Having announced earlier this year that “CEO, Paul Fineman will, for personal reasons, be stepping down as Group Chief Executive Officer as of 1 March 2022. A search is commencing for a successor”, IG Design Group (IGR) is now, albeit more than 8 months later, “delighted to appoint” a new CEO. With this also following a CFO change in May, what’s the outlook now?
We had news this morning that CPI inflation went through 10% in the UK – bad news, as this surely means further increases to interest rates over here. That won’t help businesses such as online clothing retailer, AIM-listed ASOS (ASC) and I sense that the company’s difficulties don’t end there, for this morning the CFO/COO Mr Mat Dunn is to leave at the end of October. But the statement is, I fear, highly disingenuous.
I wish Bruna Nikolla the very best of luck as she becomes the new CFO at Cellular Goods (CBX) just in time to have a good chat with the auditors about whether this company can be viewed as a going concern.
I bet Elizabeth Lake is regretting joining Revolution Beauty (REVB) as its CFO on May 12 this year. The previous incumbent Andrew Clark hung around till the end of July for an orderly handover, since when we have had a ghastly profits warning and now, today, an admission of potential accounting “issues.” Ms Lake must feel as if she was parachuted onto the Titanic just before the iceberg. Or maybe she should take some blame and walk the plank?
Ian Storey was the CFO of musicMagpie (MMAG) from March 2015, becoming the COO when this company joined the AIM sewer last April.Are investors fully aware of his history of cooking the books at one of the biggest FTSE frauds of the past two decades?
As I explained in the free to access podcast yesterday, shareholders in Omega Diagnostics (ODX) should be blaming the company and its advisers FinnCap and Paul “Queenie” McManus of Walbrook PR for their losses. I have written to the Oxymorons at AIM Regulation asking for an investigation into CEO Jag Grewal, CFO Chris Lea, Geoff Nash and Alice Lane at FinnCap and into Queenie himself.
A “Resignation of Director” announcement from IT services group IDE (IDE) and the shares currently more than 12% lower to 0.725p. This doesn’t sound good then…
First it was the CEO, then a NED and now the CFO has quit, drowning in debt, AIM dog Lekoil (LEK) of fake sheikh infamy. But the resignation letter of Edward During is dynamite. Lekoil itself has not put out a statement on this matter but Lekoil Nigeria, which it owns 40% of and seems to be at war with, has. Kerboom. How long can these shares remain unsuspended? Is the Nomad, hapless SP Angel of the fraud MySquar infamy, not considering whether to walk? It should be but, then again, it is morally bankrupt.
AIM-listed boiler-room Inspirit Energy (INSP) has been a long-term non-performer on the Casino ever since the reversal of its technology (having failed as a private company) was reversed into Kleenair Systems in 2013. Almost anyone who has had the misfortune of investing here will be nursing very heavy losses, and the company seems to have little or nothing to show for the last 7 years as an AIM Casino chip. But now the company is under attack from 6.5% holder Chris Heminway, who launched a scathing attack late on Monday via the RNS system.
Last Monday ShareProphets AIM-China Filthy Forty play Walcom (WALG) offered up yet another statement saying that again its CEO/CFO Mr Francis Chi had failed to offer up a bailout loan, that he still intended to do so (as he has since January!) and that in the absence of further funding it would be a one-way trip to the corporate undertakers last Friday, June 19. There was no statement on Friday, and here we are on Monday and there still has been no statement. Is Walcom bust or not? We need a statement.
The seemingly never-ending Wagnerian Opera of ShareProphets AIM-China Filthy Forty group Walcom (WALG) and its lack of a bailout director loan to avoid a one-way trip to the liquidator’s office saw the latest deadline yesterday pass without a statement. Oh dear: has the curtain finally come down?...
Easyjet (EZJ) founder and largest shareholder Sir Stelios Haji-Ioannou has hit out at the Easyjet board, terming them scoundrels, and slated Airbus as a bribe giving arms maufacturer in a stinging letter out this morning. As you can see below, he does not mince his words.
Limitless Earth (LME) is an AIM casino listed investment company which employs Nilesh Jagatia as its part chief financial officer at rate of £24,000 per annum. By CFO standards this is a pretty low amount but based on our findings below Limitless shareholders are being overcharged. After all, there is compelling evidence we have provided, over many years, that Nilesh is the worst CFO in London.
One of the signs that all is not well at a plc is when directors pile in for share purchases of a poxy amount to try to show confidence. And that brings me to Future plc (FUTR) which has been on the receiving end of a duffing up by our own Tom Winnifrith and the Dark Destroyer Matt Earl at Shadowfall. Of course, as Tom Winnifrith points out, Future’s response would have made the US fraudster-turned-fraudbuster Sam Antar proud: the report and criticisms were totally ignored.
ShareProphets AIM-China Filthy Forty play Walcom (WALG) updated at lunchtime today that after weeks of prevaricating its CEO and CFO, Mr Francis Chi, has finally signed on the dotted line to give the company a lifeline in the form of a further loan of HK$ 270,000. But as lifelines go, this is as short as it gets for even with further loans which may or may or may not follow we are told that the cash will still run out in early February.
Two days before Christmas AIM-China Filthy Forty play Walcom (WALG) announced the departure of Yong Tian Chan from the board as of 1 January (ie today). Now the deputy CFO, Jessie Chan, is off, from the end of February. Meanwhile, the company is still teetering on the brink of insolvency as discussions with the CEO regarding another bailout sticking plaster continue.
Shares in PureCircle (PURE) remain suspended as it struggles to publish its June 30 2019 accounts. But we are already warned that there will be restatements of 2018 and possibly 2017. But these restatements, which relate to the carrying value of inventory, were repeatedly predicted by ourselves for many years as you can see HERE. My good friends and keen admirers of my work, The Financial Reporting Council must launch an urgent and full investigation. I have written to the FRC today as you can see below.
I still reckon AIM-listed graphene outfit Haydale (HAYD) needs to get a placing away pronto but today comes the bombshell that the CFO – who has only been in the job for 10 months – is stepping down. Do I detect a case of rats and sinking ships?
Following my weekend comments when I suggested readers have beer and popcorn to hand as Rutherford Health (RUTH), the ex- Proton Partners (PPI), has called its AGM for tomorrow as investors are asked to approve the share issuance required to take Neil Woodford’s £45 million of other peoples’ committed money, today the CFO has resigned!
It seems that after just a month in situe the chief bean counter for the fraudsters who run Tesla (TSLA) has decided that he’d rather not earn $10 million and has quit. A great American company is in trouble and there is only one man who can save it. Today we launch a campaign to draft in Sam Antar as the new CFO of Tesla and if you are on twitter here’s how you can help.
Main market listed Interserve (IRV) has followed up its profit warning of 14 September with a statement today that it is in constructive and ongoing discussions with its lenders. The word constructive may sound positive, but I fancy it is anything but: the 14 September warning said that the Board continues to believe that the group will be able to operate within its banking covenants. Oh, and the CFO stepped down on 30 September 2017, as announced on 30 June – except that it looks like that was after a nudge.
It’s that time of the month again: ShareProphets AIM-China Filthy Forty play Aquatic Foods (AFG) seemed to promise its delayed FY16 accounts by the end of the month. In June the excuse was it couldn’t get its cash out of China, but the directors were going to pony up so as to pay certain advisers (ie the Auditor) and the results would be out in July. Oh, and the next day the CFO (who had been in post less than a year since the previous incumbent walked) resigned with immediate effect - having signed off the RNS.
Lucian Miers can be heard singing in the bath this morning as shares in BNN Technology (BNN) have been suspended. In the last year alone the shares have dived from over 160p per share to the suspension price of 41p, at which its market capitalisation was still a whopping £94 million. Do the maths, at peak price that’s something like £360 million.
ShareProphets AIM-China Filthy Forty play Aquatic Foods Group (AFG) has released news of its delayed FY16 numbers in an (almost) no-one is watching o’clock RNS yesterday, released at 4.26 pm – 12.26am local time in China. Goodness me, they must have been putting the wording together for hours! Needless to say, there are still no accounts. In my view the whole thing is a joke and Nomad SP Angel is being made to look foolish: take a look at the directors’ page of the company website!
Audioboom (BOOM) has today announced that CFO, David McDonagh has left "with immediate effect". It says it is looking for a replacement but gives no reason for the departure. And oddly this resignation occurs just one week after the company published interims. It was clearly not planned.
It must be exciting times at NHS supplier Totally (TLY) at the moment with the buy-and-build strategy taking shape and an RTO in progress and a busy time, particularly for the CFO, Don Baladasan, who also has the interims to prepare but, er, has he just left to join CentralNic (CNIC)?
Did it jump or was it pushed? ShareProphets AIM-China Filthy Forty posterboy Jiasen (JSI), one of the Fujian four, has announced this morning that it is proposing to delist from AIM and move instead to NEX (the lobster-pot formerly known as ISDX) - just when we thought that the race to AIM departure #24 from the Filthy Forty was down to a two-horse race between Asian Citrus (ACHL)and MoneySwap (SWAP). Jiasen also announced the departure of a NED with effect from the end of February.
Shares in eg solutions (EGS) are currently recovering more than 10%, to 48.5p, on the back of an announcement of what the company reckons is a “landmark contract win” by its US channel partner Aspect Software “with one of the world's top ten technology disruptors... a leading social networking corporation”. This strikes me as extremely evocative language, so let’s take a closer look…
Oh dear. One of the traits of the China Frauds is that so often the precursor to the wheels coming off the subterfuge is the resignation of the finance director. And so this morning’s announcement from ShareProphets AIM-China Filthy Forty play Haike Chemical (HAIK) that its Chief Financial Officer stepped down on Monday with immediate effect “for personal reasons” is a stand-out Red Flag. So is the tardy announcement.
It has been announced that CFO of unique cash-burning machine (sorry, “unique… provider of enterprise-ready, non-stop software solutions that enable globally distributed organizations to meet today's data challenges of secure storage, scalability and continuous availability”) WANdisco plc (WAND), Paul Harrison, is to join JUST EAT plc with effect from 26th September. He is stated to be “looking forward to joining”. I bet…
Recent profit-warning issuing creator of digital advertising platforms, Crossrider (CROS) has now made an announcement entitled “Board Changes including appointment of CEO”. The new CEO also follows the March departure of Koby Menachemi “to pursue other opportunities”, but who is it and what are the other board changes?
We should all marvel at the care and attention of the regulatory system afforded to investors who dabble in shares listed on the world's most successful growth market. We really should. And that brings me to an RNS released yesterday at 11.59am by AIM-listed RedX Pharma (REDX) entitled Result of General Meeting. Except it wasn't a result of general meeting announcement at all.
Update: AIM-listed Galasys is not one of the ShareProphets AIM-China Filthy Forty although it should be. Registered in Jersey but operating in Jiangsu Province (as per JQW) Galasys (GLS) looks to be an AIM-China stock to have slipped our net. Thank you to Prophet Yomo for pointing out the small slip-up. This morning it announced the departure of its Chief Financial Officer, who is stepping down from the board and leaving the company. A non-board interim CFO is being appointed. We are also told that a NED has already left the board. No explanation is offered for either departure and, indeed, we are not even told the effective date on which the CFO goes. Oh dear – is this the first step on the China-Norfolk path to oblivion being taken by Galasys?
The post bank holiday cobwebs were well and truly blown away by this morning’s Telecity (TCY) regulatory statement innocuously titled ‘Board Change’. No third level non-executive director shuffling his range of fee paying obligations…no, this was a big one: the resignation of the CEO.
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