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.
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!
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
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?
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.
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?
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”.
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.
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
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?
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.
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.
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.
‘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?
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:







