Servision – first tranche of (not Bill Gates’) cash received…..and a clarification

There was no great surprise from AIM-listed Servision (SEV) in relation to the arrival of the first lump of cash from (nothing to do with Bill Gates) Cascade as announced this morning. But there were a few interesting clarifications in relation to the personal guarantee of Servision head honcho Mr Gidon Tahan which are worthy of comment. As for the subscription at a (still) incredible premium, it still all looks too good to be true.

Servision (#SEV) gets first $1m of uber dodgy Cascade funding - smoke & mirrors

Servision – come on Nomad Allenby, the silence is deafening

AIM-listed Servision (SEV) has some questions to answer. I hope it is currently answering them to its Nomad Allenby Capital and that we will have a statement shortly. Having announced a funding deal with US-based Cascade (which has nothing to do with Bill Gates) which seemed way too good to be true – at over 400% of the previously prevailing share price – backed by a personal guarantee from chairman and CEO Gidon Tahan, the nature of that guarantee became rather murky on Friday when it emerged after-hours that he had put up his entire shareholding as security. On what terms?

Servision – more on that grant of security over c. 10m shares

Yesterday we asked a series of question relating to AIM-listed Servision and its dealings with an obscure American entity called Cascade which has nothing to do with Bill Gates, when it emerged that it seems that the personal guarantee offered to Cascade by Servision Chairman and CEO (corporate governance Red Flag) Mr Gidon Tahan looks to be taking the form of a grant of security over about 10 million of his shares. Did the grant of security involve Cascade being able to dump said shares on the market? But two other details catch my eye.

Is the Servision $2m subscription RNS just a massive spoof?

Tom Winnifrith has already driven a coach and horses through the deal announced on Wednesday whereby an obscure US-based outfit has apparently agreed to throw $2 million (and up to a further $4 million) into AIM-listed Servision (SEV) at a massive premium to the share price previous to the announcement. But a no-one-is-watching o’clock RNS last night leaves me wondering whether the whole thing is so appallingly dressed up as to render the original RNS a gross misrepresentation of the truth.

Servision (#SEV) raises $2m at 11.4p , SP is just 2.25p and the company is a cash guzzling POS. WTF?

Servision - vulture loan keeps it afloat for a couple of months

My analysis of interim results from AIM dog Servision (SEV) which came out in September was that it was not generating cash and that its balance sheet was a trainwreck. I summarise of course but you can see the full analysis here.

SerVision (#SEV) – $215,000 short-term loan to keep the lights on

Servision - When Insolvency looms, accidents can happen

In the greater scheme of things this is a trivial matter. Having been exposed for revenue recognition policies that were so bizarre as to teeter on the verge of fraud, of being shown to have issued pre-placing RNS statements that were er..untrue and now facing looming insolvency, Servision (SEV) is in deep trouble. So maybe I should be charitable?

Servision - overtakes the fraud African Potash with the most expensive loan in AIM history - 33%

Servision (SEV) has today announced its interim results and they are dismal. The company is bust and why it's advisors (Nomad Allenby, broker Belfort Securities & PR himbo Christian Taylor Wilkinson at Cadogan Leander) do not call it a day and walk defies belief. It shows all three are morally bankrupt.The results are analysed in a bearcast special HERE. But I flag up in itw own right a loan Servision has taken from Yorkville which seems to be the new, most expensive loan , in AIM Casino history - at 33% - it is 5 percentage points dearer than the loan the FRAUD African Potash (AFPO) took out from Katrina Clayton, the wife of its FD. Frankly Servision would be better off borrowing on Christian T-W's credit card and splitting the difference.

Servision - new NED to reassure on dodgy accounts? You're 'avin' a giraffe!

AIM-listed Servision (SEV) has announced the appointement of a new NED. If that is supposed to reassure in the face of Tom Winnifrith's complaint to the FRC over the "interesting" accounting going on at the company then the CV of new appointment Mr Anthony Legge is just jaw-dropping.

Servision – increased undrawn SEDA Death Spiral which it does not intend to draw?

Tom Winnifrith has stuck the knife into AIM-listed Servision plc (SEV) more times than Avanti (AVN) has missed performance targets – see HERE. And so today we learn that the company has amended the terms of a financing package with YA II PN Ltd (otherwise known as Yorkville) which involved a loan agreement backed by a standby equity distribution agreement (SEDA) – for that, read “death spiral”. But the comedy is in the text of the RNS.

Servision (#SEV) death spiral underway - confetti blizzard ahoy

Servision - where are the ffing results - is a suspension looming?

I pointed out at the weekend why cash guzzling, dodgy accounting, jam tomorrow, RNS misleading, worthless piece of Turkish Servision (SEV) may have a few issues with its results. But where are those results for calendar 2015?

POS AIM dog Servision - painting itself into a corner next week

AIM dog with fleas Servision (SEV) waits until the wire to report its calendar results, ie until June 30. That is partly because it is a shoddily run company and partly because it always need a placing to get its accounts signed off without a horrible emphasis of matter statement. No new cash = not a going concern. But this year it looks rather different and the wire day is Thursday. This looks grim.

Servision – do Companies House filings suggest that this is a well-run company?

Tom Winnifrith has already raised enough Red Flags with regard to AIM-listed Servision (SEV) to have one reaching for the longest bargepole in the boathouse. But looking through its Companies House filings it would appear that all is not well in the administrative department.

Tom Winnifrith Bonus Bearcast - RNS from Servision today was bollocks, so was the last one - this company is bust

This is not hard. The RNS from Servision (SEV) today is designed to ramp the shares ahead of a rescue bailout placing. It is bollocks if you add up the numbers. So too was the last RNS by the way. I have reported this POS to the FRC for dodgy revenue recognition policies, it almost certainly now has negative net current assets and is burning cash. There is a bailout placing looming and you should sell now. This company deserves to, and could well, go bust.

Servision (#SEV) announces a string of tiny deals. ITS GOT NO CASH RAMP RAMP WHEN's THE PLACING?

Formal Request to FRC to investigate Revenue Recognition at Servision

I am still waiting for Servision (SEV) to man up and send the threatened lawyers letter to me as I am spoiling for a fight with this worthless POS as it rapidly runs out of cash. Just to keep PR Himbo Christian occupied as he briefs his new best friends the Bulletin Board Morons, I have today requested that my VERY GOOD FRIENDS at the Financial Reporting Council (FRC) open a formal investigation into the revenue recognition policy of Servision. The letter follows.

Servision: Make My Day please can I see you in Court Bitchez?

It seems that folks round at Servision (SEV) the AIM Casino listed company with atrocious revenue recognition policies, a track record of issuing RNS contract wins that turn out not to be true and which is heading for insolvency, don't like me very much. You know what? I don't like POS Servision for all the reasons demonstrated HERE. But the Servision chaps want to fight back.