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By Tom Winnifrith, The Sheriff of AIM | Monday 24 December 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.
I have spent all weekend being abused on twitter by morons who own shares in Frontera Resources (FRR) - notably @keithcareth, check his feed he is insane - who insisted that I did not know what I was talking about, that the FCA was after me, etc etc etc. I await an apology as today – as was inevitable after our weekend revelations HERE and HERE – the Nomad, Cairn, has quit. The shares are suspended and here is why it is game over.
The Court documents we published HERE show that Frontera has no cash. It cannot draw down on any loans, as it pretended the other day - thus misleading its investors again - because those same Court Fiolings show it admitting that it is in default on existing loans to Outrider. And we also learned today that Frontera’s injunction against Outrider seizing all its assets was overturned in the Cayman Islands on Friday. Frontera will appeal so there is a stay on Outrider seizing its assets but only until January.
In other words it is 100% screwed. Moreover the documents we have published over the past few days make it clear that the company has mislead AIM as to its position on numerous occassions over the past year. Cairn must have accepted that it too had been misled and thus it had no choice but to resign. That point was one I made over the weekend to Liam Murray at Cairn by email. Happy Christmas Liam, I am glad that you did as the Sheriff of AIM suggested.
No Nomad will take Frontera on given that it misleads investors and advisors, is drowning in debt, has no cash and will soon, almost certainly, lose all its assets. So after a month suspended the shares will be booted off the Casino, if it has not already gone bust by then. The exit market capitalisation is £41 million but this company is worthless and will soon be crash landing in its up alley. It is game over. The morons who thought they knew better hav e again lost everything.
You can see our full coverage over many years - with the first sell call from Nigel 38 months ago - HERE
Roll Call of Shame:
The FCA & AIM Regulation for turning a blind eye to wholesale market abuse (again)
Ex Nomad: Cairn Financial
Broker: The Pensioner Muggers WH Ireland
Financial PR: Morally bankrupt and intellectually challenged Yellow Jersey, lead exec the dirty tricks specialist of Range Resources infamy Tim Thompson
Paid share ramper: The Whore Blogger Malcolm Graham Wood, aka Fat Bastard.
Happy Christmas to you all. You should be thoroughly ashamed of yourselves fpr the vast sums you have taken to help this fraudulent enterprise raise tens of millions of quid from mug punters who have now lost everything. As you enjoy a lav ish festive spread paid for by Frontera's fat fees over many years, think of the poor saps who lost everything with you bastards (Liam Murray excepted) acting as enablers.
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