Thursday 17 August 2017 The one stop source for free breaking news, expert analysis, and videos on AIM and LSE listed shares


Stuttard’s Septic Seven – June Update: and then there were just three

By Nigel Somerville, the Deputy Sheriff of AIM | Sunday 18 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.


It is five weeks since our last update on the portfolio of seven AIM stocks selected for Marcus Stuttard, the sham sheriff of AIM, to put his money into to show his faith in the system of regulation last September. As you will recall, these were all companies which we had Red Flagged but about which AIM Regulation had done nothing. Last month the losses were 61.7% in about 8 months.

Since our last update we have had results for Eden Research (EDEN) which saw the FRC forcing restatement of past numbers. You can read about that (and a few other things) HERE.

And then there is African Potash (AFPO) which saw Peterhouse Corporate Finance resign as Corporate Adviser on the eve of the company AGM. It seems that even without a corporate adviser (or any form of PR) the folks there were determined to push through with the corporate deal on the table but this time we don’t see any way back. Having been booted off the Casino in January (when it headed to NEX) it seems that the current suspension there (from 21 April) looks set to be the last and so it has finally been awarded a zero.

Meanwhile Taihua plc (TAIH) – which has already delisted – has passed a resolution to change status from a plc to a private company. We’ll see what happens there next, but given that FY16 numbers are due at the end of the month and a few unanswered questions from the last lot, will they be released at all? We’ll wait for that….

And so we are down to just three: China New Energy (CNEL), Aquatic Foods Group (AFG) and our good friends at Eden. Aquatic Foods, of course, is a Filthy Forty company and served up a trading update stating that cash is at an all time high. At about (then) five times the market capitalisation that’s good news, right?

Except that there was a statement way down the statement that it was having trouble getting it out of the PRC. That doesn’t sound too good for the dividend, a comment on which would have been nice to see.

So perhaps the reporting deadline in a few days time will have some more bad news.

Meanwhile, with an average loss of 64.7% - a new all time high – here is the performance table.

  start (mid) now (mid) Change %
AFG 12.5 9.5 -24.0
AFPO- delisted, now susp NEX 0.185 0 -100.0
CNEL 1.525 1.3 -14.8
CTAG - delisted 18 0 -100.0
EDEN 11.5 9.875 -14.1
JSI - delisted 3 0 -100.0
TAIH - delisted 2.75 0 -100.0
       
    Average % -64.7


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