By Tom Winnifrith | Thursday 15 June 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.
Surprise surprise shareholders in Fusionex (FXI) voted to delist the shares from AIM. Management and stooges had the vote sown up anyway so won 85% to 15%. The shares will cease trading on 26 June. CEO Ivan Teh must have really pissed off the owners of 5.4 million shares who voted against.
"I am very grateful for the overwhelming support we received from our shareholders, both UK-based as well as international, who voted in favour of the proposed delisting.
I would also like to extend our gratitude to all shareholders that have reached out in support to us, many of whom have indicated their intention to remain invested with Fusionex for the mid to long term."
What utter horseshit.
You can bet that the owners of the 5.4 million shares will not be hanging around until the 26th or showing mid or long term support. This company was drowning in red flags, never generated cash as it booked healthy profits and was clearly from the Malay province of Norfolk.
The shares are already off vt 12% at just 33p to sell and that is with just 177,000 shares traded at the time of writing. They are heading down to close to zero ( which is probably fair value) by the time the selling really gets going.It is another day of shame for AIM.
I note that with its prior PR (Buchanan) having quit after the delisting was announced there is a new PR, Walbrook, employer of journalist smearing Paul "Queenie McManus) who likes to spin for frauds like Eden Research and market misleaders like Advanced Oncotherapy.Walbrook is now establishing a dominant position as the PR of choice for the scum at the bottom of AIM. I also note that there is no Nomad contact on today's release? Has it, perhaps, given its notice?
Don't wait for the answer to that one. Sell.
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