UK 18:47 Friday, 23 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
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Yesterday there was an admission from Bidstack (BIDS) that its soon to be former business partner Azerion had terminated the venture and had not been paying invoices for some time. This begs the question: were interims released on August 8 2022 bogus and designed purely to pump the shares ahead of the 5 October bailout placing. I have written to AIM Regulation demanding it launch an enquiry.
Did Bidstack deceive investors ahead of October bailout placing - you must surely launch an enquiry.
Sirs.
I write to you yet again about AIM listed Bidstack (BIDS) a company with a long history of misleading investors, sins which I have flagged up to you numerous times. So far you appear to have done nothing about it but I hope that in 2023 your departmental New Year resolution is to do some actual regulating and what better place to start?
On August 8 Bidstack announced half calendar year results and boasted:
“Our wider product offering and suite of tools, organic growth and the commencement of our commercial relationship with Azerion has created a 2.5x increase in first half revenue year-on-year to over £2m.”
How much of that £1.226 million increase in revenues came from Azerion? I only ask because in the same six-month period, trade and other receivables, increased by £1.532 million.
On October 5 Bidstack staved off bankruptcy with a £10 million placing at 2.85p.
On January 3 Bidstack admitted that Azerion, as well as terminating the partnership, had not paid a number of invoices due and that it was embarking on legal action to reclaim those sums. The question is when did Azerion stop paying its invoices or, indeed, did it ever start?
So the two questions you should be demanding that hapless Nomad SPARK Advisory establish are:
1. What was the quantum of invoiced revenues from Azerion in H1 2022?
2. What portion of those invoices had been settled by a) August 8, b) October 5th and c) remain unsettled now?
If it emerges that a high portion of the issued invoices remained unsettled by October 5 surely Bidstack should have flagged this up BEFORE its fund raise as that would have impacted the share price of that raise materially?
I urge an immediate enquiry and a long overdue public censure if the results suggest that investors were deceived.
I remain, as ever,
Your obedient servant and wish you, for 2023, blwyddyn newydd da.
Tom Winnifrith
www.ShareProphets.com
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