From £70 million to nothing, as Deepverge (DVRG) awaits almost certain administration investors in this company will have lost everything. But did someone make a packet? I bring you below three tweets and an article by the Sith Lord Zak Mir of Lift Global Ventures (LFT). The article ( dated 7 February 2023) talks of a “tsunami of cash” being on its way to Deepverge. Hmmm.
The news gets worse and worse and the chances of shareholders every getting a cent back here must now officially be zero, I struggle to see how the directors at Deepverge (DVRG) are not trading while insolvent. Today comes news that all remaining staff at Deepverge will be fired with effect from July 31. Now work out what that means
I see that there are plenty of AIM suspensions for non-publication of accounts this morning, however the FCA has ignored the one main-market company that hasn’t published its accounts and for which it is responsible.
On the Cineworld (CINE) shareholders Telegram home for deluded fools the following email purporting to be from Cineworld boss Mooky Greidinger to some of his staff has appeared suggesting it is going into administration. Natch, Mooky has not bothered to tell shareholders the bad news via RNS as he views them with contempt. The shares are 0.7p ( a £10 million market cap), down from 200p+ when I first warned you all. The target of 0p should be reached within hours. The email reads:
Cineworld (CINE) has already warned numerous times that shareholders are going to get wiped out. Last night Sky reported HERE that the UK PLC would be put into administration this week. Natch, Cineworld which has always treated its shareholders with contempt has not issued an RNS.
It has not been a good week for all things Ince. First up, Mr Paul Ince, once the Guv’nor, was fired as manager of Reading. Like all West Ham supporters, a P45 for Judas, is, for me, a good start to the week. Better still, yesterday afternoon, Ince Group (INCE) announced it was going into administration.
Iconic (ICON) published its interim accounts for the six months ended 31 December 2022 at 1.59 PM on Friday allaying some of its shareholders concerns that it might miss the 31 March 2023 publication deadline and have its shares suspended again.
Did you see the comments from the UK’s best retailer NEXT plc (NXT) earlier today? No, it was not that it had bought floral fashion brand Cath Kidston from administrators in a deal worth £8.5 million but that, despite everything out there, it is maintaining its year ahead hopes. Admittedly, this still implies a slight fall in sales and only a slight rise in profitability but you can probably name a hundred clothing and related retailers who would love this profile.
Scotgold (SGZ) claims that its directors emails have been hacked and that “specious emails sent in their names to numerous people.” The clear implication is that the email I published on Saturday, HERE, discussing administration and a cash crisis is bogus. It is not it is genuine. The "specious" emails referred to were, according to my source, sent to employees, not insolvency lawyers at Fox Williams. Even its death throes it seems ScotGold dissembles and, in mentioning the Police paints itself as the victim. It is not the victim shareholders are. The company is in its death throes because it has fessed to as much today causing the shares to, as I oft predicted they would, crash. Told y’all! What follows is grim.
The email below, apparently from a senior staffer at Scotgold (SGZ) to lawyers at Fox Williams, presumably Richie Clark and Paul Taylor (Partners) or Paul Osborne (Senior Partner), appears to show that the company, which only raised £3 million just the other day, is in a right old financial mess and is preparing for administration. Either its real or its fake, but its “doing the rounds” so one way or another ScotGold, a perma dog IMHO, needs to issue an RNS first thing Monday AM.
If I tried to sell you a £20 note for £32 you would rightly tell me where to go, but strangely people seem happy to pretty much be doing exactly that at the moment when they buy shares in In The Style Group (ITS)!
In today's main bearcast I look at Love Hemp (LIFE) or should that be (DEATH)? then at Microsaic (MSYS), Advanced Oncotherapy (AVO), Guild ESports (GILD, Argo Blockchain (ARB) and finally Afentra (AET) after today's dynamite dossier HERE
Shares in Cineworld (CINE) are rocketing. They were down to 2p. Today they are more than 50% ahead at just under 7p, valuing this company at £90 million. On the BBs folks are talking 10p and 20p. They have not been this excited and screamed “burn shorters burn” since they piled inro Petropavlovsk (POG) just before it went bust. Or Thomas Cook, shares in which surged from 4p to 14p in the last fortnight before it went bust!
Well you cannot say that this was not predicted here! Cineworld (CINE) has issued a lack of profits warning and says that when its balance sheet is deleveraged ( when? If?) shareholders will be screwed. The alternative, of course, is administration and a total wipeout!
Hindsight is often of little use on the markets and consists of people kicking themselves about something which seems obvious after the event, usually a missed trade, but occasionally it can also be used to avoid making the same mistake again.
At 6.22 PM yesterday evening, 4D Pharma announced the reason for its "temporary" share suspension. It wasn't a messy and discounted placing, as I suggested here, but administration. Shareholders will, I fear, lose everything. I discuss who is to blame, what can be done (nothing) and the read-across to a raft of other stocks that could go the same way, including Shield Therapeutics (STX), Cineworld (CINE), Petropavlovsk (POG), Verditek (VDTK) and more.
When Covid arrived I penned a piece here about the possible impacts on sub-prime lenders, given that the industry was already having issues even prior to that, and have also commented extensively on this on Twitter over the past couple of years.
Iconic (ICON) shares have been suspended since 7 June 2021 due to the appointment of joint administrators by Toxic Dave Sefton on 4 June 2021 via his company Arch Capital Partners LLP which purchased debts and claims from Shard Capital.
In June last year I commented on manufacturer and specialist manipulator of pipe and tubing assemblies Tricorn (TCN) updates on ‘COVID-19 disruption’… but struggling anyway?, concluding with the shares at 7.5p that its financial and trading conditions saw me retain prior caution. I most recently warned last month, concluding it remains good luck from the noted trading and financial situation! Natch, still bargepole. At 7:45am today the shares were suspended “pending clarification of the company’s financial position”. That hasn’t taken long…
On 14 July, a company called Central Copper Resources announced its intention to list on the AIM Sewer. On 22 July, a schedule one announcement came out stating that the IPO was expected ”early August”. In light of what I reveal below, I would argue that if AIM Regulation is to have any credibility at all it must stop this IPO now.
So much for the spike in Amigo (AMGO) shares yesterday in the belief that the Court would agree to its plans to pay customers it had ripped off only very partial compensation. The FCA opposed the scheme since it sees those ripped off getting only partial redress while equity holders keep the rest of the cash stolen by Amigo. And the Court, it emerged this morning, agrees with the FCA and myself and Justice Mills slates Amigo. As for foul mouthed bear raider Evil Knievil…
Thanks to Winnileaks I have a dynamite letter from the FCA to one of Julie Meyer’s 32 unpaid, and thus ex, lawyers confirming what is an ongoing criminal investigation. But first, how did she get her MBE? Answer: she had political friends including the late Paddy Pantsdown and Liam Fox MP. Someone high up nominated her. Then, as her UK flagship Ariadne Capital collapsed into administration, she fled to Malta where she also had political pals. That was until the criminal charges were filed and she ran out of other folks’ cash. Then it was Switzerland and Greece where again leading politicians have fallen for her charms. But do they know about the UK criminal investigation?
Eurasia Mining (EUA), of which more later, has already met Roy this week as it became the company to have enjoyed the longest spell ever under a Formal Sale Process without actually getting a bid or admitting there would be no bid. It snatched that record from Best of the Best (251 days) on Thursday morning. But before the late Mr Castle thinks his job is over, I sense Umuthi Healthcare (UHS) may also get to meet him, Norris and, of course, Cheryl Baker, formerly of Bucks Fizz. In doing so, it will show that however many women the FCA promotes it is still useless.
It is only a matter of time before Iconic (ICON) is put into administration and I shall then be one upstanding citizen who contacts the administrator about the conduct of the Good Germans, the three directors who quit on Monday, as well as former chairman and then shadow director toxic Dave Sefton whose private companies have grown rapidly using Iconic’s cash. But I shall not be alone. Death spiral provider EHGOF claims it is owed cash by Iconic and has launched the most explicit broadside at toxic Dave and the Good Germans (John Quinlan, Liam Harrington and Sam Asante) with specific, shocking allegations, and making clear threats.
After yesterday’s debacle, Katharine Lewis is now the sole remaining director of Iconic (ICON) which means it is breach of the 2006 Companies Act which requires all public companies to have at least two directors. However, that is the least of her worries. The main concern, and one which should be getting the appropriate professional and legal advice about, is Iconic currently trading whilst insolvent and should she ask for the shares to be suspended whilst it clarifies its financial position? Trading whilst insolvent was until recently, for a director, a Criminal Offence. It should be again.
It appears that Arcadia, owner of TopShop, Burtons and Dorothy Perkins is unable to tap an additional £30 million banking lifeline and so is likely to go into administration next week putting 13,000 jobs at risk. The odds are that most stores will be bought from the administrators so the actual jobs cull, though painful, will not be as painful as some fear. Already the blame game has started but who is really to blame?
I see the shambles left behind by the very naughty Dr Shetty that is NMC Health (NMC), now in administration, has seen the first move of newly appointed administrators Alvarez & Marsal Europe LLP: the board has been sacked en masse. There's a vote of confidence for you!
NMC Health (NMC) announced late yesterday that it was “not in a position” to oppose successfully the court application by Abu Dhabi Commercial Bank to have the company placed into administration at today’s hearing. In other words it is game over...
As I write shares in Restaurant Group (RTN) have plunged by 18%. There is a false market here. Some folks know the reason, others do not as boss Andy Hornby has told regulators to feck themselves by NOT issuing a statement about price sensitive information. What a complete banker.
News last week that digital marketing company, Mporium Group (MPM), had gone into administration shouldn’t have come as a complete surprise as it has been on a steep downwards trajectory for a number of years, but things did come to an end far more suddenly than anyone could have predicted.
Since the scandal of its administration, AIM-listed biotech company RedX (REDX) has had a much better run of things under the new leadership of Exec Chairman Iain Ross. But today’s statement, issued intra-day at 11.34am, suggests that a death spiral may be on the way. If it is, then this is an automatic sell for me...
I first warned about Interserve at about £1 back in October 2016, warned about it all the way down ever since and made it my sell tip for 2019. Today at an EGM, shareholders – as I had expected – voted down a debt-for-equity swap in which they would have retained 5% of the company. The shares were suspended immediately and at 2pm it was announced that the board will apply to the High Court for the company to be put into administration. In short, it is a 100% wipe-out for shareholders – and time for an Ouzo at Deputy Sheriff Towers.
I make no apology for saying sell and keep away from fully-listed Interserve (IRV) as we run up to tomorrow’s make-or-break shareholder vote. With rebel investor Coltrane holding just under 28% and planning to vote against, the risk to other shareholders is an immediate pre-pack administration which hands the whole outfit to lenders and shareholders get nothing.
There has been a lot of talk on social media recently about a petition to ban the short selling of AIM listed stocks - although it currently only has a little over 3,200 signatures, including a few CEOs, and is well short of the 10,000 needed to even get the government to respond – 100,000 are needed for a Parliamentary debate...
Last night Coltrane Asset Management, the biggest shareholder of fully-listed Interserve (IRV) came back with a revised rescue offer in reply to the revised debt-for-equity offer already on the table as the battle between Interserve’s lenders and shareholders intensified further. Coltrane says its deal is better but Interserve says the D4E on the table is the only deal or bust. Should I change my mind that Interserve is a sell?
Well you can’t say you were not warned! As both Steve Moore and Tom Winnifrith are drinking from the bottle of ouzo supplied by the Global Shorting Conspiracy it falls to me, on behalf of ShareProphets, to say told ya! (I’ll have my little cupful later). It was announced by AIM-listed PhotonStar LED (PSL) a few minutes ago that its wholly-owned subsidiary PhotonStar LED Limited was placed into liquidation. With the remaining business yet to sign a material contract and needing funding, this really is toast.
A few weeks ago I covered the fact that Bellzone Mining (BZM) looked to be in serious trouble, and following recent developments it looks in an even worse state now. This share has been a recent favourite of the pump and dump crews, as the uncertainty over its future has caused the share price to be incredibly volatile and no doubt some will have made money from these daily fluctuations. But what really amazes me is that so many PIs seem willing to buy into a share which already had a very high chance of failure, and even more so now.
With former flagship Ariadne Capital Limited in administration and Julie "Lingerie on expenses" Meyer facing serious questions about that, Vince Cable's fave entrepreneur has to find a new flagship to stand behind her joke annual conference, this year to be held, to the dismay of local regulators, in Croatia. It would have been Ariadne Capital Group Limited of Malta but what with it facing regulatory probes, having no cash and with the criminal charges against Meyer in Malta that is perhaps not suitable. So Meyer has suggested her new flagship is Viva Capital LLP, formerly the company that booked her speaking fees. Problemo!
Maybe Julie "Lingerie on expenses" Meyer MBE has other problems to consider? Take it from me that she does. There is more to follow, the wheels are a turning. But perhaps she or her uber expensive bully boy lawyer Julian Pike might answer a simple question for me. It relates to ASX listed Norwood.
When you are wanted by the rozzers in Malta on criminal charges,, being pursued by a range of banks and others over unpaid debts, being investigated by the FCA, MFSA, SFO, Action Fraud, IRS, HMRC and others, does theft of property from an administrator really matter? Well, clearly not for Julie “lingerie on expenses” Meyer MBE.
Yesterday, in order to avoid a strike off at companies house Julie Meyer finally filed accounts for Ariadne Capital Entrepreneurs Investments Limited – that is to say accounts for calendar 2016! The accounts are fraudulent and there is a real question as to whether she should have been filing them at all – perhaps Andrew Duncan of administrators Leonard Curtis has a view. Let me explain.
On 24 May 2018 I ran an article on the case of former Ariadne employee Steve Lazarus who, like so many others working for Julie “Lingerie on Expenses” Meyer was not paid and had to seek legal redress. That article needs correcting, not for what it said about the appalling behaviour of Meyer but for a question posed of her, now ex, legal Counsel Peter Bradley. An amended article is below.
Taggstar is a company that, the joke ACE Fund run by Julie “lingere on expenses” Meyer MBE invested in and which – according to her lie packed fraudulent “private & confidential” begging email of 29 April 2018 (see HERE) was one of ACE’s hottest prospects, a "winner". Of course you and I know that it went into administration in July 2016. But it gets worse, because until her contract was “terminated” on 28 March 2016 Ms lingerie on expenses was the sole director of Taggstar.
Hoisted by her own petard. This is boastful Julie Meyer at her very best. No doubt Martha Lane Fox, Paddy Pantsdown and Vince Cable will be delighted to see evidence of how Julie "lingerie on expenses" Meyer charmed them. But what is the killer admission here is the scale of the plunder of the ACE Fund ( other people's money) by Meyer's Ariadne Capital Limited ( now in administration).
Although Julie Meyer is no longer regulated to manage other folks cash, rules are for little people not for Julie “lingerie on expenses” Meyer MBE and not only is she managing her ACE fund she is lying to investors to raise another £2 million. But beware, the scale of this ponzi is revealed in the data below.
A kind soul has just sent me the original share certificate owned by Ariadne Capital Limited in a company called Beat.TV Limited. Why does this matter you say? Well it should matter as someone seems to be being defrauded and someone, might just be telling porkies again. Step forward Julie "lingerie on expenses" Meyer MBE.
As at 31 December 2016 Ariadne Capital Limited run by Julie "lingerie on expenses" Meyer claimed to have net assets of £3.859 million in its companies house filing. Less than a year later it was bust and those assets were shown to be fantasy, imaginary - the administrator reckons that, instead, there is a creditor deficiency of £2.715 million. But a new internal document obtained by Winnileaks suggest's that number is too low, Meyer's black hole could be far larger.
When news came on Friday that trading in the shares of Weatherly International (WTI) had been suspended and that the company was being placed into administration, unfortunately it didn’t really come as much surprise to me.
Oh dear, oh dear. The IRS, HMRC, 2 CCJs, 3 banks, months of unpaid rent on her flat and now this... is Julie "lingerie on expenses" Meyer ever going to pay what she owes? Thanks to Winnileaks another liability emerges...
Another day and another bombshell document lands with Winnileaks concerning Julie "lingerie on expenses" Meyer MBE. This is such dynamite that I shall have to examine it in parts but let's start with our old friend Entrepreneur Country Global, ECG, a company established in 2013 and at that point wholly owned by Ariadne Capital Limited (now in administration).
This is the most damning Winnileaks yet. It is a whatapp conversation on 14-16 February 2018 between devout Christian Julie "lingerie on expenses" Meyer and what she terms the "inner circle". Ms Meyer says she is "reaching out to ALL the people who are on our side". Hmmm you so sure Julie about ALL of them? This is massive and shows that Julie Meyer is quite simply a fantasist. It will blow your mind.
Another day, and another set of expenses claimed by Julie Meyer MBE as being "on company business" from Ariadne Capital Limited, now in administration. Staff who were paid late or not at all, investors who have lost everything and the HMRC who will surely see these as more benefits in kind on which Julie should have paid tax, will be horrified. Natch this document has gone to the HMRC. This is October 2014 and is a retail special. Although the Co-op entry, 11 October, is a total hoot.
Hello Share Scorchers. In a well-written reply to my earlier article on how to secure our shares in future after the Beaufort affair, that wise Shareprophets contributor, Drunken Sailor felt I was over-egging the pudding.
If you were in any doubt that AIM-listed (until now) Conviviality (CVR) was toast before today, the RNS released at 11.11am this morning should finally convince you that it really is all over. It has gone to meet its maker, it is a dead duck, it is an ex-company. And it is ouzo o'clock for the Sheriff.
Some bears are on the pitch, they think it's all over, it is now - I refer to Conviviality and that is what I expect to be chanting within 24 hours. The game is almost up. At 5.42 PM prompted by reports that it was already in administration from, inter alia, Sky and the Daily Star, Conviviality updated us all on progress. Okay it is not in administration yet ...but it may well be there by tomorrow.
Its troubles started with a rogue salesman last year. Beaufort fessed up and compensated clients but the FCA insisted on a total overhaul of its compliance systems and clients found themselves unable to withdraw cash for a while. Broking is a tough business anyway with the staff demanding the fat via bonuses in good years and the shareholders picking up the tab in bad years. And so that run in with the FCA was the straw that broke this camel's back. The FCA said it feared Beaufort was insolvent and so...
I just love the way that Julie Meyer MBE has a book about the war criminal Tony Blair displayed prominently behind her as she records her latest video. Like Julie he was a man who boasted of doing God's will - as he launched a bloody illegal war - and like Julie he was a man we always believed. Trust me, I'm Julie, oops, I meant Tony. Sadly this latest video demonstrates Julie is lying to someone.
On Friday I asked you which of the four American pictured below was the odd one out and why. The Yanks were: Tricky Dicky Nixon, Crooked Hillary Clinton, Lyin' Ted Cruz and Julie "Praise The Lord" Meyer MBE on whom there will be more next week following weekend conversations with folks in Malta. As you can see HERE there were many good answers but the winner is...
The spectacular own goal scored by Julie Meyer and Ariadne Capital Group Limited (in Malta) not to be confused with Ariadne Capital Limited (in administration) continues. Now we turn to the fake news which is Julie Meyer's assertion in part 10 below...
I don’t take much glee in jumping on graves but having been consistently critical of the nonsense and spoofery at BOS Global (BOS) for the last eighteen months, I thought I should comment on this week’s RNS which seems to be throwing in the towel with no Nomad willing to take on the basket-case.
Since she is doing God's will it is no surprise that Julie Meyer MBE is an individual authorised by the FCA to conduct investment business. But for how long? I have passed on all of my articles on Ms Meyer, covering the shocking administration of Ariadne Capital Ltd, ludicrous related party deals benefiting Ms Meyer by screwing her fund, dodgy accounting, unpaid bills, lying to potential investors about "cash in the bank" etc etc etc.
If devout Christian Julie Meyer MBE does not like FACT based articles about her and Ariadne Capital Limited ( now in administration) by City AM, The Evening Standard, The Times, ShareProphets ( an avalanche) and ex employees turned whistleblower such as John Galt posting on LinkedIn she could always send yet another fascist lawyers letter to them. But since all that has been written has been based on fact....
We have been following closely the story of RedX Pharma plc (REDX) as it ran out of other people’s money and went into administration. Now, after just over five months on the suspended list, the company has been successfully restructured and it is all systems go. This is very good news for the company’s shareholders, but questions remain – not least of which is what happened to the Administrators’ Final Report. The company announced it had published the whole thing on its website but I can’t find it. And the relevant filings at Companies House are still missing. No doubt they will appear, but surely the return to trading on AIM should come AFTER the market has had a chance to digest it, not before. Black marks all round then.
It seems that PR firm Bell Pottinger will go into administration today and 270 folks will lose their jobs. Fear not most have already had other offers or decided to set up on their own. They saw the ship was sinking and there is no rat like a morally bankrupt PR rat in such a situation.
Despite having stated early this month “all of the proposals received attribute little value to the equity in the company”, the daft egged on by the mendacious led shares in Entu (ENTU) to recently bounce. This was also despite numerous warnings HERE. Now it’s “Suspension of Trading on AIM”…
Shares in ENTU (ENTU) were off by 13% today so forcing a statement clarifying just how fucked the company is. Either the company gets a refinancing which will see shareholders almost entirely wiped out or the PLC will go into administration which means a 100% wipeout. The shares are now 36% off at 2.25p but that is still more than double where they were on August 2nd when Entu made almost the same admission.
RedX Pharma’s administrators have updated the market on the state of play with this (currently) insolvent company. The good news is that a sale of assets is proposed which will bring in $40 million and that subject to review by the administration team of business plans by the management the company would be set to exit administration and shares restored to trading.
QUIZ plc (QUIZ) has today listed on AIM, reckoning this “marks an exciting new phase in QUIZ's growth and development as a leading international omni-channel fast fashion brand”. In part one I looked at the current position and in this part two review the growth prospects and valuation…
The AIM casino has hosted the London stockmarket's biggest fraud for almost 40 years (Quindell) and a raft of smaller frauds in recent years. One might almost say that fraud is endemic. Yet, in a consultation paper published this week, the London Stock Exchange (LSE) has insisted that it is not within the remit of its own AIM Regulation department to tackle fraud or indeed do anything about it. This shows a complete contempt for investors - we bank the fees, you bank the losses.
The saga of the financial problems facing AIM-listed (though currently suspended) DiamondCorp (DCP) has been followed HEREand this morning’s announcement looks to suggest that the end of the road is nigh.
AIM-listed DiamondCorp (DCP) has issued another grim update on its predicament and time is running out. As each day goes by, the end of the road for its beleaguered shareholders draws closer and this morning’s news suggests that for all the efforts of the board to rescue the company salvation is as far away as ever. But the fat lady is ready to enter stage left.
The fraud African Potash (AFPO) now sees its shares trade on the ISDX lobster pot as it is still yet to find a replacement Nomad to act for it on the AIM Casino following the resignation of Cantor Fitzgerald. Not even Cairn Financial - which pro tem acts for the serial liars at Cloudtag (CTAG) - will act for lyin' Chris Cleverley. So on January 7 the relegation to ISDX will become permanent. The pledges of CEO Cleverley that he was optimistic of finding a new Nomad will be shown to be...er... lies. Quelle surprise. But it gets worse and will get even more worse on Christmas Eve.
Is the long running farce Old Mother Worthington (WRN) finally coming to the end of the road? I am surprised that the company has not put out an RNS to keep its loyal investors informed but there is bad news in Greenland.
I see that Avocet Mining (AVM) which I warned in May and August this year imploded the other day as it admitted that insolvency could be looming. If, like Xcite (XEL), about which I wrote the other day, it does enter administration, the shares are still a compelling sell. This, I believe is by far the most likely outcome and I stay short. The company's words in the recent statement are explicit:
You have to hand it to AIM-listed jam-tomorrow investment company Tern plc (TERN), this morning’s disposal news is a cracking outcome. Having bought a few bits of the now defunct Flexiant business out of administration over the summer for £75,000 we are told today that one of the divisions has been sold for $500,000. That is on top of a previously reported (in excess of) £90,000 of unpaid bills which were chased up. The only puzzle is why shares in Tern have slipped on the news, albeit only by a small amount at time of writing. Why the disappointment?!
Slung off AIM yesterday, Gable's (GAH) main subsidiary is now in administration and the PLC will surely follow, as I explained HERE. No doubt Marcus Stuttard and the oxymoronic clowns round at AIM Regulation will no doubt just dismiss this as "one of those things" that happen now and again on "the world's most successful growth market". The CEO has made £15 million in the AIM years but investors have lost everything. There must be an major and formal enquiry and here is why.
Gable and its loathsome scumbag gives capitalism a bad name CEO WIlliam Dewsall have yet to inform shareholders of the latest bad news but bad news there is aplenty. According to the publication Insurance Age, Gable Insurance AG was placed into administration by the Lichtenstein Regulator
It was rather inevitable but I bring you below the Companies House Notification which confirms the good news, the worst company on AIM, Motive Television (MTV) is now officially a dead parrot. Naturally what actually happened is nothing like what Motive told its moronic shareholders.
Yesterday morning the Peter Earl trainwreck IPSA (IPSA) was booted off the AIM Casino having served its maximum time suspended pending financial clarification. In fact it had been suspended since September last year, once again making a mockery of AIM Rule 41. It has repeatedly warned shareholders that it could face a one-way trip to the corporate knackers’ yard and now, with no listing, one wonders whether administration now beckons – and whether this could be the beginning of the final chapter for fellow cash-strapped (and ex- of Peter Earl) Rurelec (RUR), itself recently restored to trading on AIM, for at the last count Rurelec owed IPSA £1.8 million.
It doesn’t seem long ago that Game (GAME) went into administration. Amazingly, the company floated again within a very short period of time, and since then the share price has again been hurting investors. Could history be set to repeat itself?
I love AIM stocks. And I think AIM is a great place to invest. I think it’s great to have a space where regulation is light(er) and costs are cheap(er). But with that freedom comes the responsibility to do your due diligence and to manage the risks. Many AIM stocks, if not the majority, are ultimately worth nothing: stocks like the now-suspended Rame Energy (RAME).
AIM-listed jam-tomorrow investment company Tern plc (TERN) has released an upbeat statement regarding its recent purchase of Flexiant assets out of administration. I’m sure this has nothing to do with shoring up a flagging share price as it threatens to drop below the 8p placing price announced two days ago.
For all of yesterday’s ramping over Device Authority (formerly Cryptosoft) a big question mark is being hoisted over AIM-listed investment company Tern plc (TERN) after the arrival of some confidential documents at Deputy Sheriff Towers. It appears that Tern has been somewhat tardy with ‘fessing up to losses on its first investment, Flexiant Corporation Ltd. Oh dear….this looks poor. Very poor indeed.
Dragon's Den flop and serial business failure Piers Linney said that the proudest moment of his business career was listing Outsourcery (OUT) on AIM in 2013 at 110p. Oh dear, the piece of Turkish has today gone into administration. How will the PC tossers at the BBC spin this debacle for their pin up boy Piers? That is their problem, mine is how much ouzo to drink to celebrate this announcement:
Well you can’t say you were not warned on countless occasions (see HERE), having called this a sell back in September of last year, and naming it as one of my top picks for a zero in the UKI magazine in November. This morning AIM-listed (but not for much longer) SeaEnergy announced that it had gone into administration and that its hapless Nomad WH Ireland had resigned with immediate effect. I’ll bet WHI is really pleased it took on this dog-with-fleas back in November. I hope that readers duly collected their bags of crisps before the shares were suspended pending clarification.
And so today, Circle Oil (COP) has admitted what anyone with half a brain cell could have figured, that it is officially toast. The question is which of the drowning in debt oil mid caps or large E&Ps will be next to fess up? There is an RNS from Gulf Keystone (GKP) today saying its bondhoders have given it another 11 days but could it be overtaken by XCite (XEL), whose shares are sliding as the clock ticks? Other oilcos in breach of loans include Trinity Exploration (TRIN) and LGO Energy (LGO) while the yield on IGAS debt suggests it is in the merde. So who will be next to admit it's toast, to use either the word "administration" or the phrase "little or no value for shareholders". Voting deadline is midnight tonight.
Piers Linney is no April Fool. The Dragon's Den self promoter and serial business failure (see HERE) is just a fool. And that brings us to his biggest disaster to date, Outsourcery (OUT), shares in which are slipping again and now trade at just 9p (May 2013 AIM IPO at 110p) valuing the business at only £4.4 million. Worse is to come.
There were a bevy of cracking entries in the Motive TV (MTV) in Administration Caption Contest from yesterday and you can see them all HERE. But unlike investing on AIM where everyone's a loser in our contest there is an actual winner. In fact two joint winners. We asked for your captions for the photo below. And the winners are:
No golden ticket for the Bulletin Board Morons, Motive TV (MTV) announced yesterday that it was going into administration - we gave our take HERE. In honor of this event please supply your captions for the picture below by midnight tonight in the comments section below.
Oh dear. African Eagle has been put into administration in a move akin to pulling the plug on a life support machine for a car crash victim who has been in a coma for three years. Shite AIM investment company Blemheim Natural Resources (BNR) owned 11.4% of Eagle and is in denial.
It was announced yesterday at 11.32am that the CEO of AIM-listed Rurelec (RUR), Mr Mark Keegan, had walked with immediate effect. Having only been on the board since late July this year, and with the first RNS released which bore his name as CEO having been on 13 October this year this looks to be an ominous development - not to mention the well-chronicled tale of financial and other woes besetting the company.
Well there is a shock. The LGO Energy (LGO) 2014 annual report was simply wrong in stating that David Lenigas had sold enough shares to go below 3% - naughty, naughty Neil Ritson, but I guess that is the least of your sins. For today Jabba The Hutt announced that he owned 154 million shares.
AIM-listed and cash-strapped Rurelec (RUR) has proposed an Open Offer as the new management team fights to keep the lights on. But I fear that this potential fund-raising is already doomed to failure. The company admits that it faces a cash-crisis and the writing is on the wall. Here is why.
Tom Winnifrith noted earlier HERE the entry into administration of Globo plc (GBO) - the announcement from the administrators including that they “will be applying in due course for the cancellation of the admission of the company's shares to trading on AIM”. FTSE has now updated on this…
I have been bearish on AIM-listed Rurelec (RUR) all the way down from 3.75p in May. With the shares now down 79% since then, at 0.775p, I sense a notch on the bed-post at Deputy Sheriff of AIM Towers. Rurelec’s 54% controlling shareholder, Sterling Trust, has gone into administration and so we now have (to add to the balance sheet issues) a monster of a stock overhang. Also in the fray is the already suspended AIM-listed IPSA (IPSA), which sees a 30% stock overhang created.
Oh well you cannot say that you were not warned often enough on these pages. To the Bulletin Board Morons who abused us and said we did not know what we were talking about as we warned of impending doom, we say “enjoy poverty peasants” because it really is all over for Afren (AFR). And that is official, although no doubt on the LSE Asylum someone will spin news of administration as a buying signal for the shares.
It has been a quiet week on the Quindell (QPP) front although none of the ludicrous bull calls have come good: S&G exclusivity ended Friday and we were told that a bid would happen last week and that Quenron had lined up a big bank to advise it. Well …it did not happen and it will not happen.
Quindell (QPP) has always been a slow payer of its bills. But we already know that it survives only thanks to bank overdraft. In today's BearCast HERE, I reveal how it has raised emergency cash to keep going with hidden asset sales. The other way of postponing administration is just to delay paying suppliers. The graphic below says it all. It is paying later and later.
Why do share lock-ins matter? Let me explain and I do so with reference to Quindell (QPP) as this will be something that the Serious Fraud Office needs to examine either before or after Quenron goes into administration. I also have a few words for the motherfuckers at Schillings.
Some of you may regard this as boring. There is after all, ALMOST, nothing written below that I have not written before. But I promised my top 5 shorts as part of my 10 tips of the year and Quindell (QPP) is my top short. Quite simply these shares are worthless. And so selling at 42p or whatever you can get is a sure fire 100% win. This is a “niller” at so many levels. Where do we start?
What is happening at Quindell (QPP)? Blind panic is what is happening. That death is the outcome is now beyond all doubt, the only question is when and how. To win a bottle of freshly pressed olive oil from my Greek place enter our “when will Quindell shares be suspended sweepstake” here. This is fascinating as so many parties are involved.
Today's revelations on Quindell (QPP) are shocking. How do the Morons feel now knowing about the wage deferral, that they were mislead about the cash position on October 13 (market abuse) so they bought shares and Rob Terry, Laurence Moorse and Steve Scott were able to sell. How do they feel about that? You guys were suckered. Now you need to stop getting angry with me and start directing your anger towards a board that has stolen your cash.
And now my friends, the end is near, it’s time to face the final curtain. Meet Sefton Resources (SER) the last company to sue me for libel. Of course Quindell (QPP) never actually served papers it just announced that it was going to and wasted shareholders cash on expensive lawyers (see HERE) to try to stop me exposing its lies and fraud. But for Sefton I have a song from Frank because the Board is Meeting today.