By Nigel Somerville, the Deputy Sheriff of AIM | Wednesday 30 September 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.
AIM-listed John Zorbas vehicle URU Metals (URU) has today released its FY20 results. It is “pleased to announce” them, as is Chairman Jay Vieira, but there is absolutely nothing here for shareholders to be pleased about. It is massively technically insolvent and the Going Concern statement is a hoot. And call me old-fashioned, but where has the Nomad signed off on this announcement? Maybe I am going blind, but I can’t see the Nomad mentioned anywhere: surely that it a breach of AIM Rules? Has the Nomad resigned? Should the shares be suspended?
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