As I explained HERE, the $145 million interim profit reported by Tek Capital (TEK) was pure fiction. Its aim was to disguise from the ongoing cash guzzle and to ramp the shares ahead of yet another placing. Call me Mystic frigging Meg.
In May TekCapital (TEK) was gifted 51% of Vesari for $0 but within 5 weeks had published an “independent” , i.e. paid for report saying that a company with no assets, cash or patented IP was worth $293 million. I agree with Liverpool’s greatest numbers man since Ken Dodd that this is just nonsense on stilts. Evil Banksta opines:
The TekCapital (TEK) business model is to invest in crap private companies, IPO them, dump shares and use that cash to invest in other private shitcos and to pay bloated PLC costs. Lovely Jubbly. Ching Ching. Ukrainian Young Ladies all round. That brings me to today’s update from investee company Innovative Eyewear (US:LUCY).
You can usually judge an AIM Company by its advisers. TekCapital has as its Nomad SP Angel disgraced for its antics pumping and dumping BlueJay (JAY), acting for the scoundrel Ricketts at Versarien (VRS) and for turning a blind eye to the fraud at Mysquar (MYSQ). Its PR is Flagstaff, run by Tim Thompson, sacked from a reputable employer after I exposed his dirty tricks campaign against shareholders in Range Resources (RRL). With such a dream team on board you know that having lain with dogs for so long, TekCapital (TEK) is likely to have fleas. Today we have a trading statement revealing its NAV as at 31 December.
It is hardly the surprise of the year but it seems that right now Tekcapital (TEK) is unable to dump shares in any of the dogs it has floated like Belluscura (BELL) or MicroSalt (SALT) and hence it has itself had to issue more shares, raising £1 million at just 7.5p. The deep discount is not the real shocker.
I seem to remember that Simon Thompson of the Investors Chronicle was a big fan of most of the AIM listed China frauds. He is also a very stale, long and wrong, bull of TekCapital (TEK). In this week’s magazine he, again, puts the bull case and here is that bull case and why it is just so wrong. The Chronic Investor’s comments are below with my comments in bold.
The business model of TekCapital (TEK) is to create crap businesses, float them and then dump shares to raise cash for Tekcapital to pay its bloated PLC costs and to invest in other crap businesses to float, ramp and dump. Fabbo, what’s not to like. Today we have an update from Nasdaq listed penny dreadful Innovative Eyewear (Nasdaq:LUCY). What Tek says is thoroughly misleading.
TEKCapital (TEK) is on a roll. Its 15.1% stake in May AIM IPO Belluscura (BELL) has surged in value to be worth £15 million and to top it off Simon Thompson of the Investors Chronicle — in the past a great cheerleader for AIM listed China frauds — tipped the stock on Friday. But it seems Simon got his sums a bit wrong.
The great success that was the 2019 Global Group UK Investor Show saw three 'Dragon's Den' sessions where a number of CEOs each gave a 1 minute (well, supposed to be!) pitch and three 'Dragons' at each session each picked a stock for a £1,000 investment. Here’s the latest after another month...
The great success that was the 2019 Global Group UK Investor Show saw three 'Dragon's Den' sessions where a number of CEOs each gave a 1 minute (well, supposed to be!) pitch and three 'Dragons' at each session each picked a stock for a £1,000 investment. With a first update a month ago HERE, here’s the latest this month...
The great success that was the 2019 Global Group UK Investor Show saw three 'Dragon's Den' sessions where a number of CEOs each gave a 1 minute (well, supposed to be!) pitch and three 'Dragons' at each session each picked a stock for a £1,000 investment. With the show having been in the last week of March, here’s a performance update after just over a month...
The great success that was the 2019 Global Group UK Investor Show saw three 'Dragon's Den' sessions where a number of CEOs each gave a 1 minute (well, supposed to be!) pitch and three 'Dragons' at each session each picked a stock for a £1,000 investment. With the show having been in the last week of March, here’s a first performance update...
