By Tom Winnifrith, The Sheriff of AIM | Friday 19 June 2020
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.
Following the shocking revelation that Tomco (TOM) had lied to investors it has pulled the £1.5 million placing at 0.4p announced on Wednesday leaving it running on fumes. In fact, I’ll wager you a line or two of finest Colombian marching powder, direct from the City’s grubbiest dealing floors, that it is technically insolvent. Yet its shares, returning from suspension, have rocketed ahead to 0.775p, a gain of c75%. The FCA should be hot footing it to the offices of broker Turner Pope without delay. I smell crime.