UK 07:00 Sunday, 25 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
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.
On March 31st this year, Kibo Mining (KIBO) raised £750,000 at 2.5p. The price of this placement was horrific, at a 42% discount to the previous close’s 65 day Moving Average (65MA) closing price. On March 28th Kibo’s 65MA closing price was 4.28p. In percentage terms, this was one of the worst recent cases of placement value destruction I have come across and there was a very strong suggestion that Kibo, and its shareholders, had been victim of blatant (and sloppy) forward selling. Forward selling is the term used to describe a version of market abuse whereby certain parties, armed with confidential “inside” information, use this to profit, by going heavily short a stock, which they know is trying to raise money. We see possible cases of forward selling of placements regularly on AIM and there is an impression that that the regulator is doing little to nothing about it. Below I have drafted an open letter to the FCA to ask them to investigate this matter.
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Comments
rob shelley
what was the outcome on this please ?