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Liar, and alleged fraudster, Patrick Abbott of Versarien - exposed with two new court documents
Last week I revealed that the man who was to take Versarien (VRS) forward in the USA, Patrick Abbott faced two new charges of fraud which could see him going to jail for 20 years and that his lawyer had quit. Abbott, a man whose skills will be "invaluable" to Versarien according to boss Neil Ricketts, responded on twitter saying this was fake news from TW. Oh dear. The indictments are below, Patrick you are a liar.
- By Tom Winnifrith, The Sheriff of AIM |
- 19 June 2019, 11:13 |
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Whitbread – still got a plan, still struggling with the backdrop
A bit of a 'same old, same old' feeling to today's crop of regulatory news statements and Whitbread (WTB) is indicative of this. I said back in February that the owner of Premier Inn had a plan – and I think that remains the case. Or as it put it…
- By Chris Bailey |
- 19 June 2019, 10:50 |
Bluejay Mining – Show me the money!
News yesterday from BlueJay Mining (JAY) continues to underscore my view that the company needs to carry out an extensive capital raising exercise in order to progress on its Dundas field in Greenland. The word on the street is that it is sounding out mugs about a placing at 5p a pop.
- By Tom Winnifrith, The Sheriff of AIM |
- 19 June 2019, 10:14 |
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Neil Woodford’s Income Focus fund: down again as redemptions bite once more & hard!
After a couple of days of relatively light redemptions, Neil Woodford is once again facing a wall of demands for cash out of his Income Focus Fund (WIFF). Data from Morningstar this morning shows that whilst the NAV per accumulation unit put on a measly 0.01%, the fund dropped heavily in magnitude yesterday: redemptions are back in spades.
- By Nigel Somerville |
- 19 June 2019, 09:58 |
Tesco Barks Back, But It May Not Be Enough to Fight Off Rivals from Across the Sea
Hello, Share Fans. I don't know why I hang onto my Tesco (TSCO) shares. Maybe it’s because I dumped my Sainsbury (SBRY) stock and want to keep some kind of toehold in British supermarkets. And Tesco seems to be faring well among its British rivals when it comes to holding off the tough foreign competition.
- By Malcolm Stacey |
- 19 June 2019, 09:12 |
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Breaking: Neil Woodford under formal FCA investigation, flagship fund was being monitored from April 2018
Maybe someone at the FCA has been reading our four years of groundbreaking Neil Woodford exposes after all. This afternoon its boss Andrew Bailey has written to Nicky Morgan MP with detailed information and the shock revelations that the FCA was monitoring toxic Neil from April 2018 (but did nothing) and that Woodford is now under a formal FCA investigation over the suspension of his flagship Equity Income Fund. The letter also reveals that the banks have now pulled the plug on EIF's "emergency overdraft" which has been utilised for 18 months as a "temporary measure." The leter is in full below.
- By Tom Winnifrith |
- 18 June 2019, 18:04 |
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Tom Winnifrith Bearcast: Bear Raid on Future PLC - shares could still halve from here
In today's podcast I look at Union Jack Oil (UJO), Sound Energy (SOU), Westminster Group (WSG), PCG Entertainment (PCGE), Bluejay (JAY), why Nigel Somerville is, today only, wrong about Neil Woodford, Future (FUTR) and Staffline (STAF).
- By Tom Winnifrith |
- 18 June 2019, 16:55 |
TechFinancials – argues “considerable progress away from the historical business model to new products and technologies”, BUT…
Self-styled “fintech software provider of financial solutions including blockchain-based digital assets and traditional financial trading solutions for retail clients”, TechFinancials (TECH) has (eventually) announced 2018 calendar year results, noting “trading in second half adversely impacted by tightening regulation… but with considerable progress away from the historical business model to new products and technologies…We are confident about the long-term prospects of the group and will continue to invest for the future”…
- By Steve Moore |
- 18 June 2019, 16:53 |
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Why haven't the share prices of the companies involved in West Newton, Union Jack and Reabold, rocketed?
As is so often the case with oil and gas drills amongst the smaller companies, private investors built expectations around West Newton up to such a level that the actual results were never likely to live up to that.
- By Gary Newman |
- 18 June 2019, 16:53 |
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Westminster Group – “significant developments that demonstrate the benefits of this strategy”. Really?
Managed services and technology-based security solutions group Westminster (WSG) has updated including “trading for 2019 has started on a strong note with both order intake and revenues ahead of budget… over the next few months and years we have an opportunity to achieve unprecedented growth from the prospects we are pursuing” – and the shares have currently responded to 8.5p, more than 40% higher…
- By Steve Moore |
- 18 June 2019, 14:46 |
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New Big Short Dossier - are Neil Woodford's pals at IP Group running out of money & its opaque accounts
In a bearcast last Thursday I discussed the complex relationships between IP Group (IPO) and disgraced Neil Woodford. They stink and IP, at 74p capitalised at £784 million, will be dragged into this scandal and that alone makes it a toxic investment. But there is a bigger reason why this company is a compelling short...
- By Tom Winnifrith, The Sheriff of AIM |
- 18 June 2019, 12:25 |
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Sell Ashtead unless you love the US of A
Another results statement from construction-related equipment hire company Ashtead (AHT), which I last wrote about back in December. To cut to the chase, my basic advice is the same; as I noted back then…
- By Chris Bailey |
- 18 June 2019, 12:22 |
K3 Business Technology – “Trading Update” = Profit Warning Deferral?
Business software, cloud and managed services group K3 Business Technology (KBT) “is pleased to provide a trading update for the six months ended 31 May 2019” and it commences; “The group continues to progress well, with the benefits of transformation initiatives coming through across all key areas of activity, and the board believes that K3 remains on track to meet current market expectations for this year”… “although”. Uh oh…
- By Steve Moore |
- 18 June 2019, 12:10 |
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Neil Woodford Income Focus fund: redemptions continue – but where are the sales?
The numbers from Morningstar this morning show that Neil Woodford lesser hound, the Income Focus fund (WIFF), was once again suffering significant redemptions yesterday. Surely the end beckons.
- By Nigel Somerville |
- 18 June 2019, 11:40 |
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Sound Energy bailout $3m placing to keep lights on.. pro tem
Once upon a time, with its shares at 82p, Sound Energy (SOU) was valued at c£500 million. But no institutions were backing it, this was just a ruthless private investor ramp. It worked but you cannot keep plates spinning forever and drill failures in Italy and Morocco brought the shares crashing down. Today there was a final kick in the gonads for the mug punters suckered in by CEO James Parsons and others.
- By Tom Winnifrith |
- 18 June 2019, 11:13 |
Choice Beckons for Tobacco Investors as Giant Pension Fund Plans to Jump Ship
Hello, Share Meshers. With respect to my brainy colleague Chris Bailey who seems to think that investing in tobacco companies is ok, I do not invest in anything which says on the packet that it might adversely affect health. But there is now a more pragmatic reason to consider for avoiding shares in tobacco companies...
- By Malcolm Stacey |
- 18 June 2019, 09:15 |
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Tom Winnifrith Bearcast: the debt markets are screaming out that Thomas Cook shares are toast
Sorry for the late podcast but I have spent most of the day renovating another room in the Welsh Hovel. I may post some pictures later but it is far more entertaining than even writing about Neil Woodford's woes or Julie Meyer's lingerie. In today's podcast I look at Thomas Cook (TCG), Audioboom (BOOM), Kier (KIE), Staffline (STAF), Dev Clever (DEV) and the Woodford Patient Capital Trust (WPCT), where, of course, I remain a loyal shareholder. Ho. ho. ho.
- By Tom Winnifrith |
- 17 June 2019, 17:33 |
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Neil Woodfjord (Geddit?) dog Thin Film launches fundraise seemingly without Woodford. Uh-Oh…..
Having promised to raise funds in May, OsloBors-listed Thin Film (THIN) has finally got around to launching its tin-rattling exercise. But having been promising funding by the end of May (having admitted that it did not have sufficient funds for the year), the last we heard (on 31 May) was that it was in the process of finalizing details of the forthcoming equity issue to secure adequate financing which drew a cynical response from me. Well, the truth is out now…..
- By Nigel Somerville |
- 17 June 2019, 17:33 |
MBL Group – AIM cancellation was only delayed… & what of potential return of capital?
Having failed to get shareholder support to cancel its AIM admission last year, now a “Settlement of claim and Cancellation update” from MBL Group (MUBL)...
- By Steve Moore |
- 17 June 2019, 17:26 |
Purplebricks not just screwing customers and shareholders but employees too
Purplebricks (PURP) screws a large minority of customers by taking a fee and then failing to sell their property. As it burns its cash, shareholders are getting screwed too. To complete the hat-trick it seems that it is also screwing its staff. Just look at the employee reviews below. This is not, I suggest, a recipe for success.
- By Tom Winnifrith |
- 17 June 2019, 17:25 |