Saturday October 25, 2014
The deaths of my mother and aunt
Video Postcard #85 – happy Birthday Nadine, welcome to Britain & immigration issue
Video Postcard #84 – The lies from the BBC and our leaders over ISIS edition


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Daniel Stewart – what a total joke: shares suspended

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Daniel Stewart (DAN) earns its living as a Nomad and broker to AIM listed stocks. That is to say it charges fat fees for advising them on how to play by the AIM rules, for listing them and for raising money for them. It has no standards so was responsible for bringing Quindell (QPP) to the Casino and also acts as Nomad to China fraud Naibu (NBU) and tried to float China fraud Fraspens in August but seems to have failed. Today Daniel Stewart’s shares have been suspended.

On 30 May its auditors of 15 years (Keelings) quit and Daniel Cesspit appointed PriceWaterhouse Coopers to check its books. We know that results for the year to March 31 2014 will have been covered in red ink.

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African Minerals – Target Price 0p says Evil Knievil

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I have made it clear that I believe that even without an escalation of Ebola, the balance sheet weakness of African Minerals (AMI), the debt laden POS AIM Casino listed miner founded by convicted heroin dealer Frank Timis, will be its undoing. Today the company tried to put the best possible spin on pretty dismal interim results.

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Quindell Owning Morons – I warn you about tonight

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There have been posts made on several Quenron (QPP) Bulletin Board threads from folks suggesting that they were planning to attend and disrupt tonight’s presentations in Clerkenwell or to have a go at me as I shall be speaking. Just a warning to any morons who are tempted.

You would find my talk education as I am presenting on 10 ways that AIM companies flatter profits to mislead investors and the Quinnovation Group has provided me with valuable source material. However…

To attend you need to have pre-registered. If you have not done so and your name is not on the list you will be thrown out.

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Monday Caption Contest – Naibu, China Chaintek and Camkids Special

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Today Camkids (CAMK) has followed its fellow AIM casino Fujian shoe related China POS heroes Naibu (NBU) and China Chaintek (CTEK) in cutting their dividends despite claiming to be hugely cash generative and drowning in cash.  As such we bring you the Monday Caption Contest. Please post your captions in the comments section on ShareProphets:

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Camkids Interims - an inexplicable dividend cut from a Chinese POS on the AIM Casino

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Another day and another Chinese POS on the AIM casino has cut its cash dividend for reasons that one can only explain in one way. Today’s little shocker is Camkids (CAMK) a shoe producer from Fujian like Naibu (NBU) and those German listed Chinese frauds.

The statement has a new twist – a bit of blather about the shares have been hit by adverse comment in the Western press about Chinese stocks on AIM. Yes there have been dozens and dozens of fraudulent Chinese companies listed on AIM, Frankfurt, in NY and Canada and we dumb gwaelos of the Western investing public have had enough. What don’t you dumb mothers understand about that? I am sorry if you feel tarred with the same brush unfairly but heck that is the territory.

Anyhow Camkids says that it has a different business model to the others (I take it that it means to the frauds) which is jolly good news. So we can all believe its numbers right? Er…

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Cupid – Dismal Interims

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Interim results from Cupid (CUP) were predictably disastrous and show why it had to see its dodgy Ukrainian dating businesses. In part that was because, despite the KPMG whitewash they were clearly engaged in unethical practises. But Cupid also needed the cash.

What remains are some fairly dull UK websites where customers are leaving on drives and not coming back. I sense that the model that works for dating now is free to access and advertising based. Subscription websites like those of Cupid are a busted model. Hence ales from the ongoing operations slumped from £9.4 million to £7.2 million in the half calendar year. The company may witter on about new site launches but that’s a Victor Meldrew for me…I just don’t believe it.

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Quindell – No Reason for the Share Price Movement: Bollocks & I refer you to 2002

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Quenron (QPP) has today sought to reassure investors that there is no reason for its shares to be collapsing. There is. I shall come to that in a second. But first, here is what the Quinnovation Group has to say:

The Board of Quindell Plc, a market leading global provider of professional services and digital solutions, notes the recent share price performance and confirms that it knows of no reason for such falls.  

As originally planned, the Company will update the market on or before 15 October 2014 on its trading for the quarter ending 30 September 2014 and the continued positive progress being made by the Group in respect of all key performance indicators including cash performance.


Whatever. The way Quindell presents its accounts it can make most metrics including sales and profits whatever it wants. No-one believes them

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Does everyone lose their jobs if a holding company goes tits up? Ref the Quindell 4,000

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I see that various Bulletin Board Morons accuse me of threatening 4,000 jobs at Quindell (QPP). Just for them, I offer a basic lesson in markets and economics.

For starters Quindell will not go tits up or prosper and join the FTSE 100 (ho, ho, ho) because of what I or anyone else writes. In the long run if it generates the cash that its lackey retained analysts at Cenkos and Canaccord predict it will prosper. Of course it will not and that is why it is doomed. Ultimately it is not about press comment but about cash generation or, in Quenron’s case, lack of it.

I do not wish unemployment on anyone and the vast majority of jobs will in Quindell’s case not be lost. If the Holding company – that is Quenron PLC – goes bust then head office staff in finance, the board, HR , etc. will lose their jobs. You are talking dozens of folk here.  The administrator will then attempt to sell the individual business units. There are c 54 subsidiaries.


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I was dragged to the Police station in Kardamili and bullied, Greece in context

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I preface this all with some comments of Paddy Leigh Fermor in his book the Mani. Paddy has just been ripped off by a mule owner who had acted like a total bastard. Paddy reflects that this happens just now and again in Greece but is made all the more memorable because 99% of the time the hospitality of the people of Greece, their honesty and generosity is unmatched. Paddy puts it rather more eloquently but is correct. And with that preface…

The Mrs decided that during her stay with me this summer we should take some time out from the Greek hovel and enjoy a bit of luxury in Kardamili. We could not leave my guest alone at the hovel with the snakes and so she was booked into one hotel in the centre of town while the Mrs and I stayed at a wonderful place the Meletsina Village at the far end of the beach road which leads away north from the town

I cannot speak too highly of the Canadian Greek family who ran our place. It was there that Julie Despy and Ethan Hawke had stayed while filming “Before Midnight” in the town and it gets a thumbs up on all counts.

My guest was not so lucky. On the first night in town she took her laptop out to work in a restaurant and was promptly followed back to where she was staying, the Papanestoras Apartments run by the loathsome Valia Papanestoros.

After waiting for her to start snoring (which she does), those who had followed her entered her room – she had unwisely not locked her door – and stole her computer and wallet (later retrieved minus 70 euro in cash).

By 5 AM my guest was reporting this to Kardamili police who at once pointed the finger at their usual suspects…Albanians. Whilst this might seem a bit unfair I am afraid that 99% of burglaries in the Mani happen in the tourist towns and are indeed perpetrated by Albanian criminal gangs. In the non-tourist villages, burglaries are less common as the Maniots have less to steal and will have guns with which they will shoot you.

In the days that followed my guest, understandably felt angry – having lost much of the book she was writing – and violated. I wish I could say that the Old Bill bust a gut for her but I cannot.

At first the owner of the hotel was sympathetic and said that my guest could leave early and pay only for the days she had stayed. My guest took her up on that and flew back to London but because the hotel had no working credit card machine had to assure her that I would pay her in cash.

And so just a few hours after my guest left, I heard a loud knock and opened the door of my hotel room. The Mrs was sunning herself on the beach. Standing in front of me was the hotelier and an enormous and menacing looking man. 

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Quindell Takes You to the Cleaners Spot the Difference Contest – Winner announced

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On Friday I asked you to provide suitable captions in our Quindell (QPP) Spot the Difference Competition. The two photos below show the storefront of one profitable and cash generative operation where you don’t lose your shirt and …the logo of Quenron. And the winning caption is:

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