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A shocker from the small cap sewer: Upper Thames, KR1 and the four horsemen of the rampfest

By Tom Winnifrith | Monday 22 February 2021

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.

We live in times of sheer insanity. It is a rampers’ paradise and cometh the day cometh the four horsemen of the rampfest apocalypse. I bring you a tale of sheer insanity from the Aquis lobster pot market, formerly the NEX Exchange. It starts with what was once PGC Entertainment (PGCE), a serial uber dog which was eventually slung off the AIM casino. I should say that its boss is my pal Richard Poulden.

But PGCE kept its Nex quote and first tried a three way merger with Vox Markets and Align Research. That ended in tears so it stayed as a shell. On 17 July 2020, it changed its name to Upper Thames Holdings (UPPT) and the last financials we have are for the 12 months to March 31 and came out on December 22 2020.  Cash was $4509, net assets $30,001 and the loss was $210,449. So it would be fair to say that by Christmas the company must have had materially negative net current assets.

But at least there was an RTO on the cards with Ridercam AB, a company registered in Sweden which is a vendor and operator of mobile camera systems currently operating on theme park rides. Whatever. By 16 February it was all change and the great ramp began. For starters, there was a new corporate advisor appointed: Peterhouse Capital, a firm well known for penny share ramping and spivery. It raised £516,000 gross at 1p. You would assume that after the costs of that placing and having paid off 10 months of unpaid bills, Upper Thames might have been left with c£350,000. Perhaps a shade less. But this is 2021 so obviously things like having sweet FA cash are of no concern if you can announce a “New Focus on Building a Global Blockchain Initiative”. Fab. You can then point out how the price of Bitcoin – if which Upper Thames has none – has soared and note that “Excluding derivatives, the global crypto currency markets are now around USD1.5 trillion dollars. To put this in context there are only 16 stock exchanges in the world with a value over USD1 trillion dollars which together account for nearly 90% of the value of all world exchanges.”

Great. Meanwhile Cheryl Cole is drop dead gorgeous, I have a gap in my diary this afternoon, let’s put two and two together and hey presto, we will all get as rich as Croesus backing Upper Thames and I’m off to the races with Britain’s leading chanteuse.

But from one fantasy to another, how is Upper Thames going to make folks rich with its three hundred grand?

“The main focus for UPPT is the linking of conventional, mainstream currency products denominated in, for example USD and GBP, into the world of crypto currencies. The linking of the two ecosystems rather than seeing them as competition opens up a range of new opportunities. Products will thus cover concepts such as the trading of USD or GBP securities on crypto exchanges and the trading of physical property on blockchain structures.”

Oh and the deal with the Swedes is off by the way. Comrade Poulden may have great plans but is a company with three hundred grand in the bank really going to be able to deliver on them? What was needed to make Peterhouse clients able to flip and to allow Upper Thames to do more placings was some good old fashioned ramping. Peterhouse was already on board, Poulden is spinning hard so what next? Paid for share ramper and proud “journalist” Zak Mir of course?  Using his “technical analysis” skills the Sith Lord opined:

“Accordingly, it is difficult to imagine that a company like Upper Thames, which has set in place a unique offering and its own specialist niche, should not join the likes of Argo Blockchain (ARB), KR1 (KR1), Mode Global (MODE) and Online Blockchain (OBC) high on the watchlists of those wanting exposure to one of the best performing sub-sectors of the year to date”

A unique offering Zak? It has only just raised a bit of cash. It has aspirations but then don’t we all?  You aspire to be an honest journalist but frankly I’ve got more chance with Cheryl. As of now, Upper Thames has nothing set in place, certainly not a unique offering.

If you thought Zak was a disreputable scoundrel, it is time to meet the fourth horseman of the rampfest, David Lenigas who took part in that Peterhouse placing but neglects to mention his holding when opining on Twitter with comments such as:

“I agree that there may be some similarities for Upper Thames and KR1 – who both trade on AQSEKR1plc  is now market capped at around £300m and #UPPT is only about £5m.  RPouldenlet’s see.  The UPPT journey has just started.  DYOR though. “

Well for what it is worth, KR1 has an established pool of investments. Its last stated net assets were £8,082,646. That was at 30 June. Now I know bitcoin has gone a bit mental since then but do you really think its investments are worth anything close to £300 million? Lenigas is right in that there are similarities between KR1 and Upper Thames. Both are on Aquis and both are relatively illiquid so prone to ramping and both trade at monstrous premia to net assets and with Lenigas also a fan of KR1, both are being pushed by shameless rogues.

This morning Upper Thames has announced that it has appointed Blockchain Global Expert Vinay Gupta to its advisory committee. I am sure that Vinay is a top bloke but how is he going to turn £300,000 into the £6.7 million needed to justify a 10.5p share price?  Such questions are for little people. Mr Lenigas opines on Twitter:

“#Blockchain Global Expert joins Upper Thames #UPPT this morning. This changes everything in a flash.  Now I’m even more excited that £6m market cap is no loner.  “

The shares are indeed up again today by 16% at 10p-11p, a market cap of £6,7 million. This is a disgraceful ramp but in the current climate it might work. The shares could go higher and probably will. Just like shares in UK Oil & Gas surged when its then boss David Lenigas claimed the Horse Hill acreage was a “world class resource” and could contain 100 billion barrels of oil. David Lenigas does not do understatement. Neither does Zak Mir, the highest profile supporter of the fraud Supply@ME Capital (SYME).

This is madness. But madness can become double madness.

In the end, it will end in tears but by then folks like Lenigas will be long gone and Zak will be pushing some other grotesque promote.

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