What day is it when the City is about to depart on its summer holidays, the first day of the Commonwealth Games and England’s Lionesses are about to contest a final against Germany? It is, of course, a good day to bury bad news. And so, just as the Stock Market was opening and traders not on holiday had their eyes on the market, it was announced that fully-listed Finablr (FIN) was being consigned to the dustbin from the London Stock Exchange, with immediate effect. Blink, and you missed it.
It was announced at 2.54pm today that fully-listed – and suspended for two years in the wake of a catastrophic controversy involving undeclared debts and so on – has finally been placed into administration, under the care of PKF GM. Having lost a second auditor last week with no accounts published since August 2019 (the half-year to June 2019) that was already a very bad sign and now it is over to PKF to perform the last rites.
Oh dear, oh dear, oh dear. If it was not enough that the fine firm of EY (formerly known as Ernst & Young) resigned as Finablr’s auditor amid the shocking revelations over undeclared debts owed by fully-listed but suspended since March 2020 Finablr (FIN), we learnt last week that replacement auditor, PKF Littlejohn, threw in the towel last week. To lose one auditor might be seen as a tad careless, but to lose a second with no accounts published in between times is truly shocking.
That fully-listed Finablr (FIN) has not yet be dumped off the London Stock Exchange is a bit of a mystery to me as it is surely insolvent without hope of redemption. But it is still there and this afternoon, as the City was clearing its desks for the day at 4.07pm came an announcement.
It was back in January that I asked if fully-listed Finablr (FIN) was a house of cards. Well, it was – and having denied any problems over and over again, we finally learnt that it had suffered the same fate as fellow Dr Shetty vehicle NMC Health (NMC) with secret cheques being written, director shares being sold and a mountain of debt racked up. Earlier this month Finablr announced it had entered into a definitive agreement to sell Finablr Ltd for just $1.
It has been obvious for a while that shareholders in Finablr (FIN) would lose everything following the fraud exposed at NMC initially by Muddy Waters, and mirrored at Finablr. And whilst the company at first denied that there was anything wrong – more fool it – it is now clear that there were monumental problems.
After all that has gone on at (now former) FTSE100 play NMC Health (NMC), which is now in administration and where shareholders face a potential 100% loss, and Finablr (FIN) which is also suspended and shareholders face wipe-out as well, Dr Shetty – the man apparently at the centre of the shambles – has finally spoken out in a co-Chairman’s statement from Finablr issued at 10.50am this morning. If we are to believe Dr Shetty, he is not so much the perpetrator of fraud against both companies but the victim. Heck let's set all up a vrowd funding site for him.
Given that fully-listed Finablr (FIN) is from the house of Shetty that gave us the now - or soon to be - defunct NMC Health (NMC), it is a surprise that Dr Shetty remains co-chairman having been forced out of the door at NMC amid a series of undisclosed share dealings and the subsequent discovery of undisclosed cheques, NMC being left on the hook for its suppliers loans and bank balances which did not match its accounts. And of course Finablr has been in a spot of bother already...
Oh dear, oh dear – it is going from dreadful to even more dreadful at NMC Health (NMC), which was suspended in the wake of Dr Shetty’s unreported dealings and a whole load of undisclosed debt coming to light – placing the viability of the company under heavy question. Yesterday we learnt that the debt position has increased from the estimated $5 billion to reach $6.6 billion. The whole outfit is surely toast...
Yesterday I described the lack of liquidity which had led to fully-listed Finablr (FIN) being unable to provide certain payment processing services as sounding terminal. And of course, the company had just turned up a stack of dodgy cheques, the CEO had walked and an investigation which sounded like a full forensic had just been commissioned. Now we learn that the emergency Fat Lady has been called in and is warming up en route to the theatre as we speak.
You were warned and warned and warned again here on ShareProphets to get out of fully-listed Finablr (FIN)as it became clear to us that it was facing the same problems as NMC Health (NMC) which is already surely a zero and with which it shared much of the same senior management (until it was fired by NMC) and where accusations of fraud and theft now abound. Quite why the shares were not suspended weeks ago is a matter for our useless and not-fit-for-purpose FCA which, after all, is supposed to protect investors. This morning the shares were suspended, the CEO has walked, dodgy cheques have turned up and the company’s financial position is unclear (for that, read a zero for shareholders). It would be a mind-bending shock if it had not been so predictable, and it is a calamity.
It has been a truly wild period on the stock market and I fear it is going to get worse before it gets better. The coronavirus has ripped through everything and it is panic stations on the markets – as well as in the supermarkets. Some of it is logical: I’m not sure I would want to own shares in an airline right now, nor a restaurant business, and I would not be surprised to see some casualties in the fullness of time if the coronavirus plays out as seems to be expected.
I had a long chat with Lucian Miers who is right now in Cambodia ( cue cheap Gary Glitter jokes from morons on ADVFN). We discussed coronavirus and the state of the markets. What to buy in the FTSE 100 and his shorts: De la Rue (DLAR), Versarien (VRS), Easyjet (EZJ), IQE (IQE), Apple, Tesla and Purplebricks (PURP) and also the ethics of bailouts and what Governments will be allowed to do., I also comment on Finablr (FIN) and panic selling in Big Sofa (BST)
I start with the markets, coronavirus, hapless Donald Trump and other matters. It is all a mess. Some folks are really hurting and I explain how this can affect you. Then I look at Cineworld (CINE), Mosman Oil & Gas (MSMN), Nostra Terra Oil & Gas (NTOG), Big Dish (DISH), NMC Health (NMC), Finablr (FIN) and Metro Bank (MTRO)
You cannot say that myself and Nigel Somerville have not warned you repeatedly and so anyone still owning shares in Finablr (FIN) has only themselves – and folks like ShareSoc and the members of the deadwood press who effectively batted for this company by attacking & smearing bear raider Carson Block – for their losses. The IPO in May 2019 was at 175p. Today after a partial ‘fess up the shares are 9.97p. Ouch.
Even the journalist smearing PR mothers at FTI consulting could not polish the steaming turd that was today’s 4.11 PM update from the, until recently, FTSE 100 member NMC Health (NMC). The level of fraud is staggering.
Fully-listed Shetty vehicle and owner of Travelex which is surely in trouble from the panic of corona virus Finablr (FIN) has updated on the good Dr Shetty’s shares. But the update leaves far too many questions unanswered and the shares remain a stonking sell.
After a terrifying experience in Wolverhampton at 2 AM this morning I bring you a range of horrors in today's podcast: Finablr (FIN), Bidstack (BIDS), Diversified Gas & Oil (DGOC), Flybe, Anglo African Oil & Gas (AAOG), and Bahamas Petroleum (BPC) which, I can reveal, pulled another placing last night.
Having first landed on fully-listed Finablr at the back end of Januarywhen I asked if it was a house of cards at 95p, I have been supping at the ouzo ever since – and the shares are down again today to just 46.75p last seen. But the stock remains a slam-dunk sell – especially in the light of what has happened at fellow Shetty-inspired vehicle NMC Health (NMC). And then there is the cyber-attack at its Travelex operation….and coronavirus…..and the continued silence from the company.
It was reported by Reuters on Friday that founder and now former co-chairman, the good Dr Shetty, of fully-listed NMC Health (NMC), which has been gradually revealing stunning undisclosed share transactions by Shetty and two associates, has appointed California-based Houlihan Lokey Inc to adviseon strategic options for….portfolio and debt restructuring, according to a familiar source.
NMC Health has updated once again over the shareholdings fiasco surrounding former chairman and founder, the good Dr Shetty, Mr Khaleefa Butti Omair Al Muhairi ("Khaleefa Bin Butti") and His Excellency Mr Saeed Mohamed Butti Mohamed Khalfan Al Qebaisi ("H.E. Saeed Bin Butti"). Today’s disclosures are again shocking and continue to show that TR-1s are for little people.
In the wake of the Shetty shareholdings shenanigans at fully listed NMC Health (NMC), shareholders in fellow Shetty vehicle Finablr (FIN) might be wondering if they are about to discover a similar nest of undisclosed pledges, transfers and sales as the result of alleged dealings by Shetty and the Bin Buttis. The last we had heard was nine days ago when we were told the company was reviewing the situation. Well, this morning came a statement re. Shareholding…….
Shamed Dr Shetty outfit NMC Holdings (NMC), whose days in the FTSE100 are surely numbered, has updated on the latest apparent news from the good doctor, who waked the plank over the weekend. This is in relation to his holdings in NMC and those ofKhalifa Bin Butti and H.E. Saeed Bin Butti held via BRS International Holding Limited.
Of course it is! Muddy Waters may be laughing all the way to the bank with reference to NMC Health (NMC), but it must be kicking itself in San Francisco for having missed out on fellow good Dr Shetty outfit Finablr (FIN). The last we heard from Finablr was a week ago when the company announced that, like NMC – which has now ‘fessed up at least in part – The Company has very recently been made aware of purported arrangements between Dr BR Shetty, His Excellency Saeed Mohamed Butti Mohamed Al Qebaisi and Khaleefa Butti Omair Yousif Al Muhairi which may be relevant to their respective interests in the Company's shares. With at least 56% of the company’s shares pledged and perhaps more if similar undisclosed arrangements to the ones at NMC have been made, there is surely an urgency for the board of Finablr to get to the bottom of this.
My guest in this week's show which is sponsored by Open Orphan PLC (ORPH) is my old pal, the Dark Destroyer Matt Earl. We discuss how a bear can make money in this market, Tesla (TSLA), NMC Health (NMC), Finablr (FIN), Burford (BUR), IQE (IQE) and in real detail Mark Slater, Sam Antar and Future (FUTR) in the wake of Matt's bombshell dossier of last week. If you like this podcast and can't wait seven days for more of the same and are tired of being a cheapskate you should listen to my Bearcast every day.
Fully-listed NMC Health (NMC), under a short attack by Muddy Waters, has updated on the shenanigans of the holdings of founder Dr Shetty and those of Khalifa Bin Butti and His Excellency Saeed Bin Butti and associated companies. It seems that a stack of shares were indeed pledged and have been sold as enforcement of security. Oh dear, oh dear – I wonder what the chocolate teapots round at the FCA will make of this, especially as it sounds as though the Bin Buttis has their shares pledged and sold without their knowledge. And then there is the read-across to Finablr (FIN) which appears to be grappling with the same issues.
In today's podcast I look at the terrible and mounting woes of "star fund manager" Gervais Williams, at Versarien's (VRS) cash woes disguised in today's RNS by breaking AIM Rule 10, at NMC Health (NMC), Finablr (FIN), Bidstack (BIDS), Uk Oil & Gas (UKOG), and Bahamas Petroleum (BPC)
NMC Health (NMC) has announced highly preliminary approaches from Kohlberg Kravis Roberts (KKR) and GK Investment Holding (GKI) regarding possible offers for the company. But in tandem, a second RNS from NMC suggests that Dr Shetty’s holdings and others’ may not be all they appeared to be. This was accompanied by an RNS from Finablr (FIN) suggesting similar shenanigans may be on the cards regarding the same people. Both companies are trying to get to the bottom of it, but from my perspective it all stinks and I would not be hanging around to find out what the true position actually is with either.
I have a question for Finablr (FIN). Last month we learnt that BRS Investment Holdings 1 Limited, which is controlled by Finablr’s Co-Chairman Dr Shetty and holds 56% of the stock, had pledged its entire holding to cover bank loans on 10 January 2020. Of course, this suggested that all is not well with regard to BRS’ coffers and it left me wondering if the whole show was a house of cards at 95p. Indeed, the announcement saw the stock plummet by 27%. With the stock down again, to 70p, it sure is windy out there.
One clown is Justin Waite from Vox Markets the other is Mr Tumble who entertains folks Joshua's age on CBeebies. I explain the two big differences betweeen the two Justin the Clowns. I look at a classic feck up by London's worst Nomad Roland "Fatty" Cornish. poor man, he has a lot on his plate right now. I look at Andalas Energy (ADL) what the broker coverage of Petards (PEG) shows about the cesspit in the City and I cover just wholly unacceptable executive greed at Coro Energy (CORO). I forgot to mention crony capitalist greed at Toople (TOOP), a coke and hookers event for City spivs but you can read about it HERE. I do, however, comment on NMC Health (NMC) and Finablr (FIN).
My guest in this week's show which is sponsored by Open Orphan PLC (ORPH) is my old pal, the Godfather of my son, the Bard of the Boleyn, Mr Lucian Miers. We discuss how a bear can make money in this market, Tesla (TSLA), Versarien (VRS), NMC Health (NMC), Rogue Bloggers for Woodlarks (please do sponsor us HERE), AFC Energy (AFC), Vast Resources (VAST), Finablr (FIN) and much more including a few of Lucian's top US shorts. I also have a question about those who invest in frauds and who harass me and my family. If you are such a troll maybe you can enlighten me? If you like this podcast and can't wait seven days for more of the same and are tired of being a cheapskate you should listen to my Bearcast every day.
I start with a lecture for Graham Neary. then I look again at Jim Mellon's Agrinomics (ASPI) after today's placing. I explian why I scratch again at the sore that is Versarien (VRS), look at Finablr (FIN), LightwaveRF (LWRF) and the next Chris Akers spoof Dev Clever (DEV)