505 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:
619 days ago
Putting out an RNS at 3.59 PM on Friday is not something I like. But should buy, sell or hold shares in Ariana (AAU) with the stock down to 2.8p.
861 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.
974 days ago
In today’s podcast I look in detail at Deepverge (DVRG) whose CEO Gerry Brandon is a 100% arse and whose most recent RNS is utterly deceptiive. I also look in detail at musicMagpie (MMAG) where a placing will be messy but is a slam dunk cert if the Fat Lady is not to make an appearance and at Cineworld (CINE) which remains a slam dunk short.
1027 days ago
I start with reflections on how my generation has first hand contact with survivors and victims but young folks do not. Perhaps that is why so many of them are blase about anti-semitism. Light a candle tonight. We will. Then onto an RNS about me not mentioning me. Optibiotix (OPTI), Eurasia Mining (EUA), Doc Martens (DOCS) and Challenger Energy (CEG). I said I’d mention madness incarnate but forgot to.My reference ws to Wildcat Petroleum (WCAT) , up 28% today at 2.7p valuing a company with sub £200,000 cash and no assets at all at £65 million. Insane.
1057 days ago
Wildcat Petroleum (WCAT) is the Standard Listed company that lied in its very first RNS exactly one year ago today. More importantly it is rapidly running out of cash, as I noted here, having failed to get anywhere close to executing an RTO as promised 12 months ago. It gets worse.
1072 days ago
On September 29 2021 the fraud Supply@ME Capital (SYME) issued an RNS titled “New £7 million Loan Note Facility completed”. That was all a lie and we are now 4 days overdue on an RNS relating to it.
1193 days ago
There was no RNS when the papers below were filed on April 7. There is no mention in the annual report which came out 22 days later. That is a bit odd given that the cost of this case could run into millions of dollars. Who would have thought after yesterday’s shock revelations HERE that the fine chaps at Argo Blockchain (ARB) would either (again) stand accused of being such rotters and also not tell investors about price sensitive data?
1212 days ago
An early podcast as Joshua and I are off exploring for an old bridge and a back road to Orova shortly. In today’s bearcast I look at Predator Oil & Gas (PRD) – a cause for extra ouzo tonight as Ron Pilbeam gets the order of the boot after my missive to the FCA – at new IPO Spinnaker Acquisitions (SPAQ) which looks like an overpriced nest of vipers and finally at the fraud Supply@ME Capital (SYME) whose RNS today is just complete and utter bollocks.
1373 days ago
Oh dear, oh dear. If anyone believes the latest RNS from the fraud that is Supply@ME Capital (SYME), I have a bridge to sell them. It is now 18 days since the company asked the FCA to unsuspend its shares, a process that should have taken hours, but still the FCA will not relist and the half-witted owners of the equity are being asked to believe that there is nothing wrong? Whatever.
1466 days ago
Over the weekend, I revealed the second reason why the RNS issued by cash-guzzling AIM Casino promote Powerhouse Energy (PHE) was grossly misleading. I have now written to the Oxymorons at AIM Regulation urging them to force Powerhouse and its shoddy Nomad WH Ireland to issue a full clarification and to face formal censure.
1628 days ago
My bearcast yesterday forced Pathfinder Minerals (PFP) and the scholars and gentlemen who run Novum Secutiries to issue a statement today. Unfortuanately the RNS of this morning is not true, it is misleading and deceptive and shows the desparation of Novum to cover up what really happened. I shall have a bombshell on Scrotum Securities later today but first I explain why what hapened and the attempted cover up is a total disgrace.
1732 days ago
This is an easy way for SP Angel to show it really is a serious Nomad. Does it think that Versarien (VRS) boss Neill Ricketts lied about share sales he made? If so will it issue a corrective RNS tomorrow and/or resign? Let me start with two tweets made by Ricketts after he dumped £153,750 of shares on 4 January 2018.
1733 days ago
In these volatile times shares can move wildly in both directions for all sorts of reasons. And after any sharp movement the regulators will put a call into the company, or on AIM to its Nomad, after if, perhaps there is something that it might wish to release via RNS.
1739 days ago
As if news out on Friday morning for perpetual disappointer Zenith Energy (ZEN) was not bad enough, the RNS served up at nobody is watching hour 6:30pm just heaps more misery on long suffering shareholders.
1740 days ago
In today’s podcast I look at the terrible and mounting woes of “star fund manager” Gervais Williams, at Versarien’s (VRS) cash woes disguised in today’s RNS by breaking AIM Rule 10, at NMC Health (NMC), Finablr (FIN), Bidstack (BIDS), Uk Oil & Gas (UKOG), and Bahamas Petroleum (BPC)
1751 days ago
In today’s podcast, interrupted by the pest Lucian, I look at Chris Akers and what he knows about Dev Clever (DEV), at Versarien (VRS) and an RNS from February 2017 which I urge its hapless Nomad Bobbie Hilliam at Canaccord to consider carefully as his client runs out of money again, at Andalas (ADL), Eurasia (EUA) and Tesla (TSLA). I consider the woes of Bidstack (BIDS) and a company with even less money, the curious trading statement from Zoetic (ZOE) and then do the maths, again, on UK Oil & Gas (UKOG).
1795 days ago
Last week NMC Health (NMC) attenpted to “refute” Carson Block of Muddy Waters bear dossier with a long RNS. But its shares kept sliding. So today we got another round.
1930 days ago
In this fourth edition of the ShareProphets Radio podcast sponsored by Riverfort Global Capital, this week, in order I discuss bad convertible loan/death spiral funding looking at the recent RNS from Kefi (KEFI), I interview David Bramhill of Union Jack Oil (UJO) and then bring you part one of two part interview with the greatest living and funniest fraudster Sam Antar of Crazy Eddie’s infamy. Enjoy. If you like this and can’t wait seven days for more of the same you should listen to my Bearcast every day.
1956 days ago
There is a new RNS out today which begs massive questions which the company refuses to answer. And there is still the matter of the placing at 5.2p and more questions about whether Anglo African Oil & Gas (AAOG) will get that away in light of what it claimed on Friday. This stock is now utterly toxic and uninvestable at 4p. Enjoy.
2012 days ago
On 11 April Rose Petroleum (ROSE) announced that Mr Robert Bensh was buying £275,000 of shares in the company at 1.1p to take a 14% stake and would become chairman with immediate effect. Er….
2088 days ago
Unlike the Thirsty one, theUK's top share blogger, who repeatedly encouraged his readers to fill their boots with TrakM8 (TRAK) ,I warned you repeatedly here of its aggressive accounting, its lack of cash generation, its nonsensical acquisitions, its RNS lies and that this was an all round dog. Today, it adds to its crimes against investors with an example of quite egregious boardroom greed. Mark Bentley of Sharesoc shares my anger and writes:
2175 days ago
I have given Andalas (ADL) a week to fess up to what looks like bad news but there has been no RNS. And so though my patience is legendary and I am trying my hardest to be a nice guy, enough is enough. I know this is the AIM casino and Rules, like 10 and 11, do not really matter but surely there are some limits.
2394 days ago
In terms of the sinner who is repenting (or is he?) I refer to our own dear Cynical Bear and Sosandar (SOS) where I own a few shares. Andalas (ADL) will still not answer my four questions and now wants to gag me if it does. It is 'avin' a Turkish. I consider Midatech Pharma (MTPH) and an RNS which brings back memories of a glass of sherry and a philosophy tute at Oxford with Dr Malpas. Then it is on to Anglo African Oil & Gas (AAOG) and to Anglo African Agriculture (AAAP). Finally I give the timing of our £1 billion fraud takedown tonight.
2691 days ago
Any company employing disgraced Nilesh Jagathia of Teathers infamy is a good bet either to go tits up or to get into a spot of bother for not filing documents properly at Companies House. And that brings us to Octagonal (OCT) PLC where clueless Nilesh does the books.
2696 days ago
The stench of desperation at AIM POS Advanced Oncotherapy (AVO) is overpowering.It knows that insolvency looms, that the money is running out fast ( within weeks?) and that a blizzard of share sales from death spiral provider Bracknor will obliterate the share price in the last few days. The board know it. The advisers must know it. But they cannot bring themselves to admit it. The pretence goes on for a while yet. And thus today we have an RNS.
2711 days ago
Earlier today i showed how Magnolia Petroleum (MAGP) has become a gravy train not just for CEO, not so lovely Rita Whittingham, but for her extended family as well. But when the operations are not generating cash how to fund the gravy train? Shimples: pump the stock with misleading RNS statements and do a discounted placing. Rinse and repeat. Want an example (for there are many)? Here goes.
2918 days ago
I am a nice guy so am always keen to help. It is, after all the season of goodwill and one should love they neighbour, play the Good Samaritan and all that. And thus with shares in the fraud Cloudtag (CTAG) collapsing to 8.25p to sell I have drafted an RNS for the company to issue tomorrow morning. "Statement re Share Price Movement."
2927 days ago
By shortly after 10 AM today shares in The People's Operator (TPOP) had crashed by 30% from 16.5p mid to just 11.5p. By midday there had been a marginal recovery as some morons went bottom fishing. But there had been fewer than 50,000 shares traded. At 12.33 PM the company published a catastrophic RNS. If this is not insider dealing what is?
2971 days ago
Lying to your investors is bad. I suppose committing fraud is even worse. But advisers without morals such as Nomad SP Angel and broker Beaufort Securities do not care about such matters as long as they get paid. But that may pose a problem as interims today from Strat Aero (AERO) show that it is completely bust. That SP Angel and Belfort will sign off on an RNS like this says everything you need to know about them. The only thing they should be signing is a resignation letter as Strat is bankrupt both morally and financially.
2972 days ago
Someone who invested in its last bailout placing told me that he did so because Strat Aero (AERO)'s lawyers had convinced him that it would wipe the floor with litigant Hulsey Smith who had accused Strat of serial fraud. He reckoned the shares would zoom when Strat won the case. Sucker!!!!!! But he is not alone. Strat told all investors via RNS that Smith had no case at all and that it was to counter sue. So today, as the trial loomed, it has caved completely. Er yes. Another lie from a company that is clearly run by pathological liars;.
2980 days ago
And there was I thinking that if AIM listed companies had bad news they had to issue an RNS? Well maybe Chris Cleverley has re-drafted the rule book because Northern Petroleum (NOP) seems in no rush to fess up to the impending collapse of its Argentine subsidiary.
2985 days ago
Hat tip to reader G for fisking the horseshit RNS from Avanti Communications (AVN) on Friday which should be read as a tacit admission that the game is over. This remains a slam dunk sell and almost certain zero. Here's why.
2991 days ago
We warned you often enough. When companies have no revenue, are burning cash, have no cash and are drowning in debt, things are not going to end well for shareholders. On the back of an RNS today, mug punters have taken such an almighty rogering that I hear that in Bulletin Board Moron land the shops have already run out of vaseline. So here is a ShareProphets translation service of that RNS (our words in bold).
3000 days ago
Yesterday I explained how AIM listed Cloudtag issued an RNS four days before a placing boasting of $5.2 million of guaranteed orders which was simply not true. To me this is blatant fraud and as such I have written to AIM Regulation (the Oxymorons) and the FCA (The Chocolate Teapots) asking both to investigate both Cloudtag and also its Nomad Cairn which appears, at best, to have been asleep at the wheel for almost nine months. I know that Cairn boss Tony Rawlinson goes skiing each year with a senior figure in AIM Regulation but this scandal cannot be brushed under the carpet.
3006 days ago
I have already shown quite conclusively that African Potash (AFPO) misled investors in a material way with an RNS of December 1 2015 as you can see HERE. That should be enough to see the authorities slam both Potash and Stewart Dickson et al at Nomad Cantor Fitzgerald. But it gets worse. I now accuse Potash of lying in an RNS on January 6 2016 just 6 days before the bailout placing. It is lie after lie after lie from this company.
3013 days ago
There is more horseshit today in an RNS from FastForward Innovations (FFWD), The money is running our fast. CEO Lorne Abony is in full ramping mode as he know he needs to get a placing away this fall or the game is up. The shares trade at a vast premium to NAV so what to do? Ramp again of course. All is explained in this bonus podcast.
3093 days ago
There is trouble in the boiler room...not that you'd know it if you read the bollocks being pushed out by jam tomorrow POS Inspirit Energy (INSP). The company has today issued an RNS which is laughable. It really is the most blatant crap you will read all day. Over to the boiler room:
3125 days ago
Tomorrow at UK Investor Show the Teathers shareholder action group will be manning a stand all day wanting to make contact with anyone owning any shares in Teathers Financial (TEA). Make sure you go and make contact as this company's board must be sacked NOW after another disgraceful RNS.
3130 days ago
Anadalas Energy (ADL), the much ramped piece of Turkish, once called CEB Resources, and run by Dave "rule breaker" Whitby had until close of play on 22 April to publish a re-admission document or it should - if anyone gave a FF about the rules these days - have been booted off the AIM casino. It is now 25th April. There has been no RNS. So...
3133 days ago
After issuing 22 RNS announcements this month alone and 63 since February 11 2016 the pump phase is over, next comes the dump at Metal Tiger (MTR)
3139 days ago
Our resident Fastjet (FJET) owning lunatic Duck & Dive yesterday predicted an RNS from this piece of Turkish imminently claiming that it would show what a "twit" I was with good news. Well D&D was half right there was an RNS. Sadly, for him, it is not good news. Duck remains the twit, I continue to call this one right.
3145 days ago
Solgold (SOLG) has served up another RNS today which may excite the Bulletin Board Morons but that is perhaps an encouragement to bear raider Lucian Miers who is now short of the stock, selling at c4p.
3167 days ago
This is not hard. The RNS from Servision (SEV) today is designed to ramp the shares ahead of a rescue bailout placing. It is bollocks if you add up the numbers. So too was the last RNS by the way. I have reported this POS to the FRC for dodgy revenue recognition policies, it almost certainly now has negative net current assets and is burning cash. There is a bailout placing looming and you should sell now. This company deserves to, and could well, go bust.
3191 days ago
Given that it narrowly avoided bankruptcy just weeks ago and that its still far from awash with cash and nowhere near revenue generation that Arian Silver (AGQ) still spunks shareholders cash on a PR man is nothing short of disgraceful. Especially when the absolute cretin in question serves up what must be the comedy RNS of the day. Pompously the RNS is headlined Memorandum of Understanding with Tierra Nueva Mining . Okay big corporate deal then? Er.....
3199 days ago
Management Resource Solutions (MRS) has published an RNS today "Holding in Company" which most folks will ignore. They should not. What is fessed up to begs questions about both the company but also about Northland Capital, Nomad & broker to this POS since AIM admission. Read on and vomit.
Today's RNS details the share disposals of Daniela Athan, one of the co-founders of Management
3226 days ago
Paul Scott has today dismissed THREE lies told by TrakM8 (TRAK) in RNS statements as irrelevant. Whatever. So let's go with a fourth and from there look at what was hailed as a transformative deal, the purchase of Box Telematics Ltd in a Reverse takeover in October 2013.
3228 days ago
An RNS from LGO Energy (LGO) late yesterday announces that hapless CEO Neil Ritson is presenting at yet another conference in Trinidad. Boy that guy must have some air miles. The presentation which you can download HERE is truthful but misleading in respect to the calamitous decline in output. I refer you to page 2 which is below. This is a shocker.
3234 days ago
LGO Energy (LGO) has all sorts of problems. It is almost out of cash, it is burning cash, it is drowning in debt and it has a management credibility issue. But its real problem? Its assets in Trinidad are shite. The company has never come clean on how rapidly new wells go into decline but here is the raw data and it is pretty terrifying. It is based on RNS releases for each of its Goudron wells.
3237 days ago
INVST is a new platform claiming to allow retail investors to invest in placings with City brokers. The company presented at Gold & Bears as you can see here but its formal launch today really does not make you trust the folks at INVST at all since it is materially less than transparent.
INVST Director of Operations Eran Zucker states:
3261 days ago
Does anyone at AIM actually care whether David Lenigas tells the truth in any RNS statements any more? It appears that Nomad Cairn and AIM regulation do not give a FF. I shall now demonstrate to you a slam dunk and material untruth in an Afriag (AFRI) RNS.
3263 days ago
This is very very simple. I shall state the known facts about Marsden Resources Ltd. And then Jabba The Hutt can explian this all away either by twitter or with an RNS for Afriag (AFRI) or direct to AIM Regulation. Big Dave it is your call.
3271 days ago
In today's podcast I update you all on the olive harvest - I managed four hours in the fields today despite still being in real pain. But not as much as LGO Energy (LGO) - its RNS today smells of desperation. For strategic review read "the game is up" and that also applies to Kolar Gold (KGLD). I comment on Avanti Communications (AVN) where the share price crumble is accelerating - remember debt is crack cocaine for management but for shareholders it is bad for your wealth. I comment on Silver Falcon (SILF) and tick off the grossly irresponsible, Justin the Clown of ADVFN and also on Defenx (DFX), rapidly becoming an IPO omnishambles. Then onto InternetQ (INTQ) where it is now "game on" but I end with Antrim Energy (AEY) where a concert party of Brokerman Dan, market abuser Chris OIl and ADVFN (AFN) head honcho Clem Chambers have just taken a 3% stake. Warning: this podcast contains bad language.
3325 days ago
There will be an RNS tomorrow at 7 AM from Sefton Resources (SER). For those dumb enough to still own the shares, here's a song just for you from the great Tom Petty
3329 days ago
I am afraid that while there have been many bloodbath days for shareholders in Carry on up The Sefton Resources (SER), tomorrow will be the bloodiest of the lot. I am expecting an RNS first thing and it is not going to be good news.
3334 days ago
There is an old rule on AIM that the more RNS’s a company puts out the worse its share price performance since it is clearly just an exercising in ramping ahead of confetti issuance. In that vein I note that Mariana Resources (MARL) has this, so far in 2015, issued no fewer than 40 releases – more than 1 a week.
3335 days ago
The Horse Hill farce continues apace with the latest RNS from UK Oil & Gas (UKOG). If I needed cheering up this nonsense did the trick.
3346 days ago
After hours interims from Golden Saint Resources (GSR) a few days ago made it 100% clear that this company is fundamentally insolvent. It is by now out of cash, it is running on vapours. A bailout discounted placing is the only way out and so today there is another pathetic attempt at ramping the shares with a gobshite RNS.
3348 days ago
The Nomad to China AIM casino POS Global Market Group (GMC) was Grant Thornton. It quit on August 21. S with no new Nomad having been announced you would expect confirmation today this its casino life was over. There is no RNS.
I called the LSE Market Operations team.
3354 days ago
I suspected as much in today’s bearcast (HERE) Motive TV is passing the hat around yet again. Following a spurious and – ‘natch – upbeat RNS yesterday the shares hit 0.26p. However..
3375 days ago
On Monday I stated that an RNS from AIM Cesspit listed Eden Research stank to high heaven. A quite bizarre exchange of emails has followed as more has emerged about that pongy deal with Eden just refusing to answer basic questions.
3389 days ago
Something just does not add up with AIM listed (pro tem) Camkids (CAMK). Tom Winnifrith and Steve Moore have already considered the credibility of yesterday’s RNS HERE and pronounced Camkids, from Fujian Province in China as a prime candidate to join the club from the Norfolk province of AIM. We’ve been looking at it from a different angle: the annual report and accounts. What we find is shocking.
3473 days ago
Lombard Risk Management (LRM) has announced that “John Wisbey has informed the board of his intention to stand down as Chief Executive and director of the company with immediate effect in order to pursue other opportunities”. We understand differently.
It seems very odd that the company’s founder who has worked for it for 25 years would suddenly decide to quit immediately “to pursue other opportunities” - and believe this not to be the case. In fact we know that it is not the case. This was a boardroom coup led by Chairman Philip Crawford who has gained power as now full-time Executive Chairman, apparently “on an interim basis until such time that the board is in a position to appoint a new Chief Executive”. Crawford is a scumbag and this RNS is quite simply a lie.
3474 days ago
Yes, this time it was at the Greek Hovel less than 15 yards from the building. And I was just 3 or 4 foot away. Cripes. I really do not like snakes which brings me on to Philip Crawford on Lombard Risk and Nomad Charles Stanley which today signed off on an OUTRIGHT LIE of an RNS penned by Crawford. I have a 14 year old score to settle with the tosser Crawford and so accuse him of lying to investors today. Is that not against AIM rules? Elsewhere I look at Tungsten, Plus 500, Sefton, Coms and Rose Petroleum which are all sells. Events at Rose have moved fast since the bearcast vindicating me (see HERE)
3493 days ago
I ask you to compare and contrast two statements and then go email David Lenigas and ask why he is afraid of putting out an RNS for UK Oil & Gas (UKOG) which is er…true.
3497 days ago
I remain convinced that the chances of Worthington (WRN) relisting are somewhere between no hope and Bob Hope but a hell of a lot closer to the former. But while we dance the charade that it may regain a listing the RNS statements it puts out beg ever odder questions, I am heading down a wormhole with the white rabbit as I try to follow what is going on in the great Worthington acid trip. Try following this for starters:
3500 days ago
AIM Casino listed Edenville Energy (EDL) has missed target after target as its management has simply failed to deliver. And now as it issues yet more confetti it is talking utter cock in its latest RNS out today. This stock is clearly not investment grade and now let’s turn to the “talking cock” RNS. Having investigated this I see that Edenville has “form”
By way of background
3514 days ago
I have noted before how Rosslyn Data Technologies (RDT) seems to have been economical with les actualities in its IPO document, how it is rapidly running out of cash and how kee it must be to protect the share price ahead of an inevitable bailout fundraise. And that brings it to its huff & puff RNS of 23 February 2015 – “Rosslyn Data Technologies signs major partnership in the US higher education sector”.
Hmmmmm. Rosslyn stated:
3523 days ago
Fraudster Rob Terry buying into disgraced and worthless broker Daniel Stewart? Labour saying it was the party of deficit reduction? Can life get any stranger. Yes it can thanks to old Mother Worthington (WRN). Its latest RNS just takes bizarre to a new level, something I discuss in this podcast special.
3525 days ago
This release should have gone out on Friday but I guess it will go out at 7 AM Monday. In case you can’t wait here is the EMED Mining (EMED) RNS in full and it is good news but EMED is not out of the woods yet. I have also been chatting to the EMED CEO over the weekend – he seems a decent enough guy.
Basically the loans that were due for repayment on March 30th have been extended until June 30th. The company can now draw down on the additional $6 million loan facility. That will give it enough cash to last until mid may. The EMED boss expects to get the final green light for Rio Tinto before then which will trigger another funding round – a mixture of debt and equity to raise c$80 million.
The chat with EMED was constructive and detailed. I will sleep on it and report back in more detail next week. Meanwhile here is the release:
3527 days ago
I have noted before on a number of occasions that Volex (VLX) is obsessed with spin and share price promotion but that its market cap (£59 million at 65p) is just a total Rum and coke. A grotesquely misleading RNS today only highlights the big problem with this enterprise: (lack of) cash generation.
3532 days ago
I bring you below an Afren (AFR) press release dated last Friday which it appears not to have released via RNS. Oversight perhaps?
It seems that it has now informed the SFO of yet more dodgy dealings under the ancient regime and so one must hope that at last we will see some ex Afren executives doing bird. Such news makes little difference to the investment case. The shares remain a straight sell at 3.5p with an initial target of sub 1p. But it would be good to see some criminal crony capitalists doing time.
3536 days ago
Mosman Oil & Gas (MSMN) really should give up on trying to discover oil and just concentrate on what it is good at – comedy. Its RNS today is a classic in understated denial. Its laugh a minute stuff.
I can do no better than quote it verbatim:
3556 days ago
On Monday 22 February the fraud Quindell (QPP) put out a statement that misled investors as to the status of its discussions with Slater & Gordon as to the sale of QLS. Slater and Gordon was forced to clarify the situation with its own statement. Shares soared on the Quenron RNS but retreated as S&G revealed the truth. As such this begs the real question as to whether David Currie, the chairman of Quenron and old pal of Mr Robert Simon Terry, is guilty of market abuse. I have written to the FCA today asking it to launch a formal enquiry.
3569 days ago
Today's RNS from Fitbug (FITB) is a shocking example of lies, damned lied and statistics (well statistics anyway) - whoever came up with the headline should be publically executed. In this podcast I dig into the real numbers behind this sordid tale from the AIM casino
3572 days ago
I have already explained in my Bearcast why Keith Bush, the CEO of AIM casino POS Northern Petroleum (NOP) should be taken out and strung up with piano wire for the contempt with which he has treated the owners of this company where he has been rewarded for abject failure. But today’s RNS requires further comment as it is a classic in omnishambles obfuscation.
Less than a month ago Northern was goaded by my good self into using a trading statement. It stated what year-end net cash was and stated that output on 27 December had reached almost 500 bopd and that once well 4 in Canada was on-stream it would be at 450-500 bopd. That was a downgrade but still impressed a few punters.
Here we are 29 days later
3611 days ago
Quindell (QPP) has today issued an RNS which is pure bollocks. Ever keen to help I am happy to provide a translation into English, something which shows both that the new board are as keen to mislead as the old and that this company is up shit creek without a paddle.
The Quenron statement follows in italics, the English translation is in bold.
3628 days ago
Just a quick podcast special looking at how companies lie and mislead investors via RNS and also RNS Reach. The latter & its true (lack of) import is explained. Case studies Blur, Optimal Payments, Quindell (natch) and Outsourcery
3629 days ago
If Quindell (QPP) was not in serious trouble with its Nomad Cenkos and facing an imminent suspension of trading in its shares it would have issued an RNS today. It did not. That deafening silence must set alarm bells ringing in the heads of even the dimmest of shareholders - are you reading Tom Dobell at M&G because that means YOU!
The Sunday Times said yesterday that Quindell was urgently seeking a new Nomad. Improbably sources close to Quindell said this was because it wished to draw a line in the sand. As I explained yesterday this is patent bollocks – see HERE.
My sources tell me that Cenkos has indicated to Quindell
3636 days ago
I could not have put this better myself. Posting on the Motley Fool, the incredibly astute Waz Shakoor (who is short of the stock) explains it in the clearest terms. This is going to 0p. Hat tip to Waz who writes:
Writing an RNS can be a real art form, as can interpreting what has been written. That is why the initial reaction to a seemingly positive RNS can often whither away as more experienced investors get their teeth into the exact words that have been used. In the case of AIM, one also has to bear in mind what the NOMAD (if it has any sense of responsibility) will put its name to.
Today's RNS is a classic from Quindell:
3638 days ago
The stand in bosses of Quindell, The captains that will see the ship go under are Mr David Currie and the insider dealing Rob Fielding. Together with the insider dealing Finance Director Laurence Moorse they know that cash is well below market forecasts and that profits forecasts will not be met because there are gargantuan write-offs off goodwill and bogus revenues looming – that I proved today HERE.
In not communicating this to investors via RNS they are breaching AIM Rules and arguably committing market abuse. As such I have written today to AIM Regulation and the FCA, cc’ing in the money grabbing bastard chumps at Nomad Cenkos, requesting that Quindell make an immediate statement fessing up to its true financial position but also that Mr Currie, Mr Moorse and Mr Fielding be investigated for breaching AIM Rules and potentially also market abuse. I write:
Dear Sirs.
3640 days ago
Quindell (QPP) shares fell sharply at the close today thanks to reports that a respected trade body was warning its members that Quenron might not pay its debts. Quindell now needs to put out an urgent release at 7 AM and here is what it needs to issue:
Quindell PLC - Clarification of Financial Position
3646 days ago
Yesterday afternoon the poodles at iii ran a story claiming that Quenron (QPP) had lost a major contract and stating that there was a real cash crisis. Quindell has responded with an RNS which is bluster and reeks of panic. The statement reads:
3646 days ago
Daniel Stewart (DAN) is still listed on AIM - though its shares are suspended - but it clearly does not give a flying fuck about disclosure rules because it has yet to issue an RNS saying that it has lost its license to be a Nomad. So I will announce it on behalf of this POS enterprise. Peter Shea you can thank me later. The ramifications for the China frauds it represents are massive.
3647 days ago
The poodle reporters on Interactive Investor have hitherto not dared to annoy their readers by criticizing Quenron but even a poodle has teeth and today it has reported that Quindell has lost a major contract and – worse – cannot pay suppliers until the New Year. In other words tits up time looms. Hooray! That will be another celebratory Metaxa for me please Eleni. So when does the RNS arrive. You vote – deadline midnight UK Time, 2 AM Greek Time.
3651 days ago
Lets nail this once and for all. The RNS put out by Quindell (QPP) on 5 November 2014 suggesting that Rob Terry had increased his holding in Quindell (QPP) was a lie. Cenkos signed off on that as Nomad. Cenkos issued a note on Friday 7 November 2014 and was lied to by Quindell. I demonstrate why Quindell is lying and explain how Equities First Holdings LLC works. I cite sources which are refered to below. Cenkos needs to come clean on Monday or it is royally in the merde alongside Quenron
3682 days ago
Quenron (QPP) earlier this week announced a telematics deal with one of the top three insurance companies in Canada. Of course that was a lie. Quindell has told lies in RNS statements on a serial basis so that is no shock. The partner is Aviva Canada which is in fact the 15th largest insurance company in Canada. It is the third largest player In the Property & Casualty sub sector but what Quenron said in the RNS was just another lie.
3683 days ago
Quindell (QPP) has announced what it believes to be a major deal. Oddly certain Bulletin board morons who have in the past been leaked confidential lawyer’s letters by Quenron have been pre-announcing this for days making a mockery of AIM rules re the release of supposedly price sensitive information. But that is the least of Quindell’s crimes.
3683 days ago
The normal Bearcast will be up a bit later. However I was struck by news releases issued today by ASOS (ASC), Northern Petroleum (NOP), Blur (BLUR) and Globo (GBO) and so recorded a podcast special. Superficially it might seem like good news all round, however:
3683 days ago
Back in late April Quindell (QPP) shares were on the slide post Gotham and the board responded with a PR campaign of share buying. It was PR puffery. But folks fell for it. And so we have today seen a second NED in Quindell buying shares. Let me explain why this is all bollocks.
In April there were 9 different RNS statements issued by Quindell relating to director share purchases at between 19p (that is 285p in today’s money) and 23.5p (352.5p). It can hardly be said that with the shares at 136p that was a good call worth following.
3696 days ago
”What do the following companies have in common: blinkx, Globo, Quindell, Range Resources and Sefton Resources? It is a two part answer.
The first is that all five have sent me at least one lawyer’s letter as they did not like what I have written. The second is that the share prices of all five halve fallen SINCE they sent the letter (as well as after my articles).
The reality is that companies that issue lies in an RNS
3696 days ago
I established without doubt on Sunday that the Quindell RNS regarding the issue of 18 million shares on September 2nd 2013 was a great big fat whopping lie told by the company led by Rob Terry. This now begs the question about the issue of a further issue of 9.178808 million shares on October 21 2013. Just to whom were they issued and why? This is exactly the sort of issue my lawyers are dying to get into under the disclosure process if the Quindell bitchez ever get around to suing me for libel.
I start on 2 September 2013 when Quindell – at this point desperately short of cash – issued an announcement regarding Quindell Property Services which reads:
3700 days ago
The annual reports have started to arrive at Companies House for Quenron subsidiaries and I have a stormer of a revelation for you later. Naughty naughty Rob Terry you will not enjoy that one. But as an appetiser and while Mr 2+2 can = 5 sweats on that one I thought I would just point out to you a blatant lie told by Rob Terry to investors which he has admitted to! I have only just noticed. Bad me.
Let me take you back to 2nd September 2013 when Quenron announced that it was issuing some shares relating to the deferred consideration of QPS. It stated:
3700 days ago
There is speculation that Quenron (QPP) subsidiary Quintica is horribly late in filing its annual report which was due on May 30th. Actually it changed its year end so the report was due to be filed 30th September 2014. It has not been but it is only a bit late not horribly late. However, I just wanted to point out that the release announcing the deal was a tad on the misleading side.
On 18 September 2012 Quindell announced:
3753 days ago
Gosh I wish I was a pal of Rob Terry’s. Then Quindell (QPP) could offer millions of quid for my business irrespective of its true value. Heck it’s only shareholders cash. Actually that' a joke, I'd rather drink Ebola than work for Rob Terry. Earlier I reported Quindell to its auditors over a series of sweetheart deals with Terry’s pal Mark Ford. Now I turn to Business Advisory Service Limited.
This outfit was bought for £8.1 million in shares and £100,000 in cash on June 21 2011. Who were the vendors? They were old pals of Rob Terry’s. We do not know who but Quindell itself stated in the RNS:
3754 days ago
I’ve just arranged contracts on that luxury yacht I like, a bit like Bill Gates’ one but bigger. It will be delivered in 2017 and launched from Wigan Pier. Okay that is not true but I mention it apropos of the latest hogwash announcement from prize bombast and Uber-Welsh David Williams of Avanti Communications (AVN).
3757 days ago
Westminster Group (WSG) last Thursday decided to raise just over £1 million in a placing for reasons I understand and believe to make sense. When the calls from its broker SP Angel started to be made the share price was 50p in the middle. That was late Thursday afternoon.
Between 10 am and 11 am on Friday the mid-price fell – on no RNS – to 46p. Perhaps it was just a coincidence? Oh is that the tooth fairy I see dancing in the corner with Father Christmas?
Let us be clear here. Some folks were told about the placing because they were invited to take part and either sold shares themselves or got others to sell shares at 49p and downwards. They did this in the explicit knowledge that they could buy the stock back at a lower level in the placing and of course that selling pushed the price at which the placing too place down, to 40p.
This is insider dealing.
3763 days ago
Having promised an update on refinancing the POS AIM listed company Outsourcery in July, Dragon’s Den Prima Donna Piers Linney served up a pretty wet statement at the last minute this morning. The RNS is both wet and disingenuous. And here’s why.The statement reads:
As stated on 27 June, in an update issued ahead of the Group's Capital Markets Day, the Board stated its view that the Group has sufficient cash resources for its immediate needs. The Board re-iterates that view today.
The Board has been prudently reviewing a range of options that would improve the Group's cash resources and is pleased to confirm that discussions regarding a combination of debt and equity funding options as outlined in its trading update on 27 June have progressed quickly and positively in recent weeks. Final discussions and documentation regarding these options are now underway and the Board will provide a final update in short order.
Ok. Let’s deal with the cash.
3769 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?
3769 days ago
Telling investors something that is untrue in an approved announcement (an RNS) as you endeavour to issue shares to raise extra cash is not good. Not only is it a lie but it is an attempt at fraud since you are raising money on the basis of a lie. I hereby accuse Brian McDonnell of US Oil & Gas (USOP) of being a liar and a fraud. He should go to prison. And if it does not resign first thing on Monday its advisers Alexander David Securities is a willing party to that fraud. It should quit at once. Brian can sue me for libel if he wishes but this is a slam dunk. The little crook is exposed.
On 23rd May 2014 in an RNS little Brian stated:
3785 days ago
Co-written with deputy Sheriff Nigel Somerville: Four times, or perhaps it is five, we have asked the AIM Regulation Team to investigate whether Roland “Fatty” Cornish and his firm Beaumont Cornish, is fit to continue acting as a Nominated Advisor (Nomad) in light of our revelations about events at Digital Learning Marketplace (DLM) in 2012. We now publish a full charge sheet. If Fatty wants to exercise a right to reply we will publish it. Pro tem we will pass this too onto AIM Regulation.
The Nomad system on AIM is supposed to be there to protect investors and ensure that company directors stick to the rules of the market and stay within the law. Nomads charge a fee for this, which investors pay for: it is their assets in the plc that pays the bill, after all. This set-up is the investor’s first line of defence.
The Nomad is supposed to check and verify all company statements put out by RNS before release, as well as niceties such as whether the company is in ‘close’ period when it comes to directors’ share dealing, compliance with AIM rules and so on.
And so, with reference to the scandal that was Digital Learning Marketplace plc during 2012, we bring you the role of DLM’s Nomad, Beaumont Cornish, in all of this.
1) RNSs of 29 Feb 2012 and 1 Mar 2012 – does nobody own a calculator?
3791 days ago
If I comment on Fidelity increasing its stake in Quindell (QPP) I am damned as an obsessive. If I say nothing I am damned as a coward. So I am damned either way but for what it is worth…
Fidelity – one of the three institutional holders of Quindell has today announced that it has increased its stake by 199,644 shares. That takes its holding to exactly 10% requiring it to issue an RNS. That has caused the shares to spike to 214p as Bulletin Board Morons see this as a vote of confidence. Whatever. As Fidelity’s quarterly performance is reviewed today that will help a bit.
If Fidelity really believed in this company
3791 days ago
I have flagged to AIM Regulation the numerous failings of Roland “Fatty” Cornish and his Nomad firm Beaumont Cornish. Once again I have written to Regulation today asking it to investigate why Fatty allowed Digital Learning Marketplace to publish as an RNS a total lie in August 2012. My start witness is….Angus Forrest now at Tern PLC (TERN) but then at DLM. Forrest is an honourable man and so has, I suspect inadvertently, dobbed Fatty in to The Sheriff of AIM
My letter follows:
Dear Sirs.
The standing of the Casino that you regulate, namely AIM, is dependent on Nomads who are responsible for the veracity of RNS releases ensuring they are true. In that vein I bring you an allegation made by a fine upstanding citizen Mr Angus Forrest in which he explicitly states that Mr Roland “fatty” Cornish of Nomad Beaumont Cornish signed of an RNS knowing it to be untrue.
Naturally I believe every word that Mr Forrest says and so ask you to investigate this matter. For if this allegation is true AIM must surely withdraw the permissions of Beaumont Cornish to act as a Nomad lest its pristine reputation be in any way tainted.
On August 10 2012 DLM
3791 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:
3798 days ago
Twice in the past couple of weeks I have accused AIM Cesspit listed Astar Minerals (ASTA) of issuing an RNS that was a lie - HERE and HERE. Twice I have been pilloried by Bulletin Board Morons. On Friday Astar ‘fessed up via RNS and its chairman Andrew Frangos called me to thank me for forcing his company to set the record straight. The sinner repenteth, I am vindicated. The Sheriff of AIM is a merciful man and the incident is at an end, I move on.
Astar’s crime was to claim that it had JVs with two Nogel companies which were operators of assets (May lie) or had relationships with big names like Apache (June lie). In fact, as I clearly demonstrated, both were shelf companies. The wider Nogel group seems a complex beast and within it there are entities which could have made such claims but Astar had signed no deal with them. To claim as much was, Frangos admitted to me, wrong.
While the Bulletin Board morons ranted
3804 days ago
The rules of AIM are pretty simple and are based on the underlying principle that you cannot tell a blatant lie to investors. To do so is arguably market abuse and it is certainly a breach of AIM rules. If the AIM Cesspit is to have any credibility those who break the rules must be punished and punished publicly. I have therefore written this morning to both the FCA and to AIM Regulation asking both to launch an urgent investigation into both Quindell PLC (QPP) and its Nomad Cenkos after today’s PT healthcare RNS farce/lie.
The letter follows.
Dear Sirs.
As a great supporter of the work you do to retain the high standing of the AIM casino I feel duty bound to bring to your attention the activities of Quindell PLC and its Nomad Cenkos. To issue statements via RNS or in an annual report which are not true
3804 days ago
Quindell (QPP) has today issued an RNS which is a blatant and demonstrable lie. Go on sue me Rob Terry – your company has lied. The issue is the 100 million shares it was meant t have issued to increase its stake in PT healthcare from 26% to 49.9% on March 20 2014. Over the weekend I pointed out that it had in fact NOT issued these shares as it claimed in its prelims and annual report HERE.
Today Quindell has stated (the underline is mine):
3805 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:
3807 days ago
Leni Gas & Oil (LGO) published an RNS last Friday which contained a typo. For this, my good friend Doc Holiday wishes to berate David Lenigas, also a friend. I think Doc is, on this rare occasion, wrong but I appear to be getting some flak for this on twitter.
The typo is in line one:
Company-wide oil sales, net to LGO's interest, totalled 111,774 barrels oil (2012: 58,450 barrels) an increase year on year of over 190%.
That should read:
Company-wide oil sales, net to LGO's interest, totalled 111,774 barrels oil, 191% of the 2012 total of 58,450 barrels.
You see the error?
3807 days ago
On 27th May AIM Cesspit listed Astar Minerals (ASTA) lied to investors in an RNS. This overvalued POS Company is run by a bucket shop stockbroker and anyone buying the shares needs their head examined. The fact that it took The Sheriff of AIM only ten minutes to unearth this lie shows what dumb and unprincipled mothers these folks are.
Let’s start with the lie. Astar stated:
3807 days ago
What has Rob Terry got to hide from the press? It is reported that the Quindell (QPP) boss has banned the media from attending tomorrow’s AGM shoot-out. Why on earth would he do that? Perhaps he does not want press reports of institutions questioning him on corporate governance? Or nasty questions about how Quindell projections do not tally with Government data (see my exclusive of earlier today) or perhaps it is questions about the UKLA debacle, the 2012 accounts restatements or untrue RNS statements that he would rather Fleet Street did not pick up on. But…
3812 days ago
I know that I am not as clever as the average Bulletin Board Moron when it comes to Quindell (QPP) but its apparently contradictory statements have me baffled. Perhaps one of the Rob Terry worshipping Bulletin Board Morons out there might help me explain why apparently contradicting statements regarding the Himex acquisition are not a red flag?
I start with the RNS of July 17 2013 when Quindell announced that it had bought 19% of Himex. I quote:
3812 days ago
The calls for intervention in Iraq to stop the uprising by Islamofascist nutters grow louder by the day. We were wrong to invade Iraq illegally in the first place (thanks a bunch war criminal Blair) and we would be wrong to intervene in the latest mess.
In this video Tom explains the Ron Paul theory of “blowback” and the folly of Western intervention at every level.
Tom’s financial postcard covers Quindell, Tern and why an RNS lie on the AIM Cesspit always matters. It can be viewed here.
3813 days ago
For the AIM casino to work, allowing investors to trust PLCs to tell the truth, every statement they issue in an RNS must be verified by the company’s Nominated Advisor (Nomad). Nomads like Roland “Fatty” Cornish of Beaumont Cornish are paid fat fees for doing this work. If they fail to verify an RNS so that a company lies to investors they should be censured by AIM regulation and, in an ideal wold, prevented from acting as Nomad in future. In that vein I have now issued a third request to the AIM Team to investigate Beaumont Cornish and Fatty in particular regarding lies told in 2012 by Digital Learning Marketplace.
To read my first request to investigate click HERE
To read my second request to investigate click HERE
The subject of this complaint
3820 days ago
Lucian Miers says that he does not like to meet companies. He is all too aware that part of the job of a CEO is to butter up potential investors, or to persuade bears not to go short. CEO’s are paid large sums to be charming and persuasive and Lucian is concerned that they will manage to schmooze him into making a bad call. I take a different view.
Maybe Lucian is cleverer than I am but I am invariably unable to figure out exactly how a company works, what drives its growth, determines its cash collection, etc. unless I meet the company. The annual report and all the RNS statement in the world are not, on their own, enough to give me a full understanding of how a company runs.
And then there is the x factor – management.
3826 days ago
I have written before how I understand very fully how Quindell (QPP) CEO Rob Terry wants to hang out with those few people who stuck by him after he presided over the near collapse of The Innovation Group. But there are limits and this brings me to some statements issued by Quindell regarding Quindell Property Services (QPA) which just do not stack up. Rob now has very serious questions to answer.
On 3rd May 2013 Quindell announced the:
acquisition of Quindell Property Services Limited ("QPS"), a newly formed Group providing disruptive outsourcing and technology solutions to the property insurance market place.
The terms of the acquisition have been satisfied by the immediate issue of 65,978,572 Quindell shares representing approximately 1.6% of the Group's issued share capital, and further issues of up to 21,111,111 shares issued contingent on the business achieving £2m of profit for 2013.“
I have underlined a couple of phrases for your benefit.
3826 days ago
Where do you start with the new posterboy of the AIM Cesspit, Tangiers Petroleum (TPET) and news yesterday that it has increased its fundraise from A$5 million to A$9 million? The whole thing stinks.
The original fundraise was announced on May 13 2014. Move forward a week and a report appears on an Australian website Nextoilrush claiming that investors have a 20% chance of making 100 times their money. The report was riddled with grotesque factual errors as James Parter revealed HERE. It was a disgrace.
Over in Oz, Tangiers did not issue an RNS to say “Comment on press speculation – this report is full of errors and should be ignored”. Instead it issued an RNS driving investors to read this report.
The key point here is that Tangiers paid hard cash to have this report issued.
3845 days ago
Yesterday I flagged up how AIM Cesspit listed Green Dragon Gas (GDG) was happily issuing a grotesquely misleading RNS – see HERE. Today it is Greka Drilling (GDL), the spin-off company, which is spinning bad news as good and so legging over private investors. You think this is wrong? No this is AIM and it happens every day.
By way of background Greka Drilling’s last interims (for the six months to June 30th) showed that the company had NEGATIVE net current assets and was bleeding cash. Oddly trade receivables fell by a lot less than sales (draw your own conclusions) and it is pretty clear that the second half was just as grisly.
Last year the company announced its prelims on March 7. This year we are almost half way through May and still no results. The old market adage is that “companies do not delay results for good reasons.”
Greka quite obviously needs a refinancing.
3846 days ago
This morning’s RNS from AIM Cesspit posterboy Greed Dragon Gas (GDG) plumbs new depths when it comes to spinning bad news as good. The company, its Nomad (Smith & Williamson) and its PR firm (Pelham Bell Pottinger, PR man James Henderson) should all be taken out and shot. This is such a total frigging disgrace in describing black as white. Words almost escape me.
3851 days ago
In happier BG (Before Gotham) days for Quindell (QPP) the release of an RNS announcement saying that a non exec had scored a 3 under par round at the local Country Club would have seen the shares zooming ahead. But, as I have noted before in relation to Globo, once the faithful start to ask questions non-news ceases to have any effect. Indeed it can be counter productive as punters start to smell the desparation. Which brings me to today’s RNS.
Don’t ask me how but I knew that Rob Terry, a loyal reader of Shareprophets, was in Canada. Rob, I am watching you. Our spies are everywhere. And from the Dominions Rob announced
3854 days ago
The Bulletin Board Morons insist that Cenkos, Nomad to Quindell has endorsed the company by publishing a ludicrous buy note with a 90p target. Sorry folks but you do not understand the system and miss the point.
In the City integrated investment banks operates with Chinese Walls between departments. That is to say Cenkos the broker must operate as if it was a different form to Cenkos the Nominated Advisor.
A broker publishes research and helps companies raise money by issuing shares. A Nomad is responsible for regulatory matters. Ultimately it reports to the AIM team and is responsible to the AIM team for ensuring, inter alia, that e very RNS issued by a company has been verified and it’s true.
Hence post the Quindell rebuttal of Gotham
3888 days ago
In days gone by if AIM Cesspit posterboy Globo (GBO) issued a release saying that a Non Exec Director had farted three times in a day, the Bulletin Board Morons would have lapped it up and the shares would have jumped 15%. Times have changed and ahead of the results investors are (rightly) shit scared.
And so today, in a rather woeful attempt to reassure all concerned that it is “business as usual” Globo has announced that it has signed a “strategic partnership” with Bechtle Direct in the UK.
Strategic partnership my arse.
Bechtle
3905 days ago
The peasants at Kenmare Resources (KMR) are revolting. Quick! Toss them a few pieces of bread from over the castle walls. That will keep them quiet. And allow the board to keep their noses in the trough for a bit longer. Yes these grotesquely overpaid failures have bought a few shares in this hapless enterprise.
The world’s number one mining analyst Roger Bade of Whitman Howard commented today:
“The Bulletin Boards have been pleading for Director share purchases for ages and now they have got their wish.”
Really? Check out the RNS.
3916 days ago
Shares in AIM listed miner W Resources (WRES) have perked up by 0.05p today to 0.97p valuing this fine enterprise at c£20 million. But fear not, this is the AIM Cesspit, so here are four reasons why you should sell as there is a placing ahead.
3953 days ago
The Silverdell (SID) scandal meanders on with Nominated advisor FinnCap, headed by self-important Sam Smith (pictured), insisting that in trousering hundreds of thousands of pounds in fees, it has done nothing wrong. Its Compliance Officer Mr Tubby has conducted a “full review” and found that his firm was not in any way negligent of its responsibilities. Hmmmmmm – a new whistleblower has contacted me.
You can read Mr Tubby’s protestations of innocence and why they do not wash HERE
I now turn to the trading statement of 20th June 2013 when AIM Cesspit posterboy Silverdell stressed how brilliantly it was doing even though its main subsidiary had received a winding up order on 13th June which brought the PLC down by 2nd July. When a company issues a trading statement it will have a minuted board meeting with the Chairman in charge to approve it. A copy of the minute will be passed to the Nomad before the statement is released.
Mr Tubby:
3954 days ago
One gets into a spot of bother with your bank accounts getting frozen in a country where you do a lot of business. But heck, you are on the AIM Cesspit, the accounts are in bongo bongo land so no-one will get to hear about this affair and you know that you will be able to sort the darkies out sooner or later so why should Pittards (PTD) have bothered to fess up to investors. Who gives a FF about AIM Rule 11 anyway?
It is not as if sleepy Nomad (step forward John Wakefield at WH Ireland) gave a damn – he told Pittards that there was no need to bother shareholders with news of this rumble in the jungle. But fear not, since I am an avid follower of the must read publication International Leather Maker I will help Pittards shareholders out by publishing for them the RNS statements they could not be arsed to publish themselves.
International Leather Maker really is a bodice ripper. The most read article of the past seven days is: ECO2L -Climate protection and Leather which relays the “First experiences with the environmental certificate: Energy Controlled Leather (ECO2L) by Dr Thomas Schröer, Verband der Deutschen Lederindustrie (VDL) Dipl. Ing (FH), Jutta Knödler, I-T-G GmbH.” Sod the next series of Nashville, Kylie on The Voice or the Bridge Series 2 this is real entertainment. It has it all.
I digress. My fave new website
3955 days ago
GLI Finance (GLIF) has updated that its end 2013 unaudited net asset value per share was 50.0p and on “a series of partnerships with businesses complementary to its existing platforms” agreed in the fourth quarter of 2013 and beginning of the current year. Directors have bought shares post the RNS and so should you.
3958 days ago
I happen to think that Ortac (OTC) is a well-run company with some interesting assets but today’s £500,000 placing at 0.25p shows in the starkest of terms why the AIM Cesspit so urgently needs reform to stop the systematic buggering (without the lubrication of profit) of private investors.
I draw your attention to the chart below which shows the share price over the past week. On 13th January Ortac issued what looked to be a cracking RNS as I noted HERE
free stock charts from uk.advfn.com
The shares responded by heading up to a height of 0.33p on Thursday at the close. And guess what the company announced a placing today at just 0.25p. Now I do not blame Ortac. This leaves it with £3 million in the kitty and with a market cap (at 0.275p) of c£7 million its two assets are really in there for sod all. Being well funded is prudent.
3989 days ago
The man who brought us Oil & Gas (the dog ate the documentation that validated our claims, booted off PLUS, etc.), TeknoMining ( gone bust, made all its claims up) and Great Western Mining (see here for that comedy) has another vehicle, listed ( well suspended) on ISDX. I tell you Liam McGrattan is a sheer comic genius. He is entertainment value off the Richter scale.
IMC is suspended for failing to publish its accounts for the year ended 30th June 2013. In the first half of the year IMC made a loss of 165,000 Euro on turnover of zippo and so I would suggest that auditing that business is going to be simpler than auditing, Kung Food, the tiny Chinese takeaway across the road from me.
What possible reason could there be for not filing accounts for such a small enterprise on time? It is all I suspect part of Liam’s mission to entertain. But it gets better...oh boy does it get better.
You know that one about trying to slip out an embarrassing RNS release when no-one is looking? If you issue the bad news at any time after 5 PM it is a bit iffy. At 6 PM that is well out of order. But Liam does not do well out of order he operates in a totally different league.
4014 days ago
On 14th October 2004 a company called VastOx listed on the AIM Cesspit. That company is now known as Summit PLC. In light of an announcement issued today by Summit (SUMM) I suggest you first read the RNS from 14th October 2004.
4020 days ago
6 bullish RNS releases since September 17th. Rampity, rampity, ramp. All we need now is an independent/ paid for research report produced by uber-posh police assaulting pisshead, oops I meant to say respected mining analyst, Charlie Gibson of Edison setting a telephone number target price for the shares. Then Private Investors could get totally screwed by Sovereign Mines of Africa (SMA).
4077 days ago
Shares in Sefton Resources (SER) remain suspended as we await its (dire) interims. But if there was a change in its trading it should still, under AIM Cesspit rules, let us all know via an RNS. But it seems that Sefton is not playing by the rules. Plus ca change.
4077 days ago
AIM Cesspit posterboy Cyan (CYAN) is – after 8 years of non-delivery – set to run out of cash by Christmas. Hence today it issued an utterly over-hyped press release (go ahead sue me for libel, see where it got Sefton) in an attempt to ramp the shares ahead of it, yet again, asking investors to pony up for a rescue share issue.
4108 days ago
Another day and another RNS from Sefton Resources (SER) but with two names missing. The liar and crook Ellerton is off the board temporarily until he is fired permanently next week while PR guru Alex Walters of Cadogan has also been hung out to dry. As to the content it is pitiful and misleading. The fingerprints of IR buffoon Doc Green are all over this.
First up the company has raised cash via its death spiral but only £70,500 at 0.441p. That is dire. Last time the death spiral kicked in almost £700,000 was raised ( at 1.1p). Until Jimmy Liar is booted firmly into the long Hawaiian grass (or even better into a cell in the Denver Penitentiary) that will not change
4129 days ago
Proper fund managers are not interested in small cap AIM listed companies worth sub £20 million. As such if you run such an enterprise and wish to raise money you have 2 choices and both need you to ramp your stock and that means fleecing the Bulletin Board Morons.
Choice one
4131 days ago
AIM Cesspit posterboy Sefton Resources (SER) which is suing me for libel has got no money and is burning cash. It is therefore must do to an equity placing or death spiral drawdown pronto to survive and so has put out its second RNS in two weeks which is not only a ramp but a piss poor ramp to boot. Focus on: how it spins falling output how it announces the same thing twice and how it spins the fact that yet again it cannot publish Comical Ali’s steam flooding report. And remember this is a ramp ahead of a placing which will have to be at a big discount to the current share price.
4131 days ago
Sefton Resources (SER) and I will be seeing each other in Court in just under three hours. But the company has today wasted more shareholders cash and contacted ADVFN asking that it remove the spoof Sefton downfall video arguing that it is a bit naughty... Ooooh er missus.
I have advised ADVFN to take it down. This is my battle. But I’d hate for you not to enjoy the video and so in case you missed it first time around. Here it is. As financial comedy goes it is pretty good IMHO. Almost as funny as the Sefton RNS 24 hours before its last placing when it said output had risen when in fact it had fallen.
Sefton...I do not think you understand this interwebby thing do you.
See you in Court at 2.30 PM bitchez!
4153 days ago
I ask you to cast your mind back to November 2012. The 15thto be exact. It was when AIM Cesspit listed Sefton Resources (SER) announced the acquisition of new oil operating assets in Kansas. It was all terribly exciting stuff.
The company stated that in an RNS of that day:
Competent Person Dr Nafi Onat has made a study of the oil fields in Northeast Kansas for Sefton, from which detailed information was announced on 12 March 2012. Below are some of the key points that he has made on the potential of this area for oil and gas production.
Analysis of 320 wells on 23 McLouth fields reveals initial average production was approximately 27 bopd and 350mcfg per well during the first month of production. Based on completion reports and deliverability tests, initial gas producing fields varied from 150 mcfg to 2mmcfg per day.
Frigging hell. Sefton paid only $200,000 for these assets and what is that about 27 bopd in month 1? Cripes this sounded exciting.
On December 7th 2012 Sefton issued shares to stop it going bust by Christmas. It raised c £700,000. But heck with those exciting Kansas wells surely this was a winner. Hmmmmm.
Now wind forward to this month
4159 days ago
Fully listed Office2Office (OFF) served up a trading statement yesterday at 5.31 PM. Yes I missed it and so did many others and the shares have slumped by 45% today to 46p. Analysts at Panmure described the trading update as “dismal” and it is.
But why release it at 5.31 PM after the City has gone home?
4173 days ago
And so someone I respect told me yesterday that I was hated in the City. Not by everyone but in certain quarters. Tell me something I didn’t know. Apparently some folks feel that saying nasty things about companies, advisors, PR firms etc. is just despicable. “Other journalists don’t do it…why do you?” And it gets better.
Apparently this person was told by a well-respected City group not to be seen to work with me because I was being sued for libel by Sefton. To give them credit they did ask the City Group if they knew about the case and was told no. There was just the assumption that if listed company issues libel proceedings then the person it is suing must be a baddun.
Where do you start here? Without commenting on the specifics of this case I would point out that I have had legal proceedings threatened and commenced before. The companies who tried it on before have all disappeared or been censured (in the end) because they were liars or crooks or both. Any trade body/City group which in a blinkered fashion believes that companies always tell the truth and so without doing any research automatically sides with the company in such matters is frankly a joke organisation. Perhaps these folks have never heard of Robert Maxwell or Asil Nadir or Bernie Madoff? Some companies are bent…just accept it.
And so why write articles which point out that certain shares are overvalued, that certain companies are – if one analyses their published statements – running out of cash or that certain companies have issued RNS statements that are verifiably false or over optimistic? Let me think for about fifteen seconds:
4187 days ago
There is only one thing worse than being talked about and that is not being talked about. So said another writer of Irish descent, Mr Oscar Wilde. Noting erroneous comments made on the ADVFN Bulletin Board a couple of monmths ago that I have lost my marbles as a result of frequenting gay bath-houses I should say that the similarities between mysef and Mr Wilde really do end there.
I see that while it in its latest misleading RNS Cupid PLC describes me as a market commentator the daily Telegraph takes a different view. My new best friend, foxy Fleet Street hackette Harriet Denys gave our AIM Cesspit awards a jolly decent write up in her City Diary column yesterday and describes me as a "maverick share tipster."
Hmmm. Maverick was a classic TV show starring James Garner. I am horrified to see that it was shot before I was born so I guess I only saw re-runs but I was always a big fan of Garner, notably in the Rockford Files when he was also a bit of a maverick
I think I shall write to foxy PR bird Bex at Cupid and suggest that next time Cupid wishes to issue a misleading RNS about one of my articles they should refer to me as a "maverick market commentator." I like the sound of that.
4188 days ago
The last time that online dating service Cupid (CUP) commented on an article by me it just noted that it was comment. This time I have been promoted to the rank of “market commentator” in a statement out this afternoon. Next time? “the UK’s top investigative financial journalist?” Needless to say Cupid is talking utter bollocks and that makes its shares even more of a slam dunk short.
Its RNS is in response to an article I posted earlier HERE
Its statement reads: The Board of Cupid plc. has noted misleading comments posted by market commentators speculating that the Company’s cash position is markedly worse than reported in our RNS on March 25th. For the avoidance of doubt the Board would like to make it clear to the market that we expect to have a positive EBITDA in Q2 and that our cash position at the end of June is expected to be in excess of £10m.
Ends.
I start at the end. I discussed its net cash position (net of trade payables minus trade receivables) as at July 3rd – ie after paying the dividend. I did not say that its cash position would be markedly worse at the end of June. Cupid knows this full well because
a) Its PR team lead by uber foxy Bex (happy birthday again BTW) read the final article when it came out
b) Bex read it before it went out as I sent it to her for comment. I took on board two points she made – as I made clear in the piece – but she did not dispute other facts.
Let us assume, to make this simple
4202 days ago
I am still seething at how fundamentally AIM Cesspit posterboy Sefton Resources (SER) tried to hoodwink the market with the way it presented its results yesterday. In a near 25 year career I have never seen anything like it. It is truly scandalous.
I analysed the results in detail here.
The key point is that Sefton issued an RNS which it admitted was not IFRS compliant in that it omitted all the notes to the accounts. The full statement appeared only on its website. Only real anoraks like me bothered to read it. 99.9% of investors just read the RNS.
Thus the RNS boasted of how Sefton was profitable (albeit only just). Nowhere in the RNS was it mentioned that a material amount of the cost of employing staff, directors and consultants was capitalised (i.e. added to the balance sheet as an asset rather than run through the P&L). You only discover that if
4203 days ago
It is hard to know where to start with the 2012 Annual Results from AIM Cesspit listed director lifestyle, ooops meant to say oil production, company Sefton Resources (SER) there is so much in them that begs questions rather than providing real knowledge. But suffice to say: the outlook is grim.
But let’s start with Note 1 which is a Sefton classic: “The summary financial statements set out above have been prepared in accordance with International Financial Reporting Standards (“IFRS”). These summary financial statements do not constitute financial statements in accordance with IFRS as they omit substantially all the disclosures required by IFRS. A full set of audited financial statements will be published prior to Sefton’s Annual General Meeting and will be available at www.seftonresources.com”
In other words there are a series of disclosures here which are not on the RNS. But if you go over to the Sefton website all the disclosures are in there. Why go to the bother of producing two separate documents? Er… because most folks will just read the RNS. This is just utterly classic Sefton.
So what little horrors are being hidden away? Well let’s start with note 5.
4203 days ago
Aim listed Mediterranean Oil & Gas (MOG) has hit back hard at Leni Gas & Oil (LGO) following Friday’s preliminary court hearing in which Leni appeared to triumph.
Mediterranean has issued an RNS stressing that this hearing was only to allocate costs (which Leni did win on) and to set timetables. However sources close to Mediterranean have contacted ShareProphets and gone rather further.
It is Leni’s claim that it was misled by Mediterranean as to the nature of the latter’s discussions with Genel prior to selling 10% of a Maltese Exploration block for just $1 on August 1st 2012. 23 days later Mediterranean announced a tie up with Genel which would, according to analysts, have been worth $9 million to Leni had it not sold.
Leni’s claim is that it was misled by Mediterranean prior to the sale.
However,
4205 days ago
Whilst AIM Cesspit listed Sirius Minerals (SXX) is keen to issue an RNS every time there is good news on its planning application to build a vast mine on the North York Moors it seems rather less keen to broadcast the bad news. So I guess that is my job.
Today I am grateful to a reader in the Grim North who alerts me to the headline in the Whitby Gazette which is now on my list of must read publications.
The headline screams “New mine would be a threat to tourism” and the article reads: Tourism would be hit by a £41 million loss every year as visitors avoid congested roads and a spoil heap the size of Wembley Stadium, caused by a new potash mine, it is claimed
4208 days ago
Once again, AIM Listed Motive Television (MTV) has announced that it has issued new shares. Clocking the RNS statements since interims were published in September there have been no less than 15 RNS announcements entitled “issue of equity or placing”. And Motive has also issued some convertible loan notes. That takes some doing.
So why issue more shares? The latest release says that it is “in response to institutional demand” Oh please…..Is the correct urban phrase LFMAO? The exact wording of the release is:
“Motive Television is pleased to announce that, following interest from institutional investors in the Company’s announcement yesterday relating to the Company’s development of its Tablet TV technology for the UK Freeview platform, it has raised £500,000 through the issue of 3,333,333,333 new ordinary shares of 0.01p each at 0.015p per share (“Placing Shares”). The proceeds will be used to fund an accelerated programme of development for this product and for general working capital purposes. The board has considered the Company’s overall medium-term funding needs very carefully and, given the high level of interest in this development in the UK market and its anticipated value in terms of future sales and profits, it has decided that this fundraising is in the best interests of increasing shareholder value.”
Yeah right. The shares were at 0.03p and institutions were so wowed that they offered to snap up a big line at 0.015p which saw the stock slump to 0.02p today. There are now almost 14 billion shares in confetti-chase PLC in issue.
4221 days ago
On 9th April AIM listed Sefton Resources (SER) issued an RNS in which it stated explicitly that March output data from its California field was 3,208 barrels (103 bopd) and that this data had been reported to DOGGR, The California State supervisor.
March output was thus lower than February (104 bopd) and January (111 bopd) and December (133 bopd).
My question is this
4233 days ago
It is funny how some companies bury good news. AIM listed tech stock Lombard Risk Management (LRM) issued an RNS on Friday headlined “notice of results.” I just assumed that it stated “Lombard will issue its results on such and such a date” and as such did not bother to read the actual release. Daft old me.
In fact the statement says more than that results for the year to March 31st will be released on May 14th. It adds:
4294 days ago
I seem to have rather riled Sirius Minerals (LSE:SXX ) with a suggestion last week that it urgently need to issue equity. The company has issued a statement today which says that “ The Directors of Sirius Minerals Plc, the globally diversified potash development group, would like to correct current misinformation about the Company’s financing plans for the York Potash Project. As at 31 January 2013, the Company had a cash balance of GBP24 million and no immediate plans for a placement of shares.
The development of the world-class York Potash Project will require multiple financings and these will be carried out when required, when opportunities present themselves and always with the best value to shareholders in mind.”
Ooooh er missus. Whatever you say.
Now let’s look at the facts.
