The fraud, Supply@ME Capital (SYME), promises its – dismal – calendar 2021 results will be out by Friday. Given that it is insolvent, I wonder how the reporting accountants will sign off on the document. Time will tell. Meanwhile, Supply seems to have problems updating its Companies House records on a timely basis. For instance:
I haven’t commented on AIM-listed Inspirit Energy Holdings (INSP) for some time – not since June 2021 although Tom Winnifrith stuck his boot in over Christmas 2021, identifying a stack of ginormous new Red Flags. But the recent Interims (to 31 December 2021) and yet another breach of the law by the company (presumably at the behest of AIM’s worst FD, Mr Nilesh Jagatia, whose past sins appear to include charging his shopping at Sainsbury’s on a company credit card) drew my attention.
The fallout from January’s much-delayed AGM and sack-the-board EGM still continues. Whilst the Board survived, the rebels – with ShareSoc in tow – have again cried foul and it remains to be seen how the situation can be resolved.
Oh dear, oh dear, oh dear. If it was not enough that the fine firm of EY (formerly known as Ernst & Young) resigned as Finablr’s auditor amid the shocking revelations over undeclared debts owed by fully-listed but suspended since March 2020 Finablr (FIN), we learnt last week that replacement auditor, PKF Littlejohn, threw in the towel last week. To lose one auditor might be seen as a tad careless, but to lose a second with no accounts published in between times is truly shocking.
That fully-listed Finablr (FIN) has not yet be dumped off the London Stock Exchange is a bit of a mystery to me as it is surely insolvent without hope of redemption. But it is still there and this afternoon, as the City was clearing its desks for the day at 4.07pm came an announcement.
I previously covered the ignominious delisting of Rutherford Health, formerly Proton Partners, from the Aquis lobster-pot. But I fear the denouement for this Woodford favourite has only just started, as a quick trip to Companies House shows and for those left holding the baby – the remains of Neil Woodford’s Equity (lack of) Income fund (now LF Equity Income Fund) and Schroder UK Public Private Trust (SUPP) – there is surely more bad news to come.
Oh dear, oh dear, oh dear. She just can’t help it can she. How do you know if Julie Meyer is lying? Because her lips are moving. Once again we return to Drive Software, the company Julie once hailed at Tesla meets Fitbit but which keeps losing money and is clearly insolvent as I demonstrated HERE on September 26 2021. La Meyer has appointed a new CEO and the company has given a gushing interview to that must read publication, Fleetworld, as you can see below.Natch it is packed with lies.
Let’s start with a positive. Versarien (VRS) now separates its revenues and losses between graphene and non-graphene business as we have long suggested it should do. This avoids the need for Shareprophets to undertake an annual visit to Companies House to perform the analysis to reveal the low ongoing graphene sales and the scale of the losses that are being racked up in this business.
A correspondent writes that I am wrong to suggest that AIM-listed Tern’s (TERN) jewel-in-the-crown investment, Device Authority (DA) which on its own is apparently worth over half of Tern’s NAV, is in grave financial difficulty. Let’s look at what we do know – and, perhaps more importantly, what we don’t.
Oh dear oh dear. AIM-listed jam-tomorrow IoT investment company Tern (TERN) principal investee Device Authority has just posted amended FY20 accounts at Companies House. Given that the original accounts were signed off back in January but not posted until 21 September 2021, that looks like carelessness – as do the missing Notes to the Accounts. And then there is an increased £4.6 million liability, apparently owed to nobody!
AIM-listed Haydale (HAYD) has announced a Memorandum of Understanding with a company called Viritech Limited via and RNS Reach this morning. Of course, and RNS Reach is not a full RNS and should be treated more as marketing material, certainly with no implied financial impact. A trip to Companies House shows us why……
Having been hanging around and burning the little cash it raised at IPO since July 2019, sub-Standard listed BSF Enterprise (BSFA) has announced a possible RTO and its shares have been suspended. The possible target is 3D Bio-Tissues Limited, a spin out from Newcastle University specialising in biological tissue production for clinical and consumer use. But there’s a nest of snakes here…
AIM-listed Catenae Innovation (CTEA) has announced yet another RNS Reach – this time over a deal with Promake Ltd – but it is still, on the basis of its interims to March, almost revenue free and heading for a cash-crunch by Christmas. But never mind that, it’s got a deal with Promake…..which offers yet more Red Flags!
That wasted an hour of my life but it looks like all systems go for Saturday when Steve Moore will be in charge of this website while Joshua and I head to the Greek Hovel.In today’s podcast I look at bitcoin’s latest dump and Argo Blockchain (ARB) and at Dev Clever (DEV) and its joke acquisition. That required a bit of work for me at Companies House as did researching today’s smoke and mirrors deal from Remote Monitored Systems (RMS) – how did Nomad SP Angel sign off on this cobblers? I then look at Avacta (AVCT), Zoetic (ZOE), MyHealthChecked (MHC), Bidstack (BIDS) and the fraud Supply@ME Capital (SYME). Where are its results?
It seems that Neil Woodford and his side-kick Craig Newman are being somewhat tardy in filing the latest set of accounts for Woodford Investment Management for the year to March 2020 at Companies House, for they were due by 31 March and are now marked as late. What are they hiding?
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?!
Cash-shell BSF Enterprise (BSFA) of the Sub-Standard List (surely two Red Flags already!) published its FY numbers to 30 September 2020 this morning – April 1st. Those with a sharp eye might notice they are a day late – which is a bit of a mystery given that they were signed off by the Auditor (PKF Littlejohn) and Geoffrey Baker on behalf of the board a month ago on March 1st, filed at Companies House on 4th March and released by Companies House on March 12th! So much for shareholders finding out what is going on via the RNS system first!
Following my prod on Wednesday, AIM-listed jam-tomorrow IoT investment company Tern plc (TERN) appears to have encouraged investee Wyld Networks (two out of three of whose directors are the Chairman and CEO of Tern) to finally file a SH01 regarding the share issue and debt conversion announced by Tern at Wyld on 28 January – only about a month late. Naturally I’m pleased to help. But is all as it seems?
Shares in AIM-listed jam tomorrow IoT investment company Tern plc (TERN) are heading higher today, following a bit of a drop yesterday. I’m not sure what the latest ramp is, but it seems again to involve Device Authority and “FIDO” – which I thought, perhaps aptly, was a name for a dog. But I wonder what is going on at another Tern investee – Wyld Networks?
With all the law enforcement hassles over at Octagonal plc (OCT), which shares the Chairman, CEO and Finance Director in the same roles as at AIM-listed Inspirit Energy Holdings (INSP) one might imagine that their attentions are rather taken up at Octagonal. After all, being charged by the SEC in the USA is a serious matter which could have devastating consequences. So I wonder if anything has been forgotten…….such as this:
Oh dear oh dear oh dear. AIM-listed and already suspended pending accounts St James House (SJH) has offered up a rose-tinted trading statement this morning…..oh, and by the way the accounts to January 2020 which were due for release at the end October and were promised in November and then in December will be out in January, honest guv’. It is different this time. But there is one tiny detail the company seems not to have mentioned…….
Having been through this morning’s ramptastic announcement from AIM-listed Catenae (CTEA) and its joint venture with BHA Medical now known as Synovate Global Ltd, I thought I should take a quick trip to Companies House to have a butchers’ at Synovate.
Share in AIM-listed jam-tomorrow investment company Tern plc (TERN) ended last week at 7.7p – a 10% premium to the last stated net asset value per share of 7p. It was a better week, having seen the share price hit a low point of just 6.25p at the beginning of September. Of Tern’s net assets of £20.1 million at the interim stage, its principal investee Device Authority (DA) accounts for £13.8 million – or 68.7% and last week DA’s accounts appeared at Companies House. Oh dear……
With a hat-tip to Temptress on our own highly intelligent comments board, you just couldn’t make this up! Last week the principal investee of AIM-listed POS investment company Tern (TERN), Device Authority (DA), filed documents at Companies House taking away B-share rights of what appear to be former employees. It seems that these former employees left the building some time ago, but DA’s paperwork has been such a shambles that it is only catching up now. So the BBMs decided it was a tidying up exercise and that therefore DA is about to be sold……£s, not pence.
A letter arrived this morning. What is so unusual? Well, for starters, it is dated Monday – not last Monday, but Monday in two days’ time! Someone has got H G Wells’ Time Machine. But that was not the only curiosity……..
On 5th June I flagged up that AIM-listed POS Inspirit Energy (INSP) had again failed to file its Confirmation Statement (the new Annual Return) to Companies House by the due date of 30 March 2020. I repeated the call on June 8th and June 16. Well, here we are on June 28th and there is still no filing! Hello……is there anybody there….?
On June 5th I flagged up that AIM-listed POS Inspirit Energy (INSP) had again failed to file its Confirmation Statement – the Annual Return as was – to Companies House on time. It was due on March 30th. On June 8th I flagged it up again, suggesting that perhaps it hadn’t filed it because nobody cares over at Inspirit Towers. Well, here we are on June 16th and guess what……it still hasn’t filed it!...
AIM-listed Inspirit Energy (INSP) has today issued an Operations Update in response to my piece on Friday, when I pointed out that yet again the company had failed to file its Confirmation Statement to Companies House on time, and wondered whether the appearance of Mr Christopher Heminway on the shareholder list might presage yet more bad news for Inspirit’s lobster-potted shareholders...
Share in AIM-listed Inspirit Energy (INSP) have been on a bit of a roll. On 22nd May the shares had been friendless at 0.025p per share when all of a sudden the stock started to rise – and they closed yesterday at 0.045p, having been as high as 0.065p. The excitement seems to have been the appearance of Mr Christopher Heminway on the shareholder list, who popped up yesterday with 3.32% of the company and the BBs went into a lather. Meanwhile, on Companies House, I see that the company’s Confirmation statement is once again late – by two and a half months. Oopsie……
As regular ShareProphets readers will know, AIM-listed oil explorer Providence Resources (PVR) somewhat blotted its copy book last year when a long promised and re-promised investment failed to materialise, leaving the company in financial dire straits – and CEO Tony O’Reilly eventually walked the plank. Surely it is not happening again?
Grossly overvalued AIM-listed jam-tomorrow investment company Tern plc (TERN) finds itself if the dock today. The full Annual Report for 2019 has finally been published – and buried in the usual waffle we find that a new Auditor was appointed. Now according to the rules, this should have been notified at companies house– but there is no sign of that anywhere. Specifically, there should be a statement from the previous auditor as to the circumstances of its removal and it is a shocker to find no such notification. This raises all sorts of questions.
That AIM-listed Catenae Innovations (CTEA) is in a state of technical insolvency is surely beyond question. Last night at 5.30pm – no-one-is-watching o’clock – the company announced the appointment of a new sole Broker in the form of Brandon Hill Capital and miraculously, this morning it has announced it has joined a consortium with the objective of building an identity documentation system to record an individual’s Covid-19 test status. Yes folks, this technically insolvent POS is trying to jump on the Coronavirus bandwagon! But this morning’s RNS has to questionable on at least one point…..
It seems that AIM-listed Tern (TERN) has given up telling the market how much cash is flowing out to its supposed jewel in the crown, Device Authority (DA). This morning a filing referring to more wonga heading to DA was released and it seems to me that $400,000 has headed into DA’s coffers unannounced via RNS.
AIM-listed Tern plc (TERN) was one of my two tips of the year – as a sell – at 9.25p (mid). The shares are now just 7.25p - down by 22% so I’m off to a very good start. But I want to ask a question of Tern regarding its ongoing loans and payments to jewel-in-the-crown investee Device Authority.
What does not stink in the annual accounts for Woodford Investment Management which surfaced at Companies House yesterday? The £14 million dividend paid to Neil and his business partner Craig Newman surely is top of the list but then there are the dates…. Let me explain.
Further to this morning’s bombshell over the appointment of Raymond Abbot to the board of Woodford Patient Capital Trust (WPCT), it seems that the board of WPCT itself needs to issue a correction as it got one of his former companies wrong. Indeed, whilst it is at it, perhaps it would like to offer some explanation of his tenure at Climate Change Capital which appears to have ended in ignominy, for it appears that Foresight 4 was not the only shambles on his report card.
Yet another Neil Woodford disaster has gone bust. Sphere Medical was once on AIM but with Woodford chucking in more cash (good money after bad) as it delisted because it saif it would prosper more as a private company this is another case where Nomates knew best....
I have been wondering where AIM-listed jam-tomorrow investment company Tern’s interims results are. For the last two years they have appeared by around the halfway mark through September, but it starts to look as though the company is going for deadline day. Surely, with just a handful of investments to keep an eye on, it is possible to offer up interims by now – which leaves me wondering why the delay.
You couldn’t make it up: angel investor firm Seedrs has had its shares suspended pending a financing deal which it says is at an advanced stage, according to The Times. The company wants it made clear that the suspension is simply what happens on this lightly regulated market established by Seedrs when a refinancing is in progress. So nothing to worry about.
AIM-listed St James House (SJH) is not the investment house which gave Neil Woodford the dreaded vote of confidence – this is the old Boxhill run by Lord Razzall. It may have a swanky upmarket new name but it still looks like the disaster of old...
As we all know, Cloudtag (CTAG) was a former darling of the AIM Casino which had a few problems with nasty people like us pointing out that it was a total POS in every way until it was booted off the Casino when the Nomad resigned. It now seems that a part of the Cloudtag empire has bitten the dust as Companies House has announced the Final Gazette notice for Cloudtag Active Limited...
I see that accounts to May 2018 have been posted by the LSE Asylum – and they are terrible: it is burning cash and drowning in debt. But worse still, one of its two directors walked earlier this month as the asylum mortgaged itself to keep the lights on a little longer. Is the end in sight for one of the main homes of bulletin board morons?
AIM-listed POS Inspirit Energy (INSP) has finally woken from its slumbers and confirmed our scoop of over a week ago, that it has vacated its factory. Apparently it is in the process of moving its facility to Poland. Well it might be in process but it seems to be taking a long time for last week we know that its Sheffield factory had already been vacated and leased to a new tenant. And then there is the strategic review…..
As you will see below, it appears to be some time since AIM-listed POS Inspirit Energy (INSP) updated its AIM Rule 26 webpage. As far as I know, according to AIM Rules, it is supposed to be updated at least every six months but as you can see it was last updated on 26 June 2017. Has London's worst Nomad, Roland Fatty Cornish, really been out to lunch for the last year-and-a bit?...
First we had a monster rise in the share price of AIM-listed POS Inspirit (INSP). Then yesterday Tom Winnifrith showed us that its factory appeared to have been vacated and re-let to someone else. But there is another small matter…..
Is it the kiss of death? Last night it was announced that Neil Woodford had upped his stake in struggling AIM-listed yacht maintenance outfit GYG from 23.43% to 24.08%. Readers might recall that this tactic rather backfired with fully-listed Kier Group (KIE) and Purplebricks (PURP) and..the list goes on and on.
Last year Britain’s most conceited fund manager, whose flagship fund is ranked 241/241 for performance, Mr Neil Woodford filed accounts 11 days before the deadline, on 20 December. This year Woodford Investment management has yet to file its accounts for the year to March 31 2018. It is late. It will be fined. The FCA will be having kittens. You want proof?
Privately held Immunocore, which forms part of the Neil Woodford estate, has announced some good news: it has signed a deal with Genetech, part of Roche Group, for the development of Immunocore’s IMC-C103C drug aimed at targeting the MAGE-A4 protein (Melanoma-Associated Antigen A4). The really good news is that Genetech is to hand over $100 million in upfront and near-term milestone payments, and upon establishing proof-of-concept there is an option to co-develop the treatment or license the treatment to Genetech for royalty and milestone payments. Needless to say, Woodford Patient Capital Trust (WPCT) rushed out a statement too...
“UNICORN HUNTERS: The Company is invested in four companies valued at more than $1 billion – Purplebricks, Oxford Nanopore, Benevolent AI and Immunocore.”
Cynical went on: WPCT used to have many more unicorns in the portfolio, Prothena and Theravance Biopharma to mention two very recent ones. I like to imagine that Neil Woodford is literally hunting them down, investing in them and then shooting them dead from point-blank range. Well, I have news: ShareProphets can exclusively reveal Woodford’s Unicorn Graveyard….
Woodford Patient Capital Trust (WPCT) held, as at 30 September, 4.95% of its gross funds in unlisted healthcare stock Immumocore. I say gross funds because WPCT has taken on rather a lot of debt over the last while – presumably because Woodford ran out of cash and still had too many hungry mouths to feed. If the entire portfolio goes a load higher then of course being leveraged is a good thing. Unfortunately, it is a bad thing if the portfolio keeps of falling in value.
AIM-listed jam-tomorrow investment company Tern (TERN) has announced, as predicted HERE, yet another loan to its principal investee company, Device Authority (DA) – this time for $525,000 (around £400,000) which, we are told, is repayable on 31 December 2018 or convertible into shares if DA ever gets a fundraising away.
I start by noting I have received a begging email from Primary Bid re the Merio offer. Cynical Bear is right - avoid like the plague! Then as I finalise annual accounts for companies house for FIML and ShareProphets (loss in both cases) I explain the different motives of those preparing private company and listed company accounts and some tricks I could have used to show profits. But why would I have done that? Finally...98% of bearcast listeners have NOT yet sponsored myself and Brokerman Dan for our 30 mile Woodlarks walk. If you enjoy bearcast I am sure you can spare a tenner so donate HERE - to those who have donated I say thank you.
A little bird emailed me with some interesting questions about AIM-listed React Group (REAT) and its new(ish) FD. In the light of the HotStockRockets update at the weekend (see HERE), where questions over the management’s ability to get their sums right were asked in the wake of a revised (downwards) trading statement, it seems that the FD has a few questions to answer – and I have some more.
It’s not much to ask for any AIM-listed company to get its Companies House filings right, and consistent with its RNSs, is it? But then AIM-listed Tern plc (TERN) has had a few issues with this in the past. So, Tern, when did Richard Turner join the board?
7.45am Tuesday brought news of a placing by AIM-listed Inspirit Energy Holdings (INSP) for just £300,000 at 0.12p. Even that figure had to be propped up by a £50,000 contribution from (corporate Red Flag) CEO and Chairman John Gunn. It won’t last long, even if they get it through a general meeting to allow it to happen.
AIM-listed Rurelec (RUR) updated the market last Thursday that its currently crocked power generation plant held in its JV Energia Del Sur in Argentina may get fixed rather sooner than first feared – even if the proposed repair sounds a bit of a Heath Robinson affair. Good news. The slightly more disconcerting news is that the Companies House website is showing an Auditor’s Resignation filing as being processed and available in five days.
Eden Research (EDEN) yesterday released an odd RNS. Not so unusual was a statement of total voting rights. But it also contained a statement of outstanding warrants and options. Was the company trying to bury something whilst the city was watching yesterday’s Budget statement? At the centre of this lies Oxford Capital Limited, which was dissolved and struck off on 31 January of this year.
A couple of interesting filings on Companies House leave me wondering whether former AIM-cesspit posterboy Daniel Stewart Securities plc (DAN) is being prepared for a quiet execution. It was clear from the (stunningly) late-filed 2015 Accounts that is was in serious trouble, and last year a debenture over the parent seemed to have morphed into a debenture over its subsidiary, Daniel Stewart & Co plc. Now the previously wholly-owned subsidiary, which contains the trading business, seems to have been raising money on its own account.
I see that Onzima Ventures (ONZ) is getting a bit of attention again, with Tom Winnifrith having just covered it in his latest Bearcast, but it is a company that I was planning to give an update on anyway, having followed the story since early last year.
Oh joy upon joy, the accounts of ex-AIM Cesspit posterboy Daniel Stewart Securities plc and its subsidiary Daniel Stewart & Co plc have been published. As plcs they should have filed accounts to Companies House for the year to 31 March 2015 by the end of September that year, so the date stamp of Companies House of 22 December 2016 means that they were filed almost a year and three months late. But what joys there are to be had!
Cloudtag (CTAG) shareholders might expect that Amit Ben Haim, the supposedly superstar CEO, would be wholly focused on building Cloudtag’s business but based on filings at Companies House he has a number of other directorships. Let's look at how a few other businesses led by the great man are doing....
City of London Markets is the FCA authorised firm that has screwed Milestone (MSG) by not paying over the cash it promised for a recent placing. Poor form. The company has a glossy looking website to impress punters. But behind this veneer lies a tiny and unsuccessful company, as the latest filed accounts at Companies House show.
In the greater scheme of things this is a trivial matter. Having been exposed for revenue recognition policies that were so bizarre as to teeter on the verge of fraud, of being shown to have issued pre-placing RNS statements that were er..untrue and now facing looming insolvency, Servision (SEV) is in deep trouble. So maybe I should be charitable?
AIM-listed jam-tomorrow investment company Tern plc (TERN) has a few strings to its bow beyond subsidiary (or is it investee?) Device Authority, formerly known as Cryptosoft. One might wonder at the valuation of that one – see HERE – but the other bits and pieces of investments are the (thus far) less than entirely successful Flexiant which is in administration, Push Technology and Seal Software.
The major international distributor based in a shed in Blackpool Second Chance has finally filed its accounts for the year ended 31 January 2016 with Companies House and they show quite evidently that the deal with it announced by AIM listed fraud Cloudtag (CTAG) is sheer fantasy.
Well, all of the remaining ShareProphets AIM-China Filthy Forty got their numbers out yesterday - with the exception, of course, of the now suspended MoneySwap (SWAP) and Asian Citrus (ACHL) whose auditor is taking a rather close look at the bank accounts. The ouzo will have to wait, but the pop-corn went down well anyway. Included in the last-minute Charlies was Taihua (TAIH) and a rather large looking Red Flag is to be found here. Let me explain….
If you are someone who thinks that playing by the rules and being honest makes sense in the UK reguolatory environment think again. Just look at the much ramped Main Market listed fraud Worthington (WRN). Let's start with the latest news from the UK Listing Authority which came out at no-one is watching O'Clock on Friday.
Tern plc (TERN) investee company Cryptosoft Ltd as was (now Device Authority Ltd) has filed its accounts for the fifteen-and-a-bit months to Dec 2015 and the picture painted is not pretty. Nor is the cross-match (or lack of it) to the accounts of (then) majority owner Tern plc. Call me a pedant, but surely the investment by Tern into the share capital of Cryptosoft at period end should not exceed the total of share capital and share premium, should it? Oh, and then there were a few balance sheet issues.
Yesterday I pointed out that the RNS relating to the supposed $5.2 million order that AIM listed fraud Cloudtag (CTAG) had secured from UK distributor had, within months been shown to be a lie - as you can see HERE the guaranteed quarterly order just had not occurred. Now let's move on to whether Second Chance has any chance of fulfilling the "guaranteed" $5.2 million order for calendar 2016. Let's go to Companies House.
(Sub-) standard-listed Rockrose Energy (RRE) has posted half-year numbers to June 2016 which show a loss of £303,344. The company came to market on 13 Jan with a business strategy of targeting acquisitions to deliver shareholder value – in other words it is (pro tem) an investing company with much to commend its inclusion in Cynical Bear’s Sub-Standard XI. Since listing it has yet to announce a deal and having raised £4.4 million (before expenses) it finished the period with net assets of £3.9 million, and just £3.1 million of cash.
Shares in former AIM Cesspit poster-boy Daniel Stewart Securities plc (DAN) were booted off the exchange back on 22 Jan 2016. That must have been a tad galling for Quindell (QPP) fraudster Rob Terry and his henchmen at Quob Park Estate Ltd, which had previously suggesting that there was upside to 10p a share on offer. Having been suspended in October 2015 for failing to publish accounts (still outstanding, by the way), the loss of Beaumont Cornish as Nomad in December put the final nail in the coffin.
I just love Companies House. You can flick through so many companies in just a few moments and last night I came across a share allotment filing for ex-AIM Casino stock Teathers Financial (TEA) which turned up out of the blue only yesterday, and was filed on 25 June 2016 – just two days after Justin Drummond stepped down from the board. It seems that 3.05 million shares were issued on 29 Sept 2015. So why does this smell so badly of anchovy-stuffed rotting kippers?
Well, well – another twist in the formerly AIM-listed Teathers (TEA) saga has emerged, as a wander through Companies House filings reveals that a certain Mr Jason Drummond quit as a director on 23 June 2016 (last Thursday), ahead of the forthcoming sack-the-board EGM on Tuesday. The question, of course, is why?
This morning saw AIM-listed ValiRx (VAL) appoint Beaufort Securities as Joint Broker. This coincided with a quarterly update RNS full of good news and Beaufort included a generous write-up in today’s morning note, with a “speculative buy” rating. All jolly good, but I fear that yet more errors have been made by the company.
Delisted from AIM and so now only listed on the ISDX lobster-pot AfriAg (AFRI) published its FY15 Annual Report the other day. You can read it HERE. There remain plenty of unanswered questions (see HERE) but on one point the Annual Report reveals an extraordinary cynicism in the boardroom as it was before former Exec Chairman David Lenigas departed the scene.
On Thursday of last week AIM-listed investment company Tern (TERN) announced the acquisition of Flexiant Limited. It looks a bit of a complex deal, but the question in my mind is what Tern has actually bought? And since Tern already has a holding in the parent company of Flexiant, how does it leave that looking?
A curious filing has appeared at Companies House with regard to our dear friends at Daniel Stewart (DAN), the formerly AIM-listed company which used to be a Nomad, used to have a Nomad and which is still a Broker. Back in January a debenture in favour of the mysterious Asian outfit Epsilon appeared at Companies House: it seems that the parent company had entered into an arrangement with its largest shareholder in return for a charge over all its assets, as was covered at the time by Tom Winnifrith. Now we appear to have one covering all the assets of the only operating subsidiary.
Shares in the former AIM-cesspit company Daniel Stewart Securities plc (DAN) were booted off the Casino in January this year after its latest – and last – Nomad, Roland “fatty” Cornish, found it all too much and resigned last December. Losing two Nomads in the space of just eight months proved terminal and the company was unable to find another Nomad prepared to represent it.
After-hours last night (5pm) AIM-listed ValirX (VAL) announced a second batch of loan conversions under its £4 million (except it is up to £8.6 million) funding deal with Bracknor. It was at just 7.4p so it is no great surprise that the shares are down at 8.625p mid (last seen) having closed last night at 9.25p. But then there are those warrants….does anyone have the slightest Scooby of what’s going on there from last night’s announcement?
Quob Park Health Limited was incorporated on 31 March 2016, but thus far there is no sign of Rob Terry being directly involved. Not on the surface, anyway, but digging a little deeper there are a few links. One wonders what is going on?
Yesterday I had a few comments to offer with regard to AIM-listed ValiRx (VAL) and its £4 million (or is it £8.6 million, or is it £8.6 million plus proceeds from exercise of 5 million warrants at 9p?) CUL deal with Bracknor. My fear is that details of that deal offered up in the RNS of 21 March 2015 look (from Friday’s RNS) to have been incredibly lacking. But wandering over to the Companies House website leaves me wondering if the company can’t get simple Companies House filings right, what hope is there for the mechanics of a complex CUL deal to be fully understood and conveyed to shareholders?
Tom Winnifrith has already raised enough Red Flags with regard to AIM-listed Servision (SEV) to have one reaching for the longest bargepole in the boathouse. But looking through its Companies House filings it would appear that all is not well in the administrative department.
That soft spot for fully listed Telecom Plus (TEP) is hardening. Looking at Companies House filings and analysing accounts seems to present a less than convincing case that the company can afford to repay its loans and continue to meet its progressive dividend policy, especially in the light of the (as yet, still) unannounced new borrowing facility of £150 million. But today it is time to look into the company’s investment into Opus Energy. Oh goodie: another excuse to trawl through Companies House filings. Anorak at the ready….
This is quite simple. Either Oxi - the company reversing into 3Legs (3LEG) has filed monstrous lies at Companies House or Jim Mellon's 3 Legs has told monstrous lies to AIM. It is one or the other there is no third way and as such 3Legs needs to re-issue its RTO document to explain who was lying and why? In part 1 of this series I demonstrated unacceptable greed and Companies House filings that DO NOT ADD UP. Now here is the killer.
With a hat tip to a reader who is clearly as much of an anorak as I am, I trek over to Companies House and discover that on 9 February, shortly after its piss poor interims, folks behind Avanti Communications (AVN) established three new Companies. Hang on Henry, what on earth is David Williams, the most bombastic CEO on AIM up to?
Since raising a few questions over a new £150 million loan facility which fully-listed Telecom Plus (TEP) has not yet announced but is filed at Companies House (see HERE), I had a Broker note and some comments from an analyst (see HERE) drop into my inbox. But some more numbers arrived the other day.
Shares in fully listed Telecom Plus (TEP) seem to have fallen off a bit a cliff over the last few weeks. I’ve not seen anything terrible in the way of RNSs to explain it and although falls in the wider market would contribute to weakness a 20% drop seems hefty. But I did turn up something at Companies House which I think the company should explain.
Following on from kicking the tyres at AIM-listed investment vehicle Tern plc (TERN) which took a quizzical look at the accounts of Flexiant Corporation (and its subsidiary), we have had a note through from a reader. I wondered what a consolidated balance sheet might look like for a company which has about £12 million of current assets in the form of a loan to its subsidiary – but which the subsidiary reports as a non-current liability (for the same accounting period). Over to our reader…
Quindell Financial Services is alive again! Yes the vehicle ex CEO Rob Fielding used to trouser a £2 million hidden bung is back from the dead. After having been struck off by Companies House on 17 November 2015 it has been restored back on the register of companies on 3 February 2016. Would this have occurred without Shareprophets persistent questioning of Lord Michael Howard on 21 November 2015 (HERE). Perhaps not as you shall see.
AIM-listed investment company Tern currently (to my knowledge) has four investments in its portfolio. Cryptosoft gets the lion’s share of the attention, but the other three (Flexiant, Push Technology and Seal Software) perhaps merit a look. A couple of things struck me as very unusual with Flexiant (HERE) - I did not under the accounting and had difficulty with the valuation but what of the others? Let’s take a peek at Seal Software Group Limited.
I exposed the massive panama pump fraud at TMC Southern and Quindell (QPP) back in August 2014 and Quindell/Watchstone (WTG) now admits I was 100% right - having first said it would sue me for libel. It would be appreciated if the new management might apologise for that. Now we have some answers as to why TMC has not been struck off despite now being late on THREE sets of accounts. Companies house and I have swapped emails.
We really have not had enough coverage of (now) delisted from the Casino Daniel Stewart (DAN), have we? We already know that the accounts for the year to March 2015 are overdue by four months (and counting) but I note today that its Annual Return is now also marked as overdue by Companies House. One wonders how long it will be before Companies House files a first gazette notice of compulsory strike-off.
As you will remember, the failure of Worthington (WRN) to file its accounts for the year to September 30 2014 had brought it to the attention of the Prosecuting Solicitors Department at Companies House. The story continues.
We still don’t have an answer to the question posed regarding a share issue of 700,000 shares at 50p a pop in November 2015 (ignored in the Admission Document). Nor do we have an answer to the question over how share with a nominal value of 0.5p were consolidated 4:1 into share of 20p. I would argue that the Companies House filings of LSE Main Market (Standard) Listed RockRose Energy (RRE) has serious questions to answer. Who benefits from the Employee Benefit Trust is (at least for now) in no longer a question – but there another error.
The fraud that created nearly all of the fictional profits reported by Quindell (QPP) in 2011 was the panama pump involving Mark Ford's TMC Southern. I exposed it HERE in August 2014, got a fascist lawyers letter in response, and Quindell admitted that my allegations were correct in the summer of 2015. But still Rob Terry and his pal Mark Fraud are trying to cover up this ford. Check out Companies House HERE
Tom Winnifrith has already raised a few awkward questions about ShareProphets AIM-China Filthy Forty play Taihua (TAIH) HERE when he discussed how a profitable company (from China) with net cash of £2.5 million (as at June 2015, so we are told in the Interims) is only valued by the market at about £1 million. Yesterday saw a statement which brought to mind the now executed F40 company JQW. It all rather suggests that there is no earnings visibility and as such I would suggest that the stock could well be worthless.
We have already flagged up a bit of a mis-match of data between the Admission Document and the Companies House filings of the newly floated RockRose Energy (RRE) on a Standard Listing of the Main Market of the London Stock Exchange – see HERE. But on the day of that first article, Companies House later showed that a correction had been filed (on 7 Jan 2016, as it turns out). A further filing appeared the next day (filed on Christmas Eve). What it seems to show is that the Admission Document was just plain wrong. Or the filings are wrong – even after the correction. This is turning into a farce from Andrew “Piggy” Austin, formerly of IGAS.
Oh dear, looks like a few more troubles at 't mill for joke company Worthington Group (WRN). Last week I asked why Worthington had not been dissolved for failing to file its accounts for the year to September 30th 2014. It seems as if the wheels are turning at Companies House in Cardiff...
I raised questions over the veracity of either the Admission Document or the Companies House filings (HERE) of disgraced former Igas boss Andrew "piggy" Austin's new vehicle, RockRose Energy (RRE) with its Standard Listing on the main board of the London Stock Exchange. Now it seems that there are one or two corrections being processed by Companies House.
This morning saw the return of Andrew “piggy” Austin of IGAS infamy to the London Stock Exchange with the Standard Listing of his new vehicle, Rockrose Energy (RRE). Incoming punters paid 50p a share for (at best) about 41p of assets – nice work for the Broker, Macquarie Capital. But there are a few problems which arise when comparing the Admission Document (HERE) with the company’s Companies House filings. For starters, what is the nominal value of the shares? Is it 2p or 20p? And just how many shares have been issued? This looks to be a pig in a poke.
The Year end of Worthington PLC (WRN) end was September 30th. But as yet we have not seen an annual report. For the avoidance of doubt I refer not to the year ended 30 September 30 2015 but September 30 2014.
Having posed a few questions over the change of auditor already, another one crosses my mind. It concerns dates. We have already seen that AIM-listed Inspirit Energy Holdings (INSP) mis-stated in its results RNS of New Year's Eve that both the 2014 and 2015 acounts had been audited by Welbeck. Yet we know that the 2014 accounts were audited by PKF Littlejohn LLP - and elsewhere in the results RNS we are told that PKF resigned during the year. Something is wrong somewhere! One could explain this away perfectly reasonably, of course, by postulating that it was just a cut-and-paste error with regard to the statement about Welbeck. But there are a few more details....
AIM-listed Inspirit Energy Holdings plc (INSP) has confirmed that its change of auditor was due to the resignation of PKF Littlejohn. There is a statement in FY15 accounts that the auditor was appointed during the year following the resignation of PKF Littlejohn LLP. But that means that PKF resigned during the year to way back in June 2015. When an auditor resigns there is supposed to be a filing to Companies House to that effect, with an accompanying letter from the retiring auditor giving the circumstances relating to the resignation, or a statement that there is nothing to be brought to the attention of the members or creditors of the company. Those are supposed to be filed to Companies House within fourteen days. Here we are more than six months later: where are they?
I have already flagged up enough Red Flags with regard to the ex-Lenigas play, AIM-listed Inspirit Energy (INSP) - see HERE and HERE - to consider it a share to keep well clear of even Desperate Dan's bargepole. But a change of Auditor is also a Red Flag, and there appears to be no statutory filing showing on the Companies House website to explain why PKF Littlejohn LLP is no longer in post.
On 3 Feb 2014 the then AIM-listed Lenigas ramp UK Oil and Gas (UKOG) announced that it had purchased a 6% stake in Angus Energy Limited (now called Angus Energy Holdings UK Limited) – see HERE. The price disclosed for this transaction was £368,000, to be settled in UKOG shares to be issued at 0.8p (implying the issue of 46 million shares).
While Big Dave Lenigas was still running the show at AIM-listed UK Oil and Gas (UKOG) two RNSs were released on 10 June 2015 which announced a placing of 266,666,667 new shares at a price of 2.25p per share. AIM confirmed the admission of those shares to trading on the morning of 17 June 2015. So where is the Companies house filing for this?
Naturally, ShareProphets is delighted to have been able to assist the Boiler Room in the Lenigas stable of AIM-listed companies, Inspirit Energy (INSP), in keeping up to date with its Companies House filings. Shareholders will be relieved to learn that it has now filed its Annual Return. But it has also filed a couple of Share Allotment returns....and the numbers don't seem to add up, unless you are a keen disciple of Leni-maths.
Fraudster Rob Terry's new outfit in Hampshire, Quob Park Estate, has been at it again - issuing shares on the same day at very different prices. No doubt the recipients of the confetti wll be delighted with their purchases.
Oh dear, as if David Lenigas hasn't got enough on his plate already it appears that AIM-listed Inspirit Energy (INSP) has a pressing issue to deal with. For it seems that it has received a notice for compulsory strike-off - see HERE.
Thanks to an avid reader I have been alerted to a very interesting filing at Companies House from Quob Park Estate. Anoraks of the world unite at ShareProphets! It concerns the issue of 2,855,566 shares in Quob on 29 Dec 2014. The consideration was originally notified (see HERE) as being the ratio of Quob Park Estate Limited shares issued for listed securities to settle consideration value of £2,855,566 (with roll-over relief claimed). But a replacement filing now notes simply a cash consideration of £1 per share (see HERE).
Yesterday we revealed how the latest acquisition announced by Lenigas Cuba (CUBA) was a joke. Big Dave reckons the company has been trading for 12 years but in fact it has been dormant for 11 years and has zero cash. The canard is exposed HERE. But, happily, for me, it gets even worse.
AIM-listed but currently suspended (for the second year in succession for failing to publish accounts on time) Daniel Stewart (DAN) has issued the most bizarre RNS explaining the issuance into Crest of 1,666,666 shares which do not appear to have been allotted, according to Companies House filings. Further, the recipient of the shares seems to be unable to return the stock. The statement - which raises all manner of questions - reads:
What a staggering set of RNS releases this morning from AIM fraud Globo (GBO). First we have the near admission that the fraud allegations are substantially true. Then we have the resignation with immediate effect of joint Broker to Globo, Cannacord – just as Cannacord resigned the Quindell (QPP) account when the heat was really on. And to cap it all - the cherry on the icing on the cake - news that Globo’s erstwhile CEO, Mr Konstantinos Papadimitrakopoulos, had been covertly selling down his holding of shares before the arrival of the bear report from Quintessential Capital Management. But when was he selling?
Oh dear, oh dear. On 1 October shares in AIM-listed Daniel Stewart (DAN) were suspended for failure to publish accounts on time for the second year running. In between times it was suspended again after its previous Nomad resigned. Three suspensions in thirteen months does seem to be a tad careless, does it not? But the 1 October RNS told us that The Company is working on the conclusion of a funding package that it expects to announce shortly, following which it expects to be able to publish its FY 2015 Accounts and resume trading on AIM. It is now 18 October. Well, where is it? Are there a few issues going on behind the scenes that we have not been told about?
My understanding is that share allotments have to have a corresponding filing submitted to Companies House within a month. So I wonder why, given that AIM Cesspit listed Daniel Stewart (DAN) has had three rounds of confetti (and counting) this year, why there are thus far no share allotment filings showing on the Companies House website.
At risk of being accused once again of being a Companies House anorak by Tom Winnifrith (pots, kettles?) I note some very interesting filings by Rob Terry’s Quob Park Estate regarding shares in Daniel Stewart (DAN) and Rob’s old mucker Mr Mark Ford. Oh dear Rob's been a naughty boy again.
Tern’s jewel-in-the-crown investee company, Cryptosoft, appointed a new Company Secretary on 24 July this year in the form of Gravitas Company Secretarial Services Ltd. They seem to have had their work cut out, as we shall see. But in the process of filing various amendments to Companies House a few questions are thrown up over Tern’s investment into Cryptosoft. And then it is back (yawn, yawn) to those pesky warrants where is starts to look as though the giveaway was less accidental than first appeared.
Whilst we wait to see whether there might be some need to restate the accounts of either AIM-listed Daniel Stewart Securities plc (DAN) or its wholly owned and main trading subsidiary, Daniel Stewart and Company plc, we have been treated to an RNS last week that the companies have moved their registered offices. But there seems to have been a spot of confusion as to the new address.
We have pointed to a number of anomalies in the accounts of AIM Casino listed Daniel Stewart Securities plc (DAN) and its main trading subsidiary Daniel Stewart & Company plc. The share capital of the latter appears to be in a complete mess, as described HERE. There looks to me a mis-match of numbers between the parent and the subsidiary, as described HERE. And it would appear that the subsidiary accounts (which were filed to Companies House 11 months late, and four months after the parent accounts) are riddled with errors, as described HERE.
The FY14 Accounts of AIM Cesspit posterboy Daniel Stewart Securities plc (DAN) and its main trading subsidiary Daniel Stewart & Company plc (DSC) look to be in real trouble. One wonders how new Auditor PWC passed them, given anomalies already highlighted HERE. But it gets worse. With thanks to an avid reader – let’s call him David – there are yet more questions to ask as a result of a devastating analysis. I have added a few comments [in bold] but I leave the rest to ‘David’. He writes…..
It looks like Rob Terry and the old Quindell (QPP) gang are getting back together with news that Stephen Scott has been appointed as a director of Quob Park Estates. Of course, this being a Rob Terry vehicle there are one or two problems with the manner of disclosure...
Following on from THIS ARTICLE from earlier today, I have written to AIM Regulation and asked them to step in. This is an important matter, because shareholders in AIM-listed Tern plc have just seen more than 1% of their company near-enough handed out for almost nothing, by way of an unexplained warrant exercise which they would have been unaware of. This is not an acceptable situation because the implication is that ownership rights on AIM can become arbitrary.
Finally, dated 26 August 2015 – eight months late and four months after the parent, AIM-listed Daniel Stewart Securities plc (DAN) accounts were filed – we have the full year accounts for Daniel Stewart & Company plc to 31 March 2014. Two sets of numbers previously highlighted do not stack up. Perhaps there are more, but this will do for starters - along with an un-notified change of auditor.
In my last piece on ex-AIM Casino Gate Ventures (GATE) HERE it was noted that despite an apparent market capitalisation of £343 million as reported by Gate’s new listing venue (BritDAQ), there were surely only around £12.5 million of assets. There were some filings to Companies House which I had expected to find, but (thus far) are missing. But there are some strange anomalies in the filings to Companies House by Gate Ventures regarding its recent placement of 1.5 million shares at £6 a pop. Apparently, there are no new shares in existence as a result. Something is not right here.
Hat-tip to eagle-eyed ‘Keith’ in the comments section of my last piece on Daniel Stewart Securities plc (DAN) HERE, my question over how a £1 million share issue to the parent by subsidiary Daniel Stewart And Company plc was accounted for in the parent FY14 accounts has been answered. It is a bit complicated, but worth looking at because it appears to raise a few more questions.
This new free service from Companies House is great: not only does it cost nothing to use, it is just so much faster – see for yourself HERE. And that brings me to Daniel Stewart (DAN), where a couple of things caught my eye.
I have already pointed to few problems (HERE and HERE) with Tern’s Annual Report for 2014 which was published last week. I have already shown why I would question the c. £50,000 loss for the year, because £36,000 seems to have been counted twice, and that a Companies House filing contradicted the claimed price at which shares were issued to the vendor of the majority stake in Cryptosoft. That raises questions over the stated NAV per share. But there also a spot of accountancy trickery in the liabilities. And how much of the claimed £332,000 has Tern actually put into Cryptosoft?
Yesterday, Tues 10 Feb 2015, Tern (TERN) published its annual results for calendar 2014. I am spoilt for choice as to where to start. So let’s start with how investors have been rooked over the year.
It is probably the least of the problems of the insider dealing fraudster Laurence Moorse at Quindell (QPP) but he really does seem to be in a spot of bother with Companies House over non-disclosure at Ingenie. What is Larry so desperate to hide?
On Friday I highlighted a number of inconsistencies in two RNS released by Tern plc (TERN)regarding the acquisition of Cryptosoft and issues of shares which you can read HERE. It gets worse.
Readers may remember my articles last year which raised serious issues over the insolvency of Digital Learning Marketplace plc (DLM) in 2012. Since DLM collapsed its former chairman, Mr Angus Forrest, has moved on to a company called Tern (TERN) plc, where he was elected to the board on a prospectus which claimed that DLM had been sold. It was not: it was insolvent, and was restructured to a cash shell and put through a CVA before returning to the AIM Cesspit where it remains today, now under the name of Alpha Returns Group plc (ARGP). I’ve been looking at some recent share issues by Tern.
Thanks to Paulie Walnuts for this gem on Quindell (QPP). What on earth can it be trying to hide at Himex? The scale of the panama pump perhaps? Over to Paulie:
I guess the in-tray for Laurence Moorse, the insider dealing Finance Director at Quindell (QPP), is getting to be a little on the bulging side: folks owed £180 million by the cash strapped company demanding immediate payment; letters from the FCA, letters from AIM regulation, the PWC memos on his dodgy accounting and now to add to his woes …Companies House has confirmed that its on his case.
In the light of yesterday’s piece on boardroom piggery, wrong figures in RNSs, incorrect data given to Dart’s shareholders etc – you can read it HERE I have now checked through all IGas’ share issue announcements and Companies House Filings, with particular regard to the holdings and ‘interests’ of CEO Andrew Austin.
I noted in my article HERE that the company formerly known as Digital Learning Marketplace plc (DLM), then Shidu Capital plc (SDC) and is now called Alpha Returns Group plc (ARGP) has a subsidiary called Shidu Investments Ltd, which filed just an abbreviated balance sheet as its annual accounts to April 2013 under a smaller companies exemption. But as part of a group of companies containing a plc this exemption does not apply. I wondered why the board of Shidu Investments had seemingly broken the rules: was there something to hide?
Tom Winnifrith has described in detail how Ingenie, a subsidiary of Quenron (QPP) filed an abbreviated set of numbers for its 2013 Accounts to Companies House, claiming a smaller company exemption when it was not entitled to as it was part of a group of companies which included a listed plc – and, indeed its business was in insurance. Tom wonders why – is somebody trying to hide something? But is is not just Quindell which seems to be playing this game….
Quindell subsidiary Ingenie Ltd (of Gary Lineker fame) has filed its calendar 2013 accounts at Companies House but this is a spectacular own goal as it has hidden the full ghastly truth from investors. In the words of Alan Hansen “shocking defending” by Rob Terry.
Quindell (QPP) has even more subsidiaries than I thought. And now the subsidiaries are starting to have subsidiaries. And more have been started this year. Think of rabbits breeding. You start with just one pregnant female and pretty soon you are swamped. Okay the interbreeding causes a few problems down the line but that is Quenron in a nutshell.
I am afraid that my lead hit a dead end so there is no nuclear hand grenade for Quindell (QPP). Yet. However ….
So what is Quindell (QPP) trying to hide now? I guess that Rob Terry is getting a bit pissed off that I keep unearthing red flags in the regulatory filings of his 54 subsidiaries ( or is it 57, you kind of lose count). But in trying to reveal as little as possible it seems that the Quinnovation Group is now in a spot of bother with Companies House.