With a heavy heart, since good friends are involved in PCG Entertainment (PCGE) those of us who had hoped that it was the China AIM play that would work out well, today look in dismay at a share price cratering and a trading statement that is just shocking beyond belief. This was meant to be the good China play..what does that say about the rest?
Shares in AIM-listed and over-indebted Igas Energy (IGAS) had a good week last week, rising by about a third in value before slipping back again. But its balance sheet problems (well documented on ShareProphets, see HERE) continue to mount and this morning it was announced that Investec has been appointed Nomad and joint Broker, replacing the previous incumbent Jefferies International. Whilst one might wonder if Jefferies jumped or was pushed, the bigger question is when the bail-out re-financing will come and how big the shafting for existing shareholders will be.
Feeling a bit sad writing this having read the RNS issued by Xtract Resources (XTR) last week about the disposal of the Manica project to Nexus and MTI for $17.5 million. I feel that I should pay my respects.
Hello Share Swelterers. I don’t much like the name of today’s firm I offer for your consideration. You see, I don’t admire company titles which are hard to remember or even say because they don’t conform to the rules of grammar. The company is FairFX (FFX) which is a prime offender reference my aforementioned prejudice. But having said that, this share is fashionable. That’s because of the EU referendum. If we leave Europe, the pound is expected to take a hit. I dunno why exactly, as the Euro should also be damaged by one of its biggest members leaving. But there we are.
Some of you will know I have a bit of a bugbear with the use of the Standard Segment of the Official List, particularly for small investment companies, so in the spirit of Nigel’s great work on the FilthyForty, I have compiled my very own football team of Standard List participants to follow throughout the forthcoming seasons.
When it comes to commodities people usually think in terms of oil or mining companies, but there are also many ‘soft’ (grown) markets, and some of these have been performing strongly.
That WH Ireland was deemed responsible for the horrific investment losses of pensioners Mr and Mrs Bagot is in little doubt: the Financial Ombudsman Service (FOS) found in the Bagots’ favour. But due to its limited remit the maximum award it was able to enforce came to just £150,000 plus some costs and interest. Given that the actual losses (and recommended recompense) were a healthy multiple of that figure I wonder whether this outcome shows that the current system is flawed.
And God shall wipe away all tears from their eyes; and there shall be no more death, neither sorrow, nor crying, neither shall there be any more pain: for the former things are passed away.
It is with no small sense of humility that I disclose a token short position in Gulf Keystone Petroleum.
It is no shock that the Rob Terry bar of soap caption contest produced a flurry of entries as you can see here which focussed in on a similar theme. Terry knows all about folks getting an unexpected shafting does he not? Soon he will find out that the Good Lord was right after all and that it is indeed better to give than to receive. Anyhow the winning caption is:
I prepare for a celebration lunch with lefties in the grim North. Woe is me. But my mind wanders to what else was happening in 1966? I am really not on the ball today. Then I ask how can we say that investors are protected if fraudster Rob Terry can raise cash for his Knob Park ponzi via crowdfunding? Then I answer the question in today's Daily Mail (a loathsome rag) - in a low interest rate era should you pay off your mortgage?
It appears that the answer to that question is yes. Terry has not only said he is going to do it but he has told the FCA how he is going to do it. And the chocolate teapots appear happy to let this continue. It is bad enough that Terry boasts that he made in excess of £30 million from the Quindell fraud, but it seems in Britain he can carry on stealing and no-one cares.
On Thursday of last week AIM-listed investment company Tern (TERN) announced the acquisition of Flexiant Limited. It looks a bit of a complex deal, but the question in my mind is what Tern has actually bought? And since Tern already has a holding in the parent company of Flexiant, how does it leave that looking?
You could not make this up but fraudster Rob Terry is getting into crowdfunding working alongside Peter Shea, the boss of disgraced ex AIM Casino listed China fraud specialist Daniel Stewart (DAN). It was, of course, Daniel Cesspit that listed Quindell on a fraudulent prospectus and signed off of the fraudulent deals with TMC Southern, that conjured up entirely fictitious profits for Quenron in 2011. The SFO will sooner or later arrest Terry and he's going to jail, but it seems as if Shea is determined to implicate himself by association.
On reflection, perhaps I was a little bit harsh in my article on Boxhill Technologies (BOX) on Saturday as I think it could be hiding its light under a bushel to a certain extent.
Watchstone (WTG), Quindell as was, has today admitted to the full scale of the Himex fraud - the Hassan Sadiq Rob Terry con at the heart of Quindell - full details are HERE. In light of this please supply suitable captions, in the comments section below, for the picture below in honour of Robert Simon Terry. Deadline: midnight Sunday.
Every once in a while a share price goes ballistic for no discernable reason other than retail investors firmly grasping the wrong end of the stick. Invariably reality soon sets in, and although timing is a bit hit and miss, shorting such situations almost always pays off.
Vela Technologies (VELA) has followed an announcement that it has completed a follow-on investment in luggage transfer business Portr Ltd, with an announcement of “Further investment in BTL Group Ltd”.
I am back in the UK for the 50th Wedding Anniversary of my in-laws but on the way to the Grim North today my father says that he will be filling out his Brexit referendum postal vote in front of me. Touche, I have my papers too and will fill in my vote. Back in 1975 my father's father was a spokesman for leave. He will be spinning in his grave as his son, but not his grandson, votes today. I discuss that. Then I move onto Nick Hewer trying to stop old folks being scammed by unregulated boiler rooms. But what about regulated scammers. I go back to poor Mr Bagot, WH Ireland (WHI) and John Molyneux a broker who has retired a rich man having trashed the savings of Mr Bagot and others. Why is Molyneux not being hauled up before someone? What message does that send out?
OMG. This week's top 10 literally contains of Chris Oil, Brexit, Globo, Paul Scott, Quindell, plus Bearcasts. It's a perfect storm of ShareProphet's reader fantasies. At our next staff retreat/Global Shorting Conspiracy meeting, I'm going to suggest to Tom that he just dedicates his Bearcast each day to one of those topics: Monday: Chris Oil, Tuesday: Quindell, etc.
Since my last article on the subject of Fastjet (FJET), major shareholder and brand owner Sir Stelios has been back on the warpath, this time looking for the removal of the Chairman. With the annual results for 2015 due shortly, and reasonable questions hanging over the company’s funding position, the next few weeks and months are likely to be decisive for Fastjet’s future.
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.
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.
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.
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.
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.
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
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:
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?
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.
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!…
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)…
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.
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?
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?...
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...
Previously writing on System1 Group (SYS1), then named BrainJuicer Group, as the shares slid below 700p I concluded there still, despite self-admitted “limited revenue visibility”, a clear lack of a Benjamin Graham ‘margin of safety’ (”for absorbing the effect of miscalculations or worse than average luck” e.g. an earnings miss or negative change in stock market sentiment) and I thus continued to avoid. The shares have though recently been above 800p… until a “Trading Update” announcement today…
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:
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