Verditek (#VDTK) – H1 loss of £1.2m on revenue of just £0.1m, cash down to £0.9m
- 2021-08-26 07:50:59
UK 10:25 Wednesday, 7 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
I preface this by saying that Verditek (VDTK) is a company that can lie about winning take or pay contracts just to get a placing away. In the end, the “customer” – and I use the word loosely – neither takes or pays. So anything it says in an RNS, even its cash balance, is not something that I would necessarily believe. But to make life simple, I give it the benefit of the doubt and assume its stated cash balances are, more or less, correct.
It has taken it 10 days to fess, something it blames on a cooling off period, but Verditek (VDTK) has admitted that the green ponzi bond launched by ninth rate crowdfunder Crowd For Angels has, despite the utterly misleading financial promotions approved by revolting Richard “Gollum” Gill, flopped. So where next?
Over at Powerhouse Energy (PHE), the chairman is branded a liar by a High Court Judge but because Tim Yeo is a Tory Toff he gets to keep his job. At Verditek (VDTK) – the company that repeatedly announces big contracts to ramp the shares ahead of a placing only for the contracts to evaporate once the mug punters have ponied up, the Tory Toff in charge is Lord David Willetts. Because the good Lord is just the sort of fine fellow to whom we should all doff our cap, normal AIM rules don’t apply.
Will Richard Gill, aka Gollum, the AIM Shit of the year 2012-2020, update the Crowd For Angels green ponzi bond prospectus to reflect the lies exposed by today’s full year results from Verditek (VDTK)? I doubt it. Remember that in the run-up to an October 2020 £3.5 million fund raise, this company announced EIGHT sales contracts.
Okay it is not gold bullion and nobody seems to have blown the bloody doors off but near insolvent Verditek (VDTK) says that £300,000 of stock has been half-inched from its Italian factory. The RNS starts with a predictable half-truth.
It is with a heavy heart but, as an upstanding member of the community, it is my duty. I shall be reporting Crowd for Angels and its compliance officer, Mr Richard “Gollum” Gill, to the FCA later today arguing that they are potentially misleading investors in a material way with regard to the “underwritten” Green bond for AIM listed uber dog Verditek (VDTK) which I covered yesterday.
As I have noted many times, following the “disappearance” of the eight contracts Verditek (VDTK) used to ramp the shares ahead of its last bailout placing, it is a company without revenue and now, once again, almost out of cash. And this it seems that equity investors have had enough and so the company has resorted to even dimmer and more credulous punters from the crowdfunding community. I have no idea what Tory Toff Lord Willetts is smoking other than a last cigar marked desperation but this makes no sense.
The cash position at Verditek (VDTK) must be really grim by now. Cash balances at 31 December – just a couple of months after a £3.5 million fund raise – were just £1.7 million. Still not generating any revenues at all, my guess is that cash is now well under £1 million and heading south rapidly. As the auditors consider 2020 accounts, they must surely be insisting that there is a material uncertainty as to whether this can be viewed as a going concern or not. But there is another million dollar question.
Verditek (VDTK) is a company that I have exposed as a serial liar and warned about many times before and my bearishness has been vindicated. Last August, at peak ramp, the shares stood at 18p. Egged on by disgraced share tipster Mike Walters, some folks paid almost 20p a pop. Today the spread is 3.7p-3.9p but even that values this business at £12.8 million which is insane as fair value is clearly zero. The valuation tells you everything you need to know about the insane market in which we operate.
I have communicated with Britain’s finest regulators, no sniggering at the back please, a number of times on the matter of AIM bad boy Verditek (VDTK), the company run by Tory Toff Lord Willetts which is heading rapidly for insolvency. I have written again on the matter of its market abuse, deceiving investors to pump the shares ahead of bailout placings. The letter is below:
As his loyal butler presents a plate of a fresh kipper, rushed by the overnight train from Arbroath, in front of Tory Toff David Willetts this morning, his Lordship must be pondering seriously whether Verditek (VDTK), the company he chairs, is, itself, at serious risk of becoming a dead herring. The company has survived since its 2017 IPO by generating not a cent of revenue but by announcing numerous contracts to ramp the shares ahead of bailout placings only to admit later that the contracts have come to nowt. But what now?
Oh dear, oh dear, oh dear. That used to be the catchphrase of disgraced penny share tipster Mike Walters of Minmet, 3DM, Polly Peck, Pursuit Dynamics, etc, etc infamy. I wonder if he will be using it today as the Verditek (VDTK) dog he has promoted so aggressively has coughed up to another lack of sales warning. It means that a bailout discount placing is inevitable within the next couple of months but natch the company, chaired by Tory Toff Lord Willetts, polishes the turd.
I hope that AIM Regulation is taking seriously the way that Verditek (VDTK) announced a series of EIGHT contract wins last summer to ramp its shares ahead of a bailout placing in October only to admit, incrementally, that almost none, if not none of the contracts had actually landed. Verditek has done this several times before and needs to be publicly admonished if it is not to commit securities fraud in this way again. But there is another matter…
Yesterday, Verditek (VDTK) finally ‘fessed that its 2020 revenues would be almost nothing. That is despite it announcing on June 30 that its Italian operation was now “in production and is generating revenue” and the announcement of no less than EIGHT separate orders from 30 June onwards. All of those “orders” were announced before a bailout placing on October 6. And it is not as if this company, chaired by Tory Toff Lord Willetts, has not got extensive form in announcing big orders before placings which then turn out to be bogus. The Oxymorons at AIM Regulation could have stopped this if they had heeded my calls in a letter to them about a full enquiry into past pre-placing deceits going back right to the IPO but they did nothing. There now needs to be a full enquiry into the company and into Nomad WH Ireland with public censures resulting. My letter is below:
