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Latest News

Bearcast
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Tom Winnifrith Bearcast: Thank heavens Olaf is unemployed

As illness and half term sweeps the house Olaf rides to the rescue. In the podcast I discuss IQE (IQE), Kefi Gold & Copper (KEFI), Georgina Energy (GEX) and Shield Therapeutics (STX)
BAR
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Brand Architekts – full-year results, balance sheet-backed recovery Buy

Beauty and personal care products group Brand Architekts (BAR) has announced results for its year ended 30th June 2024 and that it “remain confident that the foundations we are building will enable us to return to profitability”. What about this from a current 27p offer share price, £7.5 million market capitalisation?
ULTP
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Ultimate Products – full-year results, “in line with market expectations”. Er, not the original expectations though!

SalterBeldray and other homeware brands company Ultimate Products (ULTP) has announced “results for the financial year ended 31 July 2024, that are in line with market expectations” and headlined “A resilient performance supported by wide-ranging operational progress, Cautious optimism for FY25”. So why a, little changed, now just over 140p share price comparing to approaching 180p reached in April?
Tom

Another black tie invitation from the Lord Mayor

Given my exposes of the Lord Mayor's antics with Richard Poulden, I am shocked to receive another invitation from him to a black tie event.
SBTX
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Cavendish Research Note: Skinbiotherapeutics at 18p worth 56p

It is odd how some shares fly ahead of a bullish research note only to slip back when it is published. I can’t think why that would happen. Those who insisted that forecasts for Skinbiotherapeutics (SBTX) did not allow for Indian upside on its first acquisition should perhaps look away now. That was tummy rot. None the less this new Cavendish note is credible and serious. But as ever it comes down to Croda. If that jv flies we will all be rich. If it does not then we won’t. It’s a binary bet but on a risk reward basis a very good one in my view. Enough of me. Cavendish opines:
CRPR
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James Cropper – CEO “to retire from the company” and replacement appointment, “repositioned for growth”?

‘Advanced materials’ and paper & packaging company James Cropper (CRPR) has announced “Steve Adams has notified the board of his intention to retire from the company, stepping down as Chief Executive Officer and from the board, in early 2025”, though also it “is pleased to announce that David Stirling has been appointed to succeed Steve Adams… will join the business as Chief Executive Officer Designate in January 2025”. So what of the news overall, with the shares currently up, at 220p, in response but comparing to a start of the month 280p and start of 2024 above 700p?
RWS
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RWS Holdings – “ongoing price pressure” and net debt, is that really “a position of strength”?!

Language, content and intellectual property services company RWS Holdings (RWS) has issued a “Trading Statement” headlined “A return to growth in the second half, driven by encouraging performance in AI-led solutions”. So why currently a further lower share price response to below 135p?
LFT
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Letter to Lee Lederberg of Edwards Veeder: you are hereby put on notice re Zak Mir’s Lift Global

Lee is the audit partner who in the next three weeks should be looking out of his office in glamorous Oldham and signing off on the accounts of Zak Mir’s failing Lift Global Ventures. I realise that Edwards Veeeder is not a big name firm so the last thing it wants is to be in the merde with the FRC and possibly ICAEW. I have written to Lee to put him on notice.
IQE
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IQE: CEO fired, when is the lack of profits warning? Told y'all!

Back in September, IQE CEO Americo Lemos gushed about rising sales and adjusted EBITDA as he presented interim results. I called out his bullshit. The reality was that sales are vanity, adjusted EBITDA is a metric only the desperate use and that IQE was burning cash and had very limited earnings visibility. Today Americo was fired.
TERN

Tern – Rats, Sinking Ship: Two Thirds Of Board Walk With Immediate Effect

AIM-listed and much troubled Tern plc (TERN) has announced board changes: two of the three have walked, leaving Chairman Ian Ritchie with new appointees as NEDs Ian Ross and Jane McCracken. I can’t help sensing the rats are deserting the sinking ship.
Bearcast
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Tom Winnifrith Bearcast: a day I really felt good about my work whatever twitter moron Neil said

It has been a really good day professionally. And the NHS seems to be coming good regarding a camera up my bum too. I discuss all of that, twitter moron Neil, I reveal more scandal at Georgina Energy (GEX), something new Optibiotix (OPTI) is hiding, I cover Emmerson (EML) and David Lenigas and a dog ate my homework RNS from Pennpetro (PPP)
SRT
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SRT Marine Systems – “pleased to announce” contracts finance support package, but how sustained the ‘support’?

Maritime domain awareness systems and technologies company SRT Marine Systems (SRT) states that it “is pleased to announce that it has agreed a substantial investment and short-term finance bridge support package from existing shareholder Ocean Infinity, together worth approximately £31 million”. With the shares currently little changed at around 39.5p in response, how ‘pleasing’ really is the announcement?

Flight risk, odd asset salesand unpaid bills, the liquidator reports back on broker Jub Capital and Adam Dziubinski

It is all entertaining stuff. Shares in familiar companies such as Eurasia (EUA) and Mkango (MKA) feature. It will do little to persuade folks who think that the city is a bit of a sewer that it is not. Enjoy
  • 1 day ago |
GEX
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BREAKING BOMBSHELL for Georgina Energy: Grant Thornton investigation into wholesale expense abuse and fund misappropriation by Hamilton and Wallace

Thanks to the Winnileaks service I publish below a report by Grant Thornton from 2017 into events at Australia based Nelson Resources. So serious are the findings that GT called in the report for the Police to be involved.
Roulette
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AIM Market Statistics for the month of September: another disaster for the casino

In the mainstream press there has been a lot of coverage about how damaging it would be to the AIM market if inheritance tax exemptions that apply to AIM stocks are removed. Sadly, the AIM market is already in a long period of decline and the AIM statistics for the month of September reflect that. Chancellor Rachel Thieves could merely be the straw that breaks the camel’s back.
CTAI
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Catenai Klarian update: it's gibberish and it's placing ahoy

Today Catenai (CTAI) published an update on its Klarian investment and as you might expect it is misleading gibberish.
KMK
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Kromek – full-year results argue “delivered on all our KPIs”, but why also an ‘Update’ announcement that dare not speak its name as to why an “additional loan” is needed?

Describing itself as “a leading developer of radiation and bio-detection technology solutions for the advanced imaging and CBRN detection segments”, Kromek Group (KMK) “is pleased to announce that it has agreed an additional £4.9m secured term loan… has a repayment date for the principal sum of 27 March 2025, with an option to extend for a further 12 months. It carries a fixed interest rate of 9.5%”. Hmmm, a high interest rate and a short term then – and the “Financing Update” announcement omits why it is needed. What about also-announced results for the group’s year ended 30th April 2024 then?
BELL
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More ballet tickets for Evil Banksta funded by Adam Reynolds: another shocking warning at Belluscura

Belluscura (BELL) only served up disastrous interims on 26 September, a month after it slashed its guidance for the full year. Well, it has not taken long but there is another disastrous warning about trading and a looming cash crisis. Folks cannot say that they were not warned by myself and by Liverpool’s greatest numbers man since Ken Dodd.
GEX
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Georgina Energy Shareholder Uwesp, the dumbest of the dumb

I have noted before that a demonstration of stupidity often seen on social media is those who boast that the will not pay to access this brilliant website, then slating articles that they therefore cannot have read. But Georgina Energy (GEX) mug punter Uwesp goes one better.
LFT
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EXPOSE: Lift Global Ventures – who is the man behind Trans-Africa Energy Limited

Zak Mir’s Lift Global Ventures (LFT) now has a loan of £1.25 million and has risked most of its cash,£750,000, to technically insolvent Trans-Africa Energy Limited but who is really behind that company?
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