Argo Blockchain (#ARB) – January update, increased loss
- 2022-02-07 07:59:17
I am rather taken with the new cleaning lady the Mrs has hired. She scrubs up well, works hard and her views on a range of issues including masks, vaccines, inflation and the role of the state are thoroughly admirable. And hearing myself and Lucian discuss how mining companies claim to be ESG friendly by hiring loads of lesbians, she thought that a good joke and remarked that my work seemed interesting. That would not be how the Mrs would react, both to the joke and the description of my work. I mention all of this only because Agnieszka has been arguing with her 12 year old son who wants her to invest her wages in bitcoin.
The monthly trading update from Argo Blockchain (ARB) is the usual mix of smoke and mirrors. If you are someone who has waded through the sea of red flags highlighted HERE and still believes there is comfort for you. But if you are a cynic you too will find comfort. Plenty of it.
The highlight of this dossier is Boatman demonsrating how Argo's (ARB) rebuttal of its allegations about a dodgy Texas land purchase made in dossier No 1, just does not stack up. One might even say Boatman shows Argo was telling porkies. Then there is the really sniffy related party investment in a company in all sorts of regulatory scrutiny because of its involvment with disgraced broker Pello and its "colourful" boss Andy Frangos. And it goes on and on. As Boatman points out, if you believe in electronic tulips there are many ways to play bitcoin without buying into Argo's forest of red flags. Anyone owning these shares is mad. The dossier is below.
What were the actual net proceeds of the $40 million 8.75% bond issued by Argo Blockchain (ARB)? And why does the shareholder register stink? Let us start with the bond.