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UK 09:23 Thursday, 17 September 2026
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AVCT
PREMIUM CONTENT  standout

TW does not understand the science and maths at Avacta so what do Evil Banksta and Jim Mellon say?

I exposed my first biotech fraud back in 1992, sinking its IPO, when most Avacta (AVCT) shareholders were still in short trousers and I’ve been writing about the sector ever since. My first lawyers letter from a biotech fraud I exposed came in 1994 my second in 1996. Most of my bearish articles are not about frauds but valuation. The issue with Avacta is just one of valuation. But, apparently, I do not understand the maths or the science say the “experts.” Why not ask someone who does? So I started with Jim Mellon who has made hundreds of millions of pounds in this sector.

By | Published 08:14 17 September 2026 |

Boom
PREMIUM CONTENT  standout

UPDATED: Lucian Miers & Jim Mellon are coming back to Sharestock in 2027: early bird tickets now on sale, event 15% sold out!

After the success of this year’s biggest and best ever Sharestock, The Mrs. is hard at work making plans for Sharestock 2027 on September 4. We start with the news this morning that Lucian Miers has agreed to trek over from Yorkshire to join us next year. Yesterday  Jim Mellon agreed that he will again abandon his 10 dogs for the day and fly over from the Isle of Man to headline the show. And there are more inked in speakers and thus 51 weeks ahead of the event it is already 15% sold out!

By | Published 16:50 16 September 2026 |

Bearcast
PREMIUM CONTENT  hot

Tom Winnifrith Bearcast: Joshua turns 10, congenital idiots turn on me and a victory lap as Cirata crashes, the FCA should be all over this

I discuss my son's birthday, Penblydd Hapus to him, Avacta (AVCT) and Blencowe Resources (BRES) and in detail why Cirata (CRTA) is such a dog's dinner and why I am going to the FCA about it tomorrow. I flag up that the AIM Awards shortlist is out HERE

By | Published 16:42 16 September 2026 |

SMWH
PREMIUM CONTENT 

WH Smith – argues “solid peak trading”, but how ‘solid’ really?…

Retailer WH Smith (SMWH) has issued a “Pre-close Trading Update” headlined “Solid peak trading and initial self-help to deliver full year profits in line with expectations”. What’s though the detail, with shares currently still below 365p having been above 450p as recently as last month?

By | Published 16:03 16 September 2026 |

AVCT
PREMIUM CONTENT  hot

Avacta: it’s a spoof says Evil Banksta add to shorts into the share price spike

Shares in Avacta (AVCT)  spiked to 81.5p, a market cap of £385 million on the back of a ramptastic RNS. But they are now slipping back and trade at 79p. The smart money, aka Liverpool’s Greatest numbers man since Ken Dodd, Mr Evil Banksta, used the spike to increase his short and here’s why. There are three reasons.

By | Published 14:32 16 September 2026 |

ADF
PREMIUM CONTENT 

Facilities by ADF – interims emphasise its “strength”, so a trading warning (natch!)…

Most recently on company describing itself as “a leading provider of premium serviced production facilities to the UK film and high-end television industry” Facilities by ADF (ADF), in April with the shares recovering to to 11.5p I wrote ‘how much really a refinancing for “growth initiatives”, “working capital” and “capital efficiency”?’. The shares most recently closed at 12.8p, but what about now results for the first half of the 2026 calendar year and the shares down at 11p?

By | Published 14:25 16 September 2026 |

Newsboy
PREMIUM CONTENT 

BREAKING: Farewell Oak Securities hello Crest Corporate Brokers, oily Jerry Keen & team jump ship

I spoke to Jerry Keen of Oak Securities earlier putting to him rumours of a career change which he scotched saying that there was a “rebranding” underway at Oak Securities the small cap broker he founded in 2024. Well up to a point “Oily”.

By | Published 13:32 16 September 2026 |

HUI

I try to be fair and show balance

Do not tell anyone but I am a fair man. I remain unconvinced by the investment case for Hydrogen Utopia (HUI) but to show balance I bring you broker research out today from Clear Capital. I can't say fairer than that.

By | Published 12:24 16 September 2026 |

BMV
PREMIUM CONTENT  hot

Writing to Bluebird Mining Ventures & the FCA as the company tries to steal my warrants

I have today been told in writing that the warrants in Bluebird Mining Ventures (BMV) held by wife’s company, FIML, are to be cancelled tomorrow unless I ask for a review which I now have. Now the key element to these warrants is that they reprice and resize with every placing that Bluebird carries out and so they have material option value. This is quite simply theft

By | Published 12:12 16 September 2026 |

CTA
PREMIUM CONTENT 

CT Automotive – interims emphasise “revenue increased”, but what about the bottom-line?…

Describing itself as “a leading designer, developer and supplier of interior components to the global automotive industry”, CT Automotive (CTA) has announced results for the first half of the 2026 calendar year with a first ‘H1 26 financial highlight’ of “revenue increased by 14% to $61.7 million (H1 25: $54.1 million restated), driven by strong customer demand and the successful launch of new programmes at the group’s Mexico facility”. So what about a current share price response to around 25p, approx. 25% lower?

By | Published 12:07 16 September 2026 |

Boom
PREMIUM CONTENT  hot

Amazing AI – Auditors Resignation letter in. Oh dear. What is being hidden?

The resignation letter from auditors Pointon Young for Paul Mathieson’s Amazing AI, now known as XXXX Holdings Ltd is in and is pretty damning.

By | Published 10:18 16 September 2026 |

BRES
PREMIUM CONTENT  hot

GOTCHA: Blencowe’s Ralston axed after my FCA intervention and loses options but the company is still talking shit

On Monday Blencowe Resources (BRES) CEO Mike Ralson was “resigned” after it emerged that he had sold shares on 15 occasions in the past year without declaring it and had almost certainly committed insider dealing ahead of a placing in December 2025. But Blencowe allowed him to keep his options and said he would stay on as a consultant until his already agreed retirement date, almost certainly on an unchanged financial screw. I called this out on Monday and wrote to the FCA yesterday. Today Mike has been fired and lost his options. GOTCHA! But Blencowe still dissembles.

By | Published 09:50 16 September 2026 |

Bearcast
PREMIUM CONTENT  hot

Tom Winnifrith Bearcast No 2: back to the 1970s

I start with base rates, oil and gold. Then it is Ariana (AAU), First Development (FDC) another Fatty Cornish advised abomination, Blencowe (BRES) and a shareholder base of congenital idiots and Pantheon (PANR), an utterly compelling short.

By | Published 16:42 15 September 2026 |

ALU
PREMIUM CONTENT 

Alumasc – full-year results, a “resilient performance” and a “positive start” to this year?

‘Sustainable building products, systems and solutions group’ Alumasc (ALU) has announced results for its year ended 30th June 2026 and “a positive start to FY27, with group revenue in the first two months up 5% year-on-year”. So what about a share price more than 3% lower in response at 230p?

By | Published 16:25 15 September 2026 |

Clown
PREMIUM CONTENT 

Dr. Jeevun Sandher MP celebrates wage growth – a new contender for dumbest Labour MP out there

I realise that it is a crowded field in the race to be the thickest Labour MP out there but I have a new contender, Dr Jeevun Sander who comments in the fact that average wages in the last quarter ( to June 30) rose by 3,.5%, ahead of inflation at 2.8%.  The good Dr went onto X to say:

By | Published 14:06 15 September 2026 |

Market News

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Recent Comments

MASARAP
MASARAP17 Sep 2026
First things first, the sad loss of life and any injuries should be the main focus. There is nothing like seeing photographs of some of the victims, as Tom has, to bring home the personal tragedies involved. It was an act of evil and will hopefully lead to a much stronger security ring around the site going forward.Turning to the less important, but still legitimate, shareholder issues, I have received a direct response from Sam Wells on behalf of Lycopodium regarding its physical presence at Tulu Kapi.He stated: “From the Company’s perspective, the natural order of progression (based on their scope) is to likely not have been onsite at this project until sometime in 2027, and always subject to all of the Company’s premobilisation requirements.”That sits very awkwardly with KEFI’s 4 August RNS, which stated that Lycopodium, EEP, ERA and BCM were: “installing their own personnel, subcontractors and systems at Tulu Kapi” and were: “intensively mobilising personnel, subcontractors and systems on the ground.”On any ordinary reading, KEFI’s wording conveyed that Lycopodium was part of the physical mobilisation taking place at Tulu Kapi at that time. Lycopodium now says its natural progression was that it would likely not even be on site until sometime in 2027. That is a serious discrepancy between KEFI’s 4 August RNS and Lycopodium’s account which Kefi should explain. I have asked KEFI several times to provide answers on their Q&A to explain the discrepancy.The obvious questions are: what precisely was KEFI referring to in relation to Lycopodium on 4 August, which principal contractors were actually physically active at Tulu Kapi, and did any of that activity reduce or cease before 4 September? There may be a straightforward explanation, but shareholders are entitled to one.
Tom Winnifrith Bearcast No 2: Kefi
SD1983
SD198317 Sep 2026
:)Nice one Tom but still, you are quoting generic statistics and probability of success. Avacta is using warheads that are already proven. Hence one of the reasons the FDA granted them a pivotal phase 2 trial for generation 1 drug. When you have warheads already proven, that derisks phase 3 massively. Do you not understand that? Because that alone is just one of many things you are missing about avacta and its probability of success and therefore its risk asjusted net present value. Effectively warhead proven before they even start the trial, increasing probability of success way beyond that of a generic POS. Now they've proven safety multiple times in multiple patients with 2 highly toxic warheads.Anyway, I can only conclude you either dont understand or dont want to understand? My offer is genuine to help educate you but if youre not interested, fine. Good luck with your African gold mines and modular housing in South America which are far less risky than a heavily scrutinised and regulated British biotech 👍
TW does not understand the science and maths at Avacta so what do Evil Banksta and Jim Mellon say?
TOM
TOM17 Sep 2026
That is an admission I would not make on BBs if I were you. Another piece on way!
Avacta: it’s a spoof says Evil Banksta add to shorts into the share price spike
PIEROTLUNAIRE
PIEROTLUNAIRE16 Sep 2026
I personally think that the CoS in a repurposed targeted version of an approved efficacious existing product is higher than a de novo candidate.But the issue here is that there needs fairly soon to be a £25m raise. The key issue is whether there is any industry ratification of the precision platform at this point. If there is, in the form of a deal with an upfront, then tick, a smaller capital raise can be done.If no industry ratification with cash attached, then yet another plain vanilla raise will be a very bloody affair.Comes down to industry ratification at this point (or not). It’s the swing factor.
Avacta: it’s a spoof says Evil Banksta add to shorts into the share price spike
TOYIN
TOYIN16 Sep 2026
Incorrect, I said it’s a possibility, which it is. If you want to keep making things up to justify your conformation bias, that’s your call.
Tom Winnifrith Bearcast: a long chat with Harry Adams
PIEROTLUNAIRE
PIEROTLUNAIRE16 Sep 2026
Per CH, oily was the sole director of Oak Securities and a 75%+ PSC. Not filed accounts as it is having an 18 months accounting period????
BREAKING: Farewell Oak Securities hello Crest Corporate Brokers, oily Jerry Keen & team jump ship
SD1983
SD198316 Sep 2026
Fair play for letting that be posted. I do like you Tom 😅Listen, genuinely, if you want to talk or learn more about Avacta science you only need to reach out to me. I am more than willing to help.Lets see where we fall with funding anyway, you may well be right about that 👍
Avacta: it’s a spoof says Evil Banksta add to shorts into the share price spike

Complete Coverage

That Was the Week that Was 7 Days of ShareProphets

Thursday »

AVCT
TW does not understand the science and maths at Avacta so what do Evil Banksta and Jim Mellon say?
  • By Tom Winnifrith
  • 1 hour ago

Wednesday »

Boom
UPDATED: Lucian Miers & Jim Mellon are coming back to Sharestock in 2027: early bird tickets now on sale, event 15% sold out!
  • By Tom Winnifrith
  • 17 hours ago
Bearcast
Tom Winnifrith Bearcast: Joshua turns 10, congenital idiots turn on me and a victory lap as Cirata crashes, the FCA should be all over this
  • By Tom Winnifrith
  • 17 hours ago
SMWH
WH Smith – argues “solid peak trading”, but how ‘solid’ really?…
  • By Steve Moore
  • 17 hours ago
AVCT
Avacta: it’s a spoof says Evil Banksta add to shorts into the share price spike
  • By Tom Winnifrith
  • 19 hours ago
ADF
Facilities by ADF – interims emphasise its “strength”, so a trading warning (natch!)…
  • By Steve Moore
  • 19 hours ago
Newsboy
BREAKING: Farewell Oak Securities hello Crest Corporate Brokers, oily Jerry Keen & team jump ship
  • By Tom Winnifrith
  • 20 hours ago
HUI
I try to be fair and show balance
  • By Tom Winnifrith
  • 21 hours ago
BMV
Writing to Bluebird Mining Ventures & the FCA as the company tries to steal my warrants
  • By Tom Winnifrith
  • 21 hours ago
CTA
CT Automotive – interims emphasise “revenue increased”, but what about the bottom-line?…
  • By Steve Moore
  • 21 hours ago
Boom
Amazing AI – Auditors Resignation letter in. Oh dear. What is being hidden?
  • By Tom Winnifrith
  • 23 hours ago
BRES
GOTCHA: Blencowe’s Ralston axed after my FCA intervention and loses options but the company is still talking shit
  • By Tom Winnifrith
  • 24 hours ago

Tuesday »

Bearcast
Tom Winnifrith Bearcast No 2: back to the 1970s
  • By Tom Winnifrith
  • 2 days ago
ALU
Alumasc – full-year results, a “resilient performance” and a “positive start” to this year?
  • By Steve Moore
  • 2 days ago
Clown
Dr. Jeevun Sandher MP celebrates wage growth – a new contender for dumbest Labour MP out there
  • By Tom Winnifrith
  • 2 days ago
BRCK
BRCK Group – “the board’s expectations for the current financial year remain unchanged”, but how creditable is that?…
  • By Steve Moore
  • 2 days ago
STAK
Breaking: Stack BTC, Direct Bullion, Paul Withers and Nigel Farage, this is just so sleazy
  • By Tom Winnifrith
  • 2 days ago
Boom
Amazing AI – Oooh Er Missus, what's this I see?
  • By Tom Winnifrith
  • 2 days ago
Crime-Scene
Expose: Africa Bitcoin Corporation and Guild Advisory: no prizes for due diligence here!
  • By Tom Winnifrith
  • 2 days ago
MPAC
Mpac – interims, how positive is “outlook for the full year remains unchanged following the company’s update in June”?
  • By Steve Moore
  • 2 days ago
Bearcast
Tom Winnifrith Bearcast: a long chat with Harry Adams
  • By Tom Winnifrith
  • 2 days ago
BRES
Letter to the FCA: If you do not prosecute Mike Ralston of Blencowe, you admit you are useless
  • By Tom Winnifrith
  • 2 days ago

Monday »

Curse_Of_ShareProphets
Question for Ms. Frankie Davies of Baker McKenzie re Paul Mathieson
  • By Tom Winnifrith
  • 3 days ago
LIKE
Likewise Group – a competitor backdrop changes Buy?
  • By HotStockRockets
  • 3 days ago
FAB
Fusion Antibodies – full-year results argue “another year of important progress”, but why then not announced until now?…
  • By Steve Moore
  • 3 days ago
Bearcast
Tom Winnifrith bearcast: Crime pays
  • By Tom Winnifrith
  • 3 days ago
CER
Cerillion – after I wrote in June ‘is it really “on track to deliver FY26 financial targets”?’… “it is now apparent to the board that the year’s outturn will be behind consensus market forecasts”!
  • By Steve Moore
  • 3 days ago
AML
A stock to short from Sharestock
  • By Tom Winnifrith
  • 3 days ago
SCGL
EXPOSE: Sealand Capital Galaxy Limited – HK/Cayman deal – utter nonsense on stilts
  • By Tom Winnifrith
  • 3 days ago
DATA
GlobalData – a ‘plan’ “to drive long-term value creation”… with a profit warning having argued earlier this year “Primed for Growth in AI Age”!
  • By Steve Moore
  • 3 days ago
BRES
Blencowe Resources – why is CEO Mike Ralston not in jail and instead being rewarded for his crimes?
  • By Tom Winnifrith
  • 3 days ago
UJO
Is Union Jack breaching the 2018 Data Protection Act 2018 and thus committing a criminal offence?
  • By Tom Winnifrith
  • 3 days ago

Sunday »

KEFI
Kefi Gold & Copper – further “Tulu Kapi Update”, still value: BUY
  • By HotStockRockets
  • 4 days ago
TXP
Touchstone Exploration, the fake bid and the forgery: the FCA gets its man ( for once)
  • By Tom Winnifrith
  • 4 days ago
Gold
The View From The Montana Log-Cabin As $4,400 Gives Way For Gold
  • By Nigel Somerville
  • 4 days ago
Gold
Confused by gold: the 1970s redux
  • By Ross Norman of Metals Daily
  • 4 days ago
Quiz
The ShareProphets Sunday Pub Quiz #363
  • By Darren Atwater
  • 4 days ago
Blackboard
Visual Aid: How London Property Prices Compare to the World
  • By Darren Atwater
  • 4 days ago
Reading
Sunday Long Reads: BBC’s Future, The Last Drop, Sad Tech, Photoplayers, Pan-American Highway
  • By Darren Atwater
  • 4 days ago
Top-10
Notes from Underground – Most read articles for the week ending September 13
  • By Darren Atwater
  • 4 days ago

Saturday »

Bearcast
Tom Winnifrith Bearcast: Craig Howie (the City chap) vs Richard Jennings (the oik)
  • By Tom Winnifrith
  • 5 days ago
PEBB
Pebble Group – interims and “strategic opportunities” suggest still a Buy
  • By HotStockRockets
  • 5 days ago
Ariana Resources – “positive metallurgical drilling”, remains a risk/reward Buy
  • By HotStockRockets
  • 5 days ago

Friday »

STEM
SThree – a confirmed possible offer proposal… which it swiftly rejects
  • By Steve Moore
  • 6 days ago
Bearcast
Tom Winnifrith Bearcast 3: Union Jack says its former board broke the law and then rewards them
  • By Tom Winnifrith
  • 6 days ago
Gold
Video: silver to $330, gold to roar ahead
  • By Tom Winnifrith
  • 6 days ago
Bearcast
Tom Winnifrith Bearcast No 2: Kefi
  • By Tom Winnifrith
  • 6 days ago
VCT
Victrex – a trading “ahead of prior guidance” Buy
  • By Tom Winnifrith & Steve Moore
  • 6 days ago
BANK
Fiinu – interims on the same day as a requisitioned General Meeting, I wonder why not before…
  • By Steve Moore
  • 6 days ago
Bearcast
Tom Winnifrith Bearcast No 1: Worthless dog Futura could just be another New World and the same gents are involved
  • By Tom Winnifrith
  • 6 days ago
JSG
Johnson Service Group – interims, “expect to deliver another year of progress” BUY
  • By Tom Winnifrith & Steve Moore
  • 6 days ago
FUM
Futura Medical – how confident is it that folks will not welch on placing as shares collapse?
  • By Tom Winnifrith
  • 6 days ago

Thursday »

BRK
Brooks Macdonald – full-year results, still a value income Buy
  • By Tom Winnifrith & Steve Moore
  • 7 days ago
Bearcast
Tom Winnifrith Bearcast: Tomorrow is 25 years since that awful day
  • By Tom Winnifrith
  • 7 days ago
IKA
Ilika – “Goliath Prototyping Progress”, any current financial significance or attempted ramptastic?
  • By Steve Moore
  • 7 days ago
Confetti
Video: the AI pig and pork
  • By Tom Winnifrith
  • 7 days ago
MYX
MyCelx Technologies – interims, how much “progress” really to being “the global standard for onshore and offshore produced water treatment”?
  • By Steve Moore
  • 7 days ago
IES
Ceri Morgan CBE and the looming cash crisis at Invinty Energy
  • By Tom Winnifrith
  • 7 days ago
SDY
Speedy Hire – argues “a resilient performance in the year to date”, but how “resilient” really?
  • By Steve Moore
  • 7 days ago
SALT
Microsalt – SPOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOF
  • By Tom Winnifrith
  • 7 days ago
MPAL
Medpal AI – hiring this NED is like asking Gary Glitter to monitor the child minders
  • By Tom Winnifrith
  • 7 days ago