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By Tom Winnifrith, The Sheriff of AIM | Tuesday 27 October 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.
Dan McCrum is a journalist on a very important paper, the FT. And so naturally he of the microscopic cojones is the heroic scribe who brought down the fraud Globo (GBO) all by himself. In between picking his nose and slapping himself on the pack micro cojones yesterday explained how the downfall was 100% down to him. Welcome to the Dan McCrum Globo timeline. His comments are in ordinary font, my own are in bold.
For two years ShareProphets warns its readers about red flags at Globo. The Financial Times is not spoon fed anything so is unable to engage in such prescient journalism. Its coverage is minimal and not critical.
Morning of Tuesday 20 October McCrum is passed a draft copy of the Quintessential Capital Management bear raid document. He picks his nose and thinks how important the Financial Times is for 24 hours before doing anything. Sadly I am also aware of the report and break the story on the same day HERE
Morning of Wednesday 21 October: we talk to Costis Papadimitrakopoulos about Globo’s apparent lack of customers, and allegations the company has fabricated sales. The Globo CEO and founder denies any wrongdoing. He puts us in touch with longstanding business associate Thanos Giamas, founder and CEO of Metis SA, to vouch for Globo.
Following that conversation, according to Monday’s statement:
The Chief Executive Officer, Mr Konstantinos Papadimitrakopoulos advised the Company on 25 October 2015 that up to 22 October 2015 he has:
• sold 42,049,655 shares of Globo Plc; and
• pledged 10,000,000 shares of Globo Plc under a personal loan agreement with Lantau Holdings Limited. The loan will default at close of business today because of two consecutive days of the suspension of the Company’s shares from trading.
The number of shares (and voting rights) which Mr Papadimitrakopoulos now holds is 27,734,542 (including the pledged shares) representing 7.42% of the issued share capital. His previously notified holding was 69,784,147 shares (and voting rights) which represented 18.67% of the issued share capital.
Try again Dan – we track IP on this website and there were numerous logins to that bearcast from Globo on the Tuesday. The sell orders started then while you were still busy snot gobbling and thinking how important the FT is
Night of Thursday, 22 October: Quintessential Capital Management release (sic) a critical report on Globo’s accounting and sales.
Thursday night. Only one publication is brave enough to publish that report. Even QCM does not publish it on its website but ShareProphets does and we are inundated with traffic (including stacks with the Globo IP address). The FT which has now had a draft report for 60 hours still does nothing. Dan, “micro cojones” McCrum picks his nose and thinks how important the Financial Times is.
Morning of Friday, 23 October: the shares are suspended at Globo’s request. We publish our piece about the difficulty of finding customers.
AFTER the shares are suspended snot gobbler micro cojones McCrum is brave enough to publish a short piece. He does not use the fraud word but suggests that all is not well. The one media outlet that published the report in full and forced the suspension is rather braver.
Day of Saturday, 24 October: Globo holds an emergency board meeting at which “Costis Papadimitrakopoulos the CEO of the Group brought to the attention of the Board certain matters regarding the falsification of data and the misrepresentation of the Company’s financial situation, and offered his resignation, as did Dimitris Gryparis the CFO of the Group,” the company said.
Morning of Monday, 26 October: the company informs the market about the share sales, defaulted loan and resignations. Canaccord Genuity, Globo’s joint corporate broker, resigns with immediate effect.
Morning of Monday 28 October the Financial Times finally uses the fraud word. Dan McCrum gobbles a bit more snot and in the afternoon pens a piece to remind us all that the Financial Times is a very important paper and through its courageous investigative journalism single handedly brought down Globo.
And folks wonder why the mainstream press continues to lose readers. Not only are they cowards but they cover up their cowardice with self-important articles like the one above from snot gobbler micro cojones McCrum.
Never miss a story.
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