NEWSFLOW

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AIM-listed Karelian Diamonds (KDR) – the junior part of the Prof. Conroy AIM twosome (the other being Conroy Gold and Natural Resources, CGNR) waited until the last of the Jubilee bunting was being put up at 3pm the day before a double bank holiday (truly no-one-is-watching o’clock) to announced that the final meeting of the Finnish National Land Survey in relation to Karelian’s diamond mine plans at Lahtojoki has been delayed. Fortunately, ShareProphets was watching…..

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AIM-listed Karelian Diamonds (KDR) has had six months to release its full year numbers to the end of May. For a company with no income and operating expenses of €447,000 one can only wonder why it took a full six months to get the numbers out – but the Red Flag of releasing them after everybody in the City has gone home is surely a warning. And so at 6pm last night came the results RNS – no-one-is-watching o’clock. But ShareProphets was watching…..

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AIM-listed Karelian Diamonds (KDR) - the junior sibling of Conroy Gold and Natural Resources (CGNR) - has announced a placing to raise £420,000 at 4p per share, a whopping 24% discount to yesterday’s closing price. That’s all very well, but by my maths it still leaves the company technically insolvent...

NEWSFLOW

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AIM-listed Prof. Conroy lifestyle outfit Karelian Diamonds (KDR) offered up some good news this morning in that it it has secured vehicular access rights to its Lahtojoki diamond project. Well, it would be, but Karelian hasn’t any cash to spend on exploration so why the shares are up 24% is a mystery.

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AIM-listed lifestyle company Karelian Diamonds (KDR) has issued what must be the most ludicrously ramptastic RNS this morning. It is, and has been for ages, technically insolvent and yet this morning it has issued a statement telling the market that it has been granted new diamond exploration reservations in Finland. Given that it has no money, or at least it has negative net current assets last measured at MINUS EUR 1 million as at last November, what’s the point? It can’t explore what it already has!

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I have already covered the Interims from AIM-listed Karelian Diamonds (KDR) and the misleading statements within. But it seems I am not the only one who is concerned that investors are being led up the garden path with the acquiescence of Nomad Allenby, for an email has come into my possession which appears to question the validity of the statements offered up.

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I covered technically insolvent Conroy Gold and Natural Resources’ (CGNR) interims and came to the obvious conclusion that it was technically insolvent. Yesterday its sister company (with largely the same management), AIM-listed Karelian Diamonds (KDR) followed with its own half-year numbers and guess what. But the statements are just unutterable tripe which, I suggest, are intended to mislead.

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As has been pointed out on numerous occasions on the website, AIM-listed Karelian Diamonds has a balance sheet in a complete mess and I reckon it has been techinically insolvent in that it has negative net current assets for an age. Not only that, like Conroy Gold and Natural Resources (CGNR), it is run by the goodly Professor Conroy, has money owed back and forth between the two, used to be part of Conroy anyway, shares its head office, has been under attack from disgruntled shareholders (twice) and has little to show for its existence. So today someone has ponied up £240,000 to keep the lights on. Nothing surprising there – this is AIM, after all – but the price is surely bonkers!