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By Tom Winnifrith, The Sheriff of AIM | Wednesday 8 August 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.
My patience with BlueJay Mining (JAY) and its Nomad and broker SP Angel is now wearing thin. Yesterday I explained how the two grotestquely misled investors with an RNS. I have emailed John Meyer at SP Angel today with a follow up question which he and his firm just seem unwilling to answer. It is a critical question and the silence is deafening.
Of course we know from MySquar (MYSQ) that SP Angel as Nomad is prepared to turn a blind eye to the most blatant securities fraud by a client as long as it keeps banking the retainers. Thus we can say that its culture is one of moral bankruptcy. So what is the issue with BlueJay, other than signing off on an RNS which is utterly misleading?
The issues is that SP Angel has been pushing this stock as a BUY ever since it got involved. So it wants investors to buy the shares. What we also know is that SP Angel was handed warrants over 5.7 million shares with a strike way below today's level and that at least some of those warrants have been exercised. It was also given 1.6 million shares as fees.
Today SP Angel has put out yet another BUY note claiming that the shares, now 17p, should be 45p. There is no declaration of ownership of shares or warrants on that note.
a) SP Angel has been pumping (should that be pimping?) the stock to clients while dumping its own shares, which is jolly naughty
b) SP Angel is pumping a stock it owns without declaring an interest, which is jolly naughty.
c) BOTH of the above which is also jolly naughty.
Which is it? I have emailed John Meyer to ask how many shares SP Angel owns but he has not replied. His silence is deafening. Does not the FCA or AIM Regulation have rules to cover this sort of thing?
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