Aim-listed Advanced Oncotherapy (AVO) should have been sent for a one-way trip to the AIM Executioner at the end of December. Yet first in January, then in February, and now at the beginning of April, AIM has broken its own rules in not enforcing that outcome. What is the point of rules?
AIM-listed disaster Haydale (HAYD) announced yesterday a massive issue of Options worth 8.4% of the company’s share capital. It is all very well to “incentivise staff” (you’ve gotta pay for talent, donchaknow) but this issue also saw old options priced at up to 6.25p swapped for new ones at just 0.5p. Following the disastrous performance of the company, this is a reward for failure – surely a case of snouts in the trough if ever there was one.
Last week I wrote to AIM Regulation, noting another AIM finance director of the year (not!) foul-up by Nilesh Jagatia regarding the FY23 accounts of AIM-listed Inspirit Energy (INSP). Last night, at 4.04pm, the company released a statement which I wonder if it is still attempting to mislead. As such, another missive to AIM Regulation follows…..
Yesterday I pointed out a howling error in the FY23 accounts of AIM-listed Inspirit Energy Holdings (INSP) by the most successful FD on AIM, Nilesh Jagatia. Added to the series of errors already pointed out by Tom Winnifrith, I would suggest the accounts are a total joke already. But the Going Concern statement is, to me, a rather more serious statement to foul up. As such, I have dropped a line to your good friends and mine, the Oxymorons at AIM Regulation.
AIM-listed POS Inspirit Energy Holdings (INSP) announced intra-day yesterday (at 2.39pm, whilst Nomad Roland “Fatty” Cornish was delving into his fourth extra portion of spotted dick with lashings of custard) that it had repaid a debt facility. Good news…..for the lender, Riverfort. The announcement was a tad opaque – being inquisitive, I had to take a look but the more I looked, the more questions I had, including another screw-up by FD Nilesh Jagatia.
AIM-listed and technically insolvent John Zorbas vehicle URU Metals (URU) has announced that its death spiral funder, Boothbay, had yet again extended the repayment deadline. This has been a repeating exercise ever since the original loan deal was signed back in 2020 and the loan has since been extended more times than I’ve had hot dinners. But there were two differences this time…..
It has been clear for some time that AIM-listed jam-tomorrow investment company Tern plc (TERN) is in deep trouble. It is itself running on fumes and its portfolio of cash-guzzlers still needs feeding. This morning the biggest shoe to drop to date landed: its (formerly) jewel in the crown investment into Device Authority has been crunched.
AIM listed dog Barkby (BARK) has announced proposals for a new debt instrument to replace its existing £12 million facility. The suggested terms demonstrate to me that the whole shooting match wants taking out and shooting as an act of mercy.
AIM-listed property disaster outfit Trafalgar Property (TRAF) was suspended on 2nd October as it failed to produce its accounts on time. Last night, at 4.49pm on a Friday – no-one-is-watching o’clock – it snuck them out, along with interims to September. The company is technically insolvent and, frankly, I just don’t understand how the Auditor signed them off at all.
AIM-listed dog Barkby Group (BARK, geddit?) slipped out a notice of general meeting after hours on Wednesday at 5.39pm – no-one-is-watching o’clock. Clearly the company and its advisers don’t want shareholders to know about it! Worse still, the GM is to be held on 29th December – in the middle of the Christmas break - in a trading estate near Didcot in Oxfordshire: they don’t want shareholders there at all!
