3 days ago
I am being lectured today by a hipster accountant who says that I really need to get down with the kids and understand social media influencers, after my podcast yesterday. Perhaps it is because I am something of a dinosaur, or at least someone who looks back to the 1980s with a nostalgic longing, that I have always been a perma bear of technology stock Bango (BGO) which has today served up a ghastly trading statement. But it is not just the content but the wording which, at every level, is a red flag.
34 days ago
As a long term bear of Alien Metals (UFO) I have flagged up numerous undeclared related party and other sordid deals. This company has always been drowning in red flags and is the sort of shite AIM could do without. Now for some maths.
35 days ago
I have never been a fan of N4 Pharma (N4P), another sub scale POS on the AIM Sewer. Its Nomad is SP Angel which is always a red flag and a sign to get out. The broking team are the scholars and gentlemen at Turner Pope and I wonder if they are working on a placing right now. They should be. The maths is not hard.
57 days ago
A taxi arrives at 4 AM tomorrow as I head to Greece for olive picking. So there may not be a bearcast on Sunday but I might do one if I can. Today I look at FD’s resigning and Nightcap (NGHT) in particular as a whistleblower has been in touch. I explain why it may well go bust soon.
85 days ago
I first published a red flag dossier on MGC Pharmaceuticals (MXC) when the shares were 2.25p on 11 January 2022. The last time I wrote they were 0.055p on September 26 2023 as the company announced a bailout placing and 1000 for 1 share consolidation. That consolidation kicked in today and, ceteris paribus the shares should have been 55p. But instead, having risen since September, they have collapsed by 75% to just 15p.
150 days ago
On 13 September the cash guzzling, drowning in debt, red flag laden POS that is Ben’s Creek (BEN) said that its audited results would be published on 27 September. On 27 September, at 4.36 PM Ben’s said that the numbers would be out on 29 September as it just had to finalise a few audit matters.
150 days ago
In today’s Bearcast I discuss my morning with the Cheshire fuzz tomorrow, Optibiotix (OPTI), Ben’s Creek (BEN), Itsarm (ITS) and Bluebird Merchant Ventures (BMV). Footnote: after hours in a statement that does not wash Ben’s Creek stated: ““Further to the Company’s notification on 13 September 2023, that there will be a small delay in the Company’s full year results announcement and the publication of the Company’s annual report and accounts for the year ended 31 March 2023. The Company now intends to publish its annual report and accounts along with the accompanying final results announcement on or before 29 September 2023.”. RED FLAG
170 days ago
At what point will the FCA show some shame for admitting this worthless POS with a non IFRS compliant prospectus to the Standard List with a £60 million joke valuation? The shares are now 292p valuing a loss making company with (falling) sales of £1million last year and no balance sheet at £173 million. And now there is another red flag at RegTech Open (RTOP)
178 days ago
The latest RNS from Tintra (TNT), – shares suspended – raises even more red flags. This is shocking stuff and why AIM regulation is not all over it is mind boggling. Tintra has fired its auditor.
274 days ago
I have warned you often enough that Tintra (TNT) would blow itself up and it has now issued a RNS stating it is faces delay in getting its audited accounts for the year to 31 January 2023 finalised after six months and might, as a result, get its shares suspended on August 1. This is a massive red flag but what is the problem?
277 days ago
Yesterday I pointed out the latest menacing twitter tweet of Predator Oil & Gas (PRD) boss Lonny Baumgardner HERE. Quite simply normal CEOs do not behave like that anyone with half a brain cell can see that it is a red flag. Sadly, Keith Quick does not seem to have half a brain cell but instead has the IQ of a cheese sandwich..
297 days ago
Last night Shanta Gold (SHG) gave a presentation at Proactive Investors. Paying for proactive to ramp your shares is always a bit of a red flag but I reckon Shanta shares are cheap notwithstanding that. However slide 4 of 18 raises, to say the least, eyebrows. It states:
297 days ago
Sharesoc claims to be the voice of British private investors. Do the maths! It charges £45 for an annual membership and membership income in 2022 fell to just £42,509 meaning that it had just 944 and 2/3 members. That is less than ShareProphets and not exactly the sort of army that allows it to claim to speak for anyone, let alone to be the mouthpiece for the hundreds of thousands of mug punters in the UK*.
316 days ago
On April 4 this year Ocean Harvest Technology (OHT) which turns seaweed into animal feed additives joined the AIM sewer having raised £6 million at 16p giving a market cap of £20 million. Well done Finncrap (FCAP) as the last audited numbers (2021) show a loss of 1.45 million Euro on sales of 2.1 million Euro. The valuation looks to be very generous to say the least. Wind forward to today and…
338 days ago
Last week I discussed how the purchase by Cellular Goods (CBX) of start up Singapore based seaweed to net carbon zero POS company King Tide Carbon PTE. I showed how the transaction made no strategic sense and will accelerate the already disastrous cash burn ensuring that the Fat Lady is gigging well before Santa rewards all the good little boys and girls while handing lumps of coal to the directors and promoters of Cellular. But it gets worse, far worse.
353 days ago
You would have thought that if you really wanted to buy more shares in your company you would not be ramping the arse off it to try to push the share price up? That brings us to David Lenigas and news today that he has bought 400,000 shares in his Aquis listed bitcoin promote Vinanz (BTC). This stinks and is a sell signal.
380 days ago
No this is not a five-day late April Fool. David Lenigas really is on the cusp of listing a new bitcoin mining company on the Aquis Lobster Pot, Vinanz. Aquis today announced that First Sentinel is the advisor without any moral qualms and it has applied for a listing. But there is already one red flag flying here and it concerns Richard Poulden’s Aquis listed joke company Valereum Blockchain (VLRM) which we have exposed on this website numerous times.
406 days ago
It is yet another red flag at the fraud Supply@ME Capital. NED Andrew Thomas says he wants to pursue other business opportunities one hopes non criminal ones, and is jumping ship after just nine months. Supply bigs up his replacement Alexandra Galligan but if you life up the skirts of her CV…
429 days ago
Anglesey Mining (AYM) appears to be trawling for followers on twitter. with a claim that it has “material value not currently in the share price”. That sort of activity for a company now running on vapours is a massive red flag. At least some of the responses show folks calling out this spoofing by charlatans for what it is.
444 days ago
Following my bombshell revelations around Tintra Acquisitions on Saturday which AIM Regulation has confirmed to me that it is now looking into, there is a new massive red flag to hoist. If anyone cannot see how Tintra (TNT) stinks and is uninvestable, they need to get a guide dog and a white stick pronto.
450 days ago
Entrepreneurs, folks who risk their own capital to start a business to create jobs, to generate taxes for the Government to spunk, are, unlike greedy public sector wastrels, the true heroes of our age as I noted here. You have to be a true optimist to start a business, knowing that most will fail within a few years. As it happens, I am about to start a new business with my friend C. You will be surprised when I can say more. But to start a business now is especially optimistic/damn foolish given shocking data out today in Begbies red flag alert.
465 days ago
I start with some nerd like comments about river and reservoir levels in North Wales. Bear with me. This will be interesting I promise. Then Bidstack (BIDS) and what questions today’s shocker begs about the pre-placing interims. Surely the Nomad ( SPARK) and AIM Regulation must investigate. Then Okyo (OKYO) where post podcast recording the company has published interims on its website. Technically it missed the deadline and the FCA – whose conversations with me I discuss – must take this further. As it happens the interims are truly appalling and red flag strewn as I discuss HERE, Then I discuss Lucian’s two big oil shorts: Pantheon Resources (PANR) and Canadian Overseas (COPL). He is right on both IMHO. Finally a few words on Helium One (HE1)
523 days ago
Oh dear, oh dear, more bad news from the green pipedreams, slurp the jam tomorrow and forget about the bonkers valuation sector. Today it is Ceres Power (CWR) an AIM listed company repeatedly recommended by our own in-house Guardian reading eco-Warrior Malcolm Stacey but red flagged by myself and Peter Brailey. Its shares are down by 65% year to date and by c80% since February 2021, the peak of the green bubble madness.
523 days ago
Cakebox (CBOX) has already warned that results for the six months to 30 September would be piss poor and it did not disappoint but folks who have lost a packet ignoring our numerous red flag warnings had a straw to clutch at, one covered with jam tomorrow.
573 days ago
The purchase of loss making sub scale asset manager Tradeflow by the fraud Supply@ME Capital (SYME) for a bonkers price in a deal which saw millions of pounds worth of shares handed to secretive offshore bank accounts was always mysterious and another red flag to add to the forest already flying. Last month Supply said that it was considering unwinding the deal but yesterday’s dire interims beg the question at whose instigation?
574 days ago
Following the publication of my red flag dossier earlier this year, anyone owning shares in MGC Pharmaceuticals (MXC) was fully warned of the need to lube up. I hope they did. The shares were 2.25p back on 11 January when I warned you that this was a £70 million dog from the scholars and gentleman at Turner Pope. They are now just 0.825p but after another red flag admission today they are still a monstrous sell.
576 days ago
Proper companies do not behave like this. But those which are frauds care little for timely filings of paperwork at Companies House, they are too busy ppumping the shares to allow insiders to sell, death spiral financing to be secured. And that brings me to the fraud Supply@ME Capital (SYME) which apppears to be picking up on two years of missed filings as the screenshot below shows. Such industrial scale backfiling is not a good sign, it is another red flag to add to the forest.
617 days ago
The IPO of Procook (PROC) last November was one that I explicitly warned you about. That offer was at 145p. The shares are now 40p but CEO Daniel O Neill really is the most almighty spoofer, his share buying of late is a red flag in itself, an invitation to go short.
641 days ago
Oh dear, oh dear. This should be another massive red flag for the morons who own shares in the Supply@ME Capital (SYME) fraud to ignore. It will also prompt a formal complaint to the FRC about auditors PKF Littlejohn and Eight itself.
652 days ago
The shameless ramper is at it again. Yesterday, the boss of Predator Oil & Gas (PRD) unleashed a Twitter volley, as shown below. The last tweet is, arguably, the sort of material that should be left for an RNS. This is a massive red flag, especially when Lonny is actively deceiving. I underline one tweet that is simply not true.
669 days ago
Tortilla Mexican Grill (MEX), the mid-market restaurant chain, has announced that just nine months after its IPO, it has dumped existing auditors, Blick Rothenburg. And after a competitive tender, it has appointed Haysmacintyre LLP as its new statutory auditor. Odd timing: is this a red flag?
705 days ago
With a hat tip to reader J, here is another red flag. That is to say, Eurasia Mining (EUA) deceiving investors with the first RNS, after its utterly unexplained share suspension.
785 days ago
On 23 September 2021 the AGM of Versarien (VRS) voted to reappoint PWC as its auditors. Today we discover PWC has resigned and been replaced with the rather less top drawer BDO LLP. And there is more. This stinks.
816 days ago
Shares in Chill Brands (CHLL) were 76p when I published that 60 red flag dossier last February – they are today at just 9.25p, the lowest since July 2020. They are falling sharply again today on the back of Friday’s interims which showed sales in the six months to September 30 which were only about half the level of sales already announced in three separate RNS statements covering the same period. I have again written to the FCA.
820 days ago
I start with a few words on Oxford Cannabinoid (OCTP).I have not said fill your boots nor should you. The issue here is management allegedly lining their own pockets ahead of corporate action which they know all about. One should not buy shares in such companies. Then I reflect on an excellent piece by Maynard Paton on Cake Box (CBOX) which you can read HERE. I comment on some of the excellent points he makes but add in half a dozen of my own, notably comparing boasted net cash and net interest costs but also the shameful CEO pump and dump and the macro headwind given the demographic of its end user base. This is probably not another Patisserie Valerie but at 320p it is a stonking short.
833 days ago
Pot play MGC Pharmaceuticals (MXC) joined the Standard List on 9 February 2021 and has already issued more RNS releases than most companies do in a lifetime. But that is not the only red flag relating to this dual listed ASX entity now being touted by certain chatroom trolls as the next big thing. MGC is drowning in red flags and its valuation is absurd.
864 days ago
When Oxford Cannabinoid (OCTP) listed in May, raising £16.5 million at 5p I warned you all that its £48 million market cap was a complete rum ‘n’ coke. This company will, in a best case scenario, generate first revenues in 2027 and it will very obviously run out of cash well before then. I reckon the next cash call is within a year. Meanwhile the non-financial red flags mount at an alarming rate.
879 days ago
On 12 April Dev Clever (DEV) a company already drowning in red flags exposed on this website announced the £54.75 million all share purchase of VLPL in India and we were told that “This acquisition of VLPL will be subject to the publication of an FCA approved prospectus by no later than 30 September 2021. An additional 30 million ordinary shares will be granted to VLPL CEO, Ankur Aggarwal, as an earnout consideration subject to achieving key milestones.” Wind forward to 30 September and…
879 days ago
RentGuarantor Holdings PLC provides a rent guarantee service to tenants wishing to rent property in the UK from the Private Rental Sector. The rent guarantee service is an online service where applications can be managed on a secure and bespoke digital platform designed and built by RentGuarantor Holdings PLC So says the company but ahead of its 8 December listing on the lobster pot c/o Alfred Henry there is already a massive red flag fluttering. In fact there are a number.
910 days ago
I imagine that the moronic shareholders in Eurasia Mining (EUA) are lining up to buy me a drink after THIS LETTER yesterday to the Oxymorons at AIM Regulation forced the company into a formal update on the bid situation today. No? You shock me. Bear raider Waseem Shakoor was clear of what he thought of the statement:
922 days ago
Welcome to Unit 1, Ninian Park, Ninian Way, Wilnecote, Tamworth B77 5ES. The global head quarters of a company losing money and capitalised at £221 million. That company is Dev Clever (DEV). Our past coverage suggests that there should be a forest of red flags flying around this building. There is not. But is it really plausible that this small lock up can be the HQ of a company which, with its shares at 36.5p, is capitalised at £221 million?
927 days ago
I noted yesterday that a rapid turnover of Non Execs is never a good sign. Today we discover that James Stewart CBE who joined Versarien (VRS) as its non exec chairman on June 30 last year has had enough and is leaving on December 31. His departure is a red flag, his successor is another.
927 days ago
To lose one NED might be understandable but to lose four, a chairman and a CEO within a year issurely an indication of more than carelessness?
927 days ago
Today we are told via RNS Reach “New Briefing Note from SEAL” on MyHealthChecked (MHC). Sadly it is SEAL Research not Seal the popular singer, otherwise known as Henry Olusegun Adeola Samuel, or a whiskered fellow from London zoo as both of the would have more credibility than the paid for rampers taking centre stage today. It is SEAL that has issued the release and this is another big sell signal for MyHealthChecked. It is a red flag and I am glad to be out.
982 days ago
On February 3 2021 I published a damning 60 Red flag dossier on a fraud called Zoetic (ZOE) with the shares at 76p. The response was utterly poisonous.
983 days ago
I start with this non financial matter as although the Mrs regards these as tragic events in a land far far away, I think of the pointless British deaths, of the increased terror risk back home, of the shameful way we are abandoning those who helped us of the shameful way we turned a blind eye to Industrial scale corruption. What is happening in Afghanistan is not only terribly sad for its people but it is also a national shame. Then I look at a pointless name change at Zoetic (ZOE) and of the spoof US OTC listing announced by Dispersion (DEFI) something that is itself a red flag.
1038 days ago
I am so angry that I forgot to mention bitcoin crashing again and the operational and financial gearing at drowning in red flags Argo Blockchain (ARB). So I am angry and the resultant bad language will delight Matthew and his dog. I consider Sosandar (SOS), Hurricane Energy (HUR), Bidstack (BIDS), Kefi (KEFI) and Bluebird Merchant Ventures (BMV).
1067 days ago
Rogue Bloggers for Woodlarks is now motoring towards £44,000. If you are still to donate please do so here. It might shut me up. Then I discuss: UK Oil & Gas (UKOG), where rebel shareholders can be contacted HERE, Amigo (AMGO), Plutus Powergen (PPG) and the stinky Greek deal of pot play Kanobo (KNB) which I view as a major red flag.
1070 days ago
Shares in the Standard Listed fraud that is Zoetic International (ZOE) are, at 56p mid, almost 50% off their all-time highs achieved at peak pump earlier this year. To have suffered such slippage amid a bull market for pot and small cap stocks takes some doing and is, in itself, something of a red flag. The posh but extremely dim and morally bankrupt PR man for this firm, Mr. Henry Harrison-Topham, tried to steady the nerves of the fools invested here with a trading update but it was no good. It was a case study in where what the company did NOT say serves as a red flag.
1075 days ago
Of course, there are some instances when it is appropriate to take legal action against some critic. If, for instance, the attacks are against wives and children, there is a threat of actual body harm or the allegations are just so outrageous (paedophilia for example) then a company might justifiably take action. But simply to bring in lawyers, who are always expensive, to try to silence someone who criticises a company’s business model, or its valuation, is a monumental red flag.
1171 days ago
Yesterday Manolete (MANO) announced that, with the shares at multi year lows and with the company, almost certainly on the runway to a placing, founder and CEO Steve Cooklin had dumped 750,000 shares the prior day. However it stressed in the RNS:
1172 days ago
BREAKING: Manolete CEO dumps shares at multi year low but the paltry FD buying is a bigger giveaway
1179 days ago
This uber-ramped but almost insolvent company will not like what follows. Since it is 100% fact based and verified there is little it can do, but if it wishes to threaten me with legal action the response will be “see you in Court Bitchez!”. I shall be ensuring that my numerous concerns are brought to the attention of my good friends at the FCA later today.
1186 days ago
At least this moron is not discussing having me killed but it would be fair to say that this shareholder in Supply@ME Capital (SYME) would not be your first pick for the pub quiz team. In fact there are more signs of intelligent life on the planet Neptune than in this post from the LSE Asylum below. When shareholders in a company are this dumb, obsessive and determined to post demonstrable untruths it is always a bit of a red flag. A hat tip to CZ for this spot.
1190 days ago
To misquote Mark Antony: “I come not to bury Caesar, but to praise him”. Yesterday morning it was announced that the odious boss of Versarien (VRS), Neill Ricketts, had sold 1.65 million shares at 53.919p. Normally you would expect me to stay this was yet another red flag. But on this occasion I do not.
1205 days ago
The business model of AB McKinley and his LSE Share Talk company is to ramp penny share dreadfuls in return for a fee. At 2.8p, Remote Monitored Systems (RMS) – no sales, cash c£3.5 million, directors sold 40% of the equity before a string of warnings, etc etc – is capitalised at £58 million. So AB is on the case “No need to ramp” he says before, er…ramping away. What a way to spend your life. Having folks like this on board is a classic red flag.
1206 days ago
I start with the 12 day of Christmas , what it means and what will happen here. Then it is on to events in Georgia, gold & the US economy. Then in today’s bout of market madness I look at Bidstack (BIDS), Argo Blockchain (ARB), Online Blockchain (OBC) and at Zenith Energy (ZEN).
1230 days ago
On Joshua’s Advent calender the shepherds go to Bethlehem. That is almost true, well a bit true as I discuss. In prior years I have penned a three part Christmas carol featuring a villain of the year: Rob Terry, Neil Woodford and Chris Oil have starred. So please nominate your villain of 2020 for this year’s opus magnus below. In the podcast I discuss the IPO of Sarah Willingham’s company Nightcap on a day when most of its bars go into tier 3. She is ‘avin’ a giraffe. There are other red flags and questions to ask. Then I look at Jubilee Metals (JLP) and Bahamas Petroleum (BPC) asking if, on AIM, anyone gives a toss about the law of the land. Finally I look at Dignity (DTY) where i retain grave concerns.
1237 days ago
The Annual AIM awards were a virtual event this year. So there was no need for 1200 crony capitalists from the City to fork out £150 for a ticket, pour themselves into DJs and party frocks and head off to tell each other how wonderful they all were. The crony capitalists will have to spend cash ultimately leached from mug punter investors elsewhere. What good news for coke suppliers and hookers.
1241 days ago
Round at Supply@ME Capital (SYME) HQ it really is starting to look like the May Day parade in Moscow. So here is another matter for promoters such as the Sith Lord Zak Mir and the dwindling band of bulletin board fanatics to consider.
1253 days ago
At 3.11 PM on Friday it was announced that David Ryan will step down from his full-time role as Chief Executive Officer of Powerhouse Energy (PHE) on 30 June 2021. Thereafter he will continue to work for Powerhouse as a consultant at an engineering level. But actually change is happening before next June:
1255 days ago
I see that Supply@MECapital’s (SYME) multi-shamed boss, Alessandro Zamboni, has done yet another soft interview with the Sith Lord Zak Mir. Repeated interviews with a man who makes Justin the Clown look like Jeremy Paxman are a strong red flag. You can’t deliver operationally so try to get the ramping away with a man who won’t ask awkward questions. So I asked a bear, who is short, when the shares will stop dribbling lower as they do most days and completely collapse. He said:
1264 days ago
As you know we have been big bears of AIM promote Elecosoft (ELCO). There were so many red flags when we published a major bear report HERE including Stockopedia of Wirecard, Globo & Quindell infamy having it as atop pick, Vox Markets promotion and highly aggressive accounting. They mounted when ElecoSoft started threatening legal action. Since then the chairman and founder has walked and now this.
1303 days ago
I have documented over many years what a rotten investment Scancell (SCLP) has been but its spoofing on its quest for a Covid vaccine is one of the biggest red flags fluttering. Today it plunged new depths of spoofery as it announced a collaboration with Cobra Biologics “for Cobra to manufacture Scancell’s COVID-19 vaccine.” Great except that…
1305 days ago
The chairman of Supply@ME Capital (SYME) is an insider dealer, we already knew that the CEO was a market abuser and yesterday it became apparent to all that it is making up its accounting policies as it goes along. Its supposed clients, such as Carrefour, appear to be fiction, and now another email from Alessandro Zamboni surfaces. Oh dear.
1317 days ago
And now from Wales, by just 30 yards, it is my new, I hope, weekly video show. This costs 99p per episode, and you can either listen to, or watch, some sparky interviews with Chris “3 brains” Bailey on his dirty secret, the real economy why UK shares are so cheap, on gold and his 3 top picks. There is also a detailed interview with the boss of AEX Gold (AEXG) who is not really 13 years old plus I discuss a new stock I have bought into heavily and also why Supply@ME Capital (SYME) has this week hoisted its biggest red flag yet, is a scam and is worth 0p. You can access the show HERE
1317 days ago
Last night I revealed how, despite being warned that an article with ludicrous price targets for Supply@ME Capital (SYME) shares was fake, the CEO Allessandro Zamboni tweeted it out causing his cretinous followers to pledge to fill their boots today. Last night there was no sign of contrition but, I suspect, my communications with my good friends at the FCA rather focussed a few minds. So this morning we have an RNS admission of fake news from the company. It is not good enough, Zamboni has committed market abuse and should be in jail and it shows his company is a scam.
1319 days ago
I noted on Monday how shares in Manolete (MANO) were tanking. So what to do? Natch, issue a panicked trading statement at 4.25 PM on Tuesday to reverse the rot. An unscheduled trading statement in the face of a sliding share price is always a bit of a red flag. And this statement was a total horror in the way that it boasted of the settlement of a major claim. It only serves to show how utterly aggressively this company presents its accounts and thus why you’d be bonkers to own the shares.
1396 days ago
Jeepers he must have been sober to have fallen in love with this shite. In today’s podcast I look at Versarien (VRS), TrakM8 (TRAK), ADM Energy (ADME), San Leon Energy (SLE) and Catenae (CTEA). Now go and have a butchers at MineProphets and book your ticket (just £2.99) now HERE.
1400 days ago
A new research house specialising in AIM stocks launches today with a damning 100+ page report on Elecosoft (ELCO), a darling of the Casino. Shares in this company are rated highly by Stockopedia (always a red flag), and are being pushed aggressively to retail investors via outfits such as Vox. But the report from Ciphersense Research is damning. Related party deals, uber aggressive accounting, shocking corporate gvernance, executive greed, a rotating door of FDs, pointless acquisitions, failure to file subsidiary accounts. All is exposed.
1430 days ago
Worthless new media POS Iconic (ICON) is promoted on the strengths of its three Directors John Quinlan, Liam Harrington and Sam Asante in social media as the extract from page 38 of the prospectus indicates:
1473 days ago
I start with the arrival of 20 fruit trees at the Welsh Hovel then look at the economic hit of the Government’s Coronavirus policy and ask if it was really worth it? Then I do the work on the RNS statements issued by Ascent Resources (AST) and Iconic (ICON) that their advisers should have done but failed to do. Needless to say there are massive questions that need ansewering. Finally a look at the valuation of Novacyt (NCYT). I have seen this sort of thing before and it is bonkers.
1513 days ago
In today’s podcast I first discuss the denial of some Versarien (VRS) poltroons wilfully misquiting Patrick Abbott in the whistleblower podcast. Then I turn to what it means for a company to be insolvent and why that is not necessarily trading whilst insolvent. Finally back to Versarien and Neill Ricketts trying to silence a critic using the Police. A) given the way he eggs on the mob to harass me and my wife this is nauseating hypocrisy, b) the Police do not have a leg to stand on and I urge the critic to keep posting so the Police look like fascist arseholes, c) it shows just how desprate Lyin’ Neill has become and as such this is a massive red flag.
1618 days ago
Thousands of folks have received hard sell phone calls during the past five years persuading them to invest in unlisted games developer Appbox Media. And thousands have parted with hard earned cash. There are now so many red flags flying that the FCA needs to investigate at once. Is this a games developer or a boiler room masquerading as a games developer.
1618 days ago
I want to get in there before my colleagues and flag up that the valuation of the ramp du jour AFC Energy (AFC) is absurd and that the company is drowning in red flags. Reading some of the Bulletin Board posts this smells just like Cloudtag although obviously it is not a Norfolk. Natch. I want to makle that clear.
1625 days ago
I have warned before that Wellesley Finance was yet another mini bond provider to avoid like the plague. Now another red flag emerges….
1685 days ago
Oxford Nanopore is the flagship unquoted in the Neil Woodford portfolio both at EIF and WPCT. Yesterdaty it snuck out red flag strewn results and on a number of counts this looks utterly grim for Nomates.
1711 days ago
Hat tip my esteemed stockbroker, I flag up a major red flag for global equity markets. I discuss a hot rumour of the real reason the FCA swooped to shut down broker SVS. I look at Canadian Overseas (COPL), Avanti Communications (AVN), Sound Energy (SOU), Woodford Patient Capital Trust (WPCT) and Brady (BRY).
1764 days ago
Dim-witted MPs and poltroons of the deadwood press seem to think that the London & Capital Finance is a one-off. Sure the level of theft by Amber Rudd’s pal Simon Hume Kendall was obscene but as we have flagged up many times there are stacks of other LCF type mini bond scandals waiting to emerge. I highlighted back in February 2019, a number of similarities between Blackmore Bond PLC and, now, insolvent London Capital and Finance Plc.
1846 days ago
Happy Birthday Dad. I hope that you enjoy your "medicinal" apple based gift. I am about ten days from moving house and have just completed a mail relocation form so I shall get my postal vote for the Euros forwarded. I dislike many of the creeps who surround Nigel Farage but his Brexit party has my vote in the bag and I explain why. I look at Management Resource Solutions (MRS) as another red flag emerges for this insolvent piece of crap. I cover Westminster Group (WSG) run by loathsome swine Tony Baldry, Audioboom (BOOM), Woodford Patient Capital Trust (WPCT) and his other dogs and Purplebricks (PURP) in a Joshua interrupted podcast.
1852 days ago
As you can see below, I am being attacked on twitter by someone purporting to be a shareholder in tecnically insolvent, red flag strewn, Management Resource Solutions (MRS). Is my troll really a convicted AIM fraudster?
1859 days ago
Yesterday's bearcast explained the massive red flag of Neil Woodford having to sell his crown jewelsd, shares in Imperial Brands. Today, his most devoted follower on the sewer that is Fleet Street, Jeff Prestridge of the Mail on Sunday has, after 30 years of loyally kissing Woodford's arse at least once a fortnight, abandoned ship. The ship once swarmed with parasitic and, often unthinking, rats. Now there is just one left, Hargreaves Lansdown. I explian what this all means. If you enjoyed this, almost 100% profanity free, bearcast, follow a bloke from the Grim North who donated enough to buy a whole house in the welfare safari and support the Rogue Bloggers for Woodlarks HERE.
1902 days ago
I follow up on today's shocking revelations about the stockmarket comeback planned by disgraced Peter Shea and Daniel Stewart Securities with a detailed look at Adam Wilson's Atlantic Carbon, formerly Atlantic Coal, its shocking historic accounts, why they should ensure alarm bells ring and why this whole deal and its proposed Standard Listing stink to high heaven
1912 days ago
As I warned would happen yesterday, the sale of Telit’s (TCM) auto division to Hong Kong based TUS has again been delayed. We are now told that it won’t meet the 31 January (new) deadline but will happen on or before 20 February after the Chinese New Year. Whatever… the statement itself throws up an enormous red flag, how on earth Nomad FinnCrap (FCAP) signed off on this crap defies belief…it is almost as if it is only in it for the retainers and does not care about doing its job properly.
2209 days ago
Even The spawn of Satan, evil PR spinner Damian McCrystal, cannot polish this turd - the wheels are coming off the fraud MySquar in a big way. CFO Pham Dang Hung has quit the company and the board with immediate effect. If you don't see this as a massive red flag you are either blind or just colour blind.
2243 days ago
When MySquar (MYSQ) misled investors to get away a £1.2 million fund raise in on July 31 2017 it said it would never have to raise cash again. Well it did not take long for a change of mind from the holocaust denying fraudsters did it? And this fund raise announced today is dodgy as hell, yet another mega red flag. So lets go through the lies and spoofs in order up to the latest spoof.
2251 days ago
In today's bearcast I discuss the corporate history of Sir Henry Bellingham MP notably the fraud he was deeply involved with for six years - 3DM. That leaves me backing today's calls for him to resign from Pathfinder Minerals (PFP). He is a massive red flag just like ex Tory MP Tony Baldry now of Westminster (WSG) but who was also involved in the nest of vipers that was 3DM. I discuss my settlement with Roger Lawson of ShareSoc. And then I look at the bizarre share transactions at BCA Marketplace (BCA) and what they mean, i.e SELL!
2275 days ago
Uh oh! This matters as Prothena is a massive holding for Britain's most conceited fund manager Neil Woodford and as such an unravel here would be massive omlette on face time. Again. On Friday, after hours, the Chief Medical Officer of Nasdaq listed biotech Prothena walked. If that is not a red flag what is?
2290 days ago
I start with US classic car prices. It is relevant, bear with me. Then it is onto the Begbies (BEG) red flag report, a real bombshell. Then Carpetright (CPR), Bonmarche (BON), Dignity (DTY), RM2 (RM2), Online Blockcrap (OBC) and Character Group (CCT). I also look at today's article in te Times on insider dealing and welfare fraud.
2318 days ago
I flagged up the big red flag on yesterday's trading statement from IQE (IQE ) - viz that increased sales and profits were not translating into cash generation. As ever, IQE is very weak in that department. But there is a lot more. Having slept on it here goes...
2381 days ago
Roger Lawson of ShareSoc bought a few shares in Rosslyn Data (RDT) as a recovery punt in a placing. That he was able to get EIS relief added to the attraction although I still worry he will lose money on this company which I have highlighted many times (HERE) as a howling dog even by the standards of AIM. Lawson attended the AGM yesterday and reports back on what appears to have been a curate's egg in his mind. I think he is being well generous.
2382 days ago
Natch the AIM listed uber dog Sabien (SNT) never got around to mentioning it but, like Purplebrikcks (PURP) today, it was censured by the Advertising Standards Agency, ASA, back in January 2013. Good companies just do not need to mislead clients.
2384 days ago
In my opus magnus on BCA Marketplace (BCA), the Big Short, I highlighted in Red Flag 4 point 1 the operating leases with no break clause until 2031 and noted that adding these to the balance sheet would double the apparent debt burden.
2386 days ago
Nigel Somerville raises a red flag about AIM uber dog Milestone (MSG) HERE but is too nice a guy to point oiut just how worthless and overvalued this crock is. I am not so nice.
2448 days ago
After today's complete bombshell which shows that Telit (TCM) is a Globo style fraud and thus utterly worthless what follows may be a tad academic. But, none the less, it is yet another Red Flag which we all should have noticed earlier. Reading through the 2016 annual report of Telit it is apparent that Mr Fat Katz, sorry Mr Oozi Cats, had two unusual remuneration arrangements.
2449 days ago
Over the past week I have shown that Telit Communications (TCM) is run by a man who fled fraud charges in the US but changed his name to avoid investors knowing, I have flagged up banking covenant breaches, red flag strewn interims and an Italian criminal investigation. But that was just an appetizer. Today I give you a full dossier with shocking NEW material, which shows this is Globo Mark 2. it is a fraud and its shares are going to zero.
2671 days ago
112 minutes after the stockmarket closed on the Friday before Christmas Avanti Communications (AVN) published a red flag strewn annual report. I have already raised one mighty red flag HERE and more will follow. But now just consider how the bombastic prick of a CEO David Williams was rewarded so handsomely for failure. Shares in Avanti are just 23p today. They were c£8 when Williams sold millions of quid worth of shares as he ramped away after the launch of Hylas 1 back in 2011.
2688 days ago
I start with the kerfuffle over Aiden Earley of Worthington (WRN) infamy. I described earlier how he has libelled me but is threatening me with legal action. He has lost the plot and I am now talking to my lawyer about dealing with this irritant proactively as I explain in the podcast. Then I discuss why it is better to travel than to arrive and a Red Flag that links Sefton (SER) and Cloudtag (CTAG)
2753 days ago
The reason for that is revealed at the end of the podcast. Before that I look at Gable (GAH), Entu (ENTU), Gulf Keystone and a stock ramped by Justin the Clown, Global Energy Development (GED). Does an endorsement from the Clown mean that the shares might not be cheap?
2759 days ago
This morning's article on Cloudtag (CTAG) should be yet another red flag and Lucian and I should served up one more soonish. Just how many red flags to the morons need to see? I ask this after a fellow asks me what he should do about his collapsing investment in TrakM8 (TRAK). Answer you should have listened to me when the shares were double today's price! I also look at Impact Holdings (IHUK) and then offer warnings about Blur (DOG), Rosslyn Data (RDT), Strat Aero (AERO) where, in all three cases, I'm sure it is placing ahoy and I explain why. And I look at why the Footsie is heading through 7,000 and where next.
2786 days ago
I start with an update on the baby, the frigging cot and that smug bitch on the internet. Then it is onto Optibiotix (OPTI), Minoan (MIN), Nighthawk (HAWK), Strat Aero, (AERO), Botswana Diamonds (BOD), a grammar lesson for the City's top oil analyst and finally a new golden rule for shares: the inverse relationship between the number of homophobic lunatics on a shareholder list and the long term prospects of a company. I refer of course to, drowning in red flags, Cloudtag (CTAG)
2828 days ago
Being a member of the Labour Party is so much fun. Seriously it is the cheapest form of entertainment going. Okay, when I say entertainment, it is rather like having front row seats at an illegal dog fight where both contestants emerge bloodied and unfit for anything but, now that fox hunting is illegal, if you like blood sports join the Labour Party.
One of the joys are the almost daily emails from all levels of the party and from the competing factions. Each sender competes with his or her rivals or superiors and inferiors in the party hierarchy to be the most sanctimonious and pious on issues that no-one on this planet cares about, with an occasional undertone of sheer nastiness sometimes about the Tories but usually about fellow Comrades.
The other joy is, of course,
2845 days ago
I would expect the collapse in the Avanti Communications (AVN) share price to continue. You cannot say this site did not warn you. In this bonus bearcast I run through 14 red flags which apply to Avanti and which I managed to jot down in less than ten minutes. Drat! I missed an obvious 15th: the promise to move from AIM to the Main Market. It did not happen. Companies that promise the jump but don't make it (think Quindell) are always red flagged.
2868 days ago
On 25 March 2015 Advanced Oncotherapy (AVO) announced what it claimed was a major breakthrough in China, what it termed the "first major sale of a LIGHT system" in China. Well that was the headline. The customer was a firm called Sinophi. The shares zoomed on this $40 million order. Jolly good news. 37 days later the company raised £20 million in a placing at 8p. But did anyone care to look underneath the PR spin? No. Lets start with Sinophi Healthcare Limited.
2891 days ago
I have picked up LightwaveRF (LWRF) before for the way that it mangles the English language in its statements. It makes Chris Oil look like John Le Carre. Back in July 2015 I took its language mangling as an intent to gloss over the grim reality and said it was a Red Flag The shares have duly collapsed from 38p to 15p and today it serves up another RNS which is misleading. It is bullshit.
2924 days ago
Will the birth of Prince be celebrated in two hundred years or his death in 400. I start with a reflection on a chat with my father. Then it is onto the first red flag at African Potash (AFPO) and why folks should have run a mile back then. Finally I point out after today's bombshell why folks are looking at valuing all the Horse Hill stocks, but especially UK Oil & Gas (UKOG) in just the wrong way altogether.
3000 days ago
African Potash (AFPO) was on a crazy valuation prior to today but has just run a red flag up the mastpole which must make any sane investor on this planet (and perhaps even some of its deranged groupies on the LSE Asylum) run for the hills.
On January 6 2015 this company announced the sale of a stack of fertiliser in Bongo Bongo land. The terms were explicit:
3017 days ago
Nigel Somerville has today posted a pithy explanation of a Red Flags No-one is watching O'Clock RNS from Tethys Petroleum (TPL) which shows that it is toast. But there were three killer red flags here you might have noted from way back.
3022 days ago
Begbies Traynor (BEG) has updated on research (which chimes with our current view) of “a difficult 2016” ahead for UK companies. This follows the ‘Red Flag Alert research’ of this, the UK's leading independent insolvency firm, showing businesses ending 2015 in a challenging financial state and noting a difficult combination of factors for 2016.
3034 days ago
I could not sleep last night so spent several hours looking at filings by Alibaba (US:BABA), the world's largest IPO. They seem red flag strewn and I would have this one down as a slam dunk sell for 2016. There will be more on this to follow but I am just putting a marker in the sand. Back in the UK I look at Gulf Keystone (GKP), African Potash (AFPO) and LGO Energy (LGO)
3034 days ago
The Naibu (NBU) Neds have now admitted my fraudbusting was spot on (HERE), The FRC has thanked me for alerting it to Quindell (QPP) frauds (HERE) and so 2015 was a great year of Red Flag spotting for me. Earlier in the year year I published an ebook, dedicated to fraudster Robert Simon Terry, flagging up some of what I look for in Companies that commit FRAUD
3058 days ago
Jason Drummond and I first met in the dotcom boom when investors backing him made money. We reflect in this presentation on then & now and on all the warning signs we look for in tech stocks. The tech red flag list.
3097 days ago
On today's podcast I start with a couple of risers: Berkeley Energy (BKY) - where's my apology Brokerman Dan? And Optibiotix (OPTI) - you know I am not totally useless at long tips. Then onto the losers: Galasys (GLS), TyraTech (TYR), Northern Petroleum (NOP). Then it is Golden Saint Resources (GSR) where I also try to help out hapless compliance officer the Northern Slum refugee Richard "Gollum" Gill by explaining the rules about a financial promotion. I missed out FastJet (FJET) - down on weak passenger data, can anyone remember anyone involved in its IPO who might be a red flag? Then I turn my attention to David Lenigas, the boiler room and Inspirit (INSP).
3130 days ago
AIM Casino China play Vmoto (VMT) has served up yet another red flag with an announcement that it has issued a shed load of shares to various parties. Vmoto claims to be drowning in cash but as I pointed out HERE its balance sheet is actually very weak. So today it announced:
3136 days ago
Hat tip to one of our readers who I know works in the small cap area and thus knows his onions for today's bit of Sherlocking on Worthington (WRN). For any Worthington investors this is yet another Red Flag 'fest. For any Rangers (RFC) fans scared that the claims of Law Financial & Craig Whyte may make against the club have any grounds, read this and LOL. Enjoy.
3164 days ago
I arrived back in Bristol after a long journey yesterday and opening my post it was just like Monopoly ( n a good way). To celebrate I look at the markets in general, comment on Scancell, predict a few no-one is watching O'Clock announcements tonight and then focus on Camkids but epecially JQW which sent out a big China fraud Red Flag today.
3213 days ago
I have noted on a number of occasions that fully listed CIC Gold (CICG) where the largest shareholder is Stuart Bromley’s CIC Capital is a complete and utter bargepole stock and that VSA Capital should be thoroughly ashamed for bringing this POS to the market. And now for more evidence of why this is just not investment grade material – it’s the Bromley factor.
3267 days ago
Paid for researcher Edison is paid by companies to produce notes. The hooker never tells her client how small his cock is she just gets on with it and thus Edison is always looking on the bright side. But in its utterly misleading note on Tungsten (TUNG) out today, even the rent-boy of the research world cannot bring itself to say buy. That is a pretty big Red Flag.
3282 days ago
Two looming scandals on the AIM casino -next week will be New World Oil & Gas (NEW) where it could be an explosive headache for ninth rate Nomad Roland "fatty" Cornish and then Aquatic Foods which the Chronic Investor reckons is a Red Flag free China play. Au contraire.
3345 days ago
Managing a company that has run out of cash is hard. You must delay paying bills until the last possible moment, keep the banks happy, try to generate cash however but in the end something cracks. If like Quenron you have net debt and are burning cash, you can stretch your average payment terms out to a disgraceful 122 days (and climbing) but in the end someone you owe money to takes you to court and gets a County Court Judgement (CCJ) against you. For investors this is a massive red flag.
3352 days ago
Thanks to the tawnyport poster on the ADVFN Bulletin Board for flagging this up. Unlike the wankers at the FT I’m happy to give credit where credit is due. Part 8 of this series has a stunning email or two and is a bombshell but this helps set the scene.
We return to Hong Kong registered European and Asian Ltd which shares an address with a firm where Craig Whyte is the authorised signatory. European is the company that holds all of the equity of Mandolyn Ltd, which in turn receives Doug Ware's warrants in return for his CEO services. European and Asian Ltd is also the sole shareholder of some other companies, including one called Renatus WRN Secured Loan Note Holders Ltd (sole director one Doug Ware). I flagged up the Renatus Red Flag yesterday HERE.
The 30th June 2014 Annual Accounts for Renatus shows a total of £1 of cash at bank and in hand (the nominal value of the sole share held by European and Asian Ltd). It's a dormant company with no assets, at least at that point. It's not trading, so has no way of generating cash.
On 29th September 2014
3359 days ago
My latest book is dedicated to the fraudster Robert Simon Terry, the founder of Quindell (QPP) and highlights 49 Red Flags, warning signs you should look for before investing in shares. Number 31 is excessive spend on PR and IR. To get your free copy of the whole book sent to you today fill in the form HERE - meanwhile here is No 31
3366 days ago
My recent book 49 Red Flags serves up 49 ( its actually 50) signs that you should not be owning a given share. The book is dedicated to Rob Terry of Quindell (QPP) who serves as a case study for most of the Red Flags mentioned. You can get a free copy of the book sent to you today by filling in the form HERE. As a sample here is Red Flag 26.
3373 days ago
There is a hat tip to my friend the convicted felon turned fraudbuster Sam Antar for Red Flag 25 in my new book 49 Red Flags. To order a free copy of the book to be sent to you today fill in the form HERE
Red Flag 25 Reads:
3377 days ago
Over the weekend I published my latest book, 49 Red Flags, how to avoid buying shares that will plunge. As a taster here are Red Flags 2 and 3, featuring Sefton, Quindell and Tern. You can get a free copy sent to you today by filling in the form HERE
Rule Two:
3379 days ago
Grand Group Investments plans to IPO on AIM tomorrow thanks to fat crony capitalist Ray Zimmerman of ZAI Corporate Finance. The usual advisers to China Norfolks are on board: dirtbag lawyers Pinsent Masons and PR poshboy Henry Harrison Topham, I say old chap didn't your grandfather bugger mine behind the bike sheds at Eton? In this podcast I look at the other Red Flags
To get your free copy of my new book 49 Red Flags sent to you today fill in the form HERE
3393 days ago
I end with Quindell and an open challenge to Mr Jim Sutcliffe regarding the 100% fraudulent 2011 accounts. Let's see if he really wants to draw a line in the sand or if he is just in it for the grubby money. Elsewhere I look at Shaft Sinkers, Rapid Cloud - a case study in Red Flag accounts -, Lamprell and Northbridge Industrial.
3413 days ago
Range Resources (RRL) was telling its stockholders by unofficial channels two years ago that its US assets cou;ld be sold for $150 million funding mammoth share buybacks. Today they were sold for $1.4 million. This Bearcast covers the role of Greg Smith in the range tragedy, questions the value of Range's Trinidad assets, points out how Pete Landau misledinvestors and calls on the FCA to investigate Landau for market abuse and to ban him as a director of AIM Casino listed companies. It covers the legal threats I received from him and the spineless approach of other publishers that caused me to set up ShareProphets.
If you feel that Landau misled you over the value of the US assets please write to [email protected] citing your evidence and demanding that they investigate him.
If you were one of the Bulletin Board Morons who reported me to the FCA for market abuse in Red Flagging Range all the way down from 5.5p to today's 0.54p (susp) you can write to [email protected] and apologise. The Sheriff of AIM is vindicated again.
3434 days ago
Rain delayed play on the olive harvest but is now back underway again but without me for this afternoon as I have business to attend to in Kalamata and you, my dear listeners, to satisfy with the revelation of a NEW China AIM stock capitalised at £88 million which shouts out red flag. I also comment on Forbidden Technology, Tyratech and growth stocks that stumble, on Ortac Resources, Beacon Hill Resources and raise a few points about the fraud souffle that is Quindell
3436 days ago
The stench of fraud, corruption, lies and deceit at Quenron (QPP) is now obvious to all but the biggest moron. In their desperation the shareholder morons (assisted by Quindell itself) throw ever nastier and more misleading rubbish at the critics, notably me. My response, I am not flinching I fight lies and smears with proof of FRAUD. Let's reveal another scandal at Quenron. This will horrify you. Meet Overland and meet Jason Cale.
On 26 September 2012 Quenron completed the purchase of Overland by issuing 140 million shares so valuing it at £14 million. The deal was originally announced on April 19 2012.. The September statement reads:
3436 days ago
I have not looked at a subsidiary account at Quenron (QPP) for a while but just to save the SFO/Administrator some work in due course here’s another one, Isaas Technology Ltd a company bought in March 2013 for £4.5 million in shares. Hmmmm.
I refer you to the Quenron August 2013 investor presentation as it started the ramp up for the £200 million rescue placing of that year – see HERE for the lie packed document in full. We were told (page 13) that we had a warranted EBITDA for 2013 of £1.6 million and that current run rate was £1.7 million. That fits in with the Quenron stated policy of paying a maximum of 5-7 times profit.
I now refer you to the 2013 audited accounts
3463 days ago
At the weekend we asked you which of the most worthless POS and in some cases fraudulent stocks on the AIM Casino would be the first to go to 0p or be suspended. It ended up as a three horse race with all three front runners having just one thing in common – the involvement of Daniel Stewart, always a red flag.
Daniel Stewart shares are already suspended so for it to win it has to go bust. Fingers crossed. Anyhow the results were:
3463 days ago
Which is the worst stock on the AIM casino? The one that is heading to 0p and/or suspension most quickly? What do you think? Vote now in our reader poll. Quite simply which of the following stocks will be worthless first. The ones marked (F) have engaged in fraud and the ones that are marked (D) suffer the massive red flag that is Daniel Stewart involvement, past or present.
3488 days ago
Aha, another one of the 191 Quenron (QPP) subsidiaries has published its accounts at Companies House, Quindell Resourcing Ltd, formerly known as Metaskil Ltd. And needless to say the numbers just do not add up.
But first – which Metaskil is this? Quenron bought Metaskil Group Limited on October 10 2012. It stared at the time:
3494 days ago
Each week we aim to bring you the most illuminating post by a reader on this site which we think merits a wider audience. And the winner this week is Dominic Cooper who brings some added insight into the world of Quenron , following today’s Red Flag Orgy. Mr Cooper writes:
3502 days ago
Toumaz (TMZ) has all the markings of the sort of stock that should be in the Bulletin Board Moron nightmare portfolio as explained HERE earlier and, indeed, it seems to have a diehard band of BB Moron enthusiasts. Results today are dismal and the cash is running out. Yet at just under 6p the valuation is £95 million. Crackers.
To be fair the company’s product, sticking plasters which wirelessly monitor patients vital signs, for use in hospitals, looks interesting but when a company says in its statement “The Group is assessing a number of concepts and opportunities in the "Internet of Things"” I really see that as a red flag in the jargon hype department. And then to the numbers.
Today Toumaz reported on the six months to June 30 2014. So here are the last three half year periods sequentially.
3513 days ago
Avanti Communications (AVN) is a Bulletin Board darling which spews out more than its fair share of Red flag warnings. Its obsession with its share price is understandable given that it needs to get away yet another equity fundraising within 12 months. And hence I draw your attention to a release issued on Friday.
3520 days ago
The last time that the vendor of Himex sold a business to a Rob Terry run company it was sold for £50 million. At the same time certain other related businesses were lobbed into the pot and all in all it cost The Innovation Group c£60 million all in goodwill which was all written off within a year. Cosy was a cosy deal for some but not for Rob Terry believers – as explained HERE. Will it be different this time? I now refer you to the 2014 interims from Quindell and the year to March 2013 results for Himex which you can see HERE. Red Flags for lunch anyone?
3520 days ago
Hat tip to poster Dalesider here on ShareProphets.com for alerting us to the fact that the Quindell (QPP) interims throw up another red flag and it concerns the much hyped deal with the RAC. Quindell says it is being restructured, I worry about the missing £15 million and wonder if the deal is in tatters as a result of Quindell’s cash crisis.
We start back in April when the Quinnovation Group (my little joke, I meant Quindell but for an explanation go HERE) announced that it was hooking up with the RAC to go into telematics. The strict financials was that a new company was being set up – Connected Car Solutions. I quote from that release:
3521 days ago
Feel like another red flag for Quindell (QPP)? Here’s the good news I have one for you! Lawyers appointed by the official receiver to LSI (2013) Ltd are now investigating its transactions with Quindell – let’s go back to May 2013.
3521 days ago
I have noted before how a number of financial websites have accepted advertising from a company called Pacific Tycoon. We have refused to do so because we simply do not believe its claims for one nano-second. As I reported HERE, Pacific has asked me to withdraw my articles because it “damages their online reputation” but has failed to point out one financial inaccuracy and so I told it to bollocks off. I now bring you Linda’s story.
I have corresponded with Linda and she is a real person who was considering investing in Pacific. This is her story:
3528 days ago
Gosh this is complicated. The Quindell (QPP) relationship with TMC Southern owned by Mark Ford (see HERE and HERE) is incredibly hard to untangle but one thing is clear: the numbers just do not stack up. Annual returns and reports conflict and there is an awful lot of cash which seems to have gone somewhere? Where? Read on…
The annual report for TMC Southern for the year ended 28 April 2011 is HERE
The 2012 Annual Report for TMC Southern is HERE
Please look at the balance sheet in the 2011 report. Is there anything missing? Er…yes.
3528 days ago
This is just a small Red Flag but it is a tad confusing none the less. I refer you to note 21 of the 2011 Annual Report from Quindell (QPP):
Included above within gross trade receivables due from third parties is £28,014,000 (2010: £nil) relating to debts subject to discounting. Included in other receivables is £250,000 representing the rights to the beneficial interest in 52,000 A ordinary shares in Sandbourne Systems Limited. This expenditure has been shown in the cash flow statement as a cash outflow in respect of investments.
Hang on a second
3540 days ago
Quindell (QPP) Bulletin Board morons it is me again. I have been looking at another of Quindell subsidiary and it begs a few questions for you but also for the Southampton based law firm of Blake Lapthorn and Mark Hepworth a partner there. It’s another Red Flag day for Quindell.
Utility Supplier Services is described as a firm engaged in “the distribution and supply of electricity”. It was set up on May 13 2011 just after Quindell’s IPO with one active director Mr Mark Hepworth. Hepworth quit in December of that year after it was sold to Quindell for an undisclosed sum.
The odd thing is that this company appears to have never traded in its life. It has not bought or sold one single lightbulb
3546 days ago
I gather that my first Mark Ford article HERE has had some effect round at the Country Club. Skillwise, the shelf company with no assets bought by Quindell from (I think Mark Ford) for £2.76 million in cash on August 30th 2013 has finally appointed some directors (Rob Terry and Laurence Moose). And it has extended its year end. So I guess some revenues will be put through it and it will not be struck off. But while we are on the subject of Mark Ford, let’s move onto BE Insulation (UK) Ltd.
3548 days ago
On a financial level I have always been bearish on Gulf Keystone (GKP) long arguing that the shares were really only worth 30-50p – something that has not endeared me to the Bulletin Board Morons. Well I guess I was right. But what has changed to make this an outright slam dunk short sell? Answer: ISIS.
Incidentally HERE is my first red flag piece on Gulf from April 2013 with me saying sell at 154p and I have consistently argued that fundamental value was 30-50p. I would now target the bottom of that range or less.
Without doubt these Islamofascists are truly the most repellent force on this planet. Opponents or those who are not the right sort of muslim are beheaded, crucified or shot. Even children are beheaded. Although I see that in the Guardian that the ISIS flag is now also flying in Poplar East London alongside the Palestinian flag, it is in Syria and Iraq where the headway is being made.
Peering at my maps today
3548 days ago
If you are a bull of Quindell (QPP) then that must largely be because you trust its founder, Mr 2+2 can = 5 Rob Terry. After all almost 40% of the revenue Quindell books this year will be accrued (i.e. not even invoiced but just based on what Rob Terry thinks will come in). He has bought businesses for massive prices from old friends based on what they might do (Himex and of course Brand Extension as exposed HERE yesterday). So you trust Rob Terry.
Ok, The Innovation Group crashed as did his prior venture but you reckon he has learned his lessons and THIS time he is playing it differently. I happen to disagree. Right from the launch of Quindell onto AIM in 2011 via an RTO the then Country Club business engaged in business practices which were simply not sustainable and which – to any impartial observer – scream out Red Flag ahoy!
3548 days ago
In the run up to September 30th Quindell (QPP) faces not only a critical cash crunch but also the unpleasant task of filing annual returns for a host of associate and subsidiaries and these will – I guarantee – prove to be a veritable red flag forest. The first of these reports is now in, Brand Extension, and this will shock even the #QPPSAG as they ask where shareholders cash has gone. Do Nomad Cenkos and broker Canaccord – to whose compliance department this article is going – have no qualms about this company?
3558 days ago
Early this month Monitise (MONI) served up a dismal profits warning. Delays in revenues were – in true Rob Terry fashion – viewed as being for good reasons but once again this company failed to hit targets. Now we see a weedy non-announcement and an Edison puffery research note all of which are Red Flags. Whatever Monitise says it is running out of cash and a placing is inevitable.
The non-announcement is of an extension of its relationship with IBM. Has that caused Edison to change its numbers? Er… well Edison says it is jolly good news ‘natch but its forecasts are unchanged.
Now to cash. In the profits warning Monitise stated:
3560 days ago
This is a truly brilliant spreadsheet from Paul Scott, the person I rate as the UK’s top share blogger and an all-round nice guy to boot. In saying all round this is not a reference to his figure although…. Paul does not write for this site and is fiercely independent in his views but he has graciously allowed me to publish this anyway. And so especially for followers of Quindell (QPP), Globo (GBO), Outsourcery (OUT) and a good few others…
3561 days ago
US Oil & Gas (USOP) once issued an RNS at 10 PM on a Friday – that Liam Mcgrattan is a comic genius. But he serves to demonstrate a valid point: if a company starts issuing RNS statements well after 4.30 PM this is a red flag that you should not be invested. Not a reason on its own but the sort of red flag that catches the eye.
The charitable explanation for an RNS issued at “no-one is watching O’Clock” is that the company is very badly run and just cannot communicate effectively with investors. Okay, that is not a hanging offence but it hardly inspires confidence does it?
3582 days ago
When a company issues an RNS which is frankly incredible – that is to say unbelievable on the known facts – that should be a massive Red Flag moment. If that company has a long record of missing targets and burning cash and is also drowning in debt then it is a stinking sell. And that brings me to Avanti Communications (AVN) up at 253p after a contract win announced today. Hmmmmm.
The RNS “Contract win” states:
3596 days ago
As you know I am thick as two short planks and so I am sure that there is a perfectly reasonable explanation for what appears to be another red flag in the ever growing red flag forest at Quindell (QPP). Perhaps a Bulletin Board moron out there can enlighten me regarding the missing 100 million shares?
On 26 September 2013 Quindell announced that it had bought 26% of PT Healthcare by issuing 31,551,270 shares. Do not worry about what it does, Rob Terry told us that it would be earnings enhancing so that’s alright. Quindell said that it had an option to buy the rest of PT for 242 million more shares which lapsed on April fool’s day 2014.
Now please turn to page 18 of the Quindell Annual Report which must be an accurate document sine it is signed off by KPMG. On that page Rob Terry states that:
3599 days ago
Last week on both Shareprophets and here I asked you for captions to the picture below. The winner can join me for lunch at Real Man Pizza on me.
Among the best entries were:
“Is QPP flagging a dead horse?” - Steve Brown
“The UKLA come up with a cracking idea for an eye catching cover to the next Quindell Annual Report” - The Sheriff of AIM
“Employees of the latest Quindell acquisition get ready to start walking in front of cars as part of the new Telematics solution” – RT
But the winner comes from trashbat who can contact me by email to arrange a date with this entry
3650 days ago
Globo (GBO) results out today look superficially good but read deeper into them and they beg far more questions than they answer. Just to give the City analysts a heads up on what questions to ask in the conference call later today I have now published a 10 BIG Questions “Red Flag” special HERE.
But yesterday I wandered down to Globo HQ here in Athens which is located in a respectable residential neighbourhood. The HQ is at 67 Ethikis Antistaseos street and Epistanisou Street. I was hoping to find a car park jammed with Porsches so I could run the headline “where are the shareholder’s porches?” but as you can see the Globo Car Park contains no signs of extravagance.
