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Karelian Diamonds – a lesson in reading RNSs: You've been spoofed - when’s the placing?

By Nigel Somerville, the Deputy Sheriff of AIM | Friday 9 February 2018

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.

AIM-listed Karelian Diamonds (KDR) rather bucked the trend yesterday when it put on 10.6% on a day the markets were again sinking. We all know Karelian needs a placing urgently, to keep the lights on. So what caused the rise? Oh, hang on, there are three RNSs which were released just after 3.40pm – and they are all good 'news', except for one small detail…

They all start with this text:

Please be advised that this announcement was initially published [insert date and time of original RNS here]. This announcement is being re-issued to facilitate display on third party vendor screens. All content below remains unchanged.

So they were all old news, and there was no change from the originals.

One was about getting closer to the diamond source, another was about the award of a license, and the third was someone apparently hoovering up a load of shares. But we had heard it all before, word for word.

The company tells us they were reissued to facilitate display on third party vendor screens, but I have an alternative explanation: it’s placing ahoy, and with no ramptastic news available the company simply regurgitated a bunch of old RNSs. In other words, it spoofed.

It all had the desired effect – three good RNSs close together (if people can’t be bothered to read them properly) and bingo: the shares shoot up. Just look at the chart below (remember, just after 3.40pm) and you’ll see what I mean.

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