After his senior role at disgraced broker, Daniel Stewart - enabling China frauds including Naibu - Paul Shackleton should have been banned from financial services. Instead, he is now earning a six-figure wedge at Peel Hunt. But the morally bankrupt bankster is getting a bit forgetful
The big institutions all barreled in to ProCook (PROC), since they knew better than Old Tom Winnifrith, despite his explicit warnings why this would end in tears. So, too, did Primary Bid, which was a keen supporter - as was our own Malcolm Stacey. What was he thinking? But, just seven months after the IPO comes a disastrous profits warning, and the shares have collapsed. While Malcolm drowns his sorrows with an extra pint of Old Mother' Green's organic ale, it is ouzo time at the Welsh Hovel. But do the founding O’Neill family, who flogged tens of millions worth of shares to dumb IIs, really care?
Mid and small cap broker Peel Hunt (PEEL) has announced results for its year ended 31st March 2022 including emphasising “good progress against our strategic priorities”. So of what the shares currently down to 114p, a £140 million market cap?...
It is three weeks until the one-year anniversary of musicMagpie’s (MMAG) IPO at 193p – c/o Peel Hunt – when founder shareholders trousered £93 million dumping stock on institutions. Today, the shares are crashing again, off 15% at just 40p to sell. The spread (10p) tells you something is very wrong. So, what is afoot?
musicMagpie (MMAG) clearly needs a bailout placing to survive. There is only selling ( apart from spoof boardroom trades) so the shares should be heading lower. But one market maker is holding the price up. Others clearly would not touch this with a bargepole given what we have exposed here this week. So which market maker is holding the price up? Hint….
Young Steve has already written up today’s disastrous lack of profits warning from ActiveOps (AOM) but he misses out a key point with the shares now 97.5p. The fine firm responsible for this listing as Nomad and Broker was Investec. I wonder how much it earned.
Amazingly Music Magpie (MMAG) is one of the three most recognised names in e-tail but that is all in the past. Since its IPO at 193p in April of last year it has all been downhill and at 62.5p the shares now have just another 62.5p to lose. This is a zero in waiting and in a multi-part series starting today I shall explain why…
Nomad and broker Finncap (FCAP) led by smug Sam Smith the City’s fave female entrepreneur, so we cannot say anything bad about her company, floated on the AIM Sewer on December 5 2018 at 28p per share. Today, after a ramptastic, but odd, trading statement, the shares are …. 28p to sell, 29p to buy if you are nutso.
Ten Lifestyle (TENG) describes itself as a “leading technology-enabled, global concierge platform for the world’s wealthy and mass affluent” . It is also a great believer in talking about adjusted EBITDA, aka bullshit earnings, begging the question of whether it wants to fool investors or itself. Today it blames Omicron for a “profits” warning.
I start with a look at 5 duff IPOs and the questions folks did not ask: Peel Hunt (PEEL), musicMagpie (MMAG), Nightcap (NGHT), Parlsey Box (MEAL) and THG (THG). Then onto Russian stocks crashing and Eurasia Mining (EUA) delaying its own downfall but only pro tem. Finally a look at Marechale Capital (MAC) backed by my friend Luke but run by the Upper Clas twit of the year. What is Luke thinking of? I run through hard numbers.
Last April 15 musicMagpie (MMAG) joined the AIM sewer at 193p. Today, after publishing its first annual results, a tale of disguised cashburn and a deteriorating outlook the shares trade at just 112p.This is another example of the greed and stupidity of the 2021 IPO bull market. This time it is Peel Hunt which should hang its head in shame.
I start with Ms Lingerie on Expenses after the latest bombshell. Then it is ADVFN (AFN), Union Jack (UJO) with its spoof from the Eurasia (EUA) playbook, Seraphine (BUMP), Peel Hunt (PEEL) and FinnCap (FCAP).
Hello Share Rattlers. I’ve commended Strix Group (KETL) to you before but lately this maker of kettle bits has not been one of my more illustrious calls. It’s down by a third compared to the second half of last year. But the fall, connected to perceived supply and transport issues together with the rising cost of raw materials, seems to me unjustified.
He took an £850,000 bonus for staging the AIM IPO of Sensyne (SENS) even though he had promised his Nomad which had then assured institutional investors, that he would not. Then Lord Drayson used more company funds to pay off a whistleblower. This man, enobled by the war criminal Sir Tony Blair after, in a wholly unrelated way, donating vast sums to New Labour, is a festering wart on the backside of the corporate world. One hopes that a cash crisis will deal with this wart once and for all. Natch I have been a bear of this stock all along, unlike hedgie Matthew Scarborough of Gatemore who did his darndest to get me to pump this stock days before the scale of the current crisis started to become apparent.
I discuss the arrests made on 29 December in the USA and why the FCA should look at some of the activities of folks in the UK small cap world. Case studies include Eurasia Mining (EUA) and Chill Brands (CHLL). I then move on to Supply@ME Capital (SYME) and its news today, Wildcat Petroleum (WCAT) and also Verditek (VDTK), which I reckon is a zero for 2022 but since it can’t be shorted is not one of my tips of the year. To JP, sorry I have no idea why Peel Hunt quit as broker to Bushveld (BMN) but I suspect it gave three months notice. Leaving SP Angel as sole broker can’t be seen as good news. It is like firing our beloved West Ham as joint broker to retain the sole services of Chesterfield Town.
It is not just sleazy Tory Lords that this website finds unacceptable, and I am not finished with cash for questions scumbag, the Earl of Shrewsbury yet. On the other side of the house sits Lord Drayson, a man enobled by the war criminal Blair and, by pure coincidence, a generous donor the the Labour party. Drayson founded and is CEO of Sensyne (SENS). And today there is another kick in the gonads for his shareholders.
Scumbag Labour Lord Drayson has today stated that the market fails to value his Sensyne (SENS) company and that as a result the company is enterimg a formal sales process as he tries to secure funding. So why might the market “undervalue” this company? Take your pick from these reasons.
Fully-listed Egyptian Gold-producer Centamin (CEY) updated the market on its West African portfolio of exploration assets yesterday. Broadly speaking, one – Doropo – is being progressed, a second- ABC – is to undergo further testing and a third – Batie West – looks like being shelved. Since I have largely ignored these assets as I value Centamin as it stands now, I’m not so concerned with shelving assets – but the one which is being progressed looks very interesting and could add significant value.
Previously writing on Revolution Bars Group (RBG), in March with the shares at 29p I was cautious with assumptions on government restrictions having proven dangerous and also the debt and prior challenges. Now the self-styled “leading UK operator of 66 premium bars, trading under the Revolution and Revolución de Cuba brands, is pleased to announce the results of its Bookbuild launched yesterday”. Hmmm…
Yesterday I explained how Optibiotix (OPTI) has sold 4.5 million shares in Skinbiotherapeutics (SBTX) on Friday, a trade yet to be announced but where the buyer is clearly already selling. But this scandal is, I believe far, far bigger and should be enough to see SP Angel cold shouldered by the AIM Community.
Well you cannot say you were not warned about Koovs (KOOV) by this website numerous times. This Bearcast from January 11 2016 (Koovs disgusts me) is pretty explicit. The City Crony capitalists loved the Indian retailer as its momentous losses meant it was a fee cash cow. I dread to think how much coke & hookers cash this company generated for the City. Our full list of warnings are here and should be preserved as, today, the administrators were called in, the Nomad quit and the Fat Lady moved centre stage. What is the Hindi version of “All the Money’s gone?”
Zotefoams (ZTF) has announced a launch of “a wonderful complement to our traditional use of MuCell® technology, which is designed to reduce plastic use in packaging” in an announcement including an “estimate, the global demand for liquid packaging cartons alone is forecast to reach $26.42 billion by 2022, growing at a CAGR of 7.7%”. This also follows a profit warning and more earlier this month. Hmmm…
Hapless Nomad Cairn Financial of Cloudtag (CTAG) infamy has been contacted by both email and phone, to establish whether it has done, as it should do under FCA Rules and contact the FCA regarding suspicious share trades ( i.e. insider dealing) in ADM Energy (ADME) by Dubai Royal Shaikh Ahmed Bin Dalmook Al Maktoum. There has been no reply. To focus the attention of Tony Rawlinson, Liam Murray and Jo Turner round at Cairn, here is what appears to have happened. A timeline.
We have not heard from Equities First Holdings (EFH) for a while, but regular ShareProphets readers may remember the scandal which emerged five years ago whereby directors of AIM companies announced they were buying shares when, if fact, they were selling vast numbers of them to EFH with the right, but not the obligation, to buy them back. Such fine enterprises as Rob Terry fraud Quindell (QPP – now Watchstone), Igas (IGAS, under Andrew “piggy” Austin), Cloudbuy (CBUY), Angle (AGL), Optimal Payments (OPP) and, of course, IQE (IQE) were all dragged in. Well now Drew Nelson, CEO of IQE has done another deal with EFH – and the announcement stinks. Has the company learned nothing from last time, when all of the above companies had to restate and restate again?
We warned you two days before the most recent profits warning from IQE that one was on the way, HERE, and when it arrived it meant that the company was a slam dunk cert to need a bailout placing. Today we discover that Canaccord has been axed as Nomad and replaced by Peel Hunt while Citigroup joins the party as co broker. This can only mean one thing, that bailout placing is imminent. So with the shares at 52.4p on Friday (and overvalued at that) at what price do you think the placing will be at? Vote below with a deadline of midnight tonight.
The Sheriff of AIM is surely entitled to a celebratory breakfast ouzo at his hovel in North Wales? On Wednesday I flagged up a profits warning from the Krauts at Siltronic and suggested that IQE (IQE) was likely to follow. Less than 48 hours later the Cardiff dog duly barks. As a long term bear I have repeatedly warned silly sell side analysts, Thirsty Paul Scott and others that this company is a crock…once again I stand vindicated. And so to detail….it is grim.
AIM-listed POS Purplebricks (PURP) has just announced the appointment of Citigroup Global Markets as joint corporate broker to act alongside existing broker Peel Hunt. If that is not a sign that a fundraise is coming, I don’t know what is.
In the dismal annual results for calendar 2018 published on May 9 Watchstone (WTG), Quindell (QPP) as was, claimed to go into great detail on the various legal cases it faces thanks to the activities of its former boss, the King of the Fraudsters, Rob Terry. Except it didn’t. On April 11 it suffered a massive blow in a C$30 million (£18 million claim if faces in Canada from Aviva. This it omits to mention in its finals but luckily I can bring you full court documents and a release from Aviva’s lawyers below….
Hello, Share Campers. Yesterday I told of my weakness in holding shares in IQE (IQE). Basically, it is loyalty towards the Welsh company which became a six-bagger for me and many other armchair tycoons - at one stage. The problem is that IQE usually disappoints when it reports...
DP Poland (DPP) “is pleased to announce that it has conditionally raised additional gross proceeds of approximately £0.5 million via the broker option”. “Pleased to announce”, really?!?...
I’ve consistently warned on DP Poland (DPP) – most recently last year with the shares at around 30p HERE. Today a “Proposed Placing, Board Change & Trading Update” announcement…
I first warned on Crawshaw Group (CRAW) on this website a couple of years ago with the shares at around 44p, including noting it strikes as recent trading has disappointed and the company doesn’t know exactly why, so is taking various shots in the hope of something hitting the target. I most recently warned just last week with the shares at 2p – concluding capitalising the company at just £2.3 million. Good luck with a material fundraise from here! Natch, it’s still bargepole ahoy! Sell. Today; “since then, the board has been in discussions with existing investors and prospective investors. Unfortunately these discussions have not been successful in raising sufficient capital”. Uh oh…
It’s been an eventful few days for UK house builders, with numerous earnings announcements over the last week coinciding with speculation about the future of the Government’s flagship ‘Help to Buy’ subsidy scheme. As a result, we’ve seen daily returns and sentiment levels in the sector fluctuate more than usual over the course of the week. This week’s chart shows abnormal tipster and broker sentiment levels (above/below the 6-week average) towards a portfolio of eleven house builders over the last few days. It also shows returns for the same companies over the same period.
As it happens I am in the process of buying a number of new mattresses for the house I have rebuilt in Greece. And it seems a remarkably simple process buying what is a commodity product. When my friend Nigel Wray says his mattress company Simba is revolutionising the market I cough and change the subject. But he is not the only one who thinks that mattresses need “disrupting”. Natch, Neil Woodford, the UK's most conceited fund manager, also thinks that, like washing machines mattresses, are ripe for a revolution. He owns just under 30% of Eve Sleep (EVE) shares of which are now in free fall.
Hello, Share Springers. I’m guessing most of us are film fans. Though maybe more of us rely on our big screens at home rather than trogging round to the cinema. It’s this change of many a lifestyle that has hitherto put me off investing in cinema chains. But there is one that seems worthy of our attention now.
The old goat has turned over a new leaf and today really sticks it to Blancco Technology (BLTG) in which he admits he has a trivial holding. I doff my hat to Lawson for that and his comments on the ShareSoc blog are spot on. Personally this company's revenue recognition policies stink so much that I'd have to rate it as a sell.
I am, on balance, bearish on IQE (IQE) - not as a slam dunk it'sgoing to zero - I just think the shares are seriously overvalued as I explained in a weekend bearcast HERE. But Britain's top share blogger Paul Scott disagrees. The great man writes:
As I had suggested might happen several times, Nomad Stifel has resigned the Fusionex (FXI) account. It could not wait for the AIM delisting on the 26th. Instead it gave notice after hours yesterday that it was quitting as Nomad and Broker with effect from 5PM today. Hooray.Game over.
Hello Share Scrimpers. When one suggests a share which becomes a two-bagger plus, there is a bit of a duty to keep readers appraised of developments. That is to examine whether it looks like enough is enough and it's time to consider taking profits. In the case of IQE (IQE) though, this is perhaps not the case.
After hours on Friday Fusionex (FXI) a company from the Norfolk province of Malaysia announced that it was planning to delist from the AIM casino. This has always been a "wrongun" and myself, Lucian Miers and the great Kevin Ashton warned you many times to sell - over the weekend I listed 11 red flags the City crony capitalists were happy to ignore. Today the shares have crashed 64% to just 46p and the rats have started to abandon ship.
At 5.30 PM on the Friday before the bank holiday, no-one is watching O'Clock, Fusionex (FXI) said that it was to delist from AIM. The shares closed the day off 2p at 129p but will absolutely crater Tuesday as this stinks as we have warned you so many times - as you can see HERE. Once again we are vindicated and the City pump & promote machine must hang its head in shame.
Well that didn’t take long; 26th October 2016: “Van Elle (VANL), the geotechnical contractor offering a wide range of ground engineering techniques and services to customers in a variety of UK construction end markets, is pleased to announce the admission to trading on the AIM market”. 22nd March 2017: trading update including “delay and deferral of contracts”…
This morning at 9.30am AIM-listed Sterling Energy (SEY) issued a "Delayed Notifications of Major Interest in Shares" RNS. The apology is commendable, but this relates to two TR-1 notifications received by the company but not passed on to the market for almost 9 months.
In the disclosures at the back of Tuesday's detailed buy note on Berkeley Energia (BKY) by Peel Hunt which the broker wants me to take down, it states that the company is a corporate client but does NOT say that "5. Peel Hunt is Broker to this Company and therefore provides investment services to the Company" As it happens it is joint broker.. The note is HERE and as you can see with the shares at 47p Peel Hunt said that they were a buy worth 98p to 159p Three days later there is a placing of $25-30 million at 45p and guess who is building the book?
I start with a quick discussion on how we in the UK just don't get US politics and explain why Donald Trump will win - in fact he is already 8% ahead you read it HERE first! Then I explain why Peel Hunt is probably going to bully me with a lawyers letter regarding the Berkeley Energia (BKY) note HERE. My proposition for Steffi is not to make an honest woman of her...that would be going too far but concerns her worthless client Golden Saint Resources (GSR) and is prompted by her unhappiness at my earlier Bearcast Special HERE. I look at Andalas (ADL), Greka Drilling (GDL) and BlueRock Diamonds (BRD). I am now trying to renew my father's parking permit with Warwickshire County Council and have been kept hanging on a line for ages by the incompetent bastards. String em up with piano wire..
Peel Hunt, which is no joke as a broker, has initiated its coverage of Berkeley Energia (BKY) at 47p with a claim that the shares should hit 159p. It argues that "Berkeley’s development plans show a high IRR due to the low capital requirements, high margins and attractive cash generation. The location in Spain provides a strategic advantage in geopolitical security which is sought-after by off-takers. We therefore initiate coverage with a Buy rating and a 93p R-NAV,our short-term target. As the company progresses through permitting, financing and development milestones, we would expect the shares to trend towards our 159p NAV."
AIM Cesspit listed City of London (CIN) is surely a sinking ship. If Nomad Peel Hunt had a shred of integrity it would surely quit now on news that a third director has quit in six days leaving just one rat on board - chairman Paul Milner. The shares are off by 24% today to 3p but fair value ahead of suspension, administration or both is surely 0p. The Company is now in Breach of the Companies Act 2006, S154(2)which requires a public company to have at least two directors. Do hapless Nomad Peel Hunt or the oxymorons at AIM Regulation care about companies breaking the law? It appears not.
Down from more than 100p little more than a year ago, though, at 68p, around 60% ahead of levels throughout most of June, shares in self-described “world leader in the development and manufacture of cadmium-free quantum dots and other nanomaterials”, Nanoco (NANO) are currently slightly lower on the back of a “Change of Adviser” announcement...
I have a few questions to add to Tom Winnifrith’s and Cynical Bear’s coverage of the fine outfit that is AIM-listed FastForward Innovations Ltd (FFWD). I’m sure there are perfectly reasonable explanations, but perhaps the company might like to share them – especially with a placing so obviously on the way as the (re-) renewal of what was once the AIM-China play called London Asia Chinese Private Equity Fund (CGOP) continues.
Having warned “materially” in October just months after listing (see HERE), online advertising software company Adgorithms (ADGO) is today “pleased to report that revenue for FY2015 is currently tracking broadly in line with expectations however, the EBITDA margin in Q4 will be below expectations and this will be reflected in the EBITDA outcome for the full year”. Oh no, not again! …
I am staying wth my father and lefty step mother in Shipston and so there are a string of jokes at his expense. Talking of jokes I mention, en passant, Sefton Resources (SER) but also the total joke that is Golden Saint Resources (GSR). Then there is BBA (BBA), Telit Communications (TCM), Surgical Innovations (SUN) - cue predictable Zak Mir joke - and eServGlobal (ESG). Finally I comment on Adgorithms (ADGO) and flag up superb Peel Hunt research HERE
Stanley Gibbons (SGI) has updated that “it is currently uncertain whether high value sales completed by 30 September 2015 will be at the level required to achieve the group's internal budgets for the first half of the year” but that “the directors continue to believe that the group will achieve market forecasts for the full year ended 31 March 2016”
Marketing group Cello (CLL) has updated on “strong trading” for the 2014 calendar year and that it “is confident of a strong trading year ahead”. However, having identified value HERE with the shares at 54p, does this remain the case at a current more than 90p?
Cineworld Group (CINE) has announced that “we anticipate that group profitability for the year ended 1 January 2015 will be towards the top end of market consensus”. This follows its UK & Ireland business having continued to outperform the wider market and stronger box office growth elsewhere.
Telecom Plus (TEP), which trades as 'Utility Warehouse' and is the UK's only fully integrated provider of a wide range of communications and energy utility services, has updated on “accelerated” organic growth momentum in the second quarter of its year to 31st March 2015 and that it is “comfortable (subject to unforeseen circumstances) with full year market expectations”. The following updates with me having turned bullish with the shares just over 1300p in July.
Sports content commercialisation group Perform (PER) has published a response document to a 260p per share announced “final cash offer” from its previous majority owner and current 42.5% shareholder, explaining why it considers that the offer undervalues it and that shareholders should reject the offer. The following updates with the shares having nudged lower to 259.3p in response.
Shares in sports content commercialisation group Perform (PER) currently trade 26.5% higher today, at 257.7p. This is on the back of an announcement from the group, which said that its previous majority owner and current 42.5% shareholder is to make an offer to acquire the remaining shares in Perform, which it does not already own at 260p each. This is conditional on it increasing its holding to more than 50%. I review this news below.
Shares in identity technology company GB Group (GBG) currently trade slightly higher today, at 149p, on the back of an AGM update of a “strong start to the financial year” and with the board “confident that GB Group will deliver another year of positive progress”. The following updates my April view – with the shares then at 145p – which concluded that the risk/reward was not then overly appealing for a share purchase.
I previously updated on this website on Telecom Plus (TEP), which trades as ‘the Utility Warehouse’ and is the UK's only fully integrated provider of a range of utility services spanning both the communications and energy markets, in April with the shares then at 1780p – concluding that I’d require a lower prospective rating before considering an investment (see HERE). Post a trading statement earlier this week and with the shares currently at 1312p would I buy?.
Horizonte Minerals (HZM) has served up an update on its Araguaia nickel project. The shares have not responded much and trade at 7.625p. But brokers seem enthused.