On 1 August 2022, having failed to raise $30 million in an equity markets fundraise - as I warred here to hoots of derision from BBMs sitting in their underpants in their parent's basement - , Shield Therapeutics (STX) took out a $10 million loan from 13% shareholder AOP Orphan International AG. Now the clock is ticking on that loan.

Abingdon Health (ABDX) will, no doubt, claim that its up to £6 million placing, open offer and Primary Bid offer at 25p is down solely to the DHSC not paying delayed bills. But then again this was a company that was technically insolvent before it raised £20 million at is IPO a year ago so, in my view, it has always been a basket case and I have explicitly warned you many times that a bailout was looming. For the record, this will not be the last one. So, who is next? Abingdon again or the other grossly overhyped covid dog Omega (OMX). But first a covid prediction…

I first wrote about the High Street Group 575 days ago, explicitly warning that it would go bust  It was the sixth mini bond scheme I had written about. Five have gone tits up. Natch the institutionally useless FCA has ignored my oft repeated warnings about The High St Grp, as it ignored my warnings about the other five mini bond disasters I flagged up, And High St has conducted business as usual. But that looks about to end.

This is the company that lied in its very first RNS on December 30 2020, claiming to have raised £600,000 for its IPO when, in fact the money did not arrive until January when “investors” had been able to flip their shares to raise the cash for the placement. Between then and now it had boasted of utterly spurious crypto and NFT deals then, one suspects under FCA pressure, reverted to its prospectus gameplan of trying to do an RTO in oil.  But now another lie.

For pointing out what an overvalued crock is Deepverge (DVRG) and how the maths of cashburn did not stack up, its arse of a CEO took to trolling me on twitter, a medium he uses to ramp his shares in an alarming manner.  Today’s interims vindicate me and show why anyone believing Brandon deserves all they get. Notwithstanding the company’s Covid play based, literally, on piss and pooh, the valuation is a joke.

Shares in Salt lake Potash (SO4) have been suspended on the ASX since 27 July although on AIM they have traded since 29 July allowing anyone with half a brain cell to get out. The cause of that suspension was an admission of technical issues which meant a delay in production which, in turn, meant that without new funding Salt Lake would crash land in tits up alley by Christmas. As the meeting with the Fat Lady draws ever closer we have news today. Or rather lack of news on that financing.

Simec Atlantis Energy (SAE) published its 2020 year end accounts today. Even with a post reporting date cash injection from its running death spiral, the auditors (Ernst & Young LLP) very heavily qualified the accounts, stating an opinion on the use of going concern basis of accounting could not be formed, due the number and level of uncertainties the company faces.

Surely, before undertaking a bailout-discounted placing with bucket shops, a company has to come clean and admit that trading is way below what had been forecast? Those are the AIM Rules but Lyin’ James Draper and Bidstack (BIDS) do not give a rat’s arse about rules and neither, it seems, do the Oxymorons at AIM Regulation. On 22 April, house broker & Nomad Stifel slashed its 2021 and 2022 sales forecasts and upped its forecast losses for Bidstack but the company is yet to admit that trading has fallen off a cliff. But today with cash down to almost nothing and staring down the barrel of insolvency, surely it must be made to ‘fess up?  Here are the maths:

For Ms Lingerie on Expenses MBE things go from bad to worse. As the FCA Criminal Investigation into her alleged misuse of client funds cranks up, as demonstrated HERE, at Drive Software, the company she owns and claimed was Tesla meets Fitbit, it looks ever bleaker with a crash landing in tits up alley now only a matter of time.

As his loyal butler presents a plate of a fresh kipper, rushed by the overnight train from Arbroath, in front of Tory Toff David Willetts this morning, his Lordship must be pondering seriously whether Verditek (VDTK), the company he chairs, is, itself, at serious risk of becoming a dead herring. The company has survived since its 2017 IPO by generating not a cent of revenue but by announcing numerous contracts to ramp the shares ahead of bailout placings only to admit later that the contracts have come to nowt. But what now?

Following its shocking lack of 2020 AND 2021 profits and disappearing cash warning on February 1, Bidstack (BIDS) is close to running on vapours with net current assets set to go negative by the end of May and cash set to run out before then. Oh dear. What to do? Ramp the shares ahead of a discounted placing from the Nomad and broker which signed off on the grossly misleading pre-Christmas trading statement, Stifel.

Having established, beyond any doubt, 9 days ago that the £143 million capitalised Zoetic International (ZOE) has lied to investors, regulators and its, very few, customers HERE, yesterday I showed how it was trying to cover up its crimes and, in doing so, was revealing that it had been using fake customer reviews, HERE.  Quote why anyone would hold the shares now defies belief so let’s now turn to how soon the company will go bankrupt. Because, to misquote Britain’s greatest ever Prime Minister, “the trouble with frauds is that eventually they run out of other people’s money”.  So how close to the precipice is Zoetic and can it be saved?

Thanks to reader Paul we have an answer. Normally companies presenting at such events, as they pay to do so, do not always deliver in terms of share price gains. In fact Ed Croft of Stockopedia claims they always do the reverse, they underperform.  That would be unlike big calls from Stockopedia, which tipped Wirecard as a storming buy 2 days before what was obviously Europe’s largest fraud went tits up and also said Quindell was one of the cheapest shares on AIM. Did I mention Globo, Ed had that as a big buy too before it became a zero. Anyhow back to our show in May…

As a good citizen, yesterday, I reminded FastJet (FJET) and its loathsome, journalist smearing, motherfucker evil PR spinner bastards at Citigate Dewe Rogerson that they had promised us a trading statement by “the last week in June”. Duly nudged a statement arrived today and it is dismal. The crash landing at Tits Up Airport has been postponed but not for long.

My guess is that the long awaited meeting of FastJet (FJET) PLC with a crash landing at Tits Up Airport cannot be postponed for that much longer. It is not as if this company could ever make any money pre Covid. But while I await that moment as one that I celebrate with champagne and noxious phone calls to its journalist smearing motherfucker PRs at Citigate Dewe Rogerson, I remind the company that it had promised us a trading update by Monday at the latest.  Specifically, on 8 June it stated: 

AIM listed POS Bidstack (BIDS) ended 2019 with £3.1 million cash but burning it at a rate of almost £750,000 a month. It has already admitted that its revenues in H1 2010 will be as they were in GH2 2019 minimal. Even its lame paid for researcher admits that it will be out of cash by the end of May. Well chaps, it is now May 26. You have 4 days…

On 31 January 2020, long time AIM uber dog St James House (SJH) announced that a new investor was going to subscribe for 1,666,667 shares at 30 pence per share to raise £500,000 in exchange for a 29.9% shareholding in the Group subject to approval to issue additional shares at a General Meeting.  All conditions to approve the share subscription were approved at the General Meeting on 28 February. 

I guess I am just very stupid and someone brighter than me can perhaps enlighten me but, to a simple mind it seems that Anglo African Oil & Gas (AAOG) has not been entirely upfront on the matter of cash. Let me explain….

In 2017 the owner of Spud U Like lost £1 million. One senses that 2018 will have been worse. Now the firm has gone tits up with 300 staff now on the dole as a result. There are 4 factors at play:

A week ago shares in “disruptive pallets” Neil Woodford dog RM2 (RM2) were 38p. Today they are off by almost 20% at 28.5p and surely a statement is needed. It cannot be good news. And this is why.

You have been warned so many times by myself about the uber dog Mirriad (MIRI) which listed on the AIM casino at 62p per share in December 2017. The shares are now 6.25p so shame on Nomad and broker Numis for this hound. Today we have calendar 2018 results and a warning that it needs a bailout placing within a year. I should cocoa.

Bloody hell, these misogynists, jealous of the “success” of Julie “Lingerie on Expenses” Meyer are everywhere determined to do her down because she is a woman and an American. It is so unfair. And of course it is all driven by fake news is it not? Er no. Today we have fresh news of another humiliating setback for Ms Meyer.

When the boss’s younger brother threatens to “beat up Tom Winnifrith because of the articles he wrote,” when you get into bed with disgraced king fraudster Rob Terry and then send Tom Winnifrith fascist lawyers letters you know that Mr Karma is going to get you sooner or later.  You are either on the side of the fraudsters or you support the fraudbusters and that brings us to Daniel Stewart (DAN).

Quadrise Fuels (QFI) announced a £2.16 million open offer at 2.4p on 7 December warning that  unless it was supported the company would be crash landing in tits up alley in January. It extended the closing date by a week until last Friday and today revealed that “it was delighted” that it had raised gross proceeds of £1.51 million. Death has been postponed. But not for long.

Cabot Energy (CAB) which, as Northern Petroleum, once saw its shares touch 140p today admitted that unless it gets away a placing at a “deep discount” (its words) it will go bust by the end of January. Its shares, about which we have been warning for eons, have crashed by 59% to 0.625p. To think that, less, than a year ago, former CEO Keith Bush raised $16.5 million at 5p. All the money's gone.

In today's podcast I look at Johnston Press (JPR), RIP, Flybe (FLYB), TrakM8 (TRAK) - which could well go the way of Johnston Press if its banks pull the plug, and UK Oil & Gas (UKOG),. down 25% on the week but set to lose at least a third of its remaining market cap by Christmas.

FastJet (FJET) the airline set up by tobacco smugglers which, having gone legit, has a perennially failing business model and ability to burn vast amounts of cash had said that it needed more cash by the end of October to keep going. Aha, its October 31, I wish all ,my readers on the Isle of Man happy Hop-tu-naa, and so what’s the story back at FastJet? It is not good news I fear…

On 27^th September the joke company Fishing Republic (FISH) announced that it was “pleased to announce the appointment of Daniel Quinn to the Board as its new Chief Executive Officer, with effect from 17 October 2018.” Today, 16^th October the company fessed up that it was bust. No need to clear your desk Danny Boy, in fact no need to buy cakes for the staff on your first day at work tomorrow. At least your CV won't need much touching up. Is this a record: Minus 1 days from appointment to an AIM tits up?

Just when The Sheriff thought the coast was clear to jump on a train to the big smoke, AIM-listed (pro tem, at any rate) Fishing Republic (FISH) saw its shares suspended by AIM at 1.20pm pending an announcement. Uh-oh! But it gets worse and I fancy The Sheriff is set to enjoy an extra ouzo tonight after taking Dominic Frisby, Premaitha and Falanx apart.

The journalist smearing PR bastards at Citigate Dewe Rogerson snuck out results from FastJet (FJET) just after noon hoping that the whole world would be on a lunchbreak. Not only are the numbers utterly shite but having raised $10  million in July the company now ‘fesses that it needs more cash by the end of October or it will be once again at the cul de sac at the end of tits up alley. Disgraceful.

No doubt Cynical Bear who has called Xeros Technology (XSG) superbly, as a sell, will be a smug fellow tomorrow as this Neil Woodford Dog announces its interim results. The share price action is telling you that folks already know the worst – shareholders have to bail it out again or it will be going down well before the Christmas decorations go up.

Two days ago we asked you HERE to guess the price of the bailout placing which Frontera Resources (FRR) needs ASAP to avoid going tits up.  And, with the stock still 0.22p to sell, you said…

I am really warming to analyst Anne Stevenson-Yang of JCap whose latest note on Neil Woodfords pals at IP Group (IPO) "Some Companies deserve to die" is a stormer. And she cites the great work done by Shareprophet (sic) in her report.

So Carillion (CLLN) has gone tits up. You do rather feel for its 19,500 employees but as folks work out what happens next there is an orgy of recriminations. What lessons do you learn?

Waseem has a few wise things to say and I note why I always listen to him even if he is being beastly about a stock I own. Do you really benefit from closing your ears to a contrary viewpoint from a guy who is more often right than wrong? No. Elsewhere I look at how gravity cannot be defied forever and Inspirit (INSP), Avanti Comms (AVN), I3 Energy (I3E). Then I answer a question on Falanx (FLX) where I am long and very happy as results loom, about Snoozebox (ZZZ) which has gone tits up (Sheriff 1, Cynical Bear 0) and finally what to make of the Persimmon (PSN) statement.

So Jersey Oil & Gas got its placing away at a 21% discount and it is a company serving up good news. UK Oil & Gas (UKOG) has been serving up cold sick to its shareholders and is out of cash so needs a placing ASAP to avoid going tits up. UK Oil & Gas shares are now just 4.5p to sell so at what price do our readers expect the placing?  Look away now if you are long, strong, wrong and clearly smoking a bong.

The first pressing issue with MySquar (MYSQ) is whether it has committed securities fraud or merely driven a coach and horses through AIM Rules or both. I hope that either SP Angel or Beaufort will force it to reveal July sales numbers to give us an answer. The next question is when does it run out of cash? Here is my best estimate.

The failure of the LSE to insist that hapless Nomad FinnCap forces Telit (TCM) to bring in a firm like KPMG to conduct a full forensic review will hurt it even more when this company goes tits up as I noted in a letter to Stock Exchange boss Donald Brydon earlier today HERE.  Two sources tell me that the FBI may have bad news for the Boston fraudster Oozi Cats and his Mrs as I explain in this podcast. But the meat of the podcast is explaining why Telit will go tits up and why that could be within six weeks. Enjoy.

Shares in Advanced Oncotherapy (AVO ) are again tumbling on this fine summer's day. Oh what joy it is to be alive. 350p at peak ramp less than two years ago, they are now just 10.75p to sell. Ouch, I just love the smell of burning share certificates belonging to Bulletin Board Morons in the morning. So what crisis looms? Take your pick.

Our recent coverage of AIM Bulletin Board Moron darling MySQUAR (MYSQ) HERE and HERE should leave you in no doubt that this is a piece of crap heading for 0p. At the heart of the issues are the related party deals  conducted with other Schaer companies which explain most of the "sales" MySQUAR reports. Earlier toady we ran a piece which exposed the dirty business practices of Schaer when he used to operate in the USA, as you can see HERE. Now for part two which shows what an A grade shyster the man is, another reason to exit this stock ASAP before it goes tits up.

Any company employing disgraced Nilesh Jagathia of Teathers infamy is a good bet either to go tits up or to get into a spot of bother for not filing documents properly at Companies House. And that brings us to Octagonal (OCT) PLC where clueless Nilesh does the books.

Booted off the AIM Casino in March for failing to do an RTO on time, Amanda Van Dyke's Glenwick (GWIK) is nothing if consistent: it keeps missing deadlines. Cash is almost certainly zero, or near as damn it, by now but how about an update? So far no news is bad news for this related party infested failed ramp.

In a sense this is not that relevant as Advanced Oncotherapy (AVO) is within a couple of months of running out of cash and going tits up but on a point of principle I have written to the my very good friends at the Financial Reporting Council as there are aspects of Advanced's 2016 annual report and accounts which stink more than a pile of rotting kippers left out at a sewage farm in the scorching midday heat. The letter follows:

I see shares in Blur (BLUR) are tanking again. Quelle suprise - given that it could be tits up time in three weeks. Anyhow for Phil Letts and his fellow grossly overpaid director his Mrs a song to brighten up the day. Natch as I think happily to a concert way back then in a summer's evening in Mile End Park, it's by Blur...  To The End!

It walks the walk and talks the talk when it comes to spouting A grade corporate horse. And so another day comes with another trading statement from the shamed and hapless Phil Letts and his worthless Blur Group (BLUR). There are KPIs aplenty and stacks of words about new business initiatives. Yadda, yadda, yadda. The main point is the admission that could be bust within three weeks. TOLD Y'ALL!

Shares in AIM dog Advanced Oncotherapy (AVO) closed Friday at just 21p. That is below the 25p nominal meaning that death spiral provider Bracknor cannot convert any more loan notes without taking a huge loss and, if that continues, it means the company will go tits up in the summer. Or the former Malcolm Stacey darling will need to approve a capital reconstruction to set a new nominal (2.5p?) which will see the shares plunge, so meaning Bracknor physically can't convert loan notes so Advanced will go tits up this summer. So when will its shares hit 0p or be suspended from AIM? Vote now in our reader poll - deadline midnight tonight.

The demise of Gametech PLC the next venture of Jason Drummond after the Teather's (TEA) debacle looks clear - so much for a stockmarket float care of London's worst Nomad Roland "Fatty" Cornish. We revealed the Gametech was heading for tits up town HERE last week. Now Mr Drummond's apparent arch enemy Richard Skelhorn has bitten back with an official statement relating to that article:

We picked up some of these shares at the Dragon's Den pitch at the UK Investor Show. We sold this morning at a loss and in disgust at 91p. The order was just to sell after United Cacao (CHOC) served up the most god-awful trading statement on a day when most folks are just not around but are off doing Christmas shite. Sadly for Cacao Scrooge's biggest fan is at his desk and my comments on this horror are in bold.

Oh dear. More on the woes of the fraud Worthington (WRN) later as it heads for a winding up order. But it seems that one of the shysters behind this scam, Allan Biggar (see HERE) is also in the merde.

The Crowd Funding bubble is yet to claim a high profile casualty but after a long strong of business disasters, not least investing £33 million of other folks cash with Bernie Madoff, could the self proclaimed "Superwoman" Nicola Horlick deliver the first big disaster with Money&Co? Yesterday I documented two very odd ways that cash raised from investors was heading to La Horlick, the dodgy £50,000 gift (oops I mean loan) HERE and the Bramdean payments that don't add up HERE. Now let's look at the accounts of Denmark Hill, the owner of Money&Co.

Look back at our coverage of satellite disaster story and serial issuer of fascistic lawyers letters Avanti Communications (AVN) you cannot say that we did not stand up to bambastic bully boy CEO David Williams and warn you. Today there has been a pre close trading statement, the shares have crashed by 60% to just 24p and the Fat Lady is starting to gargle. My father & I will crack open the ouzo early today.

"Nomad Strand Hanson, Broker Mirabaud, mug punter Evil Knievil, aka Simon Cawkwell, dodgy Russians Mediotor, IR ramper John Heilshorn, we have beaten them all, we have beaten them all!. Phorm PLC, can you hear me? Phorm PLC ... your boys took a hell of a beating! Your boys took a hell of a beating!"

Yesterday as LGO Energy (LGO) raised £1.36 million gross, I published the emails showing how David Lenigas stated that the company needed £5-6 million to turn around. Even that was a lie predicated on silly output projections, but on the sums raised LGO is just fucked, it has merely postponed crunch time from April ( 2-3 weeks) to May, lets call it 7 weeks.

It does not seem as if Wandisco's (WAND) attempts to find someone to buy it have come to much. Certainly it does not mention this in today's calendar 2015 results which are truly abject and suggest the company is hurtling at a rate of knots to the very edge of tits up canyon.

AIM Death list member Wandisco (WAND) has released, what can only be described as, an utterly disastrous trading statement at every level. All the money's nearly gone and there must be a very real danger that it is tits up time soon. 

I start with today's placing news from Deltex Medical (DEMG). I do not reckon that this will be its last placing and its language stinks at every level. The money will be used for "working capital". Bollocks. It means to "fund our ongoing fucking losses". And there is more. Yes this is a bad language special. And if you are a Guardian reading loser who thinks the NHS is cash starved you will also be offended.  I also look at Petro Matad (MATD), Petroceltic (PCI), Rose Petroleum (ROSE) and once again push Wandisco (WAND) for a statement. Is there a "strategic review" yet? How close are you to tits up time?

Yesterday I demonstrated that AIM casino posterboy Servision (SEV) was both almost insolvent and in need of a placing ASAP HERE and b) was happy to mislead investors to ramp its worthless shares ahead of a placing HERE. Right now it is ramping as it needs a placing pronto to avoid going tits up. Now I take you back to 2015 to show how it misled the market in a shocking manner to get a bailout placing away.

An RNS from LGO Energy (LGO) late yesterday announces that hapless CEO Neil Ritson is presenting at yet another conference in Trinidad. Boy that guy must have some air miles. The presentation which you can download HERE is truthful but misleading in respect to the calamitous decline in output. I refer you to page 2 which is below. This is a shocker.

I tipped shares in Lombard Risk Management (LRM) but cut (very small) losses at 11p when founder John Wisbey was ousted and replaced at the helm by Phil “InterX” Crawford. That company train wrecked with Crawford at the helm back in 2001 and interims last week from Lombard suggest that Crawford is going for a repeat performance at Lombard. 

There is an old rule on AIM that the more RNS’s a company puts out the worse its share price performance since it is clearly just an exercising in ramping ahead of confetti issuance. In that vein I note that Mariana Resources (MARL) has this, so far in 2015, issued no fewer than 40 releases – more than 1 a week. 

Oh well you cannot say that you were not warned often enough on these pages. To the Bulletin Board Morons who abused us and said we did not know what we were talking about as we warned of impending doom, we say “enjoy poverty peasants” because it really is all over for Afren (AFR). And that is official, although no doubt on the LSE Asylum someone will spin news of administration as a buying signal for the shares.

I have warned repeatedly that AIM casino listed Rightster (RSTR) is a wrongster yet somehow the company has persuaded institutional investors to stump up another £5 million at 18p. Good money after bad is what I call it. Those dumb enough to throw cash at this POS should perhaps reflect on a few matters.

Shares in AIM casino dog Mopowered (MPOW) now trade at just 2.5p having already slumped by 50% since the bailout placing at 5p last September. You may remember that just ten weeks later the company issued a grisly profits waning (November 24) but since then there has been radio silence. That is ominous.

It is 13 years to the day since the fraud Enron went bust. Right until the last it insisted that it was in rude financial health. Ditto Quindell (QPP). But some of its trade suppliers are not so sure. The National Association of Bodyshops has today explicitly warned its members of the dangers of doing business with Quindell.

It seems perfectly possible that by the time Quindell (QPP) gets to having its books audited in February/March it will have run out of cash (see mounting evidence of that from D&B and elsewhere in today’s Bearcast HERE) but let’s assume, generously, that it is solvent then – what happens next?

Daniel Stewart earns £6,250 + VAT pcm for being Nomad and broker to China fraud Naibu (NBU) – it needs the cash. But its latest note from respected analyst Simon “Wincey” Willis shows that even it has had enough. All forecasts, recommendation and target price have been withdrawn. It seems that even Daniel Stewart is alarmed by this total joke for reasons I explained yesterday HERE.

The good news is that AIM casino joke stock Mopowered (MPOW) has found someone stupid enough to be its FD. The bad news for Mr Richard Gordon is that he will be looking for another job in nine months when the company goes tits up – yes just two months after a rescue placing Mopowered has served up another ghastly profits warning. The shares were floated at 100p on December 18 2013 are now just 5.125p. Ouch.

Given the heaps of abuse I took for calling this one as a nil (that is to say worth 0p) HERE and HERE and several other times on BearCast, I may be forgiven for having a celebratory ouzo today as African Minerals appears to have bitten the dust. Needless to say “its tits up time” was announced at no-one is watching O’Clock , 5.36 PM.

Having warned in September interims that “the group remains at risk unless secure additional finance is achieved”, organic wastes technology group TEG (TEG) has now requested the suspension of trading of its shares “pending clarity on its financial position”.

All frauds eventually run out of other people's money and so it will be with Quenron (QPP). For it is a fraud as I explained in full detail in this video. So when will Quindell go tits up?

I see that various Bulletin Board Morons accuse me of threatening 4,000 jobs at Quindell (QPP). Just for them, I offer a basic lesson in markets and economics.

Having promised an update on refinancing the POS AIM listed company Outsourcery in July, Dragon’s Den Prima Donna Piers Linney served up a pretty wet statement at the last minute this morning. The RNS is both wet and disingenuous. And here’s why.The statement reads:

Over the weekend I revealed HERE the string of business trainwecks that are the real career of Dragons Den new boy Piers Linney. I also flagged that his AIM listed Outsourcery (OUT) was in dire straits and its shares have slumped from 34p on Friday to 25.5p ( and falling) today as the possibility that it could go tits up looms ever larger – as I flag HERE.

There is a new star on Dragon’s Den, Piers Linney. Yesterday I revealed HERE how his Outsourcery (OUT) firm on AIM is in very real danger of going tits up just 14 months after listing. But Piers is no stranger to business failure. The BBC thinks he is a Dragon with the Midas touch. Au contraire. Today I reveal the full extent of his career of business trainwrecks and the sham projections of the Outsourcery IPO.

As I have noted before Phorm is now weeks (3 weeks I make it) from going tits up having sent $340 million of OTHER PEOPLE’s MONEY to money heaven and blown £10 million since March alone. As it tries to raise fresh equity it is still lying to investors about what went wrong in Brazil and Romania and City firms Mirabaud and Strand Hanson are complicit in this.  Yes I used the word lying. Will Phorm please sue me I want to see you in court? You are liars. Liars. Pants on fire. Geddit? And Mirabaud, long term broker to Phorm you appear not to give a flying fuck about integrity as long as you get your commission. How do you sleep at night you greedy and unpleasant dirtbags? Any PLC retaining Mirabaud as its broker or Nomad should be aware that it is in bed with a disease ridden hooker.

Poor Phorm (PHRM). It has woes aplenty. First up it runs out of cash and unless some sucker gives it more it will go tits up in six weeks’ time. Secondly it appears unable to tell investors the complete truth about certain of its problems, like being shut down by the regulator in Brazil as I revealed HERE a few days ago. And thirdly it sees that it is not just Brazil where it has problems with regulators.

In the last days of March, AIM Cesspit listed Phorm (PHRM) raised £10 million. Today it has warned that unless it raises more cash urgently it will go tits up. I reckon tits up day is in mid-August.