Re-reading the announcement from AIM-listed jam-tomorrow investment company Tern plc (TERN), calling a General Meeting to approve the issue of more confetti, I notice that there is a major omission, the significance of which underlines the slam-dunk sell status of this stock for me.
AIM-listed jam-tomorrow Internet of Things investment company Tern plc (TERN) is in real trouble. It is short of cash, can’t issue shares, its investees continue to burn cash meaning cash-calls imminently and Tern’s “up to….” £3 million lending facility is also in trouble due to the company’s inability to issue shares. It is a perfect storm which is set to get worse. Here, in detail, are the reasons this bulletin board darling is a slam-dunk sell as it struggles with four major financing issues.
Sub-Standard Listed AIQ (AIQ) with its dodgy history released its interim results to April revealing that the Fat Lady has finished her warm-up and is ready to enter stage left. There is an old saying that when good management combines with a bad company, it is the reputation of the company which prevails…..
Before Covid struck I took a liking to fully-listed ITV (ITV) and enjoyed bumper dividends for a while. But then Covid struck and I bailed out. This morning, the company released its interims to June along with an unchanged interim dividend of 1.7p and a promise of at least 5p per share for the full year. At 71.6p per share, that works out at a yield of almost 7%. So should dividend munchers pile in?
On Tuesday at 1pm, AIM-listed URU Metals (URU) – the John Zorbas vehicle which is technically insolvent, has no income and thus far has three listings to pay for – announced to great fanfare that a new airborne survey is to be conducted at the Zeb project in South Africa. But how can it pay?
We all know that Aquis-listed TruSpine (TSP) is in a total mess. Its immediate problem is that its net current assets are well in the red, a loan and funding deal, promised as being “available immediately” in January, hasn’t materialised and now the relationship with the inventor of the company’s products has been terminated by the company (or was that the other way around?) before the long-promised but never delivered FDA application for the products has materialised. So is it, in fact, insolvent?
The comedy continues on the Aquis lobster-pot, where TruSpine (TSP) listed in August 2020 promising to have an FDA-application submitted by year-end for its spinal stabilisation system, which is still outstanding some two and a half years on. Worse still, it needs funding pdq: the fat lady is hovering in the wings right now.
John Zorbas’ AIM-listed URU Metals (URU) this morning finally got around to releasing results to March 2022 (!) and Interims to September 2022 this morning. Both were late, which is why the shares were suspended at the start of the year. The numbers are, of course, dreadful – but the shares remained suspended for a few more hours because the Company had not managed to publish either set of results on its website! What a shambles.
AIM-listed Barkby Group (BARK) slipped out its final results to July 2nd this year this morning, along with the announcement of a revised debt facility – increased by a much-needed £7 million until June 2024. It may be no-one-is-watching day, the last trading day before New Year, but ShareProphets was watching and the results are a horror show – as is the balance sheet.
I have been keeping an eye on Aquis lobster-pot listed Truspine (TSP) for almost two years, ever since it announced on Christmas Eve 2020 that its application for FDA clearance for its Cervi-Lok product would not be in by the end of the year, as promised at its IPO the previous August. The company has been remarkably silent since announcing that its financial position remained weak on 31st October this year. Hmm…….
AIM-listed Jam tomorrow investment company Tern plc (TERN) released awful interim results to June 30 2022 today – there is no jam tomorrow! With negative net current assets and a loss of £2.4 million, a failed takeover and a cash-crisis, it couldn’t get much worse…….but it does!
AIM-listed POS Inspirit Energy (INSP) has updated the market on its waste heat recovery system, telling of great things from trials in Poland and plenty of jam tomorrow. It reads so beautifully: shareholders must be thrilled at being updated. So what’s the catch?
AIM-listed Barkby Group (BARK) has released a trading update for its year ended 2 July 2022, along with an update on strategy. The former sees an unaudited bottom-line loss of £0.8 million whilst the latter implies there has been a strategic review – uh-oh!
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.
AIM-listed Inspirit Energy (INSP) has announced the remarkable achievement of over 30kW from a first stage build test for its waste heat recovery system. Woopie-do! But is this all it is cracked up to be, with the shares up 49% on the news?
AIM-listed Advanced Oncotherapy (AVO) is certainly keeping its Brokers – SI Capital and Allenby – busy. Only in April the company raised £1.7 million, although the funds weren’t in the bank when the announcement went out. In March the company rattled the tin for £2 million – plus an additional loan of another £1.5 million. Now it has rattled the tin once again – to raise just £800,000 (before expenses) as the company strains to keep its head above water.
I commented only last week that whilst the receipt of $748,400 on a loan from Argentina was a welcome development, I wasn’t sure it was enough to keep the wolf from the door at AIM-listed Rurelec (RUR) – the carcass left behind after it was run into the ground by Peter Earl. Today, at 2.38pm, the company slipped out its results for calendar 2021. So how’s the cash position?
AIM-listed Karelian Diamonds (KDR) – the junior part of the Prof. Conroy AIM twosome (the other being Conroy Gold and Natural Resources, CGNR) waited until the last of the Jubilee bunting was being put up at 3pm the day before a double bank holiday (truly no-one-is-watching o’clock) to announced that the final meeting of the Finnish National Land Survey in relation to Karelian’s diamond mine plans at Lahtojoki has been delayed. Fortunately, ShareProphets was watching…..
AIM-listed John Zorbas vehicle URU Metals (URU) has announced yet another roll-over of the particularly advantageous 85p conversion terms on its $500,000 death spiral funding from Boothbay Absolute Return Strategies LP. With the shares currently at 350p in the middle, this is a licence to print money. The giveaway terms are now open to Boothbay until 31 May 2023.
I have been bearish on AIM-listed Yu Group (YU.) almost since the dawn of time. Well, since the company ‘fessed up that it had effectively been making up its numbers and that there was a black hole in the accounts. So is it time to reconsider, in the light of yesterday’s apparently bullish AGM trading update? Not so fast…..
First thing this morning AIM-listed Trafalgar Property (TRAF) announced a board appointment, and the shares shot out of the traps like rocket on speed, trebling in the first two hours of trading. The excitement was to do with the arrival of Dr Paul Francis Challinor as an executive director. Dr Challinor specialises in indoor hydroponic vertical farming – so the tomatoes-in-test-tubes have returned!
OK, we got it wrong over AIM-listed Tern (TERN) and the cost of converting its first round of warrants in Wyld with regard to needing an urgent placing. But the maths still suggests an imminent placing is needed to keep the lights on so whilst we have goofed on the specifics the general point was correct.
AIM-listed jam tomorrow IoT investment company Tern plc (TERN) badly needs to get a fundraise away as the closing date for cashing in its first round of warrants at Wyld, listed on the Nasdaq First North joke market in Stockholm approaches. I reckon it has got at best a couple of weeks and probably only one week before disaster strikes. The only question for me is whether the disaster will be the collapse of Wyld or just a massively discounted bucket shop placing-induced collapse in Tern’s share price.
AIM-listed Advanced Oncotherapy (AVO) finally announced the fundraise that was obviously coming yesterday – at 25p, the nominal price (and the lowest price allowed by law). But the funding round is inadequate and the company will have to return to rattle the tin once again in a couple of months’ time.
Shares in Aim-listed URU Metals (URU) have been on the rise and this morning the company issued an RNS regarding drilling news from 74.8% majority-owned ZEB Nickel, listed in Toronto (ZBNI) regarding the Zebediela Nickel project in South Africa. The RNS is, natch, very positive but I wonder if it really is.
AIM-listed Mediazest (MDZ) announced its full year results to September this morning and the numbers were a horror show. The shares are 18% down as I write, to 0.0775p and there is every reason to expect them to fall further.
I see that shares in AIM-listed Advanced Oncotherapy (AVO) are down to just 26.5p – only a penny and a half above the nominal price. Normally that might not be an issue, but Advanced is a serial non-deliverer of promises and has had to place at regular intervals until now. So what chance a bucket-shop placing to keep the lights on whilst we await the ever-delayed first LIGHT system to even offer a sprinkling of hope for some revenue?
Last week saw yet another RNS Reach announcement from AIM-listed Graphene play Haydale (HAYD). Reach announcements are used for non-regulatory news, ie non-financially significant announcements and advertising, so a deluge of them is a Red Flag for me, indicating it is bucket-shop placing ahoy.
As predicted on this fine website, AIM-listed Purplebricks Group (PURP)’s interims to October 2021 are suitably disastrous. But since the company isn’t bust (yet) the market has reacted with relief and the shares are marginally up on the day, at 20.3p – though a long way shy of the 50-60p they were at only last autumn, and a country mile off the £5 at peak Neil Woodford-ramp back in 2017. The opening preamble tries to polish the turd, but a peek at the formal accounts shows that it lost £20.2 million in just six months. During a housing boom where anything standing sold within hours and average prices roofed it as mortgages were almost free to a good home. Yikes – just how bad might it have been in a slump?!
AIM-listed Yu Group (YU.) has updated the market with a full year trading update for 2021, claiming a very strong performance for FY21, significantly ahead of market expectations….FY21 revenues, profitability….have all extensively exceeded management forecasts. So the coffers are burgeoning with cash, then? Er…..
Sub-Standard-Listed Cloudbreak Discovery (CDL) added yet more Red Flags to its profile this morning on the release of an RNS at 7a this morning entitled “Final Results for the Year Ended 30 June 2021”. Just for a start, releasing FY numbers during no-one-is-watching week as investors are away from their desks between Christmas and New Year is an automatic Red Flag. But the RNS did not contain the results – only a management summary, telling the reader that “A full copy of the results is available on the company website”. Except at 7.30am this morning, that was not the case.
Our old friends at Aquis-listed TruSpine (TSP) have been at it again, releasing interims results to September and announcing yet more delays for its Cervi-LOK product during no-one-is-watching week. Oh, and the cash is running out yet again. What’s not to like?
Last night at 5.11pm – no-one-is-watching o’clock – AIM-listed URU Metals (URU) ‘fessed up that it had taken a C$950,000 loan from CEO John Zorbas last June. That, of course, is a related party transaction which therefore should have been disclosed but rules are for little people…
AIM-listed Mediazest (MDZ) offered up a trading statement yesterday and I wonder why. There were positive noises, of course, but this was a trading statement apparently covering the second half of the year ending 30 September 2021! Last year it offered up its year-end statement, including the second lockdown, on November 12th 2020. Why has it taken Mediazest an extra month in an environment somewhat less affected by Covid this year?
Well surprise, surprise! AIM-listed Advanced Oncotherapy (AVO) has announced that the first fully operational LIGHT system has been delayed from the end of this year to the end of Q1 next year. I noted HEREthat the delay announced this morning was pretty well baked in. Given that we have moved from “could slip into Q1 2022” to “around the end of Q1 2022” in the space of less than two and a half months, it seems to me that further slippage is highly likely. Indeed, despite this morning’s announcement, one wonders whether any progress has been made at all since the announcement of diabolical interims at the end of September. So there will be at least another quarter sans revenue……what about the cash?
AIM-listed URU Metals (URU) – the firm which prefers to mine its own shareholders rather than anything in the ground, according to Cynical Bear – slipped out its full year results to March last night at 5.35pm on deadline day. Truly, this is no-one-is-watching o’clock, but ShareProphets was watching and the numbers are – again – horrendous.
Yet again AIM-listed Trafalgar Property has posted calamitous results in a housing boom, describing the year to March 2021 as “disappointing”, blaming Covid-19 natch. It boasts negative net current assets, negative net assets and it is of no surprise that the auditors saw fit to offer warning of a material uncertainty when it came to signing it off as a Going Concern. What’s not to like?
The last time I commented on AIM-listed Mediazest (MDZ) in May, having previously noted a balance sheet calamity, I called for a statement from the company regarding its chairman, Mr Lance O’Neill and his relationship with Claremont Capital Assets Limited (CCAL) as a related party.Needless to say, we’ve heard nothing from the company about that. This morning, however, we have a trading statement. Given that its next reporting period end is September 30th, one has to wonder why….until you consider its car-crash of a balance sheet. I suggest this is all leading up to a bucket shop special.
AIM-listed alternative energy supplier Yu Group (YU.) has updated the market this morning with a trading statement for the half-year to June. We are told of strong growth in bookings ad revenue with confidence in delivering profitable growth, but whilst cash balances are broadly flat (ie a little down) over the period there is again no discussion of net current assets. So is it just more of the same?
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 jam-tomorrow investment company Tern plc (TERN) has released its Annual Report for FY20, which contains a few surprises (not least of which Boardroom pay) but the shocker is the FY20 accounts which investee Wyld Networks – which Tern claimed a £2 million uplift on – has filed at Companies House. I’m no accountant, but I wonder what Tern’s Auditor, Smith & Williamson, was smoking.
The good Professor Conroy and his team at AIM-listed Conroy Gold and Natural Resources (CGNR) must be feeling very pleased with themselves this morning, as the company announced a decent-sized fundraise to bring in £1.87 million in cash (before expenses) and a debt-for-equity swap regarding outstanding director fees and other debts to wipe out £379,000 of monies due. So does this finally cure Conroy’s long-running illness of technical insolvency, as highlighted by the Auditor in November’s FY accounts to May?
AIM-listed Mediazest (MDZ) has finally released results for its extended 18-month period to September 2020, and the numbers are a calamity as the Red Ink dribbles from every page. Of course, ShareProphets readers were forewarned, so I hope you have missed out on today’s share price drop of 10.5% thus far.
The long-running saga of AIM-listed Mediazest (MDZ) and its full results continued this morning, with first a promise to release full numbers for the year to September 2021 eventually replaced with a promise to offer up numbers to September 2020 next week. Apart from the comedic cock-up involving Mediazest’s crystal ball, how sure can we be that the promised numbers will indeed be served up in the coming week? Not very, I fancy!
AIM-listed alternative energy provider Yu Group (YU.) shares have been on a tear ever since it released a trading update on 26th January this year. The shares moved up from a previous close of 120p to close the day at 195p. Today, last seen, the stock is up to 355p having been as high as 370p but something just does not add up here.
On February 11thAIM-listed Mediazest (MDZ) announced that it expects its results for the 18-month period to 30 September 2020 to be announced by the end of the month. Next week is the end of the month – the question is whether its expectations are to be believed, or whether they are in the same mould as Tom Winnifrith’s expectations with regard to Britain’s favourite chanteuse.
AIM-listed alternative energy provider Yu Group (YU.) updated the market this morning with a trading update which reads extremely positively. The shares are up by a very impressive 40%, but something was missing in this morning’s release. Will investors piling in this morning come to regret it?
The good news is that we did not have to wait until after-hours on New Year’s Eve for the latest set of Interim Results to September from AIM-listed John Zorbas POSURU Metals (URU). But the numbers are, as predicted, truly awful – it is Red Flags ahoy from this technically insolvent joke company.
Like its AIM-listed little sibling Karelian Diamonds (KDR), fellow AIM-listed Conroy Gold and Natural Resources (CGNR) has had six months to release its FY numbers and waited until no-one-is-watching o’clock on deadline day to admit the grizzly truth. But luckily once again ShareProphets was indeed watching.
AIM-listed Karelian Diamonds (KDR) has had six months to release its full year numbers to the end of May. For a company with no income and operating expenses of €447,000 one can only wonder why it took a full six months to get the numbers out – but the Red Flag of releasing them after everybody in the City has gone home is surely a warning. And so at 6pm last night came the results RNS – no-one-is-watching o’clock. But ShareProphets was watching…..
Fully-listed former Woodford-favourite Stobart Group (STOB) has announced that Aer Lingus has not plumped for Stobart Air as preferred supplier for a new commercial agreement starting in January 2023. In other words, Stobart Air has lost the contract – hardly a helpful development for Stobart Group as it seeks to offload its airline!
AIM-listed jam-tomorrow investment company Tern (TERN) has seen its shares come crashing back down again: there is still no news from Wyld (quelle surprise) and another stack of cash has headed off to the great computer in the sky over at Device Authority – not that Tern has announced that either. Having raised £1.5 million back in July, I wonder how much cash will be left over by Christmas.
AIM-listed graphene outfit Haydale Graphene Industries (HAYD) was “pleased to announce” its interims to June this morning – I’m not sure why, for a £14 million market capitalisation company to offer up a pre-tax loss of £4.4 million in just six months is surely nothing to be pleased about.
AIM-listed Catenae Innovation (CTEA) is rapidly losing its Covid appeal. Having ended the pre-Covid period at around 0.26p per share, the company jumped on the Covid bandwagon and saw its shares roof it to peak at over 9p. But since the end of August Catenae’s lustre had dulled and now the shares are at 2.3p. It seems that what goes up must come down and as such there seems to be a long way to go. One reason could be related to its bandwagon Onsite-ID App, which we were led to believe would see some results as part of Newcastle Premier Health’s Access Planning Control. So what has happened? On 25 August we were told:
This morning AIM-listed Eddie Stobart Limited (ESL) released its interims – the first reporting period following the accounting shambles which threatened to destroy the Eddie Stobart business and left the company with a (just under) half share of the business it used to own (less a load of 18% debt). So how are things?
Tom Winnifrith has already laid out his concerns over the state of play with too many stocks being quite obviously overvalued to a massive extent. One such play I have been following is John Zorbas’ BVI-registered (and therefore not subject to the Takeover Panel’s 30% rule) and AIM-listed URU Metals (URU).
Fully-listed Egyptian gold-miner Centamin (CEY) has released its half-year results to the end of June this morning and they look great. And the interim dividend has been hiked by 50% to 6 US cents per share (as predicted in these parts), with the cheque arriving on 11 September a couple of weeks earlier than last year. Yum-yum…
AIM-listed alternative energy supplier Yu Group (YU.) yesterday offered up a half-year trading statement ahead of interims on Wednesday 30 September (deadline day to avoid suspension – a bit of a Red Flag). Having always advertised plenty of cash but turning out to be running short in the net current assets department, is it any different this time? I fear not…..
Last night, at no-one-is-watching o’clock (four minutes to six pm) it was announced that Mr Samuel Dayani, a NED at AIM-listed CentralNic Group (CNIC) has been dumping shares – the best part of £155,000 worth. We are told that he still has a boat-load of the stock (11.36% of the shares) but nonetheless that’s quite a bit of cash especially when the company has recently done a 'Capital Markets event' and seen paid-for researcher Edison produce a gushing note last month. Goodness me, that was good timing!...
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……
This morning AIM-listed Catenae Innovations (CTEA) revealed the next steps in its Covid-19 spoof: its joint venture to Covid-19 test status app is being rolled out…..to what looks like a single GP practice in Newcastle. That may appear small beer already – not that this stopped the BB loons from piling in first thing this morning – but this roll-out is in fact just a proof-of-concept pilot.
AIM-listed Yu Group (YU.) has released its AGM statement to be delivered to an empty room at 11.30 today. Of course, the empty room is because of the continuing COVID-19 restrictions, but that is not my gripe. It is the statement, which offers absolutely no insight at all.
What a complete and total POS. As I pointed out (yet again) yesterday, AIM-listed URU Metals (URU) was technically insolvent and for no apparent reason the shares had marched up to 200p, overvaluing this outfit by…..er….200p. Needless to say, the directors had a duty to raise money and at no-one-is-watching o’clock last night (4.56pm) we learnt that they had. But the company misleads over the massive 57.5% discount – and that is a best case scenario – and the company is STILL technically insolvent.
Since Cynical Bear’s coverage of the Tinkler vs Rest the Board fiasco back in 2018 (when Tinkler and Neil Woodford lost), shares in Stobart Group (STOB) initially trod water and then went into a bit of a tailspin, closing 2019 at a shade over £1 a pop. But then Covid-19 struck: bearing in mind one of its two prime assets is an airport, it has been bad news ever since and the shares are currently just 50p. So what of today’s announcement?
AIM-listed Yu Group (YU.) has delivered its FY19 results – this despite claiming it would defer them in line with the FCA’s moratorium (which did not apply to AIM companies)! CEO Bobby Kalar was pleased with the positive results so far as the company recovers from an accounting scandal but I’m not so sure that shareholders should be.
AIM-listed Yu Group (YU.) has offered up a Covid-19 statement and delayed its results, mindful of the recent request from the Financial Conduct Authority. Except that the FCA’s request as per its RNSreleased ended with This statement does not apply to AIM companies. Do I smell a rat? You bet!
AIM-listed Neil Woodford dog Eve Sleep (EVE) released FY19 results this morning. My immediate thought is who would buy a bed right now, amid fears of Coronavirus, job losses and with the UK in near total lockdown? But these are last year’s numbers, before the invisible invader was around and it looks to me as though Eve will need even more cash, despite its laudy claims that the latest rebuild strategy has left the company operationally profitable. Let’s take a look at what that actually means……
Of course there is insolvency as far as the law is concerned, and insolvent in that there isn’t enough cash to pay the bills but AIM-listed Conroy Gold and Natural Resources (CGNR) had not the cash to pay its bills, but still goes on. The interims to last November 30 show that it clocked up a pre-tax loss of EUR 278,000 and had negative net current assets of a stonking MINUS EUR 3.7 million!
I had been wondering what was going on at AIM-listed Conroy Gold and Natural Resources (CGNR). At the turn of the year the shares were languishing at just over 5p and raced ahead to around 15p until last Wednesday when the shares staring slipping. Of course there is no insider dealing – this is AIM after all – and surprise surprise this morning we learn of a placing and subscription to raise a poxy amount of cash to feed the electricity meter.
Show me the money, AIM-listed Vast Resources (VAST)! Eight days ago at 3pm the company slipped a small statement with regard to its long-awaited death spiral financing first announced way back on 1 October 2019 into its no-one-is-watching o’clock Interims to October 2019……and we’ve heard nothing since. Is the deal off? What is the problem? Was there ever a deal? Has the lender got the cash?
This morning we were treated to an RNS Reach from AIM-listed and surely running out of cash Yu Group (YU.). We are told that it has agreed the commercials for its new purpose-built office facility in Leicester describing it at a state of the art sales and innovations office to house growing sales, marketing and product teams. Well, woopiedoo! But how will Yu pay for it?
AIM-listed Vast Resources (VAST), a company about which I have been a perennial bear and issued a sell call in the run-up to Christmas when the debt funding didn’t appear, has released interims to 31 October this afternoon. At 3pm on a Friday! What horrors do we find?
……And they marched it down again. Woodford dog-pick extraordinaire, Aim- and Nasdaq- listed Mereo Biopharma (AIM: MPH, Nasdaq: MREO) announced what appeared to be good news yesterday, sending the AIM-listed shares up from 33p as high as 45.5p before they fell back down to 38p at the close yesterday. Meanwhile the Nasdaq stock put on around 48% at the peak, before giving up almost the entire gain to close up just 7%. The news was not so good after all!...
When I first commented on AIM-listed cancer drug developer ValiRx (VAL) back in 2016 the shares had just seen a pump’n’dump which pushed the stock up to 21p before a placing at just 12p. Now the stock is just 0.1p and on a market cap of £0.9m (source: ADVFN): never mind the 90% club, this is a fully paid up member of the 99% club. And now we have a placing for just £200,000 gross…..and Broker number three joins the fray, although as Tom Winnifrith points out the RNS will have to be reissued.How on earth can you justify paying three broker retainers for a company worth less than a million pounds?
Last week AIM-listed Inspirit Energy (INSP) released results at no-one-is-watching o'clock, on Christmas Eve Eve. It seems the trick of avoiding ShareProphets scrutiny by releasing bad results the day before good days to bury bad news is spreading, for yesterday – New Year’s Eve Eve - at 4.23pm came interims from AIM-listed URU Metals (URU). Except ShareProphets was watching, always keen to highlight news that companies don’t want you to see. And oh dear, oh dear…..
If you know your results are so poor they will be an immediate sell signal to even the most diehard of investors, the best time to release them is at no-one-is-watching o’clock. In theory, peak no-one-is-watching o’clock lies on Christmas Eve, especially after-hours, but with our annual watch on such matters perhaps Christmas Eve is not quite the best time to tell investors what a total POS your company is. And so AIM-listed Inspirit Energy (INSP) released its full year numbers to June 2019 at 2.35pm yesterday: truly the behaviour of pedants. But ShareProphets, always eager to share what companies do not want you to know, was indeed watching and the numbers were truly dire.
AIM-listed Yu Group (YU.) released an update this morning detailing in part a new hedging facility with SmartestEnergy Limited. On the face of it, it is good news but I rather suspect that when the dust settles it will be seen as not so good. As ever, on AIM, it is not what is said that matters: it is what is unsaid.
Perma-dog Aston Martin Lagonda (AML) has been a predictable disaster for investors since its latest iteration joined the stockmarket last year and ShareProphets readers were well warned off by Gary Newman ahead of the IPO and Chris Bailey was no less scathing HERE. Indeed, Tom Winnifrith wondered HEREwhether it would go bust for the seventh time. On Friday evening after hours, at 5.05pm – no-one-is-watching o’clock on General Election results day - the company issued a statement. Uh-oh…….
Not content with leaving burying bad news on polling day to the likes of Purplebricks (PURP) or Versarien (VRS), this morning – election results day – AIM-listed Anglesey Mining (AYM) joined the fray with its Interims to September. They are truly horrid.
AIM-listed Woodford dog and wannabee computer-generated drugs developer Verseon (VERS) has announced the sale and leaseback of its headquarters in Fremont, California. It says the sale will provide working capital but in case the $34.7 million price tag looks like good news, it is most certainly not. This is a calamity and by my calculations Verseon could be technically insolvent even upon completion.
Having suggested that AIM-listed graphene outfit Haydale (HAYD) was once again a slam-dunk sell, partly in view of there being no sign of its results, the company finally delivered them last Tuesday. But I had also pointed to the preponderance of RNS Reach announcements, one of which accompanied the FY results. And this morning there was another.
It is surely now only a matter of time before this AIM-listed Woodford Dog is taken out and shotas an act of mercy. Out of cash, piled up with bills to pay, with no income, a failed ruse to play the crypto-currency game and with benefactor Neil Woodford now out of play, AIM-listed revolutionary drugs-from-a-computer generating machine Verseon (VERS) has announced it is looking to sell its HQ, the research, development and operations facility in Fremont, California. There is a slight snag, however, in that it is already mortgaged. What will the forced seller get for it?
Neil Woodford’s revolutionary bedding company, AIM-listed Eve Sleep (EVE), has released its interim results and whilst the company boasts of the halving of EBITDA losses (bullshit losses), revenues are down and it reported losses of £6.7 million on revenues of £12.9 million. Of course, Neil Woodford knows best and has thrown ever more good money after bad into this one-way ticket to financial oblivion and now sees net current assets of £13 million as at 30 June, which the mathematicians of you will see is less than twice the H1 loss – and that was almost three months ago. Eve Sleep needs yet more cash…..and Neil hasn’t got any.
Fully-listed Kier Group (KIE) has released its full year results to June this morning, and alongside them came the announcement that the Chairman is off. The market doesn’t seem to know how to take the numbers, and having closed yesterday at 132p the shares have wandered between 113p and 140p so far today and last seen sat almost unchanged. But one thing is sure: Neil Woodford looks a right Charlie, having piled in for ever more stock since the long-term collapse from around £8 per share at the start of last December as a flopped rights issue, management change, a strategic review and the scrapping of the dividend all took their toll...
AIM-listed Cloudbuy (CBUY) reported its interims to the end of June yesterday and the news seems to me to be utterly grim: revenues of just £0.5 million, a loss of £0.7 million and a balance sheet showing net assets of MINUS £6.5 million complement the accumulated losses of £16.7 million. At least the company seems to be consistent! The statement at least refrained from telling us it was pleased to announce the numbers but my sell stance is thus far vindicated: last offered at 3p, the shares now stand at just 2.4p.
AIQ joined the Standard List in January of last year and spent most of its first four months suspended, has to correct its admission document following revelations on this website and the share price went bonkers – yet it had no business, just cash. This morning it released its interims – is it really worth 28.5p a share?
AIM-listed Redx Pharma (REDX) has released great news in that it has sold one of its products for $3.5 million upfront plus up to $203 million in milestone and royalty payments, plus a cut of any sales. That’s a lot of cash – or it may be, if all the hurdles are passed successfully – but of course, those hurdles may not be quite so easy to clear, and it certainly won’t be any time soon. The shares are up heavily by 124% at 14p on the news, but I just wonder if the market is suffering from over-enthusiasm.
Well it looks like it's hats off to Tom Winnifrith: AIM-listed Sosandar (SOS) has reported full year numbers to March 2019 and the bald numbers are that it clocked up a loss of £3.5 million and ended the year with cash of £3.6 million. I think we can see how the maths is heading! But I’m not so sure the numbers are quite that bad...
AIM-listed Yu Group (YU.) has posted its much awaited results for the year to December 2018 – much awaited because during the year it ‘fessed up that its previous numbers had been less than believable. The opening lines make good reading – and the market has reacted well, marking the stock up by a whopping 67%, last seen, to 155p but I wonder about that.
Induction Healthcare is coming to the AIM market in only the third IPO of the year on AIM. That kind of tells you now ain’t a great time, but leaving that aside, Neil Woodford has signed up for IPO shares (with no previous investment) in a company which seems to be a very long way from profitability. So is it his Equity Income Fund buying a company with no income? Maybe it is his Income Focus fund – although no matter how hard I focus, I still can’t see any dividends. Or perhaps it is Woodford Patient Capital (which has no cash)? I’ve no idea.
Oh dear oh dear oh dear. I commented at the weekend HEREthat AIM- and now Nasdaq-listed Mereo Biopharma (AIM: MPH, Nasdaq: MREO) has FY18 results due this Monday, following Mereo’s merger with Oncomed on Nasdaq. Duly reported, how’s that extended cash runway doing?
Here haven’t been so many diabolical after-hours announcements as there used to be, but ahead of the Easter double bank holiday – at 6.19pm on Thursday evening – AIM-listed Modern Water (MWG) showed that the tradition is alive and kicking. Its investors might have gone home but ShareProphets was watching….
News from the boiler room this morning is that AIM-listed Inspirit Energy (INSP) is pleased to announce its interims. I’m not sure why – they are awful! But perhaps the pleasure relates to the fact that they are out at all, for the numbers show a deficit of net current assets. Is it bust yet?
Standard-listed AIQ (AIQ) – an investment company which rather caught our eye last year in the wake of its calamity of an IPO and repeat suspensions thereafter – has published its maiden full year results. Needless to say, they are nothing to write home about (unless you are a ShareProphets writer!)
This morning AIM-listed Karelian Diamonds (KDR) - the Prof Conroy sister to Conroy Gold and Natural Resources (CGNR) - offered up its Interims to the end of November. Prof Conroy was pleased, but should shareholders be enthused?
3.28pm on the Friday between Christmas and New Year is hardly the time to release your results unless they are really bad, and so it proved with AIM-listed Inspirit Energy (INSP). This is a company which, let us not forget, has been developing a revolutionary boiler (where is Neil Woodford?) since it listed via an RTO on the Casino way back in 2013 – after it was rescued from administration. The original company dates from 2010. So how are we doing in 2018?
And so at last we have the results of the forensic accounting review which followed the confession from AIM-listed Yu Group (YU.) on 24 October 2018 that its accounts were, in effect, a work of sheer fiction and has seen the company’s £12 million placing at £10 per share being investigated by the FCA. We already knew that the bill would be around £10 million – but now it is going to be around £13 million. As ever, the ShareProphets RNS Translation Service is on hand to help us understand all this (original in bold).
AIM-listed jam-tomorrow investment company Tern plc (TERN) has seen its share price slipping sharply since they peaked in mid-June at 58p. What better way to reassure the market than with a Portfolio Update? That’ll help….or not: the shares are 10% down today, at just 13.5p. I’m sure the placees at 26p in July will be delighted….
Yesterday ShareProphets AIM-China Filthy Forty member (one of only 7 remaining) Walcom (WALG) updated the market on its efforts to get its largest customer to pay its bills. Bad news there, as was the accompanying profit warning, repayments of borrowings, discussions with lender and the final coup de grace: ….the Company may be in a position where it is unable to settle its liabilities as and when they fall due. What’s not to like!
AIM-listed former Rob Terry favourite Imaginatek (IMTK) published its half year results to the end of September this morning – what a dog’s breakfast! Of course, the majority of the period was under the old management so as much as I would like to point the finger at new CEO Angus Forrest, that would be grossly unfair. Indeed, judging by the balance sheet he’s done very well to have kept the grim reaper at bay – and he nearly pulled off a dream proposal to bring the very saintly Vin Murria in….but that fell apart. The shares as I write are up just 10% at 1.375p in the middle, having peaked earlier in the day at 2.25p in an initial burst of enthusiasm. It looks to me like the market has taken fright at the balance sheet.
Yesterday it was the turn of AIM-listed Conroy Gold and Natural Resources (CGNR) to show that it is one tiny little centipede step from insolvency. Today sister company, AIM-listed Karelian Diamonds (KDR) took advantage of a good day to bury bad news and followed suit – and my conclusion is the same. Indeed, for Conroy Gold there is another worry here which could bring its life to an early termination. My view is that both are stand-out sells and here is why...
AIM-listed Conroy Gold and Natural Resources (CGNR) offered up its FY results to May y31 esterday morning. There was plenty of blarney, of course, but the bottom line is that the balance sheet is in a mess – it needs yet another mega-placing PDQ to keep the lights on, and I don’t think it will get it away. Oh, and NED, Dr Karl Keegan, is stepping down after just 15 months in the job. In short, the end appears to be nigh.
In August it was announced that Cenkos was buying the Nomad operations of Smith and Williamson, with completion expected in November after due diligence had been done on Smith & Williamson’s Nomad clients. On Friday, at no-one-is-watching o’clock (natch – 6.09pm!!) AIM-listed Arricano Real Estate (ARO) announced that Smith & Williamson had served notice that it would resign on 23 November 2018. Talk about Red Flags at Night!
AIM-listed Conroy Gold and Natural Resources (CGNR) has announced a new gold outcrop discovery in Ireland, between its Clontibret gold deposit and the Corcaskea gold target. So will this discovery transform the company’s prospects, or – bearing in mind that it has to report year-end results to May of this year by the end of next month – does this news mark the beginning of a pre-placing ramp?
AIM listed jam-tomorrow (or the day after) IoT investment company Tern (TERN) has released its interims to June 2018 and despite the polishing of things unmentionable they show what a car-crash had been – and still is - going on.
AIM-listed Conroy Gold and Natural Resources (CGNR) has announced a placing at 13.75p to raise £0.5 million, boasting a 20 per cent premium to the market price. Well that’s fine and dandy – so why has the market not piled in behind the placees? The shares are up just one penny, leaving the stock at 12p to sell.
AIM-listed jam-tomorrow IoT investment company Tern plc (TERN) has an interesting date in its diary at the end of this month, for on 30 June its recent loans to investee company Device Authority must be converted into DA stock or repaid (at 300% of principal!) Given the scale of the cash-crisis across the portfolio at FY17 (see HERE) it seems unlikely to be repaid, so what happens if/when the loan is converted, and why is it a problem for Tern?
AIM-listed Inspirit Energy (INSP) has released its interim accounts to December 2017. We are told the company is pleased to announce its interims. What there is to be pleased about rather escapes me – the company is drowning in payables and has hardly any cash left (if any at all).
I note that things have been very quiet of late over in the boiler room of AIM-listed Inspirit Energy (INSP). Normally that might be seen as a good thing – the company quietly getting on with making shareholders money, and not getting bogged down in ramptastic RNSs. But I wonder if there is a nasty brewing here...
AIM-listed Conroy Gold and Natural Resources (CGNR) published its interim accounts to 30 November 2017 this morning. Ignoring the jam tomorrow (we’ve seen that all before) it is clear that the company was up to its eyes in debt, not that chairman Prof Richard Conroy was bothered by that as he introduced his chairman’s statement with “I have great pleasure in presenting your Company’s Half-Yearly results”. He’s pleased – but I doubt any shareholder with half a brain cell will be.
Way back in November 2016 I first commented on the fiasco at AIM-listed Milestone Group which eventually saw then CEO Deborah White handed a black bag. This was the placing, first announced in October 2016, where the £1.25 million of cash never arrived and which the company sat on news of non-payment until it ‘fessed up on the day Donald Trump won the Presidency. It was a good day to bury bad news – but as ever, ShareProphets was watching. Well, the cash STILL hasn’t arrived, even on the much reduced 10p in the £ compromise terms announced on 22 January this year and I think the company has again been tardy in passing on the news.
Cybersecurity group Intercede (IGP) has announced a New Contract Award, which it emphasises “is a strategically important project that exploits many of the new technologies Intercede has developed over the last two years”...
An “Update on VAT Claim and Share Buy-Back” announcement from competitions to win luxury cars company Best of the Best (BOTB). This includes that the company intends to conduct buy-backs of shares for cancellation “as and when they become available at volumes and prices that, from time to time, the Board of BOTB considers appropriate”. So a good tax update then? Er…
I have to say I haven’t come across AIM-listed Midatech (MTPH) until now. However, with interims results just released perhaps I could get a handle on it. The problem is that the interim report has a few gaping holes in it, all of which leaves a strong sense of unease. The unease in increased when I note that the recent bailout placing (at a whopping 31% discount) showed up Woodford Investment Management as a major holder. Oh dear, not a good start….
Management Consulting Group (MMC) Chairman & Chief Executive Nick Stagg, with the company’s results for the first half of 2017, is “pleased to report that Proudfoot, Management Consulting Group’s continuing business, has made progress in the execution of its strategy”. The market is not however pleased – the shares down 8.5%, to 7p…
Portmeirion, Spode, Wax Lyrical, Royal Worcester and Pimpernel homewares company Portmeirion Group (PMP) emphasises it “pleased to announce a positive trading performance for the first six months of 2017”. Let’s take a look…
Worthless AIM listed piece of excrement Servision (SEV) always seems to report its results at the last possible moment to avoid suspension on the casino. In 2016 calendar 2015 numbers (piss poor) arrived on the 30 June deadline day. For 2016 its a slam dunk bet that the numbers (piss poor) will arrive this Friday on deadline day. Why is that?
Shares in e-procurement software provider, EU Supply (EUSP) are currently a further more than 17% higher, at 17p, on the back of a “Framework agreement signed” announcement. Hmmm, a framework agreement – so no specific financials then?...
London estate agency Foxtons (FOXT) has updated on the first quarter of 2017, seeing a significant decline in revenue on the corresponding 2016 period though arguing “performance has been in line with the board's expectations”…
AIM Cesspit listed FRAUD Eden Research (EDEN) has two massive problems. One is that with pitiful sales it is rapidly running out of cash and so must get yet another bailout placing away. The second is that it has now been fully exposed as committing a massive panama pump securities fraud HERE. Its response....
Readers will know that I'm far from convinced at the buy case for AIM-listed Frontera (FRR), shares in which have again been on the rampage after what looks like a rampety-ramp RNS yesterday. The ShareProphets RNS Translation Service thought it should chip in...
Chairman of tracking, monitoring and protection technology company Starcom (STAR), Michael Rosenberg, is “pleased to present the final audited accounts” for 2016. The shares have currently responded more than 17.5% lower, to 1.75p. Hmmm…
It seems the pantomime season has started early: AIM-listed lifestyler Milestone Group (MSG) has announced that it has raised a keep-the-lights-on placing at just 0.3p, and that of the original October placing which was announced to have brought in £1.385 million, only £60,000 has made it to the coffers. If Nomad Cairn Financial thought that its (currently suspended) client CloudTag (CTAG) was just a rogue case, Milestone begins to make it look more like carelessness.
X-ray imaging for the security and industrial inspection markets-focused Image Scan Holdings (IGE) has announced results for its year ended 30th September 2016 – and the shares are currently slightly higher to 6.5p…
Hobby products company, Hornby (HRN) announced results for the six months ended 30th September 2016 at 7am claiming “good progress with turnaround plan”. This didn’t though extend to the announcement itself - as the financial tables weren’t included! A replacement announcement was then made at 09:41 – does the company's turnaround progress look smoother? …
Well done to ShareProphets AIM-China Filthy Forty play Haike Chemical (HAIK) for being first to stick its head above the parapet this week with the release of its interims to June. One down, nine to go. The PR reads well enough: profitable for the half, lots of cash in the bank. That’s the spin – but what about the Red Flags – such as negative net current assets?
Last night at no-one-is-watching o’clock ISDX-listed Etaireia Investments released its annual numbers to 31 March 2016. The balance sheet held a few horrors, such as net current liabilities of £130,586 which in interesting in the wake of the RNS released on 17 August 2016 which told us that the company had ponied up £50,000 (deferred for a year) in addition to 203,076,923 new shares at 0.065p (although it took two goes for the company to get that bit right) in order to acquire a commercial property.
Panel and timber distributor, James Latham plc (LTHM) is “pleased to report very good trading results for the financial year to 31 March 2016”, though notes “year on year growth slowed in the second half year”. Let’s take a look…
AIM-listed GCM Resources (GCM) has been trying to get permits for a coal mine in Bangladesh for as long as I can remember – and this morning’s interims to Dec 2015 continue the lashings of Hartley’s being promised for tomorrow, or the day after. Or perhaps never. But meanwhile the cash is running out and there is a Going Concern warning to be found. Not surprising, as the balance sheet shows Net Current Assets weighing with a deficit of £416,000 – quite a problem when the market capitalisation is just £2.8 million (source: ADVFN).
ShareProphets AIM-China Filthy Forty play Asian Citrus (ACHL) has had a history of suffering biblical-style plague and misfortune. Maybe insurance is difficult to get, but yesterday saw the latest in the line of disaster updates from this bargepole stock. The RNS was masterful, so we have wheeled out the ShareProphets RNS Translation Service to assist our understanding of this latest catastrophic release. Original is in bold italics.
I had to laugh out loud when I read this morning’s RNS Reach from AIM-listed NetDimensions (NETD). It is normally a pretty bad sign when a company announces that it has won some sort of spurious award, but this really takes the biscuit. You see, it is not even NetDimensions that has won it: it is one of its clients! The update is the figures from the balance sheet - far, far worse than my first reading.