Yesterday another adviser to AIM-listed jam tomorrow investment company Tern (TERN) has departed the building. We have already this year learnt that Tern’s Auditor slipped out of the back door under cover of night, and it is not so long ago that Allenby took on the role of Nomad, leaving one wondering if the former incumbents jumped or were pushed, shortly after Redleaf had vacated the PR role. Now Broker Whitman Howard has jumped ship. Should shareholders be concerned?

This morning we discover that AIM listed jam tomorrow purveyor Tern (TERN) has again passed the hat around with a discounted placing raising £1.75 million at 11.15p. But it was only able to get a placing away at that share price because of spurious rumours which the company and its advisors must have been aware of and which it did nothing to quosh. I have written to the Oxymorons at AIM Regulation and to the chocolate teapots at the FCA requesting an urgent investigation into the company, its Nomad Allenby and broker Whitman Howard. It is not as if Tern does not have form in this respect.

Thanks to the Winnileaks service I have in my possession the presentation Reabold Resources (RBD) is serving up as it endeavours to raise up to £30 million. I gather it is tough going. The deal will come as a shock to joint brokers Turner Pope and Whitman Howard as it is Stifel Europe that is acting as broker. The presentation says the deal will be announced October 8. Ho Ho.

“Robotic Process Automation” group Blue Prism (PRSM) has updated commencing “the board is pleased to report that the strong sales momentum seen in the first half of 2018 has continued, with a strong second half, particularly in the fourth quarter”. So why a current 15% share price decline, to sub 1400p?…

I don't normally take broker research seriously but a) Galantas (GAL) operates in Ulster so I am biased in its favour and b) analyst Roger Bade at Whitman Howard is no fool. He reckons Galantas at 6p is worth 17.3p per share. The market cap today is £12 million but Bade explains why by 2020 the company could be generating £8 million of cashflow and by 2023 that could be £13 million and that is on uber-cautious gold price assumptions. The note (below) is very much worth a read.

Blue Prism (PRSM), “a global leader in Robotic Process Automation, is pleased to announce a pre-close trading update in respect of the six months ended 30 April 2018”. Ooooh - a more than £1 billion capitalised “global leader” pleased to update, should be good then…

I reviewed Footasylum (FOOT) on its November AIM listing being followed with a director buy announcement, concluding cautiously with the shares then at 209.5p. They would go on to commence 2018 at more than 250p, but are currently back to just over 200p…

Previously updating on provider of technology and services for 'smart' buildings and commercial spaces, RedstoneConnect (REDS) last year I concluded at a now 167.5p (there’s been a 1:100 share consolidation) that the valuation looked high for the just reported numbers, but will not be on the suggested growth potential being delivered and the stock was on the watchlist. With the company’s year ending this month, we now have a Business Update…

Anyone who was buying shares over the last few days in AIM-listed jam-tomorrow investment company Tern plc (TERN) has just been spanked in pretty spectacular style this morning. With the shares having traded as high as 14p just last week, this morning saw a placing to raise £2.55 million (gross) at a whopping 36% discount to yesterday’s closing bid price – and a 50% discount to the peak of last week. Tern seems to be in a bit of a downward spiral with regard to its confetti issues – the previous two placings were at 8p and then 12p. 

We own these shares so clearly we are not impartial in what we say about the most incredibly brilliant and perceptive broker report in history. That was my little joke before Wildes reports me to the FCA again. Anyhow Whitman Howard has published a detailed not on Falanx (FLX) as it initiates coverage. Analyst Christopher Furness says:

Strange missives from Whitman Howard the broker employing the world's Number 1 Mining analyst Roger Bade. It all started with an "unusual" note he published on Anglo American (AAL) which was emailed to clients on 16 February:

In an announcement entitled “Zona 7 transforms Salamanca project economics”, Berkeley Energy (BKY) has announced the results of a pre-feasibility study which shows “the project now has a Net Present Value of $871.3 million (£580.9 million) with an internal rate of return of 93% based on a discount rate of 8% and a long term uranium price of $65 per pound”

We always thought that AIM listed Atlantic Coal (AC) was a 100% dog but the world’s number one mining analyst Roger Bade of Whitman Howard thinks otherwise and has initiated his coverage with a buy note. Whatever. In the interests of balance, the great man writes: 

As you know I have gained a real understanding of how folks live in the grim Northern Welfare safari by becoming an avid viewer of Coronation Street. As such I note comments from the world’s number one mining analyst Roger Bade of Whitman Howard today and begin to think that the man’s judgement may be seriously suspect. Bade notes on the comedy that is Minera (MIRL):

You think that you are buying shares in big miners as safe income streams? Think again. Read carefully the words of the world’s top mining analyst Roger Bade of Whitman Howard. He writes this morning:

South African gold and platinum producer Pan African Resources (PAF) says it will now work to improve volume and grades in key operations after a 68% fall in attributable first-half earnings to £5.5 million. The company, quoted on AIM and in Johannesburg, saw turnover in the six months to December slide 19.5% to £68.1 million, while all-in costs on the gold side rose from $965 (£622) to $1,165 an ounce, the average gold selling price fell from $1,311 to $1,231 an ounce and the South African Rand weakened.

The world’s No 1 mining analyst Roger Bade of Whitman Howard has produced his quarterly review and while there are a few new buy ideas, such as Amara (AMA), on the whole his tone is as bearish as ever. Anyone who says how some mining juniors should be “viewed with contempt” is a top man. Although Mr Bade’s less than complimentary words about the quite excellent Women in Mining organisation run by mining guru Amanda Van Dyke (pictured left since she is a tad more photogenic than Mr Bade) have “been noted”.  Naughty. The review makes for sobering reading for anyone still investing in this sector. Mr Bade writes: 

The world’s top mining analyst Roger Bade of Whitman Howard is known for his cynicism and caution so when he initiates his coverage of a stock with a buy you wake up. Today he has done just that on Hargreaves Services (HSP) at 645p.

The grotesquely overpaid and underperforming  pigs (see HERE and also HERE in a piece containing explicit sado masochistic sexual imagery and also Michael Carvill) that sit on the Kenmare Resources (KMR) board managed to persuade their shareholders that it was right to reject the bid advance from Iluka. That allowed more time for boardroom troughing but boy shareholders must be regretting it as the Irish titanium miner finally fessed up to its debt pickle today. 

Uber cynical mining analyst Roger Bade of Whitman Howard is normally incredibly bearish on mining juniors which is why he is so good. So when he suggests 100% upside in shares in a small miner you wake up. I tend to agree with him that Minco (MIO) looks a value investment. I am not joking.

Shares in debt laded coal company New World Resources (NWR) say its shares jump by a third yesterday after it announced a less than transparent capital restructuring. The world’s Number One Mining analyst Roger Bade of Whitman Howard reckons the market has got it all wrong and today advised his clients explicitly to sell into the spike.

The World’s number one mining analyst Roger bade of Whitman Howard has today suggested that Randgold Resources (RRS) could bid for Amara Mining (AMA) and quite happily pay double the current (16.5p) share price.