I promised last week to go in to the numerous inconsistencies in the numbers presented by Purplebricks (PURP) but that is going to have to wait as this week’s story has got to be Telit (TCM).
Orogen (ORO) has announced that it has lent another £250,000 to online e-tailer Thread 35 Ltd, trading as Sosandar. Time to panic? No. As loyal shareholders at FIML we certainly are not doing so.
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 (see HERE) - you may note a sharp increase in the Telit (TCM) short position even though the shares have collapsed. The bear community smells a zero here, this is Globo all over again - note Tom Winnifrith's smoking gun of earlier & ignore it at your peril
On Friday at 4.30 Tern (TERN) announced that it was raising £300,000 on a first come first served basis via PrimaryBid. It would perhaps be fair to say that our extensive coverage of this company has not been universally bullish.
There comes a moment in every Agatha Christie novel when Poirot scolds himself for being so blind to the obvious. I just wonder if for myself and Telit (TCM) that moment was late last night. That the CEO was a fraudster fugitive from justice when he floated Telit is one matter, the crminal investigations in Italy are another but the heart of the issue is the dire financials & possible behaviour of the Norfolk variety. In case you missed it, I refer you to note 5.2 of the most recent interims published August 7.
A 10:35am results announcement from Vitesse Media (VIS). Not a portend for a positive announcement I’d suggest - and then 36 minutes later a “Directorate Chg, Hldgs in Co, Proposed Fundraising” announcement. Hmmm…
Hello Share Crunchers. We have a little saying in our family. ‘There’s always something…’ Meaning, however well things seem to be going, there is invariably a major snag to contend with.
Domino's Pizza Group (DOM) is seemingly so excited by its “new franchisee partnership” that it’s announced the news twice this morning. The market response is though distinctly less excited – the shares down around 4% at sub 270p…
The poodles of the PR community, that is to say the deadwood press, were briefed that Telit Communications (TCM) would by Friday have completed the review of whether is CEO was charged with fraud in 1991 but did a runner pre trial. Telit did not deny the allegations we broke as companies invariably do, at first, when exposed. Anyhow it is now Friday.
PHSC Plc (PHSC), “a leading provider of health, safety, hygiene and environmental consultancy services and security solutions”, has announced results for its year ended 31st March 2017 which feature as the first two “Financial Highlights”; “Underlying EBITDA loss of £0.1m, down from a profit of £0.368m last year… Group revenue rose to £7.16m compared with £7.04m last year”. Hmmm, “a leading provider” ya say?...
I always take house broker notes with a heavy pinch of salt as they will paint as optimistic a picture as possible so this morning’s effort from Beaufort Securities on its client, MySQUAR (MYSQ), surprised me somewhat with its honesty but it’s good to finally put the nonsense about “operating break-even” to bed.
I previously wrote on Fairpoint Group (FRP) on a June update that it would not be in a position to publish its annual report and accounts in the six months from year-end it has under AIM rules as it was unable to sign-off the audit after having “been notified by its bank, AIB Group (UK) plc, that it is unwilling to provide the level of on-going support requested by the company”. This saw me note ‘a fair point towards disaster’… and now it’s all the way…
I see a note about how this research is only meant for funds with $100 million under management but as it is house broker, so clearly not impartial, Cantor's job is to promote the stock so I am sure it will not mind me giving it a wider airing. As it happens, analyst Asa Bridle is no fool so I am not ignoring what he says completely. We own the shares and think they should be trading at 13p+. But 26p? Over to the expert...
I have received a note from Maureen Jones, the close boardroom ally of Professor Richard Moriarty the founder and embattled chairman of Moriaty Gold & Natural Resources (CGNR). Maureen reckons my coverage of the last GM is unfair and wishes to put the record straight. But I am afraid that she and Professor Conroy simply just do not understand why they are in the wrong here and why that forces me and other campaigners such as the top Irish blogger Wexboy, to ensure that we will turn the next Conroy GM into a media circus to see the two ousted. Maureen writes and my comments are in bold.
My last piece on Echo Energy (ECHO) looked at how connected party Greenberry was making a fortune out of the ramp and also looked at rather odd TR-1s. Well history is repeating itself and, as always expected, yesterday’s TR-1 shows how the other connected “institutional investor” here, Pegasus, has also made a very quick buck - not that it told anyone when it was doing so!
UK Oil & Gas and its partners in Kimmeridge Oil & Gas have sought an amendment to their permit from West Sussex County Council to allow a continuation of drilling at Broadford Bridge. Top geologist, David K. Smythe, Emeritus Professor of Geophysics, University of Glasgow has submitted a detailed application which slams UK Oil & gas for, inter alia, lying about what it was doing and claims that it will have to frack to have any hope of making this operational commercial. On that basis he asks , in a detailed and damning submission, that drilling be halted at once. We have the full report below and it appears damning. The highly regarded professor states:
Having been just above 40p, a June results announcement emphasising “strong cash generation and returns to a net cash position. Restructuring activities and tight cost control contribute to an increase in underlying operating margins” saw shares in power cord and harness assemblies company Volex (VLX) rise over the next month to comfortably above 60p. They are currently though back below this level after AGM and strategic partnership announcements…
Hello, Share Twiggers. Let’s have another look at the Man from the Pru. Prudential (PRU) has just announced that six month operating profits are up by 5%. Not brilliant, but, never mind, an increasing profit usually means a climbing share price.
Following a June profit warning which saw them down to 200p, shares in DFS Furniture (DFS) had recovered to above 230p. They are currently though back below 220p on a “Post-Close Trading Update”…
That Telit (TCM) is going to zero is a given as I explained yesterday HERE. But now we need to know why Canaccord quit on May 26 as Nomad. I suggest the reason in this podcast and call for a wider AIM Casino rule change on Nomad resignations. Then it is on to 2 CEO resignations. The bombastic prick David Williams has gone from drowning in debt Avanti Communications (AVN). Avanti is toast but I run through the red flags pertaining to Williams himself and ask a question about his payoff for failure. As for Redcentric (RCN) can I claim this as a scalp? Frazer Fisher must have known about the mega payroll fraud of March 31 2016 as I revealed HERE. Yet he trousered a big 2016 bonus and sold stacks of shares just after publishing the 2016 number which he KNEW WERE CROOK. This departure is to avoid him being in situe when the FCA, FRC and SFO announce their findings. Actually can the Sheriff claim a scalp on the bombastic prick Williams too? I got the FRC to pan his company and exposed all sorts of Avanti red flags and naughtiness. Two scalps in a day - ouzo time?
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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