By Tom Winnifrith, The Sheriff of AIM | Friday 11 January 2019
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
It has now been exactly a year and two days since VSA completed its “due diligence” on AIQ (AIQ) and brought this cash shell to the Standard List. And what a year of shame it has been.
The shares raced ahead. Then writers on this website pointed out that the prospectus contained material inaccuracies and that there were a number of new media postings made by the company that simply did not tally with the claims made in the document VSA had signed off on after completing its, well remunerated, due diligence process... The company and VSA tried to bluff it out but so serious were our exposes that....
The shares were suspended. VSA ‘fessed up. ShareProphets was right with its exposes. VSA boss Andrew Monk, please note that an expose is when a journalist runs an original story not when someone in the corrupt deadwood press ( part of the problem not the solution) follows up on a ShareProphets scoop a week later. After a good time in suspension as the company and VSA tried to sort their story out...
The company did another fund raise to try and create liquidity. The shares came back.
And since then sweet FA. The company has now had a year to do a deal and has done nothing. The board takes its fees, the advisers bank their fees and the company has done NOTHING except burn at least 10% of the cash it raised. Probably more.
With net cash of a maximum of £3.5 million the shares trade at 23.5p valuing this crock at £12.2 million. That makes it at least 200% overvalued even if it were squeaky clean. Its short history suggests that is not the case.
Happy first anniversary AIQ. You first year on the Standard List has been one of shame for all concerned
Roll Call of Crony Capitalist Shame
Adviser: Andrew Monk's VSA Capital
PR Luther Pendragon
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