Tom Winnifrith Bearcast 11 Jan - Koovs Disgusts me, Afriag - incoming!

Comments

1. ---

   Drunken Sailor

   11 January 2016, 08:46

   Tom,

   The oil price is going to turnaround in time to save LGO. They are on reduced payments to the froggies until March and everything will be fine by then, Wildes say so! He also says you are well behind the curve on realising the only trucks Afriag have are impounded for smuggling fags.

   Did you give up at New Year or could Yusuf still try to tempt you with a death time supply of freebies?

2. ---

   Frank E Hodges

   11 January 2016, 09:06

   TW – Your comments in todays bearcast regarding Cynical Bear’s articles of yesterday, stating that you are delighted to see the share prices of the companies are off today, is frankly sickening.
   CB may not have told people to sell, or short, but we all know if someone prints something negative about a company the price will go down, and when you release your next hotstockrockets tip the price in the tipped stock will go up, well, for a short while at least.
   You new exactly what the result of CB’s articles would be, then make-out you’ve done PIs some big favour and it isn’t your fault the share prices took a hit, and all that old cods wallop.

   On this particular occation Share Prophets have done me no good at all and supplied me no useful information, but you are a journalist, and as such I know you don’t care; though you will at times delude yourself otherwise.

   Cynical Bear may not have made any typos, but I think it did manage one or two mis quotes.

3. ---

   Duck and Dive

   11 January 2016, 09:11

   I’ve been suffering Afriag withdrawal symptoms so delighted to hear that you have some more tasty morsels to set before us.

   I do think Afriag’s Nomad needs to tidy up properly following Dumbo Dave’s shock resignation from the Plc board. Is he or is he not (still) chairman of suspect investment, Afriag SA? Shareholders were told on 12.7.13 that Dave was taking on the chairmanship of Afriag SA, one of whose three board positions was to be allocated to Afriag Plc as part of the investment agreement (the terms of which were allegedly preserved in the Memorandum of Incorporation announced on 30.7.13).

   But this post wasn’t mentioned in Dave’s valedictory RNS so must we assume that he remains chairman of Afriag SA? And if not, shirley we should be told which current Afriag Plc officer will be taking up the Afriag SA board seat so as to monitor and protect that investment on behalf of clueless PIs?

   Or…should Afriag Plc simply fess up that it misled the market back then, that Dumbo Dave never did assume the chair of Afriag SA (as confirmed by filings in your possession), that Afriag Plc doesn’t have any entitlement to sit on the board of Afriag SA, that Afriag SA will forever remain a mystery to AFRI shareholders and that the investment has disappeared into money heaven?

   It would be jolly kind of Afriag Plc to also update the shareholder register so that we can all see what fraction of the original 18% of the company handed over to Afriag SA/PdR remains unsold.

4. ---

   tomr58

   11 January 2016, 10:17

   i wonder if I could ask for some update and views on 1spatial, which appeasr to have lost me a fair sum of money?

5. ---

   wildrides

   11 January 2016, 12:53

   Duck ……………. who is Shirley and what part does she play in this debarcle ………. oh dont worry , I am sure its water off a Ducks back anyways .

6. ---

   Duck and Dive

   11 January 2016, 17:01

   Shirley you know the answer, WR… Anyway, good to see your pecker up and giving that fine quip another airing. Don’t let UncleTom get you down.

7. ---

   Drunken Sailor

   11 January 2016, 21:13

   Frank,

   Stop being such a baby, pretty well everything, apart from the slip up on capacity vs throughput, was entirely fair comment, If it makes people look a bit deeper at what they are invested in / planning to invest in and that has an impact on the share price so what. If the company is a good company that does eventually deliver on its promises then the share price will reflect that and CB’s article becomes irrelevant. If it does not and always breaks promises and over ramps, the share price will head downwards and those who read CB’s article and thought more deeply about their investment / planned investment will have a lot to thank him for. I suggest you look at RNSs on other projects carefully to see if what CB has written about is common across them and that you watch out for further over ramping in RNSs and with the information you find through your own research you make better informed investing decisions for yourself.

   D&D,

   Big Dave is sole director of Afriag Ltd a UK registered company. Afriag Ltd is 100% owned by Afriag PLC, it has a 40% stake in an unlisted company, presumably Afriag SA. Afriag Ltd paid £1,326,990 in cash for that stake. It owes exactly that amount less £10 which is what was paid up on the Afriag Ltd shares to someone else, presumably Afriag PLC. It is shown as a current liability in the accounts to 31 Aug 14 thus it was due repayment before 31 Aug 15

   Why create this extra layer of ownership? All it does is create an admin burden as it is another company that needs annual returns and annual accounts filing at Companies House. Afriag Ltd has extended its accounting period to 31 Dec 15, so it does not need to file accounts again until Sep 16 thus we won’t find out if the money was repaid when due until then.

   As far as whether Big Dave ever sat on the board of Afriag SA or not and whether or not he still sits on the board remains a mystery, but Big Dave does not necessarily need to sit on a board officially to be pulling the strings.

8. ---

   Duck and Dive

   12 January 2016, 02:49

   DS, the extra layer of ownership is fairly common practice on account of this:

   http://uk.practicallaw.com/8-566-7187