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Trying to help the FCA on Ashington Innovations – but will it still waive this £170m scam through?

By Tom Winnifrith,the sheriff of the Standard List | Friday 25 August 2023

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.

For me this really is an acid test of the FCA’s suitability to approve Standard List prospectuses. You may remember that it waived through that of Umuthi Healthcare (UHS) prepared by a convicted fraudster. It also waived through the bogus Supply@ME Capital prospectus which overstated net assets by 99%. And this week there was Regtech Open (RTOP) with a non IFRS compliant balance sheet so materially overstating net assets, the dirty dozen investors and more. But Ashington Innovations (ASHI) will take the biscuit if the FCA approves the RTO prospectus. Emails were exchanged yesterday.

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