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.
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?
AIM-listed Bowleven (BLVN) has announced that the one remaining member of the old board is to depart the scene at the company’s forthcoming AGM on 13 December. The company thanks Mr David Clarkson for his three years of “considerable” service and the valuable role in providing continuity following the boardroom clear-out earlier this year.
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.
Coal of Africa (CZA) has suspended its COO Mr Michael Jakobus Bronn after noting the judgement and fine against him for " the contravention of the Section 78 (1) (a) of the Financial Markets Act, 19 of 2012." Coal says that it is " in the process of reviewing the FSB findings, the details of which have been made public on 15 March 2017. The Company has placed Mr Brönn on suspension whilst the Company completes its internal review process." So what is Section 78? Let me enlighten you.