Notes from Underground – Most read articles for the week ending December 13

The most read, non-Tom, article last week was Pensana: Over There, Over There, The Yanks are Coming by Tim Blackstone at number 10, or number 21 including Bearcasts.

1. Eco Buildings: the 37.6p potential bonus (for long term loyalists only) folks forget.
   When folks like my good friend the Euroloon Jonathan Price complain about historic losses suffered by shareholders in Eco Buildings (ECOB) there is one matter, possibly worth 37.6p per share to them but not to new holders that they forget.
   
   
2. Letter to the FCA and AIM Regulation: April to July 2025 you must launch a formal enquiry into Skinbiotherapeutics
   I have now written to both regulators demanding a full enquiry into Stuart Ashman and Skin biotherapeutics (SBTX) as , at the very least , they have broken AIM Rule 10 at worse they have done a placing at a false price because of non disclosure to the wider market of adverse trading performance. In the wake of December 5 prelims there now needs to be a full formal enquiry
   
   
3. Stuart Ashman and a new rodent interview – surely AIM Regulation cannot allow this?
   Stuart Ashman, the incompetent in charge at Skinbiotherapeutics (SBTX) recorded a podcast with the sycophantic poltroon Lemming yesterday in which he made statements which surely AIM Regulation must be all over. This is just not the way a CEO should conduct himself, even if the audience is only 23, as the maths just does not stack up.
   
   
4. Making a share purchase for my SIPP and a new video
   Should I have sought written approval from the puritan lynching mob lead by Ed from Islington or the pesky rodent before buying these shares? As it happens I flagged up how cheap they were in light of its latest news BEFORE buying this morning so I disadvantaged myself.
   
   
5. EXPOSÉ: Can anyone explain why Stuart Ashman has not misled us about his package at Skinbiotherapeutics – what’s a (hidden) social security cost?
   On 22 March 2024 as he unveiled piss poor interims for Skinbiotherapeutics (SBTX) Stuart Ashman insisted in an RNS that, in the manner of Call Me Dave Cameron we were all in it together and to show solidarity with we mug shareholders he was taking a pay cut of 20% backdated to January 1. His hapless, then FD, Manprick made a similar gesture.
   
   
6. Wishbone Gold: Mr. Market smells an Aussie rat, is that fair?
   Far be it from me to suggest that any enterprise controlled by AIM’s Aussie chuckle brothers Richard Poulden and David Lenigas does not operate to the highest standards of transparency but something is not quite right at Wishbone Gold (WSBN).
   
   
7. Breaking: Touchstone & Predator nonsense 21p bid plan expose!
   Thanks to Winnileaks I know that the authorities are aware of this. I know that Jerry Keen of Oak Securities is aware of this so who else is aware and why is there no statement. For what it is the proposed bid is all nonsense.
   
   
8. Another question for the Skinbiotherapeutics AGM: Superdrug, the rush to discount and the lack of reviews
   Unable to sleep last night I checked out the Superdrug website and to have a look at the Skinbiotherapeutics (SBTX) acne and psoriasis products. Acne sure is a crowded field, Superdrug sells 376 products including the one from Skins. 
   
   
9. SMTM Sath as another joke deal is announced
   Another day and another operational update arrives from Bluebird Mining Ventures (BMV) with more horse from CEO Sath Ganesarajah assisted by turd polisher, evil genius PR spinner Harry Chathli of Technology Minerals (TM1) infamy.
   
   
10. Pensana: Over There, Over There, The Yanks are Coming.
    In an extraordinarily bullish presentation at the Pensana (PRE) AGM last week executive chairman, Paul Atherley told his audience that American titans were falling over themselves to invest in his company, with introductions to Elon Musk and Jamie Dimon suggested. A Nasdaq listing is promised in the first half of next year and Atherley expects his shares, now 99p, to reach 350p obviating the need for a share consolidation to satisfy the listing requirements, .

The most-listened-to Bearcasts this week were:

1. Tom Winnifrith Bearcast No 1: Skinbiotherapeutics: I have had enough and am out ( at a small loss)
   I have had enough of scumbags on the London small cap scene for today and especially of Stuart Ashman of Skinbiotherapeutics (SBTX). With two new revelations I explain why I am out.
   
   
2. Tom Winnifrith Bearcast No 2: If Harry "Trougher" Adams was not such an RNS knob some of the Skins cash would go into Kefi
   Where should I reinvest the cash from dumping my Skinbiotherapeutics (SBTX) shares? I discuss that and welcome your thoughts in the comments section below. Then to Kefi Gold & Copper (KEFI) and a disingenuous RNS today and what the numbers say. Do they add up? Are the shares cheap?
   
   
3. Tom Winnifrith Bearcast No 1: examining my ethics on Skins, flagging up my Optibiotix intentions and why I'm not selling Probiotix
   Some of you have read my barrage of criticism of Skinbiotherapeutics (SBTX) as a pump so that I could dump my shares. My many times repeated bearcast assertions that I cannot recommend others own the stock are to be ignored (even just on Friday as I stuck the knife in I concluded with the CRAP phrase! - a phrase any City person knows to mean sell) and that I am a scumbag for not flagging here that I was going to sell my shares before I did. This and another Evri disaster put me in a bad mood. I walk you through events from Friday morning and explain why I believe I acted correctly but apologise if you think I did not. I offer AGM voting advice for those still holding Skins. To appease the mob, I flag up that I may sell my Optibiotix (OPTI) shares but explain why I am not selling Probiotix (PBX) 
   
   
4. Tom Winnifrith Bearcast No 2: Will Ariana become a Chinese takeaway
   Evri doubles down on its uselessness and I ponder retirement. I consider Ariana Resources (AAU) and its new Chinese investor. Good or bad news?
   
   
5. Tom Winnifrith Bearcast No2: end of an era, farewell Argo Blockchain, farewell Colin Bird and The Lemming crosses a line with mental health slurs
   Julie Meyer and Paul Mathieson actually mentioned my mum’s suicide but Lingerie on Expenses explicitly linked mum’s mental health to me, suggesting I had issues. To that end The Lemming has commissioned a report into my mental health and sent it to me concluding that the Lemming is sane, balanced and a superb journalist while my work is not credible because of ‘unresolved drivers behind his behaviour’. I wonder what issues he is hinting at after recent weeks? This crosses any line and is the end of an era. No more Christmas cards for the rodent community. Then it is also an end of an era at Tiger Alpha (TIR) as Colin Bird is resigned and at Argo Blockchain (ARB) as it is delisted. I discuss.
   
   
6. Tom Winnifrith Bearcast No 2: stunning gold & copper grades from Amaroq, it and Ariana can both double but why I prefer the former
   After today’s stunning grades from Amaroq (AMRQ) I swapped emails with the company and do serious maths on what a three mine operation by 2023 would be worth. I compare that with Ariana (AAU). Both shares could double but I know where I plan to invest more. I also mention my other gold holding, Kefi Gold & Copper (KEFI)
   
   
7. Tom Winnifrith Bearcast: how folks misread what I write & why Skins is a lesson in why corporate governance matters
   I refer to my article on my own website on global warming and immigration in part one. Then all things Skinbiotherapeutics (SBTX).
   
   
8. Tom Winnifrith Bearcast No3: have "vexatious" folks like me really cost Skins a quarter of a million pounds this year?
   That is the remarkable claim made by Stuart Ashman who claims to spend half his working life dealing with investor complaints. I assume he spends the other doing things which give folks reason to complain. After discussing that I look at Premier African Minerals (PREM) and Procook (PROC)
   
   
9. Tom Winnifrith Bearcast: a reader suggests I am being reckless with my portfolio allocation 
   I am, it is suggested, too exposed to gold miners and to Amaroq (AMRQ) in particular. I consider this point.
   
   
10. Tom Winnifrith Bearcast: Who is the real villain at Minoan, DAGG or Egleton and how should folks vote
    Minoan (MIN) is posting a circular today. It may go into administration, it will almost certainly leave the AIM Casino and it may go after former chairman Christopher Egleton. I discuss who is the real villain and how shareholders should vote at the forthcoming GM.
    
    
11. Tom Winnifrith Bearcast No 1: A prolific Liar ponders a big fail at the Sam Antar game
    I consider today's developments at Versarien (VRS) whose former CEO repeatedly accused me of lying, Skinbiotherapeutics (SBTX) whose CEO's homework has just been marked as a fail by Sam Antar and Nightcap (NGHT) and all the red flags flying today.
    
    
12. Tom Winnifrith Bearcast No2: when is Powerhouse doing its bailout placing and can Evil Banksta get a short away?
    I suggest that the answer to the Powerhouse (PHE) questions is that it has to be soon and possibly. I explain why. Then I look at gold and bitcoin prices and discuss why I'm not tempted by high cost gold plays. When folks start pushing them I will be looking to exit the sector. I look at Georgina Exploration (GEX) which needs a 'fess up RNS PDQ, Satsuma (SATS) which, even back at 0.82p, is 60-100% overvalued, the fall out from the Tiger Alpha (TIR) unwind and how it may whack the Colin Bird mining minnow penny dreadfuls. Then I discuss Card Factory (CARD) and why my kitchen ceiling tells you not to catch a long term falling knife. 
    
    
13. Tom Winnifrith Bearcast No 1: Mr Market has Satsuma so completely wrong
    I discuss today’s news from Satsuma (SATS)., Its shares are now either 70% or 100% overvalued as it is forced to dump almost half its bitcoin at a loss.