By Nigel Somerville, The Deputy Sheriff of AIM | Saturday 11 July 2015
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Last year Optimal Payments (OPAY) was forced to come (semi) clean over a loan package between its CEO, Mr Joel Leonoff, and Equities First Holdings LLC (EFH). Optimal originally told that market on 1 April 2014 that Mr Leonoff had pledged 1.5 million shares in the company as collateral for a loan of approx. £4m, but failed to mention a few details such as the non-recourse nature of the package and that EFH was free just to dump the stock into the market. This did not become clear until it was exposed on ShareProphets last autumn and resulted in a number of clarifications from Optimal, along with AIM-listed Igas (IGAS), Cloudbuy (CBUY), Quindell (QPP), IQE (IQE) and Angle (AGL).
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