A day away from having to call in the administrators Versarien (VRS) has managed to raise another £425,000 which will keep the lights on for just another three months but it is not with the much touted “strategic investor”. Oh no…
I cover the £495 million to £13 million AIM scandal from IPO to how to read today's shocker. At the end in a sort of related way I look at the latest bonkers missive from the Versarien (VRS) owning Sour Kraut.
The choice offered Irish Catholics by Oliver Cromwell was not a very good one: death or exile to the bleak and impoverished West of Ireland. Shareholders in Mirriad (MIRI) face a similar choice after an update today.
Disgraced Alan Sellars and his other half Samantha Moss have via fees, dividends and dumping stock taken more than £70 million out of Anexo (ANX) since its 2018 IPO at 110p per share. The stock peaked at 191p with the dastardly duo continuing to dump shares onto poor dumb fund managers, the shares are now 57.5p.
Founded in 2007 and floated in 2017 raising £23 million at 62p c/o Numis, Mirriad Advertising (MIRI) today warned that if it cannot refinance within a week it will go bust. That would leave £80 million sent to money heaven in 18 years, as a perma-bear right from the time of the IPO at 62p, I’m vindicated. Natch, management blame Donald Trump for the downfall.
Celadon Pharmaceuticals (CEL) told us on March 31 that it had sufficient cash to last “into April” thanks to the support of creditors. In plain English it could last as long as various folks did not insist on being paid. Today it says that, with the same caveat, it can now last “into May.” CEO James Short is a proven chancer.
Oh dear, oh dear as disgraced ex tipster Mike Walters would say as yet another of his duff tips went horribly Pete Tong. Mike would have loved Argo Blockchain (ARB): dodgy management, strange related party deals, burning cash, an insolvent balance sheet, the historic involvement of known associates of convicted fraudsters, it would have been right up Mike’s street. Today Argo warns that its shares will be suspended tomorrow morning. Ooops a daisy.
Good companies hire good Nomads. Mediocre companies pay less to hire mediocre Nomads. And the worst companies on AIM gravitate to London’s most useless Nomad, Roland “Fatty” Cornish in the same way as he is now gravitating towards a large packet of hob nobs ahead of elevenses to keep the wold from the door before he waddles off for a 12 course luncheon a bit later. Had he had a shred of integrity. Cornish should have quit acting for Cleantech Lithium (CTL) after it emerged that its CEO had effectively offloaded his entire holding at up to 53p per share without telling a soul.
The fall from grace of money broker Argentex (AGFX) has been spectacular, even by AIM casino standards. Okay it blames Donald Trump for crashing the dollar and folks like champagne socialists Brian Basham and Gary Newman who, poor men, are suffering from extreme TrumpDerangementSyndrome will swallow that line. But after today’s latest bombshell should you? I suggest not and that there should be a full enquiry into the recent audit sign off from Deloitte.
Oracle Power (ORCP) is no closer to producing coal in Pakistan, gold in Australia or Green Energy anywhere at all than it was when it was first set up by Conman Windbag, aka Conrad Windham, back in 2006. Today came a familiar tale