Another month, another set of de-listing developments amongst the (few) remaining ShareProphets China AIM 'Filthy Forty'. Who's next to follow the likes of Geong International and co in 'Geong, Geong' and then Gone?...
With ZAI Corporate Finance losing its Nomad status on Thursday, its client companies are running out of time to book in a replacement to avoid suspension. And that brings us to ShareProphets AIM-China Filthy Forty play Northwest Investment Group (NWIG) – the investment company which, after seven years, has invested not a cent.
Well here we are seven years (to the balance sheet date) on from the listing of ShareProphets AIM-China Filthy Forty play Northwest Investment Group (NWIG) and the interims are out. How close to meeting its investment policy is it now?
And so another year passes and ShareProphets AIM-China Filthy Forty investment company which doesn’t invest, Northwest Investment Group (NWIG), racks another year’s loss and still not a single investment. That’ll be six and a half years to the balance sheet date, and 7 to the current date. Meanwhile the £3 million raised is down to….
I kid you not: this company has been on the Casino since joining in June 2010 as an investment company with assets of about £3 million and has never invested a cent. Yesterday, ShareProphets AIM-China Filthy Forty company Northwest Investment Group (NWIG) released results for calendar FY15: it still hasn’t invested a cent. But the money is disappearing.
ShareProphets AIM-China Filthy Forty member Northwest Investment Group (NWIG) announced the departure of a NED, Mr Ka Ming Wong, yesterday afternoon. The thanks were effusive, but some shareholders might take a different view, given the lamentable record of this investment company which doesn't invest. It simply pisses the cash away on plc costs and administration.
In the wake of proposed changes to AIM Rules regarding investment companies and cash shells (see HERE and HERE) I am drawn to an announcement on Friday afternoon from ISDX Growth Market-listed Chalkstream (CHLK). It has announced plans to end its life as an investment company after two and a half years – and no investment. Let us compare that to the AIM-China Filthy Forty member that is Northwest Investment Group (NWIG) which has spent about five years on the Casino – and has also not invested a single penny.
We have already pointed out how AIM-China Filthy Forty member, Northwest Investment Group (NWIG) – the investment company which doesn’t invest – has frittered away stacks of cash on plc costs and achieved precisely nothing by way of meeting its investment goals so far see HERE and HERE . But one eagle-eyed reader has spotted a few more things which merit a wider audience. Yes, ‘David’ is back with another down and dirty look at the details given in accounts. Oh dear. He writes….
Another of the 14 ShareProphets AIM-China Filthy Forty has filed its interims in the nick of time. Step forward Northwest Investment Group (NWIG) – an investment company which doesn’t invest!
The more I look at the collection of investment train wrecks and outright frauds that are the China filthy forty the more I am horrified. Let’s look at the 26th best performer out of the 40, it has only lost 96% since IPO on the AIM Casino. I refer to Northwest Investment Group Ltd (NWIG), a special from Big Ray Zimmerman of ZAI Corporate Finance.
