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A Letter to AIM Regulation: Is SP Angel fit and proper to act as a Nomad (and should the FCA investigate it as well)

By Tom Winnifrith, The Sheriff of AIM | Thursday 23 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.

Enough is enough. Yesterday John Meyer, a senior manager and large shareholder in SP Angel went onto Justin the Clown’s podcast to ramp corporate stocks such as Blue Jay Mining (JAY) without declaring an interest – his employer earns vast fees from Blue Jay as its Nomad and broker. But this is the least of SP Angel’s crimes and I wonder if its conduct over Blue Jay and MySquar (MYSQ) is, if not blatant market abuse, simply bringing the AIM Casino into disrepute. I have written to Marcus Stuttard, the head of AIM Regulation, demanding an immediate investigation into whether SP Angel should retain its Nomad license.

Re SP Angel – potential market abuse and bringing AIM into disrepute

Dear Marcus.

I trust that you are enjoying the summer, I apologise for intruding but I would like you to start an immediate investigation into the conduct of SP Angel with a view to establishing:

a)     Whether it is fit to retain a Nomad license

b)     Whether it has engaged in market abuse/manipulation and should be reported to the FCA on this count.

There are two cases of concern. The first is MySquar which quite clearly misled investors between may and October 2017 as to its state of trading and committed securities fraud with a placement on July 31 2017. SP Angel was Nomad.

I have demonstrated the fraud and deception clearly HERE.  SP Angel has simply turned a blind eye. Such conduct brings AIM into disrepute.

I have pointed this out to you before but, as is your wont, you have done sweet FA and as a result we now have another "episode" involving SP Angel. How many more "episodes" do there have to be before you do what you are paid to do and regulate?

The more recent case is that of Blue Jay Mining (JAY) where SP Angel was awarded millions of shares in lieu of cash for fees and also millions of warrants which it exercised. Yet SP Angel analyst John Meyer is now publishing buy notes with ludicrous price targets which have no mention of SP Angel owning shares.

Either SP Angel is breaking all AIM Rules in not declaring an interest or rather more seriously while pumping out bullish BUY notes with ambitious price targets it has been selling its own shares into the market, to the very folks it is urging to buy.  If that has happened this is surely market abuse or manipulation and I implore you to launch a full investigation, potentially pass your findings onto the FCA for it to take additional steps, and to consider whether an organisation that behaves in this way is fit to retain a Nomad license.

I remain, as ever,

Your obedient servant,


Tom Winnifrith
The Sheriff of AIM


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