Versarien (#VRS) – “Verified Graphene Producer Re-certification” RNS Reach attempted ramptastic
- 2022-06-30 07:40:18
With Versarien (VRS) the key point to remember is its own admission that it needs to do a bailout placing within the next ten months ( and probably much sooner) or it will go bust. In that vein, its latest RNS Reach is a spoof and one that unravels in seconds if you do a google search.
Versarien (VRS) shares have surged of late: last week, they lounged at 15p; yesterday, they reached 24p. This surge is all the more remarkable given the company’s May 12 warning: within a year, it could run out of money. My guess? The spike is driven by chatroom speculation and is, in effect, a concerted pre-placing ramp. In that vein, I have two questions for loathsome CEO, Neill Ricketts:
As its old auditor walked, and the new one needed more time, today’s results for the 12 months to March are unaudited interims – the prelims will be for the 18 months to 30 September. But one cannot dodge the numbers: even Neill Ricketts is forced to ‘fess that Versarien (VRS) may soon run out of other folks’ cash. Anyone holding the shares is, thus, certifiably insane.
In the six months ended 30 September 2021, Versarien (VRS) burnt £1.11 million in operating costs and a further £1.9 million in the purchase of intangible/tangible assets. The interim results presentation indicated there was a monthly cash burn of £0.4 million, but also cited cash/headroom of £6 million, which sounds impressive. However…
As Q1 limps to a close, it is difficult to see clearly through the fog of war. Mindful, doubtless, of the Covid aftermath - which bottomed almost exactly two years ago and led to a spectacular rally in stocks - investors have returned, and the sell-off seems to have petered out.
Of course ,for the diehard cultists it will all be different this time. Or next time. Or the year after. But it will not be. A hat tip to reader G for this table of Versarien's (VRS) track record up to the end of March 2021. When we update it with the next numbers it will look even worse.