Tom Winnifrith Bearcast: Woodford and another £10m down the Proton Partners pan - a new valuation scandal
Published 66 days ago
I first warned about Interserve at about £1 back in October 2016, warned about it all the way down ever since and made it my sell tip for 2019. Today at an EGM, shareholders – as I had expected – voted down a debt-for-equity swap in which they would have retained 5% of the company. The shares were suspended immediately and at 2pm it was announced that the board will apply to the High Court for the company to be put into administration. In short, it is a 100% wipe-out for shareholders – and time for an Ouzo at Deputy Sheriff Towers.
Published 67 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.
Published 89 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.
Published 161 days ago
Whilst Tom Winnifrith enjoys an early morning glass of ouzo upon confirmation that MySquar (MYSQ) has finally departed the Casino amid allegations of fraud and someone’s fingers in the till, there is another party going on at Deputy Sheriff Towers: fully-listed Interserve (IRV) has finally confessed that its shareholders are going to get clobbered. Indeed, the shares this morning fell way below their nominal price of 10p in the scramble to get out and currently sit 47% down on the day at around 12p...
Published 178 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.
Published 326 days ago
On Tuesday 26 June, ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) fessed up that it had lost another boat-load of cash, this time on Kincorra Copper (TSX.V: KCC). Actually, it didn’t – we were simply told it had been sold for CAD 2 million (around US$ 1.5 million). It is not until you realise that the company had sunk US$ 8.5 million into Kincora that you see what a shambles that investment was.
Published 372 days ago
It wasn’t a great week, last week, for shareholders of companies starting with Inter. Whilst Interquest (ITQ) served up an after-hours notice of an EGM with proposals to delist the company and a derisory offer at 24p on Friday (at 5.22pm!), Interserve (IRV) announced at 7am that is was the subject of an FCA investigation regarding its market disclosures between 15 July 2016 and 20 February 2017 in relation to its (now) exited Energy-from-Waste business. I’m completely with Tom Winnifrith on the former. On the latter, however, the FCA seems to be missing its target completely on this issue.
Published 610 days ago
Today is the day that Nyota was to have been booted off the world’s most successful growth market unless a replacement Nomad had been appointed, Beaumont Cornish having resigned in mysterious circumstances. Of course, today is a Sunday, so we should have heard something on Friday. But as predicted HERE, there was nothing. I guess the shareholders always knew where they stood, but now it is confirmed: you are at the bottom of the heap.
Published 677 days ago
Last night at no-one-is-watching o’clock AIM-listed Parallel Media (PAA) slipped out a correction to its major shareholders listed in the recent full-year results for 2016. Actually, it was a major correction: 33% of the company!
Published 710 days ago
Corero Network Security (CNS) “announces that certain existing options over ordinary shares… granted to certain directors of the company have been cancelled at the directors' election and new options over the same number of ordinary shares have been granted to those directors at a revised exercise price”. Hmmm, “cancelled at the directors' election” and re-granted at a “revised exercise price” announced on General Election results day. I’m guessing the exercise price hasn’t been “revised” upwards!...
Published 755 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…
Published 793 days ago
Hello Share Tusslers. The majority of private shareholders at the UK Investor Show at Westminster in a couple of weeks’ time will be sitting on huge gains over the year. They will be in a jollier mood than we’ve seen them in a long time.
Published 800 days ago
Hello Share Packers. All of the shares I’ve brought to your attention have been making good ground. But then again nearly all shares have been flying on the coat-tails of a bullish Footsie.
Published 980 days ago
Following on from the letter from the non-exec Chairman of Nomad-less, Company Secretary-less and registered office-less and suspended Galasys (GLS) in which he warned of huge bills for the company if the motions were passed, the company has announced this morning that all the resolutions have indeed been passed. So what now?
Published 1012 days ago
Hello Share Twirlers. I’m indulging myself lately by featuring a few of my picks that are doing rather well at the moment. The last one we looked at was IQE, the electronics pioneer, which has been rattling ahead after a rather poor period, when I’m glad to say, I managed to hold my nerve. Now the share seems pretty perky. Today’s success story is Avacta (AVCT).
Published 1047 days ago
Texan W Hulsey Smith is suing AIM listed Strat Aero (AERO) and vice versa in legal action that has the potential to derail the company for good. Smith has today released a third letter calling for "Transparency with Shareholders" and arguing that "Something Just Does Not Add Up"...
Published 1090 days ago
Yesterday I exclusively revealed HERE that Teathers Financial (TEA) had told rebel shareholders that if they did not withdraw an EGM request to sack the board, a mystery £1 million investor would walk. Teathers boss Oliver Fattal gave the rebs until 3 PM to pull the request. They declined. Today Teathers has changed its tune. That on its own tells you the board are worse than poltroons and should be fired. I now publish Olly's email.
Published 1123 days ago
In case the rozzers want to know where Costis, Konstantinos Papadimitrakopoulos, hid the cash he liberated from the fraud Globo (GBO) both directly and via share sales in the days running up to its collapse, perhaps they should ask disgraced Globo NED and the man who listed it on AIM Gavin Burnell. For it seems that Gavin had dealings with the criminal bubble outside of Globo.
Published 1139 days ago
Life is pretty grim for Nighthawk (HAWK). By April 16 it has to figure out how to repay $10 million of its $23 million borrowings despite having only $2 million of cash. There must be a solution but it may not be entirely pleasant for shareholders. But at least the company has a sense of humour, now admitting that production numbers it issued on April 1st were utterly bogus. April Fool! Shucks, its shareholders really believed you. Good one!
Published 1315 days ago
Last night, the BBC’s Inside Out London documentary revealed that UK Oil & Gas’ (UKOG) Stephen Sanderson was the original source that claimed there are “between 50 and 100billion barrels of oil in place in the ground” in the Weald. This wildly optimistic figure was at the heart of April’s Horse Hill propaganda campaign, which caused the shares prices of all the listed companies involved to rocket. UK Oil & Gas half-heartedly tried to distance itself from these wilds estimates, but it is now unequivocally clear that it was behind them. Stephen Sanderson surely now has to go. Let’s see what the company’s Nomad (scandal plagued WH Ireland) has to say about this.
Published 1317 days ago
I am afraid that while there have been many bloodbath days for shareholders in Carry on up The Sefton Resources (SER), tomorrow will be the bloodiest of the lot. I am expecting an RNS first thing and it is not going to be good news.
Published 1320 days ago
Shareholders in Motive TV (MTV) can only be described as stockmarket masochists. In they wander to the dungeon of the AIM casino to find a leather clad figure (Leonard Furtig) preparing to chain them to the wall for another beating. Whack, another placing, smack, yet another placing, are you diluted enough yet Mr Shareholder? And still these folks come back for more. But now I want you to turn your mind back to a placing on 26 November 2014 and ask the question did Motive TV raise money on a false prospectus and lie to investors?
Published 1349 days ago
We are still finding oddities in the FY14 accounts of AIM-listed Daniel Stewart Securities plc (DAN) and its subsidiary Daniel Stewart & Company plc (DSC). Now it may be that it is perfectly normal for a listed company to rack up a few expenses which are disallowable for tax and so on. But the magnitude of the numbers seems (at least to this pleb) somewhat surprising.
Published 1393 days ago
This morning Afren (AFR) released an odd RNS to say that the General Meeting scheduled for last Friday which it called off had not happened. Over to the ShareProphets RNS Translation Service to explain….(original in bold)
Published 1397 days ago
Last night, NWOGaction set the date for relaunching itself as the formal New World Oil & Gas (NEW) shareholder action group; tomorrow. Early indications are that the new action group will receive confirmed support from 4.11% of New World’s shareholders. This number is expected to grow in the coming weeks. The full statement can be read below.
Published 1405 days ago
Hello Share Trundlers. I hardly ever go off topic. This is after all a website for people who care about shares. But actually, I don’t think I am wholly thinking about something else when I draw your attention to the important debate in Parliament, planned for today and now postponed.
Published 1487 days ago
Cientifica (CTFA) was today formally booted off the AIM Casino after six months of suspension but shareholders will be asking where did all the money go and why is the board not pursuing this matter?
Published 1564 days ago
The bad news is that there is little or no value in the equity, which means that shareholders are going to lose all of their money.
Published 1578 days ago
And so a new twitter account has appeared in recent days @gothamresearch_ -you may have noticed it and thought this was real Gotham City Research. Boy have those bears changed tack. Er no…this is just Quindell shareholders breaking the law (again)
Published 1588 days ago
In this podcast I look at levels of disclosure in trading statements and how only some companies understand who owns them (shareholders). I cover, en passant ,Michael Page and in detail Igas, Leyshon Energy, Iofina and Northern Petroleum (also covered today HERE)
Published 1613 days ago
Today I further raise the subject of inherent let downs by heavily remunerated Boards of Directors. We all know that Antrim Energy (AEY) has been something of a disappointment for those who backed it, so along came junior E&P company Sound Oil (SOU) with a low ball offer.
Published 1630 days ago
Shareholders in AIM casino listed Beacon Hill Resources (BHR) were almost wiped out yesterday and may still face total wipeout. Who is to blame? What can shareholders so? What should they do? I am sorry but I can offer little comfort here in a podcast on this matter. But I should say that the auditors (BDO) and board have a few questions to answer
Published 1631 days ago
I kid you not, someone has just started a thread on ADVFN Quindell the next ten bagger. The Quindell(QPP) morons are in full cry today convinced that a 1p rise in the share price discredits “the blogger” completely and shows that they are on their way to untold wealth. WRONG. Rob Terry is sitting on £7 million because he’s dumped stock, the morons are heading for poverty. So what do you call a group of Quindell shareholders, we asked for your suggestions for the collective noun on Saturday.
Published 1633 days ago
A group of Lions is a Pride. A group of Sheep is a Flock. It is a troop of baboons. It is a destruction of wild cats, it is an implausibility of gnus and a storytelling of Ravens. So what do you call a group of Quindell (QPP) Shareholders? Reader Chris suggests “a catastrophe” or a “mugging” “a catastrophe of Quindell shareholders” has a good ring to it but perhaps you can do better? Post your entries in the comments section below, deadline is midnight Sunday.
Published 1652 days ago
Having warned last month that “indications” were that an offer for the company “is unlikely to be at a premium to the share price at the close of business on 1 October 2014 of 135 pence”, a recommended 126.5p per share cash offer for restaurant group Prezzo (PRZ) has been announced. Does this represent the majority-owning Kaye family looking to ride roughshod over small investors?
Published 1677 days ago
Multinational commodities group Trafigura, the largest shareholder in EMED Mining (EMED), has called an EGM to vote on the removal of most of its board to ‘bring about much-needed change’. Steve Moore and I back Trafigura and urge you to cast proxy votes in support of the calls for change. Small investors, the peasants, can make a difference here and the current board has given the peasants every reason to revolt.
Published 1737 days ago
Over the past few days we have uncovered evidence that on no less than FIVE, sorry make that SIX, occasions Rob Terry handed cash belonging to Quindell (QPP) shareholders to his mates in return for worthless assets. Does this matter? I think it does but others may disagree. What do you think? Poll closes midnight on Monday. Vote now below.
Published 1742 days ago
Having previously concluded on the Balfour Beatty (BBY) and Carillion (CLLN) merger saga that ‘the potential synergies from a merger appeal to many investors, but with uncertainty as to whether a transaction can be resurrected and ahead of the results announcements later this month, it is a watching brief here for now’, the following updates with Balfour having now affirmed that it has rejected a revised proposal from Carillion and “lost confidence in the likely delivery of a successful transaction”. Carillion meanwhile is to “give further consideration to its position and will make a further announcement in due course”.
Published 1749 days ago
Hello Share Shakers: The banks have had a hard time of it. Yes, I know that's a kind way of putting it. No sooner do they overcome one set-back than the next one raises an ugly head. At the moment, the big worry is that some overbearing authority will bang in another ludicrously big fine.
Published 1826 days ago
I wanna tell you a story…it is a true story but not from the great Max Bygraves. It is from me and from a company meeting a while back and it is why I almost despair of some on public markets.