Keyword results: NED

UPL
UPL

Upland Resources brings you an Easter tale of life after death

Sadly Upland Resources (UPL) announced the death of its NED and also its broker Jeremy King. The release issued as an RNS as you can see below, was crafted by not one but two PR firms including uber expensive FTI Consulting. To have two firms on board means Upland is spunking a good £10,000 amonth on PR but you need to pay for quality. The contacts on the release include a Mr Jeremy King, a true story of Easter resurrection.

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Rutherford Health: Now CEO And Chairman Walk Mid-Financial Crisis at Woodford dog

Oh dear, oh dear, oh dear. It was already clear that Aquis lobster-potted Rutherford Health (RUTH) was in big trouble as funds from a placing back in August had not arrived and last Friday the company had promised news of bridge financing this week. Back on 25th October my back-of-an-envelope calculator suggested that the company was already on the brink and on Thursday this week – at lunch time when nobody was looking – the company announced the departure of the CEO and the chairman. Did somebody say rats and sinking ship?

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EXPLOSIVE EXPOSE: If the NED who steered through illicit payments and approved massive bonuses for Sarah Willingham at Nightcap is independent I am a banana

The chair of the Remuneration committee at Nightcap PLC (NGHT) is senior NED Toby Van der Meer. So it is Toby who must have approved the payments of £167,530 to settle legal liabilites of Dragon’s Den star Sarah Willingham,her husband Michael and others when the prospectus specifically said the company was indemnified. And Toby must have pushed through the 100% performance related bonus for La Willingham for last year when the group lost c£5 million. But as a NED he is independent right? Er…

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Open Letter To ITV CEO Dame Carolyn McCall Ref Her Chairman and Edge Performance VCT

The stink arising from the alphabet soup that was Edge Performance VCT (EDGI and EDGH) continues to grow. I have written to Dame Carolyn McCall, the CEO of ITV (ITV) regarding the involvement of her chairman, demanding a full enquiry.

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ECR
ECR
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RIP Craig Brown – as ECR shares slip the 1 key man risk in a small cap

We have sad news today from ECR Minerals (ECR), the sudden death at the weekend of its CEO Craig Brown. I have known Craig for almost two decades since his days floating what was Kryso Resources, now China NonFerrous Gold.  When I was at a low point Craig was not – like most folks – someone who joined in the kicking. That marked him as a decent guy in my book and I returned the favour when he fell out with China NonFerrous.  Naturally, my thoughts at a time like this are with his daughters and other family members especially as  Craig was only 51.

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PHE
PHE
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Powerhouse – Yet another NED walks after less than a year: yet another massive red flag

To lose one NED might be understandable but to lose four, a chairman and a CEO within a year issurely an indication of more than carelessness?

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Red Flags Abound at BSF Enterprise On New NED Appointment

I have said before that some people are just in the wrong place at the wrong time. Well, actually, just one. This is with regard to sub-Standard-Listed BSF Enterprise (BSFA) and its new NED as announced this morning.

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BREAKING: Block Energy – More Bombs Drop as Pressure Mounts on the Chairman

Shares in AIM-listed Block Energy (BLOE) are up this morning by 7.5% on no news, although yesterday the company announced a series of nil-cost options being issued to its directors and employees in lieu of salary. In this mad market, nothing surprises me and the dilution is apparently a good thing as far as shareholders are concerned! Meanwhile, more bombs have been dropped by the rebels looking to oust current chairman Philip Dimmock in favour of the last independent NED still standing, Mr Charles Valceschini and commission an independent forensic report into the affairs of the company. Oh dear…..

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RUR
RUR

Rurelec – New Director Appointment Makes The Stock Uninvestable: Run For The Hills!

I have covered the downs and further downs of AIM-listed Rurelec (RUR) in some detail since the demise of former management led by Peter Earl, and marvelled at the fact that the company – despite everything thrown at it – is still here at all. But this morning’s announcement of a new “Independent” NED makes the stock totally uninvestable. So who is the mystery NED?

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Inspirit Energy – Yet Another Companies House Failing from the Boiler Room

Oh dear, oh dear – I would have thought that the board of AIM-listed John Gunn enterprise (or lack of it) Inspirit Energy Holdings (INSP) would have learnt by its previous errors. But alas, no. For five of the last six years, Inspirit has missed the deadline for filing its Confirmation Statement or Annual Return……and guess what?!

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SHG
SHG
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Shanta Gold and Ariana – Director Selling…..should you follow suit?

I see that NED Robin Fryer at AIM-listed Shanta Gold (SHG) has dumped his entire holding of the company’s stock. And CEO of Ariana Resources has been cashing in on options – and selling. Should we read either as a cue to follow suit and sell?

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Red Flags at Night – CentralNic Group: NED dumps £155k worth of shares... & look at the balance sheet!

Last night, at no-one-is-watching o’clock (four minutes to six pm) it was announced that Mr Samuel Dayani, a NED at AIM-listed CentralNic Group (CNIC) has been dumping shares – the best part of £155,000 worth. We are told that he still has a boat-load of the stock (11.36% of the shares) but nonetheless that’s quite a bit of cash especially when the company has recently done a 'Capital Markets event' and seen paid-for researcher Edison produce a gushing note last month. Goodness me, that was good timing!...

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Filthy Forty Walcom – No Nomad, and now just one director left as NEDs plunge the knife

The Ouzo may have run out at Deputy Sheriff Towers, but the Wagnerian opera of ShareProphets AIM-China Filthy Forty play Walcom (WALG) took what surely is a final turn last night when at 4.22pm it announced that two directors were walking as of this morning, leaving just Mr Francis Chi on the board...

Bearcast
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Tom Winnifrith Bearcast: I'm sitting on a dynamite resignation letter + No Gold you are ( as usual) wrong Steve O'Hara is NOT a liar

The resignation letter from a NED at an AIM listed company is a shocker. So far there has been no RNS. If the company does not come clean on what is in the letter I shall publish in full on Monday as it opens up a serioes of cans of worms which raises far bigger scandals I suspect. I discus this at length. I also look at Plutus Powergen (PG), Zinc Media (ZIN) and in great detail Optibiotix (OPTI) where the professional cynics have got it wrong and need to apologise. I have bought more shares on the back of today's interims and explain why.

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Catenae Innovation – positive GM result but a rat deserts the sinking ship, finances dire. Still a SELL.

Following last week’s admission that despite deals signed with Bradford City FC and Southend United Community and Educational Trust last Thursday but by Friday (after-hours) a profit warning had to be issued, AIM-listed Catenae Innovations (CTEA) has announced that the proposals put to a GM yesterday were passed…….and its sole NED (apart from the Interim Chairman) has resigned with immediate effect. Oh, and its financial position continues to be dire. The shares are off by 23% since my last warning over the weekend, but it seems there is more to come.

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BREAKING: Anglo African Oil & Gas from Bad to Worse but a sack the board GM call on the way

Having parted company with toxic David Sefton and Lyin’ James Berwick could things get any worse for Anglo African Oil & Gas (AAOG). With cash very tight and the Fat Lady already gargling in the wings surely not? Well actually yes.

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Haydale – well ho ho ho, time for an ouzo!

And so, at long last, AIM-listed graphene play Haydale (HAYD) has raised some money. With the shares closing at 25.5p last night, it raised just £250,000 in a placing at 20p (a 21.5% discount) and £750,000 by way of a loan from the Development Bank of Wales at 11%. Oh, and we have a new finance director (did he jump or was he pushed), the former CEO (who stepped down on the profit warning back in June) is off (did he jump or was he pushed too?) and so is a NED. 

Haydale - when director buying says sell

Yesterday afternoon, AIM-listed Haydale (HAYD) announced a buy by the wife of one of the NEDs. That should be good news, but I see it as bad news - especially as we all know the company needs to get a placing away and has just announced a crap trading update.

Filthy Forty China New Energy – a selective buyback?

On 27 December 2017, ShareProphets AIM-China Filthy Forty play China New Energy (CNEL) announced an EGM to allow it to buy up to 20% of its shares back. The EGM duly passed the relevant resolutions on 17 January 2018. So how many shares has it bought back?

Tom

Invited to become an AIM Casino NED - I'm flattered but I'd rather eat my own toes

I will not name the company but suffice to say its management are greedy bastards who have not delivered. Its assets are shite and its balance sheet a trainwreck. The company and all associated with it, especially the paid shrills, merit a one way trip to the glue factory. With those clues I guess that narrows the list of possible candidates down to about 60% of the stocks on the Casino.

AVO
AVO

Advanced Oncotherapy – is it D-Day today, or Monday?

Under its Bracknor death-spiral funding package, AIM-listed Advanced Oncotherapy (AVO) has to call an EGM proposing resolutions to drop the current nominal, or “par”, 25p price of its shares by at least half in the event of 10 consecutive closes below 110% of nominal (ie below 27.5p). But the company has never defined the closing price used: is it mid-price, bid-price, offer-price at close, or perhaps some more convoluted closing daily VWAP (volume weighted average price) calculation? But one thing is for sure, the match is right next to the blue touch-paper. Is it today or Monday, fellas?

AVO
AVO

Advanced Oncotherapy – another day, another spoof? Spot the missing statement....

Advanced Oncotherapy (AVO) has announced that NED and highly respected senior clinical oncologist at Great Ormond St and Barts Dr Nick Plowman “will” invest £250,000 in the company – at 30p a share, a 36% premium to last week’s close. Why am I not convinced that this morning’s announcement is anything other than the most desperate of spoofs in a long line of spoofs here?

AVO
AVO

Advanced Oncotherapy – more spoofery as NED buys yet more shares

AIM-listed Advanced Oncotherapy (AVO) – teetering on the brink of having to call an EGM to reduce its nominal share capital under the terms of its death-spiral funding package with Bracknor – has announced yet another director share purchase, the fourth just this month (if we ignore the botched 7am RNS of 4 April). As ever, this is just a spoof in order to encourage more buying in the market so as to allow Bracknor to offload more of its death-spiral conversion shares as Advanced hopes and prays for the next £1.235 million tranche of funding before the coffers run dry.

AVO
AVO

Advanced Oncotherapy – SPOOF, SPOOF AND SPOOF some more

Under its death spiral funding package with Bracknor, AIM-listed Advanced Oncotherapy (AVO) has to call an EGM to seek shareholder approval to reduce the nominal price of its shares (currently 25p) by at least half if the closing share price is below 110% of nominal (ie 27.5p) for ten consecutive trading days. And that brings us to the latest spoof director share purchase announced this morning (which hasn’t worked: the shares are down 4% last seen this morning).

AFG
AFG

China FRAUD Aquatic Foods Q4 update: drowning in a sea of Red Flags

ShareProphets AIM-China Filthy Forty purveyor of all things fishy, Aquatic Foods (AFG), has updated on 2016 Q4 trading this morning. In a statement plastered with Red Flags it would appear that the company is nearing the final chapter of the China Norfolk playbook as we are warned that there has been a spot of bother getting cash out of China. Is it bye-bye to the dividend? 

ML
ML

Red Flags at Night – NED-share-pledge-for-loan at Lobster-pot China play MiLoc and the read-across to F40 Jiasen

5.34pm on a Friday – truly no-one-is-watching o’clock – and up pops an RNS from NEX- (the lobster-pot formerly known as ISDX) listed MiLoc Group Limited (ML.P) detailing the dealings of a NED in the company’s shares: he pledged a bunch of shares in return for a loan back in September and has now released the stock to the lender. Sound familiar? Are we thinking Equities First? So where is the RNS from September? And then there are the other companies on that NED’s CV – which include AIM-China Filthy Forty plays Jiasen (JSI), delisting on Tuesday, and already delisted (no accounts) LED Holdings (LED) as well as PAQ International (PAQ) which quietly disappeared from the Casino back in 2010.

JSI
JSI

FRAUD Jiasen - ouzo time as Filthy Forty AIM departure #24 is booked, NED walks

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.

AVO
AVO

Advanced Oncotherapy: GOTCHA again - another NED walks as predicted here

On December 2 2016 I suggested here that Advanced Oncotherapy NED Tim Lebus had had enough and was walking. The lying snot-gobblers round at Advanced declined to comment. Guess what? He has walked with immediate effect today. It gets better, if you are a bear.

PAA
PAA

Parallel Media – Harwood says thanks very much for the spoof

On Wednesday I called shares in AIM-listed Parallel Media (PAA) as a sell at 30.75p in the face of what appeared to be a BB pump and dump spoof on Tuesday which puffed the shares from 16p up to a peak of 46.5p in the middle, with a “speeding ticket” RNS released later that day. The shares have since come back to 24p mid (last seen), having put in a floor earlier today of 20.5p. Now we have had a NED walking with immediate effect after Harwood Capital had dumped the last of its holding.

GLS
GLS

AIM SHOCKER: Galasys - AIM’s day of sickening shame as Chairman points the finger

In a quite astonishing statement released yesterday, the non-exec Chairman of AIM death-row inhabitant Galasys (GLS), Mr Kim Seng Teh, has given his account of an unbelievable systemic failure on the AIM Casino to control the behaviour of the board of a member of the world’s most successful growth market. WH Ireland, as the Nomad responsible for this train-wreck until a few days ago, has a number of serious questions to answer, as does AIM Regulation – which, I hope, will be asking a good few questions of its own. I wouldn’t like to second-guess who is the villain in the boardroom and who is the innocent party, but I am sure of one thing: heads must roll in the oversight department.

GLS
GLS

Galasys – an Open Letter to AIM Regulation

I have this morning sent a missive to the fine upstanding, inscrutable and completely effective folks at AIM Regulation regarding the ongoing farce that is AIM-listed Galasys (GLS), which is currently suspended as its Nomad (WH Ireland) resigned last week with immediate effect. This morning, as reported HERE, yet another NED walked the plank with immediate effect, for “personal reasons”, following the Company Secretary, the Nomad and Broker and another NED out of the door, leaving the company with no registered office and a fast dwindling boardroom which is at war with itself.

GLS
GLS

Galasys – yet another rat deserts the s(t)inking ship as the company tries to pretend that it still has WH Ireland as Nomad.

AIM-listed China and South East Asia play Galasys (GLS) has seen a stunning procession out of the door of late. One NED last December, the Company Secretary (not yet replaced) and Registered Office (not yet replaced) last week, another NED twelve days ago, the Nomad and Broker last week, and now yet another NED today. Surely there is no way back for the company now – yet the company’s RNS today was apparently signed off by WHI as Nomad and Broker!

YUJ
YUJ

Yujin International moves from AIM to ISDX in RTO. Bargepole of the highest order

I’ve no idea what AIM-listed Yujin (YUJ) got up to in its previous life, but its shareholders (who may be wondering the same!) are clearly in for a treat as it moves to ISDX doing an RTO, share consolidation, change of name, a new board comes in and new advisers are appointed. We may have thought we had seen the Dream Team on ShareProphets, but this one goes straight to the top of the pile.

GLS
GLS

Galasys – now Nomad WHI walks and it is Death Row in another kill for the Deputy

AIM-listed Galasys (GLS), with its boardroom at war, has seen a succession of departures of late. Its company secretary and provider of the registered office, Computershare, gave the company the heave-ho originally as from 5 August (later extended to today). The one NED whose job security did not depend on court proceedings walked as announced last Friday. And now Nomad WH Ireland has had enough, resigning with immediate effect yesterday afternoon. Is this the final death-knell?

GLS
GLS

Galasys – yet another corporate departure: what of corporate governance?

Oh dear, just when things were going so well for AIM-listed Galasys (GLS)! Here we have a boardroom at war with itself, the provider of company secretarial services and registered office resigning (date now extended to this Friday) and joke accounts. Now, having seen its token Westerner walk from the board as independent NED last December, Mr Vincent Lai Tuck Yuen was announced to have stepped down as NED on Friday last week, effective immediately – apparently “due to personal reasons”.

ACP
ACP

Armadale - payoff for NED does not make sense.

Okay the amount (just over £10,000) is not that big but why is Dr Andrew Tunks of Armadale Capital (ACP) getting a pay off at all?

SEV
SEV

Servision - new NED to reassure on dodgy accounts? You're 'avin' a giraffe!

AIM-listed Servision (SEV) has announced the appointement of a new NED. If that is supposed to reassure in the face of Tom Winnifrith's complaint to the FRC over the "interesting" accounting going on at the company then the CV of new appointment Mr Anthony Legge is just jaw-dropping.

PSL
PSL

PhotonStar – running low on the readies?

Serial AIM dog PhotonStar (PSL) has announced the issue of 230,857 shares at a price of 2.625p to former NED Mr Philip Marshall in settlement of outstanding remuneration, worth a total of £6,060. That the company didn’t just pony up the relatively small amount in cash raises the question as to why.

Video: Norman Ling of Kefi Minerals at UK Investor Show

Norman Ling is a NED at Kefi Minerals (KEFI) another gold play presenting at UK Investor Show. Enjoy,

QPP
QPP

A NED to keep executives like fraudster Rob Terry in check at Quob Park...cometh the day

Non Executive Directors are meant to be there to keep executive directors in check on behalf of other shareholders. That applies if you are dealing with an honest CEO or a psycopathic fraudster such as Rob Terry of Quindell (QPP) infamy who now runs the Knob Park Ponzi. So which NED's keep the old crook in check?

GBO
GBO

Wondering where the cash Costis stole from Globo went? Gavin Burnell might know a thing or two

In case the rozzers want to know where Costis, Konstantinos Papadimitrakopoulos, hid the cash he liberated from the fraud Globo (GBO) both directly and via share sales in the days running up to its collapse, perhaps they should ask disgraced Globo NED and the man who listed it on AIM Gavin Burnell. For it seems that Gavin had dealings with the criminal bubble outside of Globo.

Cloudbuy – kitchen sink RNS. Buy or Bargepole? Part 3

Looking through the lengthy RNS from AIM-listed Cloudbuy (CBUY) of last Thursday afternoon a few things caught my eye. I have already discussed the refinancing (HERE) and the repricing of director share options (HERE) but there is plenty more to look at. Here we consider the trading update, corporate governance and a few other matters.

JSI
JSI

China fraud Jiasen – oops, another NED walks

Our sincere apologies for missing the fact that ShareProphets AIM-China Filthy Forty play Jiasen (JSI) slipped out a board change RNS at lunchtime on Friday last week. I guess we were all in the Punter's Return at the time. It seems that Mr Curt Riley has resigned as a NED as from the end of May.

JQW
JQW

China Fraud JQW – GM boots out NEDs but when were UK Investors told?

Already booted off the Casino after is all became too much for poor old Cairn Financial to continue as Nomad and Broker to ShareProphets AIM-China Filthy Forty play JQW (JQW), it seems that the company called a General Meeting to dump three NEDs. An announcement on the JQW investor relations website  details the passing of the resolutions, but what about the Notice of General Meeting? When did investors find out about it?

GLS
GLS

Galasys – court update on farcical boardroom bust-up

We have previously reported (HERE) on the farce that is AIM-listed Galasys (GLS), the company where two directors were announced to have stepped down only for those directors to resort to law. There are three sets of legal proceedings – in the UK, Jersey and Malaysia and the company updated the market on Friday morning: it looks set to drag on for some time. Just who is in charge in the meantime? Anyone?

GLS
GLS

Galasys – handbags farce in the Boardroom

There’s trouble at t’mill. AIM-listed Galasys (GLS) is turning into something of a soap-opera as boardroom infighting has spilled into the public arena. Quite what happens next remains to be seen, but as things stand shareholders cannot be certain who is actually running the company. According to AIM, Galasys’ country of operation is China. It is a holding company registered in Jersey, with its main assets rolled up into a BVI vehicle.

CNG
CNG

China Nonferrous Gold – more NED dumping

I noted before (HERE) that NED of AIM-listed China Nonferrous Gold (CNG), Mr Abuali Ismatov, had been dumping his shares in the company all year. The sales had seen a pause until mid-November but seems to have resumed in the wake of the announcement of the commissioning of company’s processing plant at its Pakrut gold project in Tajikistan. Total sales this year by Mr Ismatov by 20 Nov had amounted to around three quarters of a Bernie. But the sales have continued apace.

China New Energy - some answers, but questions remain

Following THIS PIECE at the weekend we have had a communication from Mr Richard Bennett, the independent NED at ShareProphets AIM-China Filthy Forty member China New Energy (CNEL). To remind readers, we were wondering who or what was Sunbird Bioenergy Africa Limited - the outfit with which China New announced a MOU had been signed last week regarding projects in Zimbabwe and Zambia.

CNG
CNG

China Nonferrous Gold - NED dumping and another Red Flag

Two RNSs in two days from AIM-listed China Nonferrous Gold (CNG) reveal that Non-Exec Director Abuali Ismatov has been selling down his holding in the company. With the company having announced the successful commissioning of its processing plant at the Pakrut gold project in Tajikistan, along with the commencement of trial production back on October 1 2015 this hardly represents a massive vote of confidence.

Camkids..To lose one NED is unfortuanate, to lose 2 looks like..

At this point I move away from Oscar Wilde, in the case of Camkids (CAMK) to lose 2 NEDs looks like… a fraud unraveling. Last week it was a British NED who walked. Today we hear that Mircle Yap , a Chinese NED, will be leaving after the AGM on June 11.

QPP
QPP

Red Flag Number 35 of Tom Winnifrith’s 49 Red Flags Dedicated to Rob Terry

Those who have ordered a FREE copy of my new book, 49 Red Flags, which is dedicated to Robert Simon Terry, the founder of Quindell (QPP), will be receiving their copy today. If you want a copy simply fill in the form HERE. As a taster of what it contains I bring you Red Flag 35, a failure to have truly independent Non Execs. It reads: 

OUT
OUT

Outsourcery Statement – Piers Linney this does not wash Mr Dragon’s Den

Having promised an update on refinancing the POS AIM listed company Outsourcery in July, Dragon’s Den Prima Donna Piers Linney served up a pretty wet statement at the last minute this morning. The RNS is both wet and disingenuous. And here’s why.The statement reads:

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