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Why are so many in the City so keen that the matter of OEM (OEM) the fully listed company that went tits up in 2009 be buried and hushed up? I have revealed in recent days how administrators at Baker Tilly are going after four directors for £6 million that disappeared and how this leaves accountants Hacker Young so red-faced. Now let’s turn to the London Stock Exchange.
Hello Share Peddlars: It's rather odd, don't you think, that shares should rocket on the news that Crimeans (if that's the right word) have voted to throw their lot in with Mr Putin's Russia.
I attracted an unprecedented (even by my standards) amount of grief from Bulletin Board Morons for being persistently bearish on Range Resources (RRL) all the way down from 5p until December. Then at 1.28p I did not tip the stock but merely ran it as a trading buy in my Christmas trading challenge with Steve Moore.
I recounted at the weekend how Baker Tilly, administrators to ex fully listed stock OEM (OEM) is seeking to claw back almost £6 million from four of its former directors. I have more information about a scandal which will embarrass many in the City but notably accountants Hacker Young – see HERE.
The on again, off again saga of Range Resources’ (RRL) failure to offload its Texan assets has been a frustrating affair. A year after it was announced, today could be the day that Range has told us the latest deal is finally off. If I’m right, this could spell real trouble for cash strapped Range.
Amara Mining (AMA) has just announced the results of a Preliminary Economic Assessment (PEA) of its Yaoure gold project in the Ivory Coast. Its shares have raced ahead to 19p in response. Is that premature? I think not but caught up with Executive Chairman John McGloin to check.
Just when you thought, yet again, that digital technology had delivered the perfection of a perfect market, we find that a giant aircraft filled with humanity has apparently disappeared from all view and knowledge. It’s a bit like an Agatha Christie story on a non domestic scale; or rather more like Alfred Hitchcock’s film ‘The Lady Vanishes’ with the stunning tweed suited Dame May Witty - remember her? - playing the part of the vanished lady; and Naughton and Wayne as those none demonstrative civil service types whose only wish is to get back for the Test at the Oval.
English is a beautiful language, a precise language and a definitive language. So when a company repeatedly tells you in its most recent quarterly report that it has “secured” a round of funding and that the “successful completion” of this funding was a “significant development” during the period, you’d be forgiven for thinking that this company actually has received the money. The directors of Black Mountain Resources (BMZ) appear to disagree...
Shares in perennial AIM non-performer Kalimantan Gold (KLG) spiked last week as broker VSA put out a buy note at 1.1p with a 4.8p target price. But I think VSA has got its maths wrong. I refer to the thorny little issue of cash. Or rather lack of it.
Shares in perennial dog’s breakfast, lunch and dinner Tanfield (TAN) tanked last week and now trade at just 14.125p on the back of its latest dire trading update. Yet the company is still valued at £19 million. That really is a triumph of hope over experience.
It is hard to see how one could improve on the annual results from the Prudential Corporation (PRU) for last year to 31 December. These included excellent recovery in the US business and continuing growth in South East Asia, with its growing demand for savings products, plus a long term agreement to distribute its branded savings services through Standard and Chartered Bank; an agreement of financial efficiency that looks text book attractive.
Last Wednesday, I took a speculative short in gold. The market promptly rallied and I let the position go. I’ll accept I was a bit rash, so it was important to be disciplined. However, the release of the latest Commitment of Traders (CoT) report has left me convinced a significant pullback for gold is around the corner; as long as World War Three doesn’t break out over events in the Crimea!
Hello Share Mates: One of your shares has been stuck for months, maybe even years. It comes to life. This could be on a bid rumour, or good results or a big juicy contract.
Tom Winnifrith’s latest video postcard covers shareholder activism. He is prompted by his exclusive revelations of yesterday about OEM and its shocking administration.
We will shortly publish three NEW books on Amazon - but we still have three up there and you can order a FREE copy of one or all of them for delivery this weekend
Tickets for the UK Investor Show on April 5 will start to be sent out this weekend and those who0 have booked will get theirs early next week. The show is now 82% sold out but there are still tickets you can book HERE! Please book now to avoid a last minute rush.
OEM (OEM) was a fully listed company whose shares were suspended in 2008 after it emerged that the asset backing folks thought was there had er…gone missing. A couple of years later it was wound up. And certain individuals must have hoped it would end there. But it has not. A reliable source has told me that a £6 million bombshell is on the way which will embarrass a lot of well known City players.
Bear raider Evil Knievil says that he will be resting this weekend after what he describes as “ a hard week’s work” gambling on Cheltenham.
Last weekend, the FA Cup delivered some of the magic I was hoping for; it’s just a shame it wasn’t for the team I was backing. Where I had thought that this could be Roberto Martinez’s moment to make cup history, it was actually his old team, Wigan, which delivered one of the greatest upsets of all time. Watching the £1billion team Manchester City crash out against their conquerors in last season’s final was just brilliant. But I earned nothing from it, so this week it is time to make some money.
Leading UK manufacturer and supplier of waste and recycling products Straight plc (STT) has updated on an extension to the deadline by which Irish environmental services group One51 plc is required to announce a firm intention whether or not it makes an offer for the company. I provide the following update with shares in Straight unchanged on the day at 55.5p.
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