Entrepreneur Big Dave Lenigas has got into a spot of bother before for his activities on twitter. I accept that Mr Lenigas is enthusiastic about his investments but for his own sake he should get off twitter now. Pre-placing tweets about Rare Earth Minerals (REM just look wrong. And then there is the email.
Nigel Somerville, the Deputy Sheriff, has done some sterling work. This morning he revealed the loophole that those clever people at Equities First Holdings exploit to allow directors to sell shares to them (at a whopping discount), without declaring the sales. Unfortunately for IGas Energy (IGAS) CEO Andrew Austin, this revelation leaves him with some explaining to do. It is now clear that Mr Austin sold 7.5million shares to Equities First, who must have sold at least 1.425million of them to comply with the FCA’s disclosure regulations. This makes a mockery of IGas’ AIM Rule 26 disclosure about Mr Austin’s holding and calls further into question Mr Austin’s declarations concerning the Dart Energy takeover. Above all it betrays Mr Austin as the liar he is.
It is a year to the day since Andrew Piggy Austin of Igas ( salary £670,000) told investors he was buying shares when in fact he was dumping a net £7 million worth in his dodgy loan deal with Equities First Holdings LLC. In the 365 days that have followed shares in Igas have crashed from 135p to 35p. So when will Piggy get his much deserved P45?
One year ago, IGas Energy CEO Andrew Austin deceived his shareholders. He issued an RNS claiming to have bought 300,000 of his company’s shares, when in fact he had net sold 7,200,000. After weeks of painstaking research, and on the anniversary of this shameful episode, ShareProphets can exclusively reveal the loophole the like of Mr Austin have sought to exploit to get around the Disclosure and Transparency Rules (DTR) through their dodgy deals with Equities First Holdings LLC (EFH). The explanation is complicated, but the results are both shocking and appalling. Through EFH directors can sell stock and not declare it. The FCA must close this loophole now.
The following details the performance of the AIM shares shorted as at the start of 2015 from when there has continuously been a disclosed short position in them ('Position Holders' in bold appear in the table more than once)…
Its only taken 15 days and I have just picked up my first lawyers letter of the year. It is full of the usual cocktail of factual innacuracies, made up quotes and threats.
Hello Share Spinners. With shares in such an iffy state at the moment, it's time we looked at how they pay their way in another important area than just watching their values grow.
AIM dog Armadale Capital (ACP) says it will spend 2015 upgrading and preparing its low-grade Mpokoto gold project in the Democratic Republic of Congo (DRC) to start production next year. The company, which has transformed itself from a South African coal briquetting and acid mine drainage specialist called Watermark Global into a would-be gold mine developer and lost 99% of its original stockmarket value along the way, indicates it has finalised a drilling programme for Mpokoto, in Congo’s mineral-rich province of Katanga, with a view to upgrading its present formal resource estimate of 678,00oz. with 1.45 grammes of gold per tonne of ore.
I can reveal that infamous bear raider Lucian Miers has gone short of Monitise (MONI) even though its shares are now languishing at multi year lows of 21p.
Again I am a little late with today's podcast. Back to normal in Bristol on Friday but I have an excuse. On the agenda today, Touchstone Gold and crony capitalist Steve Berry, equity valuations, Alecto, Northern Petroleum, oil prices, IGAS ( happy anniversary to Andrew "Piggy Austin" ahead of tomorrow), Optimal Payments, LGO Energy, Enteq Upstream and Paul Scott.
Provider of an online platform for the provision of services, blur Group (BLUR) has updated that it expects to meet market consensus forecasts for the 2014 calendar year and “continues on its previously announced and planned path towards EBITDA breakeven in Q4 2015 and positive cash flow from Q1 2016”. Sounds good - until factoring in that forecasts were reduced sharply as recently as November when the company admitted that “a small number of large projects, which have been submitted to the exchange, will not kick off until early 2015, which will impact the group's revenue and therefore profitability for the full year ending 31 December 2014”. The following updates on a company which looks to be attempting presentational sleight of hand yet again.
It is probably the least of the problems of the insider dealing fraudster Laurence Moorse at Quindell (QPP) but he really does seem to be in a spot of bother with Companies House over non-disclosure at Ingenie. What is Larry so desperate to hide?
To accompany my note yesterday on British Land (BLND) I now revisit Land Securities (LAND) which I last wrote on bullishly in April 2014, when the shares were 1063p. Like British Land they got into new price territory this week 1208p bit have since come back within the uptrend to 1200p.
A previous table showed a combination of AIM stocks covered bearishly on this website and disclosable to the FCA short positions had delivered outsized returns. The following updates, with links to initial pieces and a recent view of each stock (for the latter, click the 'end 2014 share price')...
How many more appalling RNS announcements can New Old Range Resources (RRL) release before the company’s shareholders finally wake up to what is happening, right in front of them?! No sooner had I published my piece detailing the shady links between Range Non-Executive Chairman David Chen and the rapacious Peter Landau (laced with generous payments, naturally), Range’s board shoved a poisoned pill down the company’s throat. Having engineered a deliberate default of the company’s $15million financing package from Lind Asset Management, Range’s directors have cornered their shareholders. The threat is clear. Accept the Core funding or die.
Hello Stock Trundlers. Yes, it's a stodgy old time in the share market swamp. Even the companies in the most fashionable areas are no longer seeing reasonable gains.
You can sometimes tell more from what a company doesn't tell you than what it does. Take for example, Ocado's (OCDO) - market cap £2.4 billion - trading update for the Christmas 2014 period, released this morning.
Delayed by meetings, a hangover and finally a series of IT horrors I apologise for the delayed podcast. Today I look at Quindell, Kea Petroleum, Mosman Oil & Gas, Globo, Totally, Deltex, global growth forecasts and equity valuations.
Everyone is well aware that the oil price has plummeted, but many have yet to consider the wider implications of this drop. Unless you’ve been living in a cave you can’t help but have noticed the collapse in oil price, but many investors are still only considering it in terms of whether they hold shares in oil producing companies, or even just the fact that it is now cheaper to fill up their car!
Infamous bear raider Lucian Miers is of the view that the oil price is not going to spike higher in a hurry and that this is going to cause real pain across the sector. He has made money shorting Afren (AFR) where the debt looks company consuming at current oil prices but perhaps the bid will save it so Miers has closed that position. However...
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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