The story of AIM cesspit woe that is African Eagle (AFE) continued apace this week with news that all of its assets have been put into a company called Blackdown and that African is to sell 90% of that company for just $100,000. Actually it will not make that much from the sale but more on that later.
The bare fact is that in just over 10 years on AIM and a few years on Ofex before that African has raised and spunked away around £40 million. A good part of that went on fees to greedy City advisors and to a rolling cast of senior management. You must bear in mind that you have to pony up to attract “the right boardroom talent.”
Over the years
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