Yesterday afternoon, at 3.41pm (no-one-is-watching o’clock on the penultimate trading day before Christmas) AIM-listed John Zorbas vehicle URU Metals (URU) announced that its shares would be suspended as from 3 January 2023 as it is still unable to produce its accounts, even after a three-month extension. The announcement, if you read between the lines, was utterly grim.
AIM-listed Trafalgar Property (TRAF) has released a statement detailing a debt consolidation which will offer some comfort to shareholders as they consider the negative net asset position of MINUS £3.3 million and negative net current asset position of MINUS £345,000 as at the last results (interims to September 2021). But I fear that it will make little difference.
I noted yesterday that FY results from sub-Standard-Listed AIQ (AIQ) were due today. To leave one’s results to deadline day is of itself at Red Flag, but a brief nose through the numbers what a horrific shambles has been made of this VSA Capital/ Andrew Monk IPO from 2018. Fortunately, ShareProphets readers were warned right from the off.
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.
AIM-listed St James House has updated on trading in its AGM statement issued today. Except it doesn’t! And how are the financials looking? Er…. And if that is not enough to make shareholders run for the hills, there is the small matter of a boat-load of equity at just 10p waiting in the wings, with the shares currently at an amazing 55p!
AIM-listed John Zorbas POSURU Metals (URU) has announced the issue of a stack of shares to settle directors’ fees and those of an adviser this morning. That to add to yesterday’s paltry subscription shares raising just £280,000 (before expenses). I would suggest that this latest splurge of confetti shows just how badly screwed the company is.
It was announced this morning that AIM-listed Advanced Oncotherapy (AVO) has drawn down an initial $10 million on its secured convertible loan package totalling $30 million with Nerano Pharm – a financing vehicle wholly owned by significant shareholder Seamus Mulligan. So is this a death spiral, and what’s the catch?
AIM-listed Greek resort outfit Minoan (MIN) has released news this morning of the refinancing of its pre-existing debt which used to be held by Hillside. The old lenders have gone and, mercifully, so have the stranglehold terms that came with the deal and in comes a new lender in the form of a outfit called DAGG LLP. The cost has been high, but the end result makes this well worth it.
AIM-listed Vast Resources (VAST) has, to say the least, a chequered history when it comes to raising convertible funding, with a string of highly dilutive deals in the past which often were then binned and in the past it told shareholders it would not do any more. But it did. Or, rather, it announced a deal on 24 October but almost two months on, no cash has appeared. Except that the deal was first announced on 1st October.
It seems that someone wants out of ShareProphets AIM-China Filthy Forty play China New Energy – the shares plunged 18% yesterday to just 1p on no news. And yet only on Monday we were told that some outfit in the BVI had offered up a £1.118 million loan “for general corporate expenses”, convertible at 4.7p upon a listing in Asia. This, from a company which claims to be profitable!
Congrats to Kibo Mining (KIBO) for being the first of my preview targets to release results this week and, as my preview predicted, cash was pretty sparse, hence the £500,000 new funding announced this morning. Not a bad deal all in all but not sure what the directors are playing at.
At the new no-one-is-watching o’clock of lunch-time yesterday, ShareProphets AIM-China Filthy Forty play All Asia Asset Capital (AAA) announced that it had received £100,000 in the form of a convertible keep-the-lights-on loan from an entity controlled by an un-named shareholder. One assumes that it must be a very small shareholder as there was no Related Party Transaction statement, but the terms suggest that the company is in a spot of bother. Er, actually a serious spot of bother.
Following on from the release of its FY15 numbers two days ahead of the reporting deadline, AIM-listed e-commerce technology operator Cloudbuy has put out its interims to June in rather more expeditious fashion. Having previously noted the jam-tomorrow qualities to be had, is there any sign of the lorry-load of conserve on the horizon?
AIM-listed jam-tomorrow investment company Tern plc (TERN) released its interims to June 30 2016 this morning. Once again the company has to be commended on the speed with which it gets its numbers out. As expected there is a large paper profit, no cash and the promise of future dividends despite a lack of cash and hefty retained losses. As to the profit…..