Keyword results: directors

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Edge VCT – Still On Edge As A Total Shambles Emerges

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.

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Edge Performance VCT – Fund Manager David Glick Hits Back Over “Untrue And Deliberate Disinformation” About Sir Peter Bazalgette

An email from David Glick, the founder of Edge Performance VCT (EDGH) and the founder and CEO of the VCT’s investment manager, noting untrue and deliberate disinformation about Sir Peter Bazalgette, a so-far unelected by the VCT’s shareholders director of Edge Performance VCT and Chairman of FTSE100 stalwart ITV (ITV) has turned up at ShareProphets Towers in the run-up to Edge’s reconvened (from August!) AGM and the sack-the-board EGM to be run the same day, 17th January 2022. He is not pleased!

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EXPOSE: Tern – Snouts in the Trough!

I mentioned en passant in yesterday’s expose of an accounting Red Flag at AIM-listed Tern plc (TERN) that one of the surprises in the FY20 Annual Report of Tern concerned boardroom pay. For FY19 the total cost of the directors came in at £409,300. So what happened to the directors’ costs as Covid struck?

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BOOM: Tern – more Red Flags vicar as another investee files diabolical accounts

AIM-listed jam-tomorrow (or never) Internet of Things investment company Tern plc (TERN) has seen its shares continue to crater – the shares are now, at 6.7p, well below the last placing price of 7.5p. Meanwhile investee FVRVS Limited (Fundamental VR) has filed its 2019 accounts……and…..oh dear!

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Neil Woodford Dog Verseon releases FY18 numbers. Material uncertainty? You bet…..

Tom Winnifrith and I have already stuck the boot into Woodford Dog Verseon (VERS, but formerly VSN) as it raised yet more cash to keep the lights on in March. Of course, that fundraise fell to Neil Woodford who ponied up 105p per share for 7.5 million shares of the 7.7 million share issue. That was bad enough, but being near-enough the only investor in town (armed with other people’s money) he coughed up 105p per share when they were trading at 74p – madness!

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OXH
OXH
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Oxford Technology VCT 2 – an unlikely candidate for a prize?

Those who have been invested in any of the four Oxford Technology VCTs might wonder how the second of those, Oxford Technology 2 VCT (OXH) has been nominated for an award at the forthcoming Investment Company of the Year Awards on 21 November. After all, the long-term performance had been pretty dreadful until a quiet revolution took place in 2015.

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Filthy Forty China New Energy FY17 numbers: Red Flags for breakfast?

ShareProphets AIM-China Filthy Forty play China New Energy (CNEL) put out its full year numbers for 2017 at 7am on deadline day, last Friday. It boasted significantly increased revenues and profits, so all’s well? Er…

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The WPCT scandal – Shareholders should contact the Board and the FCA immediately

I’m not normally one for emotive comment but my “Big Short” thesis at Woodford Patient Capital Trust (WPCT) is playing out almost exactly as I anticipated, albeit more quickly than I imagined, and it is an absolute scandal, make no mistake. All shareholders should be seeking redress and recompense immediately. Let me explain.

Conroy and Karelian lifestyle companies produce results in a sea of Red Flags. 2: Conroy

Yesterday I described the FY17 results of Karelian Diamond (KDR) and a series of Red Flags to be found. Today we look at its stable-mate, AIM-listed Conroy Gold and Natural Resources (CGNR) and find a similar story. It is a car-crash festooned with more Red Flags.

CNS
CNS

Corero – attempted General Election results day options re-pricing sneak-out

Corero Network Security (CNS) “announces that certain existing options over ordinary shares… granted to certain directors of the company have been cancelled at the directors' election and new options over the same number of ordinary shares have been granted to those directors at a revised exercise price”. Hmmm, “cancelled at the directors' election” and re-granted at a “revised exercise price” announced on General Election results day. I’m guessing the exercise price hasn’t been “revised” upwards!...

GetAFix

Tom Versus Malcolm. The Big Refugee Row Boils On.

Hello Share Twiddlers. Well, that didn’t work did it?  I had no support among the folk who kindly commented on my weekend piece which urged wealthy shareholders to make a contribution to prevent starving in Calais. And Tom wrote a detailed piece disagreeing with me. And it’s true that the Calais folk are mostly migrants from countries which are not being bombed. It was easy to construe from my piece that they are nearly all from Syria, but this is certainly not the case, and I regret not making this clear.

Fitbug – having shunned equity-risk, it’s instead vast risk-free exposure for the directors

A couple of weeks ago I commented on directors at Fitbug Holdings (FITB) not taking the chance to demonstrate their confidence in the June results statement pronouncement that “the building blocks of a successful business are now in place” - see HERE. Now they've granted themselves significant share options! Unlike those who invested meaningfully in the fundraising, it’s vast risk-free exposure for management here...

Chocolate-Teapot

Why AIM’s woeful regulatory environment makes it a hotbed of FRAUD.

It seems that we at ShareProphets are not the only people concerned about the amount of fraud we see on the London markets – and, in particular, on AIM. We have seen the horror of the biggest stockmarket fraud for thirty years (Quindell, QPP – now Watchstone, WTC) unfold before our very eyes and yet as Tom Winnifrith doggedly banged on the doors of AIM Regulation and the FCA they did nothing and the frauds continued unchecked for far longer than they otherwise would.

Manx-Kippers

The murky world of bucket shop placings and warrants

If you didn’t know that the AIM market was highly regulated by the FCA, you could be forgiven for thinking that some companies exist purely to generate fees for the directors and brokers.

GLS
GLS

Galasys – court update on farcical boardroom bust-up

We have previously reported (HERE) on the farce that is AIM-listed Galasys (GLS), the company where two directors were announced to have stepped down only for those directors to resort to law. There are three sets of legal proceedings – in the UK, Jersey and Malaysia and the company updated the market on Friday morning: it looks set to drag on for some time. Just who is in charge in the meantime? Anyone?

GLS
GLS

Galasys – curiouser and curiouser, cried Alice

AIM-listed China and Malaysia hybrid Galasys (GLS) is turning into a fascinating soap-opera and the entertainment was turned up another notch yesterday. Entertainment for onlookers that is, but not for shareholders who might be more than a little concerned at the ongoing difficulty in establishing quite who is in charge – or, at least, who should be in charge – of the company.

GBO
GBO

Prevention of Fraud and/or Error: are auditors a pointless waste of money?

The Globo (GBO) scandal brings up the issue once again of what an auditor is there to do. Yesterday’s admission that, essentially, Globo’s accounts could not be relied upon suggests that there has been a massive failure. Auditor there: Grant Thornton. But Globo is by no means the only case of investors being misled as to the true picture in a company’s accounts.

TXO
TXO

TXO - is this the end my friend?

In my last article o this zombie company I asked whether Halloween would be the final date for TXO?  It would certainly look as though the Board of TXO believes it will be.  On 20 Oct 15 three of the NEDs walked.  They were:

The Tern warrant mystery – an Open Letter to AIM Regulation

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.

Pig

The Sort of Director who does not get it, who wants only upside risk

I wanna tell you a story…it is a true story but not from the great Max Bygraves. It is from me and from a company meeting a while back and it is why I almost despair of some on public markets.

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