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By Steve Moore | Tuesday 5 December 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.
HaloSource (HALO) has announced that “its patented, best-in-class HaloPure disinfection technology is being utilised to power a line of purifying pitchers sold in retail outlets across South Africa by H20 International… Marks the first sale of HaloPure-powered devices on the African continent” - and the shares have currently responded more than 15% higher towards 2p. Ramptastic!...
The likes of H2O “have now built the largest network of drinking water retailers in South Africa” and “being promoted through this well-respected channel lends a tremendous amount of credibility to our technology powered hydration devices” are emphasised – and these instead of the provision of any financial indications.
Indeed, the announcement is an ‘RNS Reach’ – suggesting a lack of near-term financial materiality, which is significant here as September-announced results warned; “Management believes current funding will be sufficient to finance the company's operations through the remainder of 2017; however, sufficient funds are not currently available to fund operations for 12 months from the issuance of these financial statements and the company anticipates raising additional funds in the next 12 months”.
The latest follows a flurry of ‘news’ since that results announcement – including a 31st October-announced appointment of a joint broker, Cantor Fitzgerald Europe, to go alongside Nomad and broker Liberum Capital.
It thus looks to remain a question of only when’s the attempted discounted fundraising ahoy? Natch, the stance thus remains sell / bargepole.
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