By Tom Winnifrith, The Sheriff of AIM | Monday 24 August 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.
Shares in FastJet (FJET) have today left the AIM casino so are now untradeable, as well as essentially worthless. Remaining investors face mega dilution or administration or most possibly both. Having warned folks extensively over the years about an operation first set up to smuggle tobacco and which just could not turn a legitimate cent, I feel somewhat vindicated. But there is more… Citigate Dewe Rogerson and the half to £1 million of shareholders cash spunked on nothing!
Citigate has done the PR since August 2012 when colourful David Lenigas spun this company out of Lonrho – a company proven to have engaged in fraud as well as industrial scale smuggling – and reversed it into an AIM shell. Big Dave enterprises always make vast amounts of cash for morality free advisers and for himself but shareholders, in the end, always get screwed. But Citigate Dewe Rogerson does not care about that. Even when FastJet was slammed by the FRC, it carried on batting for it. That is because Citigate charges its clients £5,000 to £10,000 a month for its services so while investors in FastJet have lost almost everything, the fascist PRs have trousered half to one million pounds. Investors should ask “what did spending that one million quid actually achieve for them?” as shareholders.
The answer, of course, is nothing.
It is not only that this cash was wasted by FastJet but that it was wasted on a firm which, when faced with tough questions from me as a journalist, firstly refused to answer but then threatened me with legal action and smeared me. That is how Citigate deals with journalists who ask tough questions. It makes them fascist bastards and morally bankrupt. It is also bad PR because its wholly unethical harassment merely spurred me on to write more articles, ask more questions, and more than once expose FastJet forcing an RNS.
Thus, as I celebrate the demise of its client and one less retainer for a firm utterly devoid of a shred of ethics, I look back on Citigate’s harassment and there is only one way to celebrate with my cornflakes today. Yamas.