysed HERE. Heck, let's not beat about the bush: trading statement equalled revenue warning. Forget about profits, they are years away (at best). With lower forecasts now in place and the shares having recovered a bit to a current 46p, should you buy?... No!

Sell Leni Gas & Oil, by Doc Holliday

Published 1810 days ago

I see my old sparring partner ''David'' Leni Gas & Oil (LGO) has released yet another RNS, which means not only are we at a baker’s dozen plus in little over a month now (!!!), but also that each one creates less and less impact. A lot of the news is surely already priced in and is even, arguably, overpriced into today’s share price. 

A Brokers BUY stance means sweet FA – a shocking table for you to consider

Published 1833 days ago

Some folks get terribly excited about broker research reports. Henry at JP Morgan upgrades his stance from overweight to buy, Goldman’s removes a stock from its Conviction List but still rates it as buy. You know it all means sweet FA. Sorry to market reporters who fill column inches with this stuff but it is meaningless.

VSA: Sell Kenmare Resources at 26.75p – target price 22.4p

Published 2225 days ago

Specialist resources broker VSA has initiated its coverage of fully listed Kenmare Resources (KMR) with a detailed note and a recommendation of sell.

ShareProphets

About ShareProphetsTerms of ServiceForgot My Password
Contact UsPrivacy PolicyForgot My Username
Advertise With UsCookie PolicyResend Account Validation Token
Send Us A Tip

Data by ADVFN / Site by Everywhen /