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By Cynical Bear | Thursday 5 July 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.
Today’s short but disappointing trading update from the jokers at Boxhill Technologies (BOX) could indicate that the past is beginning to catch up with these guys, particularly Phil Jackson. The share price has plummeted by 50% as a result. Let’s take a closer look.
I most recently commented on Boxhill a few weeks ago HERE highlighting the fact that Phil Jackson had been disqualified as a director having been embroiled in a significant VAT fraud at 818 Limited. Well it seems that those issues from the past are now causing problems at Boxhill.
Today’s announcement simply states:
”The Group has experienced a substantial decline in certain payment processing revenues during May and June due to a requirement by particular banks to change the nature of transactions they are willing to deal with following regulatory changes.”
One may ask the question why it has taken until 5 July to make such an announcement but that is not really the point. The reality is that it looks to me that the various banking partners that one needs to work with to process the types of payments that Boxhill specialise in no longer want to work with the likes of Phil Jackson or his right-hand man, John Botros.
It is quite remarkable that although Boxhill has transferred over 2 billion shares in recent years to acquire various payment companies, equating to about 75% of the company, its revenues as of now from that area will be minimal. This just reemphasises the point that I’ve made numerous times before about the nonsense acquisitions that appear to me to be largely used to put additional shares in hands of the chosen few.
I note that the results for the year to 31 January 2018 are due out by the end of the month. I trust that KPMG will be looking through all the strange looking transactions and Phil Jackson’s debt with a fine toothcomb. Wouldn’t surprise me at all if the accounts were qualified or even delayed.
The share price reacted badly to today’s news, down about 50% to 0.04p with a massive spread. No reason to buy at that level as this sham will come to an end at some point and it could now be sooner rather than later.
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