Versarien (VRS) has more bad news for the morons left on its shareholder list. Oh goody goody!
Versarien (VRS) has stated that all its assets from its shares in worthless Spanish cash guzzler Gnanomat to its loss making UK operations and the signed collection of Gloucester Rugby Club used jockstraps are up for sale. And as I revealed HERE the deadline for indicative offers WITH PROOF OF FUNDING is 5 PM today.
Oh dear, oh dear as disgraced tipster Mike Walters used to say as yet another one of his share tips blew up. Did he ever tip Versarien (VRS)? Cash guzzling, a proven teller of lies, lots of jam tomorrow, it ticked all of his usual boxes. Today there is more bad news and it comes just eight days before the deadline for anyone daft enough to want to bid for any of its assets including Neill Ricketts collection of Gloucester Rugby club signed jockstraps and the equally worthless shares in Gnanomat.
A contact has been emailed about an offer to buy “the business and assets/shares of a globally recognized company.” Well that is one way of describing the insolvent dog Versarien (VRS). You will note the timeline indicated. And that suggests that Versarien, if it gives a FF about AIM Rules anymore, should be updating us al on 23rd and 30th August. By the latter date it will know if any indicative offers are in and if they will come anywhere close to paying off creditors.
Versarien (VRS) has made it explicitly clear that it is likely to go into administration and that shareholders will lose everything, something that I celebrate! So why are the shares up 36% today, albeit to just 0.015p. This is a classic dead cat bounce and in a market maker system perfectly rational. It often happens as the end approaches.
Versarien (VRS) continues to try and sell Total Carbide having failed to get an offer for more than a year, its PLC assets and its shares in Spanish joke operation Gnanomat but warns that the proceeds, if any, will not cover creditors in full, i.e. will be less than six million quid. I doubt they will come anywhere close. And that raises massive questions for auditor BDO, indeed for the whole AIM Casino ecosystem as this now a £55 million scandal.
I flagged up each time Versarien (VRS) has served up annual results that BDO had shown insufficient professional scepticism with regard to the carrying value of assets.
Well at least Versarien (VRS) gave disgraced founder Neill Ricketts one last payout a couple of weeks ago. For shareholders, as long predicted by myself, today comes a warning that the shares are going to 0p and the company int administration. Given the way Rcketts trolled me and his shareholders discussed having me killed and how to get my wife sacked, you will forgive my lack of sympathy here. Hopefully administration will also expose five million quid of Tory sleaze.
What are the cretins who run Versarien (VRS) thinking of, looking after their old buddy Neill Ricketts before trying to save the company. This stinks!
I have noted on a number of occasions the pumping of Versarien (VRS) shares by my fave German other than my brother-in-laws, Nena of 99 Red Balloons fame and Rudolf Schenker the founder of the Scorpions, that is to say Dr Sour Kraut, Dr Jan Oliver Strych. Today he has sent me a message:
Shares in Versarien (VRS) are 16% ahead today at 0.0152p thanks to an RNS Reach courtesy of evil PR genius Tim Metcalfe. As morons look to buy shares at 0.016p they will be debagged within weeks either by a placing at 0.01p or by bankruptcy or plausibly by both. Shame on you Tim…on your conscience be it.
I am not sure if Doctor Sour Kraut has done the maths for his beloved Versarien (VRS) but I suggest that he does. The company admits that if it does not raise more moolah or make a disposal by August the Fat Lady will be heading down to Cheltenham.
Back in 2018 shares in Versarien (VRS) were almost 200p. Today they are just 0.016p after a catastrophic warning of impending doom yesterday afternoon. Forgive the schadenfraude but all the way down I have been a bear simply on the basis of rational analysis and cracking investigative journalism.
As is so often the case delayed results often mean bad news and Versarien’s (VRS) interims issued at 15.03 PM yesterday were truly terrible. The market reacted badly marking the shares down by 44% valuing the group at just over £1 million.
Versarien (VRS) interims are late based on their historic publication dates, good news travels fast, bad news is often delayed.
After two exposes in two days and two emails to AIM Regulation, Versarien (VRS) has been forced to admit to the bad news it had been sitting on thereby breaching AIM Rule 10 and committing fraud ahead of a May 14 placing. But even the ‘fess up RNS is grossly misleading. So U offer up its RNS and what it should have said. The fraudsters at Versarien first:
Yesterday I revealed HERE how Versarien (VRS) breached AIM Ryle 10 and committed fraud by not disclosing that what it deemed a “pivotal” customer had gone tits up before doing a placing. AIM Regulation tells me says that it is now considering its position but I am afraid that it is far worse than even I thought. With a hat tip to Dr Sour Kraut…
