Kistos (#KIST) – increased proposed terms to Serica Energy (#SQZ), again rejected
- 2022-07-25 07:57:51
Institutional investors, retail investors and myself laid into Andrew Piggy Austin at Kistos (KIST) when the company announced a “Value Creation Plan” which would have created no value for the company but simply transferred up to £25 million each from ordinary shareholders to Piggy and two of his fellow fat cats. But at least one commentator saw nothing wrong in the scheme and has rushed to tell lies to defend it. Step forward Fat Bastard.
Yesterday I outlined how the proposed Value Creation Plan at AIM listed Kistos (KIST) was nothing of the sort, it was just a scam aimed at handing up to £25 million of free shares to senior management, notably Andrew “Piggy” Austin of IGAS (IGAS) & Equities First Holdings infamy. The shares slumped on the news allowing Piggy to buy another 150,000 of them at a year low price. Today the company “clarifies.” My arse. It dissembles. This scheme needs a radical redrawing.
The headline is “value creation plan”. My arse. This is a disgracefully structured plan to further enrich Kistos (KIST) boss Andrew Piggy Austin and his fellow boardroom troughers. Oink. Oink. This is a disgrace. How on earth has Nomad Panmure Gordon signed off on this scheme as being fair?
RockRose Energy (RRE) was one of the real success stories amongst AIM listed oil companies prior to being taken over for nearly £250 million, and now its executive chairman, Andrew Austin, has made a return to AIM with a new venture which listed last week.