522 days ago
The corporate governance at Nightcap (NGHT) is – as I have exposed on this website so many times – dreadful. That rather surprises me as the non executive chairman Gareth Edwards is not a bad old stick despite having been a partner at the accursed law firm Pinsent Masons. One issue that the cash strapped company, now right up against the limit with its banks, and with its rollout programme on hold, is bonuses. I urge Gareth to look at events at Gresham (GHE), which – to make it easy for him – are detailed in full below.
592 days ago
Sometimes a share price flags up that something is awry. In the case of Nightcap (NGHT) the bars chain, dripping in red flags with some of the worst corporate governance on the AIM sewer, run by Dragon Sarah Willingham and her husband Michael Toxic, I think that is the case. So La Willingham when are you going to ‘fess up?
638 days ago
There are many reasons to be bearish of Argo Blockchain (ARB), not least a CEO, Peter Wall, who dumps millions of pounds of shares AFTER sounding folks out about a placing, which took place less than two weeks after that dump. But that is not the only corporate governance issue.
772 days ago
Like all piss poor companies, in the end NightCap (NGHT) will run out of other folks’ cash. But there are also massive corporate governance red flags to address. In my article of Saturday 20 November 2021, A GROWING SCANDAL: Sarah Willingham’s Nightcap: questions for the independent non executives and the auditors, I focused on two payments made to Sarah and her husband Michael Willingham-Toxvaerd being:
823 days ago
I start with the Carrie Antoinette “victory party” a few weeks after my dad’s funeral.This is the final straw at somany levels. Then I move onto news that the FCA staff are balloting on strike action over plans to scarp their bonuses. Then to lessons learned from the Novacyt (NCYT) scandal – where I did warn you! The chief lesson is that poor corporate governance often goes hand in hand with poor share price performance. I discuss ADVFN (AFN) in this vein.
894 days ago
I start with Lyin’ Chris, a fraudster whose work at African Potash I exposed on these pages. Now thanks to the FCA being useless he is President of a $3.7 billion US listed company which will, I’m sure,end in tears. Well done the FCA. Then onto why failings in corporate governance lead to shareholders getting stiffed with reference to Edge VCT but more to today’s shocking new exposes on Sarah Willingham and Nightcap (NGHT)
910 days ago
In today’s Bearcast, I ask how much would you be prepared to do to break LSE Rules to stop your company’s share price from crashing – ref Chill Brands (CHLL). I look at Versarien (VRS) and its latest spoof and the track record of it spunking your cash via Innovate UK grants. But the meat here is on HK360 Limited Brian Basham, Net Zero Infratructure (NZI), the FCA and what appears to be amassive failure of corporate governance, as outlined HERE
967 days ago
I commented a few weeks ago on Spinnaker Opportunities (SPAQ) explaining exactly why it was !an over-priced nest of vipers”. But as of yesterday it claimed to have showed that it was committed to “good corporate governance and to our diversity of thinking.” Andy Morrison you do not half talk bollocks.
1064 days ago
I comment not on the Iofina (IOF) share price which has, pro tem, arrested a year-long decline, bouncing 21% today to 14.5p but on note 16 of its accounts out two days ago showing the shocking corporate governance at this company, something shareholder Brexit “bad boy” Arron Banks used to care about.
1406 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.
1444 days ago
ShareSoc claims to be fighting for private investors and for improved corporate governance. But at least one of its, shockingly small, band of members our reader Pierotlunaire has sent an open letter to the body arguing that its own practices are worse than that lof his local golf club and need a dramatic shake up. He writes:
1628 days ago
There are no guests in this week’s show which is sponsored by Open Orphan PLC (ORPH). It is just me and I start with the tale of Lyin’ Chris Cleverley, the lying fraudster cousin of Tory Party chairman James. Lyin’ Chris runs listed companies and there is no doubt he is a liar and a fraudster so why has the FCA not acted? Then it is onto PureCircle (PURE) a billion dollar fraud, where after six years, myself and Lucian Miers are utterly vindicated. I invite you to read its 2018 annual report and despair at the woke world of best practice in corporate governance. If you like this and can’t wait seven days for more of the same and are tired of being a cheapskate you should listen to my Bearcast every day.
1632 days ago
So much for the #BoycottWetherspoons campaign pushed by Remoaning drips. JD Wetherspoon (JDW) Q1 like for like sales grew by 5.3% and overall sales were up by 5.6%. When pro-Brexit parties win the election I know where I am going for a celebratory pint. In bringing us this good news, my hero Tim Martin also lashes out at the woke Brigade of corporate governance bores, notably the rank hypocrisy of the commie sociologist (I kid you not) who runs PIRC. This is brilliant stuff and I have highlighted the PIRC section as sheer genius as the deadwood press has long quoted PIRC time and time again to create non-stories. Martin brilliantly exposes PIRC as Charlatans. The greatest living Englishman writes:
1691 days ago
I have serious questions relating to corporate governance and related party deals at Begbies Traynor (BEG). I have communicated these to the company today and hope for answers. If I do not get them by next week I shall have to attend the AGM in Manchester and kick up a stink. None of us want that so over to Begbies…answers please. The letter is below.
2602 days ago
The staff of Corporate Governance tossers PIRC are a parasite sucking the lifeblood from the capitalist system and so it is delightful to see them doubly humiliated today. First up they backed the despised board at Bowleven (BLVN) who were ousted by shareholders. Now they appear to have done the impossible: make loathsome lardball Mike Ashley look like a hard done by victim by publishing some very fake news...
2619 days ago
In reality corporate governance bodies such as PIRC and ISS are, these days, part of the establishment so when it comes to crony capitalist companies on AIM they are part of the problem not the solution. This is demonstrated in spades today by events at Bowleven (BLVN)
3714 days ago
UKR Product (UKR) is an AIM listed company with a curious attitude to corporate governance (see here) and which is drowning in debt. In its most recent trading statement (i.e. profits warning) it said that debt was manageable if it saw an improvement in trading in 2014. Er…have you checked Sky News recently?
Yes, the company is a producer of dairy products in that current must visit holiday hotspot the Ukraine. It strikes me that the business climate out East might be a bit troubled right now. And it is not as if this loss-making company was in anything other than a very poor financial state before as I explained HERE.
As of today, bank withdrawals had been limited to $100 to stop a run on the banks. Those who should be working the fields have just been called up to the army. The PM says Ukraine is at war with Russia. Do I need to go on?
3951 days ago
No this is not a boring piece about corporate Governance and the number of meetings that an Audit Committee should hold each year. Read on. I am making a valid point about the corruption on AIM. Bear with me.
Generally I do regard the subject of corporate governance like that of the Corporate & Social Responsibility (CSR) of a PLC as an excuse for tedious people in suits to pontificate and then submit a bill to the PLC concerned. It adds no value, it hurts the bottom line and thus it costs shareholders cash. But just occasionally there is a serious issue.
The biggest failing of AIM (and indeed the LSE) in this respect is that Non-executive directors are in so many cases not independent
