By Tom Winnifrith | Monday 9 January 2017
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.
The fraud African Potash (AFPO) has been formally booted off AIM today as no Nomad is prepared to act for it. It is a day of shame for lyin Chris Cleverley the CEO and his senior NED Lord Peter Hain of sleaze. The shares are now only listed in the joke lobster pot that is NEX Markets, it is almost impossible to sell in any size and even harder to raise cash as a company. So Potash will soon go bust. At the weekend I explained the very odd timeline of seven days in September that lead up to the last Nomad, Cantor Fitzgerald, quitting. Now look at lyin' Chris's words since.
On 21 November Potash finally fessed up that Cantor had given three months notice on September 7 but lying Chris said:
The Company is however pleased to announce that it is well progressed in meaningful discussions with a potential replacement nominated adviser although there can be no assurance that an appointment will be made.
On 7 December Potash stated
Although there can be no guarantee that any appointment will be made, the Company is pleased to report that it continues to be in meaningful discussions with a new Nominated Adviser and will update the market in due course.
On 30 December Potash stated in a note in its report and accounts ( which were dated 28 December but not released until 4 hours after the stockmarket closed on the Friday before the New Year's Eve bank holiday)
The Company is in meaningful discussions with a new Nominated Adviser. Should the Company not be able to appoint a new Nominated Advisor, then its shares will cease to be traded on AIM. Although its shares will continue to be traded on ISDX, it is possible that the Company will find it more difficult to raise additional equity finance.
Today the company issued a statement "Trading on the NEX Exchange Growth Market" in which it stated " African Potash is pleased to confirm that the Company's ordinary shares of no par value ("Ordinary Shares") continue to trade on the NEX Exchange Growth Market following cancellation of the Company's admission to AIM."
Of course there was not actually any doubt that shares would remain on NEX ( where they have been since December 8) but this was a way of announcing "Potash booted off AIM" without stating that in the headline.
So how did 4 months of discussions which were meaningful for the final six weeks end up as nothing? Perhaps Lyin Chris might might care to say which Nomad declined to act for it and why? Over to you Cleverley you lying bastard.
Never miss a story.
This area of the ShareProphets.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ShareProphets.com. ShareProphets.com does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ShareProphets.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ShareProphets.com and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.
Comments are turned off for this article.
Search ShareProphets |
Stock market news |
Recent Comments |