Some folks just cannot be beaten. If you and I had been involved in the AIM scam Gate Ventures (GATE) floated by Roland "Fatty" Cornish and exposed on this website then sent my next company, Global Group, under with £19million spaffed on the lifestyles of directors including Lord Grade and Fergie, we'd keep a low profile. But the man with that CV Johnny Hon, always bounces back.
It was slung off the AIM Cesspit after just a few months back in 2015 but not before Roland “Fatty “ Cornish, London’s worst Nomad, had made a killing from listing fees and cashing in warrants and dumping shares. Now the company has gone bust … readers of this website cannot say that they were not warned that this would end in tears.
I note Tom Winnifrith's comments on a profile of Dr Johnny Hon by Harriet Green in City AM, and so I thought I'd have a read. We've covred all manner of, shall we say, oddities with regard to the stunningly short-lived AIM career of Gate Ventures plc and one of the things which struck me in our early coverage was the good Dr Hon. He was not a director, yet his name seemed to pop up (see HERE, for example).
In my last piece on ex-AIM Casino Gate Ventures (GATE) HERE it was noted that despite an apparent market capitalisation of £343 million as reported by Gate’s new listing venue (BritDAQ), there were surely only around £12.5 million of assets. There were some filings to Companies House which I had expected to find, but (thus far) are missing. But there are some strange anomalies in the filings to Companies House by Gate Ventures regarding its recent placement of 1.5 million shares at £6 a pop. Apparently, there are no new shares in existence as a result. Something is not right here.
Following previous comments (HERE) wondering who was running the show for the ex-AIM Casino entity that is Gate Ventures plc (GATE) things have become a little clearer. And a little murkier too. Gate has continued to release news through the RNS system, almost as if oblivious to the fact that it is no longer on the London Stock Exchange’s junior market. Some might see this as a good thing as its shareholders can still find out what is going on, albeit through a series of RNS Reach (ie non-regulatory) missives. The less charitable view might be that potential investors are given the impression that Gate still retains a proper listing. Whatever.
The ShareProphets China-AIM Filthy Forty reveals the most shocking statistics of losses for investors, demonstrable frauds and companies being booted off the Casino – see HERE. But which country of incorporation and which regulator has seen the highest rate Filthy Forty AIM-China expulsions?
Lucian Miers did a superb piece HERE which looked at some of the people involved in the ShareProphets AIM-China Filthy Forty poster boy, Gate Ventures (GATE). Gate, you may remember, had an extraordinarily short-lived existence on AIM in that it was given the order of the boot after even Beaumont Cornish found it all too much to represent this outfit as Nomad, and no-one else would either.
The China fraud Gate Ventures (GATE) was booted off the AIM casino after just four months last week. It makes great play of its association with the media mogul Lord Michael Grade. I have today written to the good Lord...
What to make of Gate Ventures (GATE)? We have seen all manner of shocking stuff on ShareProphets regarding this enterprise (see HERE for a full dossier). And today, 24 hours before the company is due to be booted off the AIM Casino after its Nomad, the saintly Beaumont Cornish, found representing this company all too much. Gate, of course, protested that it was talking to potential replacements but I rather doubt we will see it restored to trading in the morning, rather than being given the order of the boot. But what do we have HERE? An investment of £2.6m into a UK company called Infinity Creative Media Limited which is chaired, we are told, by Lord Michael Grade, no less. Is it true?
Bear raider: Lucian Miers has written to AIM Regulation about China fraud Gate Ventures (GATE) and has cc'd in ZAI Corpoate Finance which is widely believed to be the only Nomad prepared to consider acting for these shysters now that Roland "Fatty" Cornish has quit in disgust. Lucian's letter does not pull its punches and is below.
After Beaumont Cornish’s shock resignation as China fraud Gate Ventures’ (GATE) Nomad (this one is so bad even Fatty isn’t prepared to touch it with a bargepole), ShareProphets has obtained an exclusive transcript of the phone call AIM Regulation put in to ask a favour from one of its old favourites.
At 1.15 PM on Tuesday 23rd June, the China fraud Gate Ventures (GATE) announced that its Nomad - Beaumont Cornish - had quit on the Monday. The statement that it issued was er...much as you'd expect from a bunch of Chinese criminals and their useful idiot British patsies.
At last the spineless crony capitalist pig Roland "fatty" Cornish of New World Oil & Gas infamy, has quit as Nomad to China fraud Gate Ventures (GATE) and hence the shares have been suspended at once. The shares were listed in March and via fees and from exercising warrants and flogging shares - even though the prospectus said he could not exercise for a year - fatty has trousered c£400,000 but now even this greedy pig, devoid of principle has had enough.
The prohibition in China of Multi Level Marketing (MLM) schemes is one of the few areas where this fraud friendly nation is less tolerant of malpractice than the usually more draconian climate prevailing in the US where MLM seems to thrive and survive. Until recently this was not a big issue as in many instances the law against MLM in China was simply ignored in practice, with few consequences for the perpetrators.
