Tired of Bulletin Boards where, just now and again, someone dares to point out inconvenient truths like the fact that CEO James Draper is a liar and the fact that the company needs a bailout placing within months? Would you rather discuss with like minded souls whether you will invest your Bidstack (BIDS) derived millions in a fleet of Porsches orf a fleet of Ferraris? Fear not! Here is the answer, a bear free paradise for you and your fellow morons to tell lies to each other and say how wonderful the latest podcast with Justin the Clown Waite was. Fear not, bears will not be permitted to join and spoil your paradise. Fabbo.Hat tip BC.
To come out of a paid for Vox Markets interview with Justin the Clown looking like you are utterly clueless takes some doing but Lyin’ James Draper of Bidstack (BIDS) managed just that yesterday. His refusal to deny the looming placing and cash crunch is just one highlight.
This is a total omnishambles clusterfuck and it is hard to know where to start. So let’s just note the strange coincidence that yesterday shares in Bidstack (BIDS) were marked sharply lower and today the company has served up the most godawful of trading statements. But this is AIM, supervised by those stormtroopers of propriety, the Oxymorons at AIM Regulation with assistance from the chocolate teapots at the FCA so there cannot have been any insider dealing. No really. Stop sniggering at the back please.
Folks at the FCA say they love my work, the FRC commends me for exposing fraud, even the BBC reccognises the heroic fight we engage in against white collar crime, but there will always be critics who somehow thing the team at Shareprophets and me in particular are the bad guys. Meet one of the bigger morons on twitter....
Bidstack(BIDS) has a CEO who is prepared to lieu to investors as he demonstrated on August 8. That the company’s Nomad SPARK Advisory and the Oxymorons at AIM Regulation have not ensured that Mr James Draper is fired shows you what a joke the Casino has become. Now we have clear evidence of a double breach of AIM Rules. I have written to the Regulators today, demanding a full investigation. My letter follows:
After yesterday’s shock lack of profits warning from Bidstack (BIDS) the next question is when will a bailout placing be needed. To that end the company has announced today what appears to be an almighty spoof designed to ramp the stock ahead of the placing. Even the company’s PR Buchannan has just admitted to me that the release is not clear. This is your £10 million spoof of the day.
A kind reader sends me a video Justin Waite, aka the Clown, posted on December 8. I say kind but having had to watch it that is probably the wrong word as it is sheer torture. None the less it is below and I advise scrolling through to 21 minutes 30 seconds where the Clown discusses Bidstack (BIDS) and incriminates him and Vox in the process.
I ramped up the pressure at the weekend and today Bidstack (BIDS) has finally issued a dire lack of sales warning. This admission shows that share selling CEO James Draper is a crook as well as a liar and the next bad news will be a bailout placing. For the morons who own these shares (40p+ just a few month ago and now sub 9p) the pain is far from over.
Of course what Bidstack (BIDS) should be doing is issuing a trading statement via RNS. Does it still expect to have 24 games live by December 31 as forecast by Peterhouse. Or to have FY revenues of £5.75 million (having managed £26,000 in H1) or to achieve FY losses of just £500,000 (having lost £1.5 million in H1). The answer of course is No, No and No which is why the company should be issuing a formal profits warning and if Nomad Mark Brady at SPARK was not such an utter poltroon he’d be forcing the issue. Instead Lyin’ James Draper has issued a trading statement on LinkedIn. My guess is that his nose is just that bit longer as a result.
I remember long ago doing a seminar with some CEO or other. I cannot remember who it was but it was one of the slugs operating at the lower end of the AIM Cesspit. I pondered whether his interests were aligned with those of ordinary shareholders: how many shares do you own? I asked.
As if those folks who do not mind that CEO James Draper lied to them on August 8 about H1 results do not need another reason to sell their shares in Bidstack, Draper has provided it by dumping stock himself. Smart move.
I have already written to AIM Regulation and the FCA about Bidstack PLC (BIDS) about the way its CEO James Draper materially misled investors in a podcast with Justin the Clown on August 8 2019 with regard to half calendar year results. I trust that action will be taken. But I now have cause to write again on the matter of the full year lack of profits warning the company should be issuing and is not. The letter follows.
I asked you a week ago to nominate your Bulletin Board Moron of the week from the iii, LSE and ADVFN Asylums or from twitter. There were some great entries which, in a normal week, would have won, as you can see HERE. But..
Juicin can thank me later, but I am inspired by the most insane post I have seen in ages to bring back this contest for one week only. Surely no-one can beat the post below from the ADVFN Bidstack (BIDS) thread. If you find a better example of lunacy on twitter on on the iii, LSE or ADVFN Asylums post it in the comments section below before midnight on Sunday 13 October. Enjoy this treat...
My comrade Evil Banksta has today exposed how AIM listed Bulletin Board darling Bidstack (BIDS) has misled investors and is also clearly sitting on a lack of profits and sales warning. For the former naughtiness the FCA should open an enquiry at once into possible market abuse, for the latter AIM regulation must force a statement. Being a fine upstanding citizen I have today written to the regulators. My missive follows:
Let us be clear: bulletin board darling Bidstack (BIDS) has flouted AIM rules, it sitting on a profits warning & is grossly overvalued.
Sometimes I wonder if those running and advising companies and stupid or if they just think investors are? I guess in the case of Bidstack (BIDS) it might be fair to assume the latter, as it served up interims today.
I don’t generally invest in earlier stage tech companies due to the risk of failure, but I have been following the Bidstack Group (BIDS) story with interest. I’m fully aware that early stage companies in this sector often trade at a large premium to their valuation on paper, as the value is all about future potential and growth and there are examples out there of outfits that started out as small companies before seeing their technology really take off and are now worth a fortune. But this is rare and far more fail and ultimately end up worthless.
Finally, after almost three weeks of trying, and after I forced them to ‘fess with a scoop HERE, Bidstack (BIDS) and tawdry broker Optiva have managed to complete a placing. They were aiming to raise £5 million at 15p. Then it became 13.25p. The placing was completed at just 12.5p.
I have suggested in a number of recent bearcasts that Bidstack (BIDS) was the most over-ramped and overvalued stock on the AIM Casino and also that it would have to do a placing within six months to keep the show on the road. A City source has now provided me with more specific information, an offering is already underway but it is struggling.
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