AIM-listed jam-tomorrow IoT investment company Tern plc (TERN) was my sell tip of the year for 2023. It has had a terrible 2023 so far, but I fear things are set to get worse as the company - and its portfolio of unlisted (apart from Wyld) loss-making cash-guzzlers - struggles with te ongoing cash-crisis. As things stand, I’m pretty sure it is running on fumes and the loan facility allowing it to hawk its shares in Wyld on the joke market in Stockholm seems to have stalled. But there is plenty more to go wrong here…..
AIM-listed waste of space Inspirit Energy Holdings (INSP) announced the issue of two billion bits of confetti this morning – to raise just £200,000. This, of course, will only keep the lights on for a short period – and then there will be more confetti. The discount was a whopping 33%: for such a small issue, that shows what a POS the market thinks Inspirit is.
AIM-listed ReNeuron (RENE) put out its interim results to 30 September yesterday, announcing another loss, this time of £2.8 million to bring accumulated losses to a whopping £155 million for this £3 million capitalised company. Worse still, it is running out of money….again.
As predicted, AIM-listed jam-tomorrow investment company Tern plc (TERN) has failed to meet its investment requirements at investee-dog Konektio. The result is that 75% of its investment is to be converted to worthless deferred stock and it could get worse. In short, it is Ouzo-on-cornflakes this morning.
AIM-listed dog Barkby (BARK) announced yesterday the formation of a joint venture and a change of name. But buried in the text was the announcement of a proposed share consolidation which, I suggest, is one almighty Red Flag.
AIM-listed crock Advanced Oncotherapy (AVO) which is already suspended served up an update on its financing this morning. It makes utterly grim reading: time to order in a huge delivery of Ouzo for Christmas.
AIM-listed Karelian Diamonds (KDR) announced a placing at 1.44pm yesterday – late lunchtime on a Friday as the City looked forward to a weekend of rugby. In other words, it was no-one-is-watching o’clock. The amount raised, just £250,000 – and even that is before expenses – was pitiful; the discount – a whopping 33% - alarming for existing shareholders. The shares dropped 25% on the day.
AIM-listed disaster Rurelec (RUR) has announced its interim results to June 30. The good news is that the company is now debt free and has cash. The bad news is that the cash seems set to run out and delisting looks the likely next step.
AIM-listed graphene disaster Haydale (HAYD) announced at 4.30pm on Friday (otherwise known as no-one-is-watching o’clock) the result of its £1 million retail offer to support its bailout placing. Having bagged £5 million from dumb institutions, it had been hoping to add a further Bernie. Unfortunately, via its broker, Cavendish (previously known as FinCrap), it raised just £63,045. I doubt the proceeds even covered the costs!