GOTCHA: Bidstack forced to fess to damning email thanks to the Sheriff of AIM but it still dissembles
By Tom Winnifrith, the Sheriff of AIM | Friday 28 October 2022
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 wrote to AIM Regulation yesterday and it is clear that it has acted forcing the rogues at Bidstack (BIDS) to come clean about the “Private” bust up with Azerion email sent to some clients of Nomad Stifel yesterday, an email, that thanks to Winnileaks, I published in full within hours of it being sent. And the regulators have forced hapless Lyin’ James Draper to roll back on claims in that email.
Bidstack says it is commenting on ”press commentary”. Well done Buchanan PR for not using words like internet speculation or blogger. It says that my press commentary HERE was wrong in saying there was litigation with Azerion. Accepted. There are lawyers letters being swapped. Call it very intense foreplay which may well go the whole way. But we are not at full on sex yet as I wrote. I apologise.
But Bidstack ‘fesses that its boss Lyin’ James Draper did send a private letter on this matter but insists that it had been advised that did not breach disclosure rules. Clearly the regulators disagree!
It then repeats the bulk of what was in Lyin’ James original email about how Azerion might pull, Bidstack’s advisers think it can’t etc etc etc. But there is a big difference. In the original email sent yesterday Lyin’ James stated “Due to the timing of this email and the nature of the Group’s ongoing strong commercial relationship with Azerion, the Directors regard this email as a speculative and opportunistic attempt by Azerion to exploit a perceived weakness in Bidstack in an attempt to acquire Bidstack at a significant undervalue as part of Azerion’s buy and build strategy.”
In today’s RNS it says
“The Directors also confirm that there are no discussions with Azerion regarding any offer for the Company.”
Steve Wonder can see the difference!
Yesterday Lyin’ James tried to polish the turd with a claim for which there was no evidence. Today, after I caught him with his trousers down and sent the photos to AIM Regulation, he had to clarify/ completely withdraw that outrageous claim.
We shall see where this heads but remember that the bulk of 2022 and 2023 projected sales ($30 million) is meant to come from Azerion. Clearly those sales must be at risk though right now it is business as usual. But then according to Lyin’ James this only blew up less than three weeks ago.
As for the behaviour of Bidstack, Lyin’ James Draper and Stifel Europe, words fail me. As I noted last night in my letter to the Oxymorons, these scallywags only behaved in this way because AIM regulation failed to act over previous similar incidents.
Suffice to say, the shares are just not investable.
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