Entirely predictably, AIM-listed John Zorbas vehicle URU Metals (URU) has slipped out its interim results on deadline day (never a good sign) in no-one-is-watching week, the few trading days between Christmas and New Year. As such it is a fabulous day to bury bad news……and there is, of course, plenty of bad news.
Last night at 5.11pm – no-one-is-watching o’clock – AIM-listed URU Metals (URU) ‘fessed up that it had taken a C$950,000 loan from CEO John Zorbas last June. That, of course, is a related party transaction which therefore should have been disclosed but rules are for little people…
I cannot help but notice that shares in AIM-listed John Zorbas vehicle URU Metals (URU) have crashed by 19% thus far today, on no news. Having called it a sell at 405p in August, a sell at 320p in September and a sell at 270p earlier this month, the stock is now down to 190p. Of course, it is still a sell but perhaps it is time for an early Ouzo as the shares have now more than halved.
When I commented on AIM-listed URU Metals (URU) at the end of August, following the “disposal” of its Zebediela nickel asset to TSX-V listed cash shell (with no cash) Blue Rhino, now Zeb Nickel (TSX-V:ZBNI) the shares were 405p and I said sell as it was an accident waiting to happen. By mid-September they were down to 320p and I still said sell. Now, following after-hours full year results to March, slipped out at no-one-is-watching o’clock on deadline day (never a good sign) – and showing it had net current assets of MINUS $1.5 million – the shares are down again, to 270p – and in my view they are still monstrously overvalued and a sell.
AIM-listed URU Metals (URU) – the firm which prefers to mine its own shareholders rather than anything in the ground, according to Cynical Bear – slipped out its full year results to March last night at 5.35pm on deadline day. Truly, this is no-one-is-watching o’clock, but ShareProphets was watching and the numbers are – again – horrendous.
I cannot help notice that John Zorbas’ AIM-listed URU Metals (URU) continues to slide. At the end of July I noted that the shares, then at 405p, seemed to represent over-valuation to the point of madness. By the end of August the shine had started to come off with the stock at 390p. Now they are 320p – and still monstrously overvalued.
I noted the other day that AIM-listed John Zorbas vehicle URU Metals (URU) seemed to be an accident waiting to happen. With a boat-load of death spiral shares and warrants to come at 85p against a then share price of 405p, that was surely enough of a Red Flag, but with its main asset now held in TSXV-listed ZEB Nickel (ZBNI) following a “disposal” which was not really a disposal, whose shares (of which URU holds 41 million of, but mostly held in escrow) and ZEB’s shares sliding alarmingly since the suspension was lifted, the Red Flags were certainly fluttering wildly in the wind.
It has been a busy few weeks for AIM-listed John Zorbas vehicle URU Metals (URU). The “sale” of its Zebediela nickel project in South Africa to Toronto Venture Exchange listed (lack-of) cash shell Blue Rhino (RHNO), now renamed ZEB Nickel (ZBNI) has completed, with Zeb having raised some cash along the way. But it seems that the Toronto market is less than impressed.
AIM-listed John Zorbas outfit URU Metals (URU) had a good day in the market yesterday as its shares shot up by 8% to 405p on news of developments regarding its “disposal” of the Zebediela nickel project in South Africa to Toronto Venture Exchange listed Blue Rhino (RHNO). Except as far as I can see it is not really a disposal as one might normally understand the word.
Last night, at 6.02pm – no-one-is-watching o’clock – AIM-listed URU Metals (URU) announced it has increased the death spiral facility with an outfit called Boothbay Absolute Return Strategies from $250,000 to $500,000 – and the bargain giveaway conversion terms which were originally due to expire within 90 days of the original loan have again been extended so that Boothbay can convert at just 85p……with the stock trading at 325p!
I commented back in January on AIM-listed URU Metals (URU) and its proposed sale of the Zebediela project in South Africa to Canadian-listed cash (-less) shell Blue Rhino Capital. Suffice to say I wasn’t impressed. Yesterday the company called its AGM and on the agenda is this “disposal”.
Last night, at 5.32pm on a Friday – no-one-is-watching o’clock – AIM-listed John Zorbas outfit URU Metals (URU) issued an RNS related to its death spiral financing package first announced in May last year. It is good news for the loan sharks, but surely shareholders deserve better.
One of Tom Winnifrith’s more memorable descriptions in the stock market is one of two hopeless companies deciding to merge as being like two drunks trying to prop each other up. On Wednesday night, at no-one-is-watching o’clock (5.21 pm) – except ShareProphets was watching – AIM-listed John Zorbas vehicle URU Metals (URU) announced the potential disposal of its Zebediela project in South Africa to Canadian-listed (on the Toronto Venture Exchange) Blue Rhino Capital (RHNO). The shares shot up by 27% and are a little higher today at 290p, but I wonder whether anyone has actually considered what is going on here.
The good news is that we did not have to wait until after-hours on New Year’s Eve for the latest set of Interim Results to September from AIM-listed John Zorbas POS URU Metals (URU). But the numbers are, as predicted, truly awful – it is Red Flags ahoy from this technically insolvent joke company.
AIM-listed John Zorbas POS URU Metals (URU) has announced the issue of a stack of shares to settle directors’ fees and those of an adviser this morning. That to add to yesterday’s paltry subscription shares raising just £280,000 (before expenses). I would suggest that this latest splurge of confetti shows just how badly screwed the company is.
Well blow me down: AIM-listed John Zorbas POS URU Metals (URU) has rattled the tin and got someone to fork up at 230p per share. Apparently that is around a 10% discount, but given the paltry return for the company it says nothing that is good about the company. A few coins for the electricity meter and, er…..that’s about it.
