Notes from Underground – Most read articles for the week ending August 8

The most read non-Tom article this week is Amaroq – That’s How To Do It, Bloody ‘Arry Adams: BUY as now just 5p away from FTSE 250 positioning by Nigel Somerville at number 2, or number 5 with Bearcasts.

Most Read

1. Kefi – Good Tulu Kapi News And Better Than Announced But Saudi Worries Me
   AIM-listed Kefi Gold and Copper (KEFI) announced a progress report from Tulu Kapi this morning. A quick scan of the missive threw up two things for me: firstly, that all is on schedule (big tick)…..but where did it say all was “on budget”? That minor little detail was missing, something which catches the eye when investing on AIM for it is not what they say, but what they do not say that matters. Happily, all is well….
   
   
2. Panmure Liberum Amaroq note target 160p – why am I more bullish?
   The note is below and as ever I regard most broker notes as not worth a lot. But have a read. I think the target is unambitious and here’s why.
   
   
3. A trading “growing momentum across our group” Buy
   Amidst the currently highly challenging macroeconomic environment, we consider shares in this business recently reporting “growing momentum across our group” but with a still undemanding valuation as now offering a buying opportunity.
   
   
4. Email exchange with Kerim Sener – I am not selling Ariana but still have questions
   I have this morning had a lengthy exchange of emails with Kerim Sener of Ariana Resources (AAU). I understand that some of you are selling your shares. I am not. Let me explain in detail. The responses are not wholly satisfactory but go a long way. And I explaun why the shares should be worth 5-7p or more.
   
   
5. BREAKING: 2nd big Letter of Intent sent to Reabold arrives at Winnileaks
   Reabold Resources (RBD) may be reluctant to follow takeover panel rules  without a kick from me so just in case, a Letter of Intent to reject its offer for Union Jack Oil (UJO), speaking for 4.05% of the equity, has arrived at Winnileaks and is reproduced below, with names redacted. It is dated tomorrow ( a business day) but was sent yesterday.
   
   
6. Gold Stocks Going Bonkers – Time For Action?
   

   My Gold stocks are having a magnificent run this week – they are all up over 10% and in the case of one, up by about a quarter. I wonder if I should be trimming the stronger performers and shoving the cash into the weaker, or whether I should just sit back with a cup of tea and relax. My head says the latter, but it is sorely tempting to fiddle.
   
   

7. Kefi Gold & Copper – “on schedule” for value creation unless Harry ‘trougher’ Adams takes actions otherwise
   Kefi Gold & Copper (KEFI) has issued an “Operational Update” including that its Tulu Kapi gold project in Ethiopia “implementation programme remains on track” and that it is “also advancing development plans for self-funded production growth at Tulu Kapi and in the minority-owned portfolio in Saudi Arabia, and to establish a platform for a portfolio of projects across Ethiopia and the region”. What about those relative to a 1.06p share price, £146.5 million market cap?
   
   
8. BREAKING: Bluebird’s Sath Ganesarajah – legal problems mount
   Oh dear, oh dear. It seems that the legal woes of Bluebird Mining Ventures (BMV) boss Sath Ganesarajah are getting worse. The next month will be bloody. Not only is the FCA investigation into the untruths he told about lending the company $2 million in an interest free loan convertible at 2p a share ratcheting up but there are the other court cases. First up is Richard Jennings, the City’s second most hated man and we now have a diary date.
   
   
9. Just how bad has it got for Reabold Resources that it’s breaching Takeover Panel Rules? What is it hiding?
   On Friday, Reabold Resources (RBD) finally, only after pressure from this website, fessed up that shareholders owning 14.09% of Union Jack Oil (UJO) equity had sent in letters of Intent saying they would reject their (crap) all share offer.Since then, matters have got worse.
   
   
10. Pensana to go from 88p to 500p within 12 months
    Three weeks ago I suggested on this website that “it might be cute to take advantage of the hiatus at Pensana Rare Earths”  (PRE) which had seen the share price nearly halve on lack of news for a promised investment of $165 million from a Guernsey registered outfit called Cascade Investments. No news can be good news and last week Pensana told us that the delay was down to the promise of increased involvement by the State of Qatar and that the promised funds are nigh.
    
    

The most-listened-to Bearcasts this week were:

1. Tom Winnifrith Bearcast: Some Sharestock logistics, economic illiteracy from No 11 and a really attractive 2-3 year growth play

   I start with the logistics, then worrying illiteracy from our new chancellor. Bring back Rachel from Customer Services. Finally I talk you through a really attractive and I think low risk 2-3 year growth play where  the upside is 150% or could be 600%.

2. Tom Winnifrith bearcast: 2 phone calls - firework battle at Sharestock with Fagash, Gabriel the movie star and is Jubilee's Leon Coetzer for the chop?

   I start with phone call one, 2 men who say they will pulverise the other at ShareStock and my thoughts on Eco Buildings (ECOB). Then Gabriel Grego and the movie.  Then Ariana (AAU) and the Chinese, to answer Nigel's point, London Bitcoin Company (BTC), Smarter Web Company (SWC), Georgina Exploration (GEX) and Jubilee Metals (JLP)

3. Tom Winnifrith bearcast: prompted again to think about my mother's death & why Nigel is a knicker wetter and a spiv

   A message arrives from my Booker cousins regarding the Whistler glass panels at Salisbury Cathedral prompting me to think about my mother's suicide. I then turn to happier matters and why Nigel is a knicker wetter and a spiv with regards to Kefi Gold & Copper (KEFI) which could, I believe , be in the FTSE 250 within two years.

4. Tom Winnifrith Bearcast: what was the point at Golden Prospect & the 2 Dave's need to 'fess

   I start with what Fagash is up to today before moving on to London Bitcoin Company (BTC) and Union Jack Oil (UJO). Then its the gold price and Golden Prospect (GPM) with a few words on Legal & General (LGEN) en passant

5. Tom Winnifrith Bearcast: An economic migrant from the UK to Zimbabwe and after the Easyjet bid a new competition to ponder

   I start with the arrival of my pal Jono from Zim and then move onto the Easyjet (EZJ) bid, the thoughts of Dom Frisby and a new competition to think about tonight. Then gold and where next.

6. Tom Winnifrith Bearcast: Don't be so daft Nigel, did Diane Abbott teach you maths?

   I start with failed MOT's, global warming and sloe gin. Then it is Kefi Gold & Copper (KEFI), Amaroq (AMRQ) and why Reabold Resources (RBD) will collapse when its bid for Union Jack (UJO) fails

7. Tom Winnifrith Bearcast: Thoughts on the Great British takeover contest and on Easyjet stuffing passengers post takeover

   Keep entering the contest. There is a great prize and I am finding your entries very interesting. I discuss that and also Easyjet (EZJ) and some nonsense from the BBC.