And another Neil Woodfjord (geddit?) Disaster: Thin Film

Published 4 days ago

Apologies for missing it on Friday, but it turns out that there was yet another disaster for Neil Woodford on Friday as its Norwegian play revolutionising the world of chip and PIN, Thin Film (OB:THIN), announced a strategic update and corporate restructuring after hours. Uh-Oh……a strategic review! No wonder he was in such a bad mood as he lashed out at critics offering false analysis and fake news.

NetScientific – de-listing GM adjourned indefinitely as would be defeated, where now for this Woodford dog?

Published 19 days ago

Previously writing on NetScientific (NSCI) it was “Conclusion of Strategic Review” does indeed look more Neil Woodford disaster vicar – including that “the board has concluded that it is in the best interests of the company and its shareholders as a whole to cancel the admission of the ordinary shares to trading on AIM, re-register the company as a private limited company”. There’s now been updates on the General Meeting…

NetScientific – “Conclusion of Strategic Review” does indeed look more Neil Woodford disaster vicar

Published 36 days ago

Writing last month on NetScientific (NSCI), it was zero potential offerors; more Neil Woodford disaster vicar? – that following an announcement that, despite having stated it was undertaking a strategic review as “the board believes that the market is undervaluing NetScientific's portfolio”, it continued to not be in receipt of any approaches and, “not aware of any parties who might now make such an approach or initiate such discussions… the company confirms that it has closed the formal sale process”. Now a “Conclusion of Strategic Review” announcement…

Utilitywise – “Strategic Review and Formal Sale Process” = shares suspension ahoy as ‘not sufficient’ funding interest; why’s that Neil?

Published 54 days ago

Previously writing on Utilitywise (UTW), in July it was a “Strategy Update” only David Brent & major shareholder Neil Woodford are clever enough to understand? – with that including CEO Brendan Flattery attempting to reassure that “the strategy update outlined today will enable Utilitywise to meet its two new financial targets, as well as maximising the medium term potential from the business”, though I concluding of course though, there is no guarantee that it will – and I’ll continue to avoid at least until there is some clear net cash generation demonstration. Today a “Strategic Review and Formal Sale Process” announcement…

NetScientific – zero potential offerors; more Neil Woodford disaster vicar?

Published 66 days ago

An intra-day (11:08am) announcement and Woodford Investment Management the major shareholder. What’s the chances this announcement from self-styled “transatlantic healthcare IP commercialisation group”, NetScientific (NSCI) ain’t going to be good…

Flybe shares collapse – takeover at just 1p per share by Virgin & Stobart: you were warned

Published 71 days ago

Oh dear, Oh dear. Is that the smell of burned Bulletin Board Moron fingers I detect? Flybe (FLYB) shares were 16p last night. This morning it has announced an agreed takeover from Virgin and Stobart (STOB) at just 1p per share. And that is generous. Lucian Miers and I did warn you.

Red Flags at Night: The People’s Operator updates on its death (or, rather, doesn't)

Published 82 days ago

AIM-listed The People’s Operator (TPOP) (until Thursday, but suspended) issued a statement at 6.24pm on Friday to update shareholders on its listing status (no Nomad and due to be booted to the great stockmarket in the Sky on 3 January) and its financial position. A prime example of a no-one-is-watching o’clock RNS – and read it carefully and it is clear that the Grim Reaper is hovering, and will strike imminently...

Xaar – attempted no-one watching “Trading Update”. Uh oh…

Published 85 days ago

Previously writing on industrial inkjet technology company Xaar (XAR) on half-year results in September, I concluded the scale of deterioration, lack of visibility and continued difficult trading see - despite the shares currently sub 200p - me presently continue to avoid. Now a 28th December - i.e. attempted no-one watching o’clock - “Trading Update”. Uh oh…

Neil Woodford’s disaster of the day No 1 – Netscientific

Published 93 days ago

There were two enormous red flags waving at NetScientific (NSCI), the healthcare IP commercialisation group. The first was the announcement a few weeks ago of a “strategic review” which in plain English means “we are fucked” and the second was that Britain’s worst performing fund manager Neil “Nomates” Woodford owns 47% of the company with the funds he used to manage round at Invesco owning another 19%. And so to today’s disastrous news.

Science Group – trading update & termination of formal sale process. Share price fall justified?

Published 99 days ago

“Consultancy providing applied science, product development, technology advisory and regulatory services to a client base in medical, commercial and food & beverage markets”, Science Group (SAG) has announced a “Trading Update; Termination of Formal Sale Process” – and the shares have responded currently more than 6% lower, towards 200p…

Ascent Resources – I warned ‘what’s happened with previous verbal assurances of support?’, and now…

Published 143 days ago

In early August, as its shares soared on the back of a “Permitting update” including “the company has been assured the required permits will be processed without undue, further delay, which the company takes to mean they should be issued in final form in the next two months”, I warned on Ascent Resources (AST) - positive permit assurances… but what’s happened with previous verbal assurances of support?. The shares are currently slumping on the back of a further permitting update…

Crawshaw – “potential financial restructuring and equity fundraising”?

Published 147 days ago

“Statement re media speculation” from Crawshaw Group (CRAW), including “the board confirms that it is considering a number of remedial actions to address the key issues it has identified, which may include raising additional funding through an equity capital raising”. Uh oh – hopefully my prior warnings were heeded…

WPP advertises a shocker! Worst fall since 1999...

Published 149 days ago

A couple of months ago I talked about advertising behemoth WPP (WPP) again noting that "in short, do not be tempted by WPP yet. The 'Sorrell lows' of c. 1100p are one place to have a think about it all but I would wait for the realities of the strategic update first". Too right...after today's update smacked the shares down over 15% at the time of writing - and even earlier today it fell the most on an individual day since 1999. Put that on your advertising billboards!

TLA Worldwide – when you need a Nomad desperately, ‘who you gonna call?’...

Published 156 days ago

TLA Worldwide (TLA) was last week “pleased to announce that it has reached an agreement with SunTrust Bank to provide additional working capital headroom through deferment of principal and interest payments together with the waiver of covenants”. I bet it was as it had previously stated that “as a result of weak trading the group expects net debt for the 2018 full year to be significantly higher than previously anticipated and consequently is likely to breach its existing banking covenants”. Now a “Proposed Nominated Adviser Appointment” announcement…

Crawshaw – interims, a “change programme to restore growth and profitability”?

Published 178 days ago

Self-styled “the UK's leading value butcher”, Crawshaw (CRAW) has announced self-admitted “clearly… disappointing” results for its half-year ended 29th July but that new management “has completed its review of the business and is implementing its change programme to restore growth and profitability”. Hmmm…

WPP - time to advertise a kitchen-sinking

Published 200 days ago

It is nearly six months since I last mused about the advertising behemoth WPP (WPP) HERE and it has not got any easier, even if its legendary founder Martin Sorrell did the decent thing and exited stage left...eventually. More on the great advertising man in a minute, but we all know that the key with this space (as with most sectors) is to underpromise and overdeliver. That in a nutshell is the challenge for the company's new CEO Mark Read, a company insider tasked with taking over the advertising company that Martin built…

Ascent Resources – “pleased with the progress of the strategic review to date”. You cannot be serious!!!

Published 228 days ago

An “Operational Update” from Ascent Resources (AST) commences “as previously announced, the company commenced a strategic review in April 2018 to review the various options available for the company to maximise value for shareholders” and later includes “the board is pleased with the progress of the strategic review to date and discussions are ongoing with a number of different parties”. Good, good - ‘Pleasing’ progress towards maximising value for shareholders then… and the shares have currently responded… er, circa 40% lower towards 0.40p!?...

ITV - a rather dull strategic update...but that's no bad thing

Published 241 days ago

So after over six months of musing, the day has finally arrived. A strategic update from ITV (ITV), put together by newish CEO Carolyn McCall is, in summary, not really that radical or exciting. However I am perfectly happy with this and - as discussed at the time of my last write-up on the stock HERE - I think all this does is further embed the rationale for Liberty Media to buy this UK media name.

Escape Hunt – argues “good financial performance”… but why also included “relative to the number of games rooms opened”?

Published 242 days ago

A trading update from ‘escape the room’ experiences company Escape Hunt (ESC) includes “exceptional customer reviews for the three sites opened earlier this year are translating into good financial performance thus far with revenue and EBITDA contribution, relative to the number of games rooms opened, having met our expectations”. A current 114.5p share price though compares to a 135p placing price when joining AIM in May 2017…

Imaginatik – no sale as “unable to make a positive recommendation” on proposals put forward. Uh oh…

Published 291 days ago

“Result of strategic review and new funding” announcement from Imaginatik (IMTK). The shares have responded currently more than 40% lower, towards 0.60p. Uh oh…

Nakama Group – “Corporate update and director resignation”. Uh oh…

Published 348 days ago

I previously wrote on recruitment group Nakama (NAK) a couple of years ago – the shares then approaching 27% lower, heading towards 2p, on a trading update which featured management-speak shite & is shite!. The shares are today currently heading lower towards 1p on the back of a Corporate update and director resignation

Escape Hunt – site opening ‘delight’… so why are the shares somewhat depressed?

Published 376 days ago

‘Escape the room’ games company Escape Hunt (ESC) is “delighted” to announce the opening of an owner-operated site in Bristol and “excited about the further openings in the coming months”. However, the shares are a currently unchanged 113.5p – down from a 135p May AIM admission. Hmmm…

Capita – ‘update on transformation and outlook’ sounds innocuous enough. But then it's another Woodford stock…

Published 416 days ago

An ‘update on transformation and outlook’ announcement from outsourcing company Capita (CPI) sounds harmless enough – but then I’m reminded that Woodford Investment Management is a significant supporter and, given its recent travails, let’s take a closer look…

HSS Hire – “decisive actions return group to profitability”. Really?

Published 479 days ago

A trading update announcement from tool and equipment group HSS Hire (HSS) is headlined “Decisive actions return Group to profitability” - and the shares have currently responded higher. However, down from above 80p at the commencement of 2017, they are only up 1p presently on the day at 29p…

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

Published 625 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…

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

Published 649 days ago

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

Infrastrata – cash crunch & sack-the-board General Meeting ahoy… so it’s strategic review time!

Published 670 days ago

Having bought itself some time by declaring an initial sack-the-board General Meeting requisition “invalid” (a revised, valid requisition announced by it at an attempted ‘no one watching o’clock’, 5:15 pm, on Friday), Infrastrata (INFA) has this afternoon made a “Review of stategic options & project update” announcement...

NCC Group – "Trading update", adjusted EBITDA ‘in line with expectations’. Hmmm…

Published 695 days ago

“Trading update” announcement from NCC Group (NCC) opens with that “the group continues to trade in line with the board's expectations for full year Adjusted EBITDA, as announced on 21 February 2017”. Hmmm, adjusted EBITDA you say and what was that announced on 21st February?...

Bowleven – ShareProphets RNS Translation Service reviews Termination of Strategic Review

Published 718 days ago

AIM-listed Bowleven (BLVN) has announced the termination of the strategic review initiated by the previously hung board in the wake of the sack-the-board EGM requisitioned by Crown Ocean, before former Chairman Billy Allan departed the scene. The ShareProphets RNS Translation Service has been taking a look (original in bold).

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

Published 740 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…

Pebble Beach Systems – disposal updates include buyer reserving its rights as it claims “numerous breaches of the contract”!

Published 745 days ago

After results for the first half of 2016 showed an increased £8.8 million of net debt, Pebble Beach Systems (PEB, then Vislink) announced a $16 million sale of its hardware division, Vislink Communication Systems, to NASDAQ-listed xG Technology, Inc – stating the disposal to see it “be left substantially debt-free and to execute its software transition strategy”. There are now further updates on how this is working out – including a 5:25pm “Response to xG Technology Inc Press Release” announcement. Uh oh…

HaloSource – trading update, still desperate times?

Published 802 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...

Molins – seeks to emphasise “positive” recent order intake, but for this year it’s another profit warning

Published 831 days ago

After August “Half-year Report” announcement = Profit Warning from Molins (MLIN), we now have a “Trading update” announcement which is a further profit warning – seeing the shares down from my bargepole conclusion at 53.5p to a current sub 50p…

John Lewis of Hungerford – full-year results, “fifth consecutive year of sales growth” BUT…

Published 836 days ago

Specialist kitchen manufacturer and retailer John Lewis of Hungerford (JLH) has announced results for its year ended 31st August 2016 – including a “fifth consecutive year of sales growth, which exceeded £8 million for the first time”. However…

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

Published 870 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”

CSF Group – Delisting proposal for shareholders with a gun to the head

Published 908 days ago

AIM-listed CSF Group (CSFG) announced this morning that it is to call an EGM for shareholders to consider a resolution to delist from the world’s most successful growth market. The reasons cited are the lack of institutional demand, liquidity which is effectively meaningless and the failure to secure additional capital by way of equity financing. So much for AIM as a source of growth capital.

Zamano – initial “Highlights” of half year results positive, so why are the shares further down?

Published 940 days ago

zamano (ZMNO) has announced results for the first half of 2016, with a first two “Highlights” of “sales increased by 80.2% to €18.748M” and “zamano continued to improve its balance sheet position, with cash of €7.430M at 30 June 2016”, so why are the shares currently further lower below 10p? …

Molins – “Half-year Report” announcement = Profit Warning…

Published 941 days ago

Half year results from Molins (MLIN) – the company's first stated “Key point”“Results in line with management expectations”. Good, good. Final such point: “the board is taking a more cautious view of the short-term trading outlook and has revised downwards its trading expectations for the current year”. Uh-oh...

zamano – from “positive performance in revenue & profit” to group contribution margins “lower” in less than 3 months…

Published 961 days ago

Provider of interactive applications and services to mobile devices, zamano (ZMNO) “is pleased to issue an Interim Management Statement in conjunction with its Annual General Meeting”“Pleased to issue” - should be good then, wait, what? The shares are currently down approaching 17%, to 10p, on the back of it? Hmmm…

Avanti Communications announces strategic review - aka - "we are fecked"

Published 984 days ago

Oh dear, this is the end for you my friend....Avanti Communications (AVN) has announced a "strategic review". In other words it has admitted that it s well and truly fecked. Shareholders should, whatever the weasel words of the RNS, prepare for wipeout. This is - as we pointed out in a 25 minute presentation at UK Investor Show, a zero. The statement is typical King of the Bombast David Williams horseshit.

Sutton Harbour Holdings - An Easter Egg of an Investment

Published 997 days ago

Sutton Harbour Holdings (SUH) is one of those eccentric stocks which gets stuck trading below its NAV and frustrate shareholders for an extended period of time. In all the excitement yesterday over a particular airline’s precarious financial position, I neglected to read the annual results from this verifiable Easter egg of an investment.

Circle Oil - it now admits it is toast and so is this the worst broker note in history?

Published 1037 days ago

Those dreaded phrases "strategic review" and "breach of banking covenant" should have warned you that Circle Oil (COP) was toast and I warned you often enough in bearcasts. But it today Circle has admitted that the game is up yet one broker does not get it and has published the worst note in history or at least since Cenkos & SP Angel told folks to reject the 3p bid for Petroceltic (PCI)

Petroceltic – insufficient valid acceptances for Worldview’s offer, Uh oh…

Published 1072 days ago

Having stated its offer for Petroceltic (PCI) was conditional on 90%+ acceptances, Worldview has announced at closing valid acceptances of 54.6% have been received and that resultantly “the acceptance condition has not been satisfied and the offer has lapsed”. Uh oh…

Petroceltic – ShareProphets RNS translation service on “Response to Worldview Offer”

Published 1114 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...

The St Valentine's Day winning poet is Creature - star entry

Published 1132 days ago

There were many fine and - I am delighted to say - many dirty and obscene entries in the St Valentine's Day contest. You can review them all HERE. But there can only be one winner. Over to Creature... Cheryl will be proud of you. 

Tom Winnifrith Bearcast 3rd February - Deltex dont give me that working capital crap

Published 1144 days ago

I start with today's placing news from Deltex Medical (DEMG). I do not reckon that this will be its last placing and its language stinks at every level. The money will be used for "working capital". Bollocks. It means to "fund our ongoing fucking losses". And there is more. Yes this is a bad language special. And if you are a Guardian reading loser who thinks the NHS is cash starved you will also be offended.  I also look at Petro Matad (MATD), Petroceltic (PCI), Rose Petroleum (ROSE) and once again push Wandisco (WAND) for a statement. Is there a "strategic review" yet? How close are you to tits up time?

Tom Winnifrith Bearcast 23 January: Bank Robbers, Purists, Rampers & other shite

Published 1155 days ago

I am not in a good mood. Is this more to do with the reaction to Brokerman Dan's piece here yesterday or an impending trip to the Grim Northern welfare safaris to see the mother in law. Anyhow this podcast contains a lot of bad language. I discuss Daniel's contribution. The market was in a good mood yesterday and thus a number of wholly irrational share price spikes get covered: Mosman Oil & Gas (MSMN), XCite Energy (XEL), Condor Gold (CNR) and especially Highway Capital (HWC) which I cover in detail. I also explain why I remain bearish and comment on Aureus Mining (AUE) which announced a "strategic review" i.e. it is totally fucked.

Condor Gold - Lack of Offer Period over - it's screwed

Published 1160 days ago

Back in September ailing AIM listed gold dog Condor (CNR) announced that it was undertaking a strategic review and was in an offer period. Today it says both processes are over. It was bollocks from the start, you can't polish a turd and this company - of which I have been a long term bear - is screwed. It is almost game over. It will be lights out in May.

Petroceltic's annus horibilis ends badly, 2016 will be worse

Published 1185 days ago

Petroceltic's (PCI) year just got a whole lot worse when at 5.24pm yesterday, a.k.a '' nobody is watching o' clock " the company rolled out the red carpet of piffle from an operational and financing update inc. a strategic review. As Petroceltic has a history of trying to gag anonymous bloggers (whilst I don't hide) I think I'll skate gently on the thin ice its business model is built upon. I don't want to spend Christmas suffering another attack from an army of delusional investors crowing that Petroceltic is a real value play when in reality the paddywack performance is plain to see. 

Tom Winnifrith Bearcast 9 December - Condor Gold & Rose Petroleum are delusional

Published 1200 days ago

The pain killers are really starting to kick in and so I must warn you that this podcast contaions some bad language. Well quite a lot of bad language actually. On the agenda are the delusional fantasists who are running both Rose Petroleum (ROSE) and Condor Gold (CNR) into the ground. There is an apology on LGO Energy (LGO) but its shares, down again today, are still toast - I discuss what a strategic review means and why Bulletin Board morons are just so blinkered...they are in love you see. Then it is onto Iofina (IOF), Quoram (QRM), InternetQ (INTQ) and the dog Fitbug (FITB)

Tom Winnifrith Bearcast 8 December - InternetQ, battle underway, LGO a RNS that says desperate

Published 1201 days ago

In today's podcast I update you all on the olive harvest - I managed four hours in the fields today despite still being in real pain. But not as much as LGO Energy (LGO) - its RNS today smells of desperation. For strategic review read "the game is up" and that also applies to Kolar Gold (KGLD). I comment on Avanti Communications (AVN) where the share price crumble is accelerating - remember debt is crack cocaine for management but for shareholders it is bad for your wealth. I comment on Silver Falcon (SILF) and tick off the grossly irresponsible, Justin the Clown of ADVFN and also on Defenx (DFX), rapidly becoming an IPO omnishambles. Then onto InternetQ (INTQ) where it is now "game on" but I end with Antrim Energy (AEY) where a concert party of Brokerman Dan, market abuser Chris OIl and ADVFN (AFN) head honcho Clem Chambers have just taken a 3% stake.

More dire shite from Dialight - “Strategic Review and Trading Update”...

Published 1243 days ago

Another doff of the cap to Matt Earl who recently reminded that shares in Dialight plc (DIA) were more expensive that you’d think HERE. A “Strategic Review and Trading Update” announcement from the company today currently sees the shares down approaching 15% at 570p…

Dialight plc – you were warned…

Published 1382 days ago

At around 950p less than a year ago, I concluded that shares in Dialight plc (DIA) looked “overvalued. And then some.” (see HERE). I then updated in April, at 755p, on an AGM trading update I considered more misleading than informing (see HERE). I now update with the shares currently down more than 30% on the day at around 500p.

Monitise plc – update as forecasts reintroduced & directors buy shares

Published 1446 days ago

I previously commented that its recently concluded strategic review suggested that Monitise plc (MONI) was not worth what the board seemed to consider it to be – see HERE. The following updates after some director share buying and the reintroduction of some forecasts…

Monitise ‘Strategic Review’ confirms it’s not worth what the board thinks & founding co-CEO walks the plank

Published 1459 days ago

Monitise plc (MONI) has announced that a strategic review has concluded “that the best way of maximising long-term value for all stakeholders is to continue transforming and streamlining the business as an independent company”. With the shares having reacted a current more than 16.5% lower, to 15p, the following reviews…

Monitise plc – review following research update on interims and capital markets day

Published 1487 days ago

Interim financials last week from Monitise plc (MONI) were far from impressive – though the company emphasising that this “reflects a period of transition, with the group moving away from large upfront licence revenue or engaging in new large scale development and integration led projects, but not yet benefiting from the release of the new platform and associated subscription revenue”. The following reviews a research update post the interim results and a following ‘Capital Markets Day’…

Monitise plc – interims results, ‘moni’ being lost hand over fist

Published 1492 days ago

Monitise plc (MONI) has announced results for a six months ended 31st December 2014 it describes as “a period of transition, with the group moving away from large upfront licence revenue or engaging in new large scale development and integration led projects, but not yet benefiting from the release of the new platform and associated subscription revenue”. With it also noting “the announcement of our Strategic Review has led to many constructive discussions with market-leading players interested in our business and the role we play in the industry”, the following updates…

Is Centrica the new Tesco’s?

Published 1493 days ago

It is always worth taking a look when there is a big fall in a well-owned FTSE-100 stock.  Today’s performance dog is Centrica (CNA) which probably supplies many of you via its British Gas brand with gas and electricity and which has blamed a combination of energy price moves, the weather and utility market competition for a 30% fall in earnings per share in 2014…and most strikingly a 30% fall in the dividend it is going to pay. 


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