ShareProphets

Saturday 19 August 2017 The one stop source for free breaking news, expert analysis, and videos on AIM and LSE listed shares


7 June 2016, 07:59 | By HotStockRockets |

Buy Falanx at a 4.5p offer to sell at 6.5p by August

The shares were 4.25p offer when we tipped this but they are still cheap. Naturally our paying customers got in at lower levels that you can today. However the thesis stands. Falanx (FLX) has not covered itself in glory since its AIM admission just under three years ago. There have been a couple of profits warnings and, just over a year ago, there was a change of strategy, a shift from profitable but dull traditional security to dealing with cyber security. It sounded sexy but it meant huge losses and the shares have slumped to 4p-4.5p. But they are now a buy. Why?

7 June 2016, 07:58 | By Tom Winnifrith, The Sheriff of AIM |

William Dewsall you greedy bastard - come clean and be specific on the Gable so called guarantee

On May 25 it was announced that in order to prevent a capital adequacy ( or inadequacy) issue a private company owned by the uber-greedy bastard William "£15 million will do nicely " Dewsall was to offer a £10 million guarantee to ailing AIM dog Gable (GAH). The only issue was - as we revealed here - that the vehicle in question Hogarth Underwriting Agencies - had net assets at June 2014 of £357,981. The reported profit for 2014 was just over £93,000. 2015 accounts were overdue. Problemo?

7 June 2016, 07:58 | By Han Solo & Luke Skywalker |

Oh dear, Oh dear... it is savage wage cuts at the Evil Empire, the death star is failing

Our Bothan spies have again risked life and liberty to bring hot news from the Evil Empire to rebel outposts in Clerkenwell and Greece. It appears that all is not well at the Death Star. Having promised that it had "sold" 10,000 tickets to its Master Investor conference - though the venue had a capacity of fewer than 3,000 - our spies brought you photos of plenty of empty seats. Following on from that horrendeous PR and trading disaster, we now hear that freelance stormtroopers have been told they are to get pay cuts of up to 60%. Ouch. We guess that will mean only 12 pieces of silver for some folk.

7 June 2016, 07:57 | By Malcolm Stacey |

As Cancer Treatments Advance it Could Be Time to Look Into AstraZeneca and GlaxoSmithKline

Hello Share Pitchers. My parents were so frightened of cancer that they refused to utter the word. As a result I had never even heard of the affliction until I was an advanced teenager. These days we all still fear the condition, but we perhaps should not do so as much as we used to. This is because treatments are becoming more effective year on year. It is still an appalling killer, though.

6 June 2016, 16:45 | By Tom Winnifrith |

Caption Contest: June 24 2016, London..sponsored by Dodgy Dave Cameron

Just a quick caption contest with a deadline of midnight tonight. Sponsored by Prime Minister lyin' Dave Cameron pictured below is what London might look like on June 24 2016. Suitable captions for Dodgy Dave's picture by midnight tonight in the comments section below.

6 June 2016, 16:36 | By Tom Winnifrith |

AIM's equivalent of a crackhead Cyan - shite results - how close is it to insolvency?

When it comes to cash, Cyan (CYAN) is the AIM equivalent of a crackhead. That is to say if shareholders pony up for a placing, the company responds with a marginal increase in sales but a huge increase in losses and then comes back for ever more. FFS cries executive chairman John Cronin in today's results, "give me some more fecking scrabble" I'm almost out. And that brings us to the £12.5 million placing which Mr Cronin was planning to do at 0.21p on May 24th when I spoiled his party with this scoop HERE.

6 June 2016, 16:30 | By Tom Winnifrith |

The Bulletin Board Moron of the Week (I am Spartacus) winner

Maybe all the morons are on half term? Or maybe they have all become sane but there were just a handful of entries for last week's contest as you can see HERE. And none of them beat the original posted by Cynical Bear which was:

6 June 2016, 15:20 | By Steve Moore |

Amino Technologies – after profit warning last year, now a brighter trading picture?

Amino Technologies (AMO) has announced “a strong first half performance with record order intake and a very encouraging backlog to take into the second half of the year following sales growth in key regions”. Sounds interesting…

6 June 2016, 13:48 | By Graham Neary |

Software Radio Technology - Sailing into Profitability

This morning saw encouraging final results from Software Radio Technology (SRT), a provider of “maritime domain awareness technologies”, i.e. radios and related products for seaborne vessels. It claims to be a world leader in tracking systems for ships and the 3D display of maritime data.

6 June 2016, 12:16 | By Tim Blackstone |

Buy Avingtrans

You probably have never heard of Avingtrans (AVG). Headquartered in a business park in a sleepy village near Huntingdon it is an investment jewel in what little remains of Britain’s once mighty engineering industry. It doesn’t waste time beating the drum in the City. It just gets on with designing, manufacturing and supplying critical components, paying dividends, and building its business before capitalising on its successes.

6 June 2016, 11:50 | By Steve Moore |

Hardide – half-year results dire, cash crunch & thus (explicitly) fundraising ahoy!

Half-year results (to 31st March 2016) from Hardide plc (HDD), a company which “develops, manufactures and applies advanced technology tungsten-carbide coatings to a wide range of engineering components… Customers include leading companies operating in oil…” Uh oh...

6 June 2016, 10:51 | By Tom Winnifrith |

Tom Winnifrith Bearcast: On the toast rack are CIC Gold, xCite and Gulf Keystone & what's happening at TrakM8?

There may not be a bearcast tomorrow. It is all down to the arrival of the Mrs as I explain. Meanwhile I look at Gulf Keystone (GKP) and XCite (XEL). The best time to kick a man is when he is down. So says Evil Knievil. And that applies to these two oilers where events are moving fast and the shares are near enough certs to be toast already. CIC Gold (CICG) is in an even worse state and today's RNS is a shambles. The curse of boy scout mugger Stuart Bromley strikes again. It is doomed. Then I discuss what, if anything, is wrong at TrakM8 (TRAK). Then a question raised by the share price move on Friday at ADVFN (AFN).

6 June 2016, 10:10 | By Tom Winnifrith |

Premaitha at 8.6p worth 20p says FinnCap in initiation note

Finncap is joint broker to Premaitha (NIPT) so is clearly biased. We own shed loads of the shares so are we. So feel free to ignore it all but here is FinnCap's pretty detailed initiation of coverage note.

6 June 2016, 09:56 | By David Scott |

Dodgy US jobs numbers try and hide a US economy careering into recession

 Friday's U.S. jobs numbers on close inspection are a hot bed of contradiction and to some a sign that even the US (just as the Chinese do with their GDP numbers) will manipulate official numbers if the stakes are high enough. Officially this month the unemployment rate plunged from 5.0% to 4.7%, the lowest since August 2007- on the surface very attractive. But only 38,000 new jobs were created, as the working age population rose by 205,000 and as the two previous month’s numbers were revised significantly downward, giving evidence that 484,000 people who were unemployed last month are no longer unemployed this month.

6 June 2016, 09:47 | By Tom Winnifrith, The Sheriff of AIM |

Three weeks after Avanti Communications told a monstrous lie - how is its bailout refinancing going?

On May 16 Avanti Communications once again (AVN) lied to its investors. Since then it has been scrabbling around trying to complete an emergency refinancing. As the shares have tanked from 90p to 64p (and falling) since the lie is it unfair to ask the company and its bombastic CEO David Williams how things are going? First, however, lets look at the lie.

6 June 2016, 09:17 | By Tom Winnifrith, The Sheriff of AIM |

Gable Holdings – A classic case of ( a £15 million) reward for failure for greedy pig CEO William Dewsall

At the end of 31 December 2014, AIM dog with fleas Gable (GAH) had retained earnings (it has never declared a dividend) of £6,906,000 comprising retained earnings of £5,956,000 and a share based payments reserve of £950,000 over its circa 10 year history.  

6 June 2016, 09:11 | By Gary Newman |

Highland Gold offers a good leveraged play on gold prices

Highland Gold (HGM) is well worth a look at the moment with the recent rally in commodity prices expected to extend at least throughout the rest of the year.

6 June 2016, 09:08 | By Malcolm Stacey |

Pipes and Roads and Drains - Not a Burt Bacharach Song, But Possibly a Tasty Punt.

Hello Share Magnates. Time to take another peek at Hill and Smith (HILS). One reason is that most of its income comes from Britain and America. So a Brexit vote should not make much difference. This Midlands company builds roads. It also does pipes, drainage outlets, security hardware. crash barriers and fences. I last looked at this outfit 4 months ago. The share price has risen from 778p then to its present level of 910p. Still room to grow some more, in my view.

5 June 2016, 13:07 | By Tom Winnifrith, The Sheriff of AIM |

Bulletin Board Moron of the Week - I am Spartacus, No you are all Tom Winnifrith

Cynical Bear has discovered a gem of madness on the LSE Asylum. It seems that if anyone posts a bearish piece on this website it does not matter who the author is named as, the piece was actually written by me, Indeed I am a busy chap because such loons are also convinced that I spend my entire day posting bearish comments on various bulletin boards under various nom de plumes. Hmmmmm why get paid to write when you can post crap for free...why didn't I think of that before?

5 June 2016, 12:59 | By Tom Winnifrith |

Tom Winnifrith Bearcast: Inspired by a wavering wife: the full case for Brexit on June 23

My wife is wavering as to how she should vote on June 23rd. I hope I answer her points in this podcast as well as many others and explain why a Britain outside the EU would be better off, more democratic and more open to being part of a wider world. A free Britain can stand on its own two feet and thrive and be a far better member of the world community. I do hope that you all ignore the horrible smears and lies from Project Fear and vote, as I have done already, for Brexit on June 23.

19 August 2017, 11:11 | By Tom Winnifrith |

Tom Winnifrith: Sign up now for new free share tip service FiveFreeShareTips.com

Following complaints from shamed share ramper Roger Lawson, ADVFN has insisted on a raft of new editorial controls on OneFreeShareTip.com. I did not re-start my life five years ago to be told what I could or could not write. I said no and ADVFN boss Clem Chambers has just said that the website will be shut down. So...our hand is forced ... Welcome to fivefreesharetips.com - we hope you join NOW HERE.

13 August 2017, 22:11 | By Tom Winnifrith |

New Bulletin Board Moron of the Week contest - sponsored by the fund managers who knew so much better than the dirty plebs on Telit

Just three months ago some of Britain's top fund managers ploughed more than 50 million dollars into a placing organised by AIM dog Telit Communications despite numerous warnings from ourselves and others. But they knew better and anyhow it was other people's money. The shares have collapsed today to less than half the placing price after the most awful set of interims. But the fund managers will still earn Inter City salaries + ( more than 125) and fat bonuses so who cares? Are there any folks in the share world dumber than those fund managers? Er.... 

13 August 2017, 07:42 | By Gary Newman |

Kaz Minerals offers a buying opportunity on this dip

Kaz Minerals (KAZ) is a great example of the extent that commodity prices can effect larger miners, and the recovery in copper prices has seen the share price trading at multiples of where it was just 18 months ago.

13 August 2017, 01:34 | By Tom Winnifrith, The Sheriff of AIM |

KERBOOM - THE FULL SHOCKING DOSSIER, New fraud revealed - This is why Telit is Globo Mk2 and why it is going to 0p

Over the past week I have shown that Telit Communications (TCM) is run by a man who fled fraud charges in the US but changed his name to avoid investors knowing, I have flagged up banking covenant breaches, red flag strewn interims and an Italian criminal investigation. But that was just an appetizer. Today I give you a full dossier with shocking NEW material, which shows this is Globo Mark 2. it is a fraud and its shares are going to zero.

13 August 2017, 07:59 | By Tom Winnifrith |

Jubilee Platinum deal with Riverfort - death spirals so bad right? NO!

Jubilee Platinum (JLP) last week announced a $50 million funding package to grow its metals recovery business. Oh no Riverfort! Said the snipers. Death spirals, yak, yak, yak. They have it wrong. This deal is, if you read the detail, good news.

13 August 2017, 01:11 | By Pizza HardMan Darren Atwater |

Notes from Underground: Here's a buy recommendation: invest in moped shares

London has a real table problem. At least the outdoor ones, and I don't see Mayor Sadiq Khan putting any effort into it.

13 August 2017, 10:55 | By Tom Winnifrith, The Sheriff of AIM |

Emails sent to AIM Regulation & Nomad Finncap after today's Telit bombshell - this must be suspended 7 AM Monday

This is becoming Globo v2 at a an alarming rate. Today's bombshell dossier on Telit Communications (TCM) nails it as a slam dunk ZERO beyond all doubt. The only way that the shares do not completely crater in the morning is if they are suspended first. And that is exactly what should happen. As such I sent a couple of emails last night. One to tthe head of the Oxymorons Marcus Stuttard and his clueless colleagues, the Keystone Cops at AIM Regulation and the other to the folks at Nomad FinnCap from CEO Sam Smith via head of Corporate Finance Stuart Andrews down to analyst Lorne Daniel with a minor jackal in Corporate Finaance also included in case Andrews is too busy with his polo ponies to read emails on a Sunday. Enjoy!

13 August 2017, 11:29 | By Tom Winnifrith, The Sheriff of AIM |

Want to Get your cash back on the Paragon Diamonds AIM Casino fraud & bust - legal case now imminent

Investors who have lost £900,000 on the Paragon Diamonds (PRG) fraud and bust are now lined up to sue the hapless Nomad ( Northland with QEs Gerry Beaney and David Hignell overseeing the shambles) as an update from class action litigation arranger Peter Petyt sent this morning, makes clear. However we need more folks who were conned to join the party URGENTLY and for two reasons:

13 August 2017, 11:56 | By Tom Winnifrith, The Sheriff of AIM |

Telit Communications – Mr Fat Katz unusual remuneration arrangements

After today's complete bombshell which shows that Telit (TCM) is a Globo style fraud and thus utterly worthless what follows may be a tad academic. But, none the less, it is yet another Red Flag which we all should have noticed earlier. Reading through the 2016 annual report of Telit it is apparent that Mr Fat Katz, sorry Mr Oozi Cats, had two unusual remuneration arrangements. 

13 August 2017, 13:17 | By Tom Winnifrith, The Sheriff of AIM |

Tom Winnifrith Bearcast Special - the culture of corporate lying as I say GOTCHA to Telit

Following today's bombshell there can be no doubt that Telit Communications (TCM) is toast. Companies that lie and deceive so industrially in the way I demonstrated earlier HERE will always end in tears.  In this podcast I look at the culture of corporate lying and wrongdoing and what it means for you as an investor. I look at rent boys at BP then at Quindell (QPP), Globo (GBO) and of course, in the main, at Telit

13 August 2017, 13:57 | By Tom Winnifrith, The Sheriff of AIM |

Telit bombshell Part 2 - its Distributors are oft on a par with those of Globo

Earlier today I published a bombshell that demonstrated that Telit (TCM) was Globo v2 - that is to say a FRAUD heading for zero in short order.. One of the points that caused Globo to unravel within days were its bogus distributors. I covered that in some detail in Part 1 of this series but here in  part 2 I offer up some graphics to make my point. Distributors account for only 30% of claimed sales but if they are bogus then is anything genuine? It is game over for Telit, the Fat Lady is getting ready... Enjoy what follows...

14 August 2017, 08:03 | By Malcolm Stacey |

Congratulations! - You're a Share Winner In the 68,000 Club

Hello, Share Jigglers. The stats show that more than 68,000 different people logged onto this magnificent website last week. Darren Atwater, who recorded this amazing count is too modest to comment. So allow me to note that 68,000 is the equivalent of the entire population of a very big town.

13 August 2017, 13:27 | By Nigel Somerville |

Ariana – gold price, production news and share price

After my mea culpa of June 20th we have had further news. It has taken a bit of time to digest, but overall it looks positive to me, if rather laced with jam-tomorrow. With the share price finally off its low point of just 1.25p, let’s look through the detail.

13 August 2017, 13:37 | By Evil Banksta |

Obtala: When is an equity Issue not an equity issue?

When the cash still hasn’t arrived! Tom Winnifrith gets upset (see) when I write negative comments about Obtala (OBT) and so I’ve kept quiet for a while, but there comes a point when you just have to ask the question: WTF is going on? Since Tom believes in free speech (as well as Obtala) he - as ever - allows me to write here.

14 August 2017, 08:26 | By David Scott |

Because it is easy - Kennedy on Space, the World today on debt-binging

In a world in which "we do these things because they're easy", the outcome will eventually be very difficult and painful. On September 12, 1962, President John F. Kennedy gave a famous speech announcing the national goal of going to the moon by the end of the decade.  In a memorable line, Kennedy said we would pursue the many elements of the space program "not because they are easy, but because they are hard.Both nationally and internationally the overriding economic philosophy is currently "we do these things because they're easy" and relying on debt to pay today's expenses is at the top of the list. What's easier than using a line of credit to buy whatever you want or need? Nothing's easier than borrowing money, especially at super-low rates of interest.

13 August 2017, 21:03 | By Tom Winnifrith, The Sheriff of AIM |

FT Reports that Telit "parts company" with Oozi Cats - that's spin from the PR & no longer the issue

The Financial Times, always happy to help a company in trouble try to polish a turd with some PR spinning, is reporting that Telit Communications (TCM) is to part company with its founder, 12% shareholder and CEO Oozi Cats on a permanent basis. After our Boston fraudster revelations of last week Oozi had already stepped down pending an investigation by a law firm Cameron McKenna. After our revelations he was toast. But sacking Oozi is not enough after today's bombshells on this website - this is PR spinning and does not address the issue of wholesale fraud at Telit.

14 August 2017, 08:15 | By HotStockRockets |

Another day and another snippet of good news from Kefi Minerals - buy at up to 6p - target 13p+ to sell

Kefi (KEFI) has announced that it has managed to reduce the amount needed to bring the Tulu Kapi project in Ethiopia into production by another $8 million. Following news of the $135 million Oryx funding last month the shortfall Kefi faced was $32 million, it is now just $24 million.

19 August 2017, 11:11 | By Tom Winnifrith |

Tom Winnifrith: Sign up now for new free share tip service FiveFreeShareTips.com

Following complaints from shamed share ramper Roger Lawson, ADVFN has insisted on a raft of new editorial controls on OneFreeShareTip.com. I did not re-start my life five years ago to be told what I could or could not write. I said no and ADVFN boss Clem Chambers has just said that the website will be shut down. So...our hand is forced ... Welcome to fivefreesharetips.com - we hope you join NOW HERE.

19 August 2017, 11:11 | By Pizza Hardman & Hackney Marxist Darren Atwater |

New Bulletin Board Moron of the Week contest - sponsored by some scooter courier shop in Vietnam, #1 distributer for Telit

As seen here, Telit's (TCM) distributers are a, um, diverse lot, including a distributer in Vietnam that appears to be a scooter courier firm. Which is nice, and thank you for sponsoring this week's Bulletin Board Moron search.

18 August 2017, 14:35 | By Tom Winnifrith, The Sheriff of AIM |

Tom Winnifrith Bearcast: Oozi Cats and the FBI & why Telit could well be tits up within weeks

The failure of the LSE to insist that hapless Nomad FinnCap forces Telit (TCM) to bring in a firm like KPMG to conduct a full forensic review will hurt it even more when this company goes tits up as I noted in a letter to Stock Exchange boss Donald Brydon earlier today HERE.  Two sources tell me that the FBI may have bad news for the Boston fraudster Oozi Cats and his Mrs as I explain in this podcast. But the meat of the podcast is explaining why Telit will go tits up and why that could be within six weeks. Enjoy.

18 August 2017, 08:11 | By Tom Winnifrith, The Sheriff of AIM |

A letter to the chairman of the London Stock Exchange - why no independent review of the Telit fraud?

You may remember that at the last AGM of the London Stock Exchange (LSE) its chairman,, Donald Brydon CBE, 'fessed up to being a ShareProphets reader and as we chatted afterwards he came over as a thoroughly decent man. But he has, yet again, been failed by his minions in their handling of the biggest AIM fraud of the year, so far, Telit (TCM). Lowly gofers such as the head of AIM Regulation, the fake Sheriff Mr Marcus Stuttad,  have allowed Telit to avoid any independent scrutiny of its accounts & business practices despite clear evidence of fraud. That has to change and maybe Brydon will push for that. I have sent him a letter.

18 August 2017, 09:24 | By Tom Winnifrith |

Does Neil Woodford really deserve a halo - is Circassia the biggest dog in his funds?

If you read the bent, freebie is our middle name, personal financie columnists in the deadwood press, fund manager Neil Woodford walks on water. I disagree and have noted before, that, maybe, after three dismal years, others are starting to see the light.  But, with assistance from a leading broker, how about we have a real look at the Woodford Patient Capital Trust (WPCT) but also at the sort of dogs Neil ifalls in love with.

17 August 2017, 14:59 | By Tom Winnifrith |

Obtala - shares to more than double: broker VSA: we publish the note

VSA is house broker to Obtala (OBT) so is not impartial. Neither am I as we own a small number of shares following a Dragon's Den pitch as the 2017 UK Investor Show. But the price target suggests real upside and VSA's research team is well regarded and since we happily published an uber-negative piece from Evil Banksta the other day, this offers some balance. VSA has tweaked its forecasts

18 August 2017, 14:46 | By Tom Winnifrith |

Reader Comment of the day - Drunken Sailor unearths local issues for Bushveld

You may remember that ShareProphets poster Drunken Sailor and I were co-defendants in a libel case a couple of years ago ( which we won). Mr sailor is not a drunk and he is a great sleuth when he wants to be. My pressing concerns about uber ramped Bushveld Minerals (BMN) are its balance sheet, but DS has unearthed another major issue which, for some reason, Bushveld has not covered in an RNS. Perhaps it might do so now? Drunken's post merits a wider audience:

18 August 2017, 11:24 | By Cynical Bear |

PCG Entertainment – Lots to like about this funding deal other than…….WHY??

Like Richard Poulden, CEO of PCG Entertainment (PCGE), I have a bit of time for Brian Kinane at Riverfort. As someone who believes in transparency and clear communication, my view is that Brian is trying to bring some of that to the world of small cap funding, particularly where the dreaded phrase “ death spiral” is concerned and there’s a few points here to be applauded. It still doesn’t prevent the obvious question being aimed at Mr Poulden though – WHY RAISE MORE FUNDS NOW?

18 August 2017, 09:14 | By Tom Winnifrith |

Kennedy Ventures - Giving 3.98% of the company to the CEO does have a cost

Some folks think that handing out share options to senior staff is a cost free exercise and b) benefits all shareholders as it incentivizes the board and also aligns their interests with those of stockholders. Bollocks on all counts.

18 August 2017, 14:05 | By Steve Moore |

SRT Marine Systems – order “for the world's biggest single deployment of AIS AtoN”. Wow… Or not…

Following the postponement of a significant contract announced at the end of last month, SRT Marine Systems (SRT) has now announced an “AIS Aids to Navigation Contract”, including that “the order is for the world's biggest single deployment of AIS AtoN”. The world's biggest hey, sounds impressive!…

17 August 2017, 14:03 | By Steve Moore |

Idox – acquisition aids a rating which is “highly attractive”… Or is it?

Having reached more than 75p in May, shares in information management technology and services company Idox (IDOX) declined below 60p early last month before recovering above 65p - then declining towards 60p again. The company is now “pleased to announce that it has acquired… Halarose, a supplier of electoral back office software and services to UK local authorities, for £5.0 million, comprising £3.5 million in cash and £1.5 million in shares” (at 61.5p)…

18 August 2017, 08:08 | By Malcolm Stacey |

Looking for a Possibly Safer Airline Venture? - Well, this Fleet's In

Hello Share Grafters. The congestion in most of our airports will give you the heads-up that air travel is booming. It will continue to do so, especially as more people from developing countries become middle class. But you may still be wary of big airlines.

18 August 2017, 14:59 | By Nigel Somerville, the Deputy Sheriff of AIM |

Advanced Oncotherapy – how’s the cash position? Still a stonking SELL.

After a stack of RNSs earlier this year, it has all gone quiet at AIM-listed Advanced Oncotherapy (AVO) since the announcement of the termination of the Bracknor death-spiral. How’s the cash position?

17 August 2017, 16:05 | By Steve Moore |

Capital Drilling – half-year results include “broadened” uplift in activity, so why are the shares lower still?

Drilling services company Capital Drilling (CAPD) has announced results for the first half of 2017, including that an initial uplift in activity has broadened with an improving outlook in industrial metals and capital markets activities support. Why then are the shares further lower, below 40p, having been above 60p earlier this year?...

19 August 2017, 07:56 | By Steve Moore |

Table of shorted AIM shares - week to 18/08/2017

From the FCA's spreadsheet of short positions required to be disclosed to it, the following shows the shorted AIM shares with positions from 2016 and thus far in 2017 (by net short position %) - and if this position has increased (red), reduced (green) or remained unchanged (black) since last week...

19 August 2017, 07:32 | By Tom Winnifrith, The Sheriff of AIM |

Telit Communications – how much of a cash guzzler is GainSpan?

In the piss poor results for the six months to 30 June 2017, Telit (TCM) highlighted that it had purchased GainSpan and provided the following rather limited commentary on its contribution to the interim results: