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Standard-listed AIQ – gravity starting to assert itself

By Nigel Somerville | Saturday 6 October 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.

The shenanigans of the Standard-Listing of AIQ are well documented here on ShareProphets, which included an incomplete prospectus, two suspensions due to a disorderly market (the IPO shares couldn’t be traded) and a fund-raising which was delayed – all in its first five months as a listed company! Meanwhile, with assets (all cash – it is a cash-shell) of around 8p a share, the price rocketed to an incredible 135p. We have been saying sell all along.

Yesterday the shares were off by 12% to 28.5p – it seems that the forces of gravity are finally being asserted. I reckon, with plc and boardroom costs the company will have burned through a fair bit of cash – not to mention the costs of dealing with the two suspensions and the fundraising which was supposed to fix the problmes. So perhaps net assets (bearing in mind the fundraise was at a huge premium to NAV, even if an even larger discount to the share price) will be knocking around the 8p mark.

At 28.5p that may not be such an outstanding sell as it was a few months ago, but I still reckon there is about another 20p to go before we get down to anything like fair value.

So an ouzo for me, and this stock remains in firmly the bargepole camp.

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