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EPIC code: TERN

Tern – Is Another Shoe Dropping?

By Nigel Somerville | Sunday 11 February 2024

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.

Beleaguered shareholders in AIM-listed dog-with-fleas Tern plc (TERN) are already suffering after a recent period which has seen its portfolio of cash-guzzling dogs heavily diminished. But there appears to be more bad news.
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BWNG
N Brown (#BWNG) – 40p per share recommended offer with an unlisted shares alternative
 17 October 2024, 07:59
RNK
Rank (#RNK) – Q1 LFL Net Gaming Revenue +12% YoY, argues “growth in our Grosvenor venues and UK digital business is particularly encouraging”
 17 October 2024, 07:56
ROO
Deliveroo (#ROO) – Q3 Gross Transaction Value +5% YoY, maintains FY guidance including “positive” free cash flow
 17 October 2024, 07:53
AOM
ActiveOps (#AOM) – H1 growth in line with expectations, notes “confidence to invest in our sales team as we seek to accelerate our organic growth rate”
 17 October 2024, 07:49
CHG
Chemring (#CHG) – FY “in line with the current range of analyst expectations”, “order cover for expected FY25 revenue is building well”
 17 October 2024, 07:47
RTO
Rentokil Initial (#RTO) – Q3 organic revenue +2.6% YoY, notes an “integration review period” is to delay synergy delivery
 17 October 2024, 07:44
SDY
Speedy Hire (#SDY) – H1 revenue “marginally down”, expects new contracts H2 “significant growth… meeting its full year expectations”
 17 October 2024, 07:39
IBST
Ibstock (#IBST) – Q3 “sales volumes were similar to the comparative prior year period”, “adjusted EBITDA broadly in line with our expectations”
 17 October 2024, 07:35
AJB
AJ Bell (#AJB) – notes FY growth in customers and assets under administration, though “upcoming Budget has introduced unhelpful uncertainty”
 17 October 2024, 07:31
FRP
#FRP Advisory – £5.5m acquisition of valuation services business Globalview Advisors
 17 October 2024, 07:27

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ROO

Deliveroo (#ROO) – Q3 Gross Transaction Value +5% YoY, maintains FY guidance including “positive” free cash flow

 

AOM

ActiveOps (#AOM) – H1 growth in line with expectations, notes “confidence to invest in our sales team as we seek to accelerate our organic growth rate”

 

CHG

Chemring (#CHG) – FY “in line with the current range of analyst expectations”, “order cover for expected FY25 revenue is building well”

 

RTO

Rentokil Initial (#RTO) – Q3 organic revenue +2.6% YoY, notes an “integration review period” is to delay synergy delivery

 

SDY

Speedy Hire (#SDY) – H1 revenue “marginally down”, expects new contracts H2 “significant growth… meeting its full year expectations”

 

IBST

Ibstock (#IBST) – Q3 “sales volumes were similar to the comparative prior year period”, “adjusted EBITDA broadly in line with our expectations”

 

AJB

AJ Bell (#AJB) – notes FY growth in customers and assets under administration, though “upcoming Budget has introduced unhelpful uncertainty”

 

FRP

#FRP Advisory – £5.5m acquisition of valuation services business Globalview Advisors

Wednesday »

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Tom Winnifrith Bearcast: Bracing myself

 

AAZ

Anglo Asian Mining – “Q3 2024 Production and Operations Review” positive, but...

 

FDBK

Feedback plc – emphasises now Elective Recovery Fund reimbursement eligibility, but balance sheet detail that dare not speak its name?

 

ZYT

Zytronic – states following “a full business and operational review… a clearer vision for what is required to turn the company around”. Er, is there?!…

 

IQAI

Trevor Brown at it again as IQ-AI pumped before the next bailout

 

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Tom Winnifrith Bonus Bearcast: betting markets and polls are now moving rapidly in the USA, how to profit from this

 

SDG

Sanderson Design – having been an AIM Awards 2024 nominee, just days later results statement disappointment (natch!)…

 

VRS

Versarien – The 4th placing in 2024 and the company should still go bust in February

 

KEFI

More knicker wetting by your fellow Kefi shareholders vicar?

 

GILD

BREAKING Guild Esports: David Beckham walks away with £9m, the Bixby gang make millions, company now worthless

 

VRS

Versarien (#VRS) – £0.45m bailout placing at 0.0325p per share

 

ZYT

Zytronic (#ZYT) – “challenging” trading conditions, announces “strategic review”

 

PROC

ProCook (#PROC) – Q2 LFL revenue +4.7% YoY, net debt up arguing “prudent intake planning due to the global supply chain disruption”

 

OXIG

Oxford Instruments (#OXIG) – H1 update, notes increased currency headwind from appreciation of sterling

 

MONY

#MONY Group – Q3 revenue -2% YoY, confidence for FY “in line with current market expectations”

 

WTB

Whitbread (#WTB) – H1 adj. EPS -6% to 137.1p, DPS +7% to 36.4p, notes increased cost efficiencies

 

JET

Just Eat Takeaway.com (#JET) – Q3 Gross Transaction Value -3% YoY, reiterates FY guidance

 

VTU

Vertu Motors (#VTU) – H1 EPS down to 4.77p, DPS up to 0.90p, expects H2 stronger used vehicles market than prior year

 

SDG

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MSLH

Marshalls (#MSLH) – Q3 revenue -3% YoY, expects FY “in line with its previous expectations… in anticipation of a continued improving demand environment”

Tuesday »

ENSI

EnSilica – “Design & Supply contract award” but what about a results announcement from this supposedly one of the “Best Use of AIM” companies?!

 

Bearcast

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VIC

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ELEG

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I agree with Tony Blair: it’s time to scrap AIM

 

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DLAR

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TERN

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TAM

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MTO

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VCP

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VIC

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RWA

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BWY

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MBH

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RBG

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THG

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SAR

Sareum (#SAR) – raises £2.364m at 20p per share with warrants

 

ARB

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SAGA

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HAS

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PMI

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JUP

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SBTX

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OMG

Oxford Metrics (#OMG) – acquisition of measurement for manufacturing business Sempre for £5m and up to a further £0.5m

Thursday »

SHI

SIG – “exploring” bond refinancing, but currently “no certainty” and what terms can it achieve?

 

Bearcast

Tom Winnifrith Bearcast: from A to Z, Artemis and Avacta to Zephyr

 

ETP

Eneraqua Technologies – “pleased to report” interim results, but what about the numbers is ‘pleasing’?

 

CGNR

Conroy Gold £259,000 fund raise but it is still totally insolvent. What is the point?

 

VAST

Vast Resources: it's that old pre-placing Zimbabwe spoof again

 

GCAT

Caracal Gold and the 11 reasons its auditor quit: surely the FCA must call time on this farce

 

CAU

Centaur Media – trading update notes “retain a cautious outlook”, but it’s “significantly” not been cautious enough!

 

Bearcast

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GBP

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Clown

A disgraced fund manager says he is boring but important

 

BOXE

Tritax EuroBox (#BOXE) – recommended 69p per share offer from Brookfield

 

VAST

#VAST Resources – a ‘settlement agreement terms approved’ update, but still “can be no guarantee of a successful outcome”

 

OPTI

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POLR

Polar Capital (#POLR) – AuM over Q2 -4% to £22.7bn, net outflows £0.2bn

 

LIO

Liontrust Asset Management (#LIO) – AuMA over Q2 -4% to £26bn, net outflows £1.1bn

 

CAU

Centaur Media (#CAU) – customer marketing spend reductions profit warning

 

ATG

Auction Technology (#ATG) – Gross Merchandise Value “significantly improved” momentum in H2, but still slightly negative year-over-year

 

RFX

Ramsdens (#RFX) – expects FY PBT up to “at least £11m”, argues sets up well for continued growth this year

 

TET

Treatt (#TET) – FY adj. profit growth “in line with board expectations”, argues “clear opportunities ahead”

 

RWI

Renewi (#RWI) – “following a capital injection of approximately £125m”, completes divestment of UK Municipal business

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CROWDFUND MY NEXT MEDICAL/ NINE MORE TICKET SALES NEEDED Sharestock 2025, we are on: date fixed so book now!

 

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Tom Winnifrith Bearcast: Has Andrew Monk finally done the decent thing and how much should I charge Opti for doing its PR today properly?

 

ECEL

Eurocell – a buy for trading recovery?...

 

PODP

Pod Point – having been “really excited to be joining the team and building on the fantastic progress”, CFO ‘steps down’ after less than 2 years!

 

Bear

Thoughts on – The Autum Statement, Outlook for Markets in the nearer term and the scrapping of the proposed Social Care reform, gold to $8000

 

Sheriff

Letter to the Financial Reporting Council: Johnsons must lose its PIE status at once

 

HERC

Hercules Site Services – emphasises trading “well ahead of market expectations”, but what about cash flow?

 

TIR

BREAKING: Just how insolvent is Colin Bird’s Tiger Royalties? Surely its goose is cooked?

 

IXI

IXICO – fundraising, how much really to ‘accelerate technology platform growth and global commercial reach’?

 

ELEG

Letter to the Financial Reporting Council asking that it force Electric Guitar to restate its last audited numbers

 

Bearcast

Tom Winnifrith Bonus Bearcast: The 'fess up RNS Optibiotix should be issuing NOW

 

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Florida Hurricane meets global warming nutters and dumb journalists at the Daily Mail: Tom Winnifrith

 

DBOX

Digitalbox (#DBOX) – receives GM requisition letter from Downing Strategic Micro-Cap Investment Trust (#DSM) to appoint Graham Bryce as a director

 

RDT

Rosslyn Data Technologies (#RDT) – £1.64m placing at 5p per share, up to £0.25m “retail offer” and £1.2m convertible loan notes issue

 

IXI

IXICO (#IXI) – £4m placing and subscription at 9.5p per share and a “retail offer”

 

CARR

Carr's (#CARR) – FY “broadly in line with board expectations”, “asset realisations are progressing as planned”

 

REVB

Revolution Beauty (#REVB) – H1 net sales -20% YoY, though emphasises ‘core SKUs’ growth including Q2 accelerating to +16%

 

MARS

Marston's (#MARS) – 13 weeks to 28th Sep LFL sales +3.8%, meaning FY LFL sales +4.8%

 

CMCX

CMC Markets (#CMCX) – H1 strong growth, including continued expansion and sustained levels of client trading activity

 

PRES

Pressure Technologies (#PRES) – completes sale of Precision Machined Components business for £6.2m Enterprise Value and up to a further £1.5m

 

MNDI

Mondi (#MNDI) – agreement to acquire Western Europe packaging business of Schumacher Packaging for €634m Enterprise Value

 

RIO

#RIO Tinto – agreement to acquire lithium chemicals producer Arcadium Lithium for approx. $6.7bn

Tuesday »

Bearcast

Tom Winnifrith bearcast: not getting to the bottom of it yet with the Shipmans yesterday

 

AAZ

Anglo Asian Mining – Gedabek agitation leaching resumes normal production, flotation processing next from this winning share tip

 

XPP

XP Power – Q3 update, how confident to really be that full year performance will be within the range of analyst forecasts?

 

SNR

Senior plc – profit warning, attempts outlook reassurance but it was arguing ‘expectations of good growth unchanged’ as recently as August

 

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Tom Winnifrith Bonus Bearcast: Time for Optibiotix to row back, a blinding statement from Probiotix

 

SYME

The fraud Supply@ME Capital Auditor Resignation letter – sadly no cigar for me

 

VTY

Vistry – profit warning as now ‘aware’ 9 developments cost projections “understated”, though also the causes are not currently fully ascertained!

 

ELEG

Electric Guitar – another audit where Mr Edmund Cartwright of Johnsons appears to have missed a potential material error

 

INSP

Inspirit – lies yet again as it becomes a cash shell, actgually not really even that

 

OBC

BREAKING: Online Blockchain: the final disgrace of Clem Chambers and, surely, the downfall of auditors Johnsons

 

Warwick_School

Tom Winnifrith: Naming the paedophile teachers at Warwick School No 2, Alan Wilkins

 

LGRS

Loungers (#LGRS) – 24 weeks LFL sales +4.7%, notes outperforming broader UK hospitality market

 

GNC

Greencore (#GNC) – Q4 LFL revenue +3.7% YoY and now anticipates FY adj. Op profit of £95m-£97m, “ahead of current market expectations”

 

ANG

Angling Direct (#ANG) – H1 EPS up to 2.24p, argues well placed for FY “in line with market expectations”

 

MOTR

Motorpoint (#MOTR) – H1 return to profit, “strong momentum going into H2”

 

IGP

Intercede (#IGP) – H1 revenue +22% to approx. £8.54m in line with expectations, cash £16.2m

 

GHH

Gooch & Housego (#GHH) – H2 stronger trading in line with expectations, “anticipated sustained recovery from our end markets next year”

 

XPP

XP Power (#XPP) – Q3 revenue -20% YoY, notes increased order intake but FY requires orders conversion and slower channel destocking

 

VTY

Vistry (#VTY) – warns as cost projections to complete some developments “have been understated by c. 10% of the total build costs”

 

SNR

Senior (#SNR) – warns on trading, with aerospace “temporary near-term customer related headwinds”

 

BRK

Brooks Macdonald (#BRK) – agreement to acquire financial services business LIFT for £30m and up to a further £15m

Monday »

GFIN

Gfinity – CEO shares subscription, but still how’s that balance sheet?

 

CNS

Corero Network Security – emphasises “Continued Q3 2024 New Customer Momentum”, but how significant?

 

CCT

Character Group – full-year trading recovery “in line with current market expectations”, Buy

 

JLP

Jubilee Metals – full-year results, profit fall but an outlook-improving Buy

 

JWNG

Jaywing – “Increase in Loan Facility”, and what about it’s to “draw the funds immediately”?…

 

Bearcast

Tom Winnifrith Bearcast: It's cost me cash but I make no apologies for remembering October and standing 100% with Israel

 

SRT

SRT Marine Systems – “US$213 million new MDA system contract award”… which is not currently a finalised contract award!

 

HELD

Hellenic Dynamics fesses that the 1 million Euro has still not arrived but today's RNS begs massive new questions

 

FDP

First Derivatives by FD technologies disposal: more ouzo for the sheriff with complete vindication

 

VAST

#VAST Resources – “alternative arrangements with creditors” as now expects to receive sales proceeds “on or around the third week of October”

 

MUL

Mulberry (#MUL) – 392,013 “retail offer” shares valid applications from up to 750,000 shares at 100p each offer, group raises overall gross proceeds of £10.4m

 

ECK

Eckoh (#ECK) – being paid £2.25m in patent dispute “settlement agreement”

 

CAV

Cavendish Financial (#CAV) – H1 growth and “solid pipeline”, though notes “uncertainty over the impact of the upcoming Budget”

 

BKS

Beeks Financial Cloud (#BKS) – FY adj. EPS up to 6.36p, “confident” for current year

 

SOS

Sosandar (#SOS) – signs lease agreement for store in Cardiff St David's centre following its three recent store openings

 

RIO

#RIO Tinto – confirms an acquisition approach has been made to Arcadium Lithium

 

FDP

FD Technologies (#FDP) – agreement to sell First Derivative business for £230m Enterprise Value, “intention to return excess cash to shareholders”

 

RNWH

Renew (#RNWH) – acquisition of onshore wind turbines services group Full Circle for €60m

 

MTO

Mitie (#MTO) – acquisition of Spanish security business Grupo Visegurity for €9m and up to further €2m

Sunday »

Bearcast

Tom Winnifrith bearcast: that US jobs data was bogus and actually makes the case for gold

 

SYME

Tick Tock, clock now running at Companies House for the Supply@ME fraud

 

TRAF

Trafalgar Property – Emerges From Suspension Following Disastrous Results And Abandoned RTO…..Still A Bargepole Sell

 

Professor

Visual Aid: The Most Popular Investing Strategies, by Generation

 

Gold

The View From The Montana Log-Cabin As Gold Holds Steady - $3,000 Still Beckons

 

Professor

Sunday Long Reads: Russia’s Delusions, Students who can’t Read, Kris Kristofferson, Serious Things, ENRC

 

Quiz

The ShareProphets Sunday Pub Quiz #261

 

Top-10

Notes from Underground – Most read articles for the week ending Oct 5

Saturday »

SBTX

Just flagging up that the bearded loon has called an Investor Meet on 11 October

 

Bearcast

Tom Winnifrith Bearcast: wrestling with the moral dilemma of a sick CEO

 

TST

Touchstar – after interims, now again a Buy?

 

BP.

BP or Not BP. There's Probably No Question.

 

Christopher_Booker

Photo article from the Welsh hovel: the last canning of the year, green tomato chutney,, Tom Winnifrith

Friday »

Bearcast

Tom Winnifrith Bearcast: The person from Porlock was the mother in law

 

Price-Vs-Value

ShareProphets readers tips for 2024 prize competition – (just under) three months to go update

 

ZTF

Zotefoams – a continuing progress, but lower share price, Buy

 

OPTI

OptiBiotix Health – disappointing interim numbers but there is an explanation, risk/reward Buy

 

VINO

Virgin Wines UK – “strategic partnership” with “the world's largest dedicated online supermarket”. Ramptastic?

 

Clown

A failed fund manager lashes out at those who cannot forecast for toffee

 

BMV

Is Bluebird a fraud making things up?

 

Bearcast

Tom Winnifrith bonus bearcast: the bollocks of a Versarien corporate update

 

TEK

China fraud fan puts the bull case for TekCapital: Chronic Investing

 

GNIP

GenIP plc – year 1 loss nailed on, year 2 loss highly likely unless revenues more than double

 

Welsh_Flag

Photo Article from the Welsh Hovel: the chillies change colour, Tom Winnifrith

 

Trump

Tom Winnifrith podcast: Kamala's $750 kick in the teeth, Doug's girlfriend beating and other October events

 

VRS

Versarien (#VRS) – “Corporate Update”, “pipeline of opportunities” attempted ramptastic

 

ARB

Argo Blockchain (#ARB) – “September Operational Update”, production again impacted by economic curtailments and low hash price

 

VINO

Virgin Wines UK (#VINO) – “strategic partnership with Ocado.com”, RNS Reach

 

FRAS

Frasers (#FRAS) – shares subscription in Mulberry (#MUL), “in accordance with the clawback provisions of the subscription”

 

DFCH

Distribution Finance (#DFCH) – CFO Gavin Morris to retire next year and with “an extended handover period”

 

JDW

J D Wetherspoon (#JDW) – FY adj. EPS up to 46.8p, resumed DPS at 12p, 9 weeks to 29th September LFL sales +4.9%

 

WOSG

Watches of Switzerland (#WOSG) – acquisition of luxury watches ‘content provider and digital gateway’ Hodinkee, “will not materially impact our leverage position”

 

GOOD

#GOOD Energy – acquisition of solar installation business Amelio Enterprises for initial £5.5m and up to a further £0.5m

 

SORT

Sorted (#SORT) – disposal of its “Returns” business for £0.775m

 

RNWH

Renew (#RNWH) – disposal of remaining specialist building business, Walter Lilly & Co., and any of its ongoing liabilities “for a nominal consideration”

Thursday »

LUCE

Luceco – a trading recovery Buy?...

 

TPT

Topps Tiles – now served a CMA “initial enforcement order” for argued “excellent fit” acquisition

 

AAU

Ariana Resources – interims, an “emergence of Ariana v2.0” Buy

 

Bearcast

Tom Winnifrith Bearcast: when will Jubilee see glory days again?

 

TFW

FW Thorpe – full-year results, are “modest growth expectations” sufficient for the valuation?

 

Bear

Video: The Economic Implications of Inflation, War, & Wealth Inequality

 

KZG

Giles Clarke CBE: Rules are for the dirty oiks not for people like him

 

VP

Vp plc – I previously having stated caution on it being able to meet its current year expectations, now a profit warning (and acquisition)…

 

GNIP

Listed at 39p yesterday by the scumbags at Novum, GenIP now just 26.5p: Evil Banksta weighs in

 

BTC

Never in the history of penny share hustling has David Lenigas been so shameless

 

BLND

British Land (#BLND) – £301m equity raise at 422p per share including via PrimaryBid to acquire retail parks portfolio

 

NANO

Nanoco (#NANO) – appointment of CDX Advisors “to review the options for the company's business and assets”

 

TPT

Topps Tiles (#TPT) – notes CMA initial enforcement order re. CTD acquisition as part of the CMA’s review process

 

JLP

Jubilee Metals (#JLP) – FY reduced profit, though argues progress made “has laid a solid foundation”

 

TFW

F.W. Thorpe (#TFW) – FY EPS up to 20.73p, DPS to 6.78p and special DPS of 2.5p, current operating performance “marginally ahead of the prior year”

 

SSPG

SSP (#SSPG) – Q4 growth means set for FY results within previously published guidance

 

TSCO

Tesco (#TSCO) – H1 adj. EPS up to 14.45p, DPS to 4.25p, notes ahead of its expectations

 

TEP

Telecom Plus (#TEP) – notes H1 growth and “remain confident” in FY guidance

 

VP

Vp (#VP.) – profit warning, noting construction, housebuilding and rail headwinds

 

VP

Vp (#VP.) – acquisition of “powered access” business Charleville Hire and Platform for initial €12.1m and up to a further €21.7m

Wednesday »

Bearcast

Tom Winnifrith Bearcast: Has GenIP burst the TekCapital bubble?

 

TPT

Topps Tiles – “Q4 Trading Update” argues outlook for a stronger market, but wasn’t that also the outlook for its year just-ended! And…

 

HUI

Hydrogen Utopia: Funding Crisis and the £3m loan facility that is not!

 

SHI

SIG – “Q3 Trading Update”, ‘underlying operating profit in line with guidance’ BUT…

 

HEMO

Spoof of the day: Hemogenyx Pharmaceuticals fund raise and associated pig and pork

 

ECP

1AF2 Limit – it’s a small world innit? Come up and see me smile..

 

BMV

Bluebird Mining Ventures: interims and funding news, ahead of further projects updates Buy – Tom has

 

WYN

Wynnstay Group – profit warning, anticipates an improved performance next year but what was it anticipating on its most recent half-year results?…

 

MMAG

Well done musicMagpie: bailout bid from AO World at 9.07p in cash, Minus 96% since 2021 IPO

 

SYME

EXPOSE: The Fraud Supply@Me Capital - scale of cash crisis revealed

 

Trump

Tom Winnifrith Podcast: Another big defeat for Ukraine while JD Vance wipes Tampon Tim but does it matter?

 

Welsh_Flag

Photo article from the Welsh Hovel: last jam of the year, it is rhubarb and ginger, Tom Winnifrith

 

MMAG

musicMagpie (#MMAG) – recommended 9.07p per share offer from AO World (#AO.)

 

SAGA

#SAGA – confirms “partnership” discussions for its Insurance business with Ageas, though currently no certainty that any agreement will occur

 

EQLS

Equals (#EQLS) – Takeover Panel extension to 30th October, due diligence “substantially completed” and negotiations “at an advanced stage”

 

SOLI

Solid State (#SOLI) – acquisition of specialist ferrite and magnetic components business Gateway Electronic Components for initial £1.4m

 

PINE

Pinewood Technologies (#PINE) – H1 revenue increase but profit down “due to strategic cost increases”

 

WIZZ

#WIZZ Air – September booked passengers +3.9% YoY, load factor -0.7ppts to 91.7%

 

JD

JD Sports Fashion (#JD.) – H1 adj. EPS up to 5.15p, DPS to 0.33p, in line with expectations but notes currency headwinds

 

WYN

Wynnstay (#WYN) – FY results to be lower than prior year, “materially lower” than expectations due to more challenging trading conditions

 

TPT

Topps Tiles (#TPT) – Q4 sales -4.4% YoY, argues “macro-economic indicators point to a stronger market in 2025”

 

SHI

SIG (#SHI) – Q3 LFL revenue -4% YoY, “in line with expectations”

Tuesday »

TERN

Tern offers a real insight into investee company valuation

 

Bearcast

Tom Winnifrith Bearcast: Darren says I am being mean and petty

 

KEFI

Kefi Gold & Copper – interims, upcoming project financing catalyst to spark the shares

 

TRYB

Tribe Technology – having emphasised extensive engineering and collaboration, review concludes “further significant... work is required”!

 

Crime-Scene

BOOM: Alessandro Zamboni you are not the Messiah you are a very naughty boy, dodgy 1AF2 accounts finally filed

 

VAST

Vast Resources – if only it was not for the entrée of Galician style octopus

 

GCAT

Andrew Monk dog Caracal Gold takes on loan at, I kid you not, 100% interest

 

SYME

Supply@ME Capital: could it all be all by this time next week?

 

JWNG

Jaywing – with cash already “very tight”, “trading continues to be challenging overall”. Uh oh…

 

Clown

A failed fund manager says not to worry about ballooning debt

 

Photo article from the Welsh Hovel: The waters are rising into the old orchard, one last apple pick with the kids, Tom Winnifrith

 

MUL

Mulberry (#MUL) – rejects possible 130p per share offer from Frasers Group (#FRAS)

 

MTC

Mothercare (#MTC) – notes refinancing “final stages” and resultant results delay shares suspension

 

TAVI

Tavistock Investments (#TAVI) – agreements for business disposals for £22m and up to £37.75m

 

JWNG

Jaywing (#JWNG) – continuing “challenging” trading, “discussions with its shareholder lenders in order to secure additional financial headroom”

 

PEEL

#PEEL Hunt – expects H1 revenue +25% YoY, though “market activity has slowed again in recent weeks ahead of the upcoming Budget and US election”

 

GRG

Greggs (#GRG) – Q3 LFL sales +5% YoY, “expectations for the full year outcome are unchanged”

 

CCT

Character (#CCT) – expects FY adj. PBT “in line with current market expectations”, notes trading “encouraging signs”

 

WRKS

TheWorks.co.uk (#WRKS) – FY adj. EPS down to 4.2p, reckons this year “on track to deliver improved profitability”

 

IOM

Iomart (#IOM) – agreement to acquire “Microsoft solutions partner” Atech Support for £57m, existing business profit warning

 

MPAC

#MPAC – agreement to acquire automation and palletising business CSi Palletising for €56m Enterprise Value, including an equity raise at 400p per share

Monday »

SYME

Supply@Me Capital - Interim numbers dire, minimal revenues, chunky loss and company remains technically insolvent

 

AAU

Ariana – Interims As Ariana Mk II Begins To Emerge

 

Bearcast

Tom Winnifrith Bearcast: stop wetting your knickers over Kefi

 

RBGP

RBG Holdings – interims argue “Executing a clear strategy to restore value and reduce risk profile”… but it’s currently not working!

 

CEL

Celadon: another crony capitalist seen off by the Sheriff as financing crisis intensifies

 

Dead-Donkey

More Schadenfreude Vicar: the most bombastic CEO ever to grace AIM falls on his sword again!

 

Bearcast

Tom Winnifrith Bonus Bearcast: Bluebird Mining Ventures offer - I'm in!

 

GKP

Iraqi plans for profit sharing contracts with the IOCs would still benefit Gulf Keystone and Genel and remove uncertainty - both are speculative buys

 

VRS

Versarien junks some junk but do not get that excited

 

SCE

Surface Transforms – interims, “significantly behind plan” and having to ‘evaluate all available cash options’ AGAIN!

 

ECP

Interims from Eight Capital Partners run by fraudster Dominic White: a complete rum ‘n’ coke

 

CEL

Celadon Pharmaceuticals (#CEL) – H1 another loss and CFO Jonathan Turner to leave in December

 

TERN

#TERN – agreed further funding for investee Device Authority from Ten Eleven Ventures deferred to “if required, on or before 31 December 2024”

 

THX

Thor Explorations (#THX) – argues “false claims and allegations, reported in the press, by Special Advisers of the Osun State Government, Nigeria”

 

CTG

Christie (#CTG) – H1 another loss, argues 0.50p DPS maintained “reflecting its confidence in a stronger H2 and a profitable full year performance”. Hmmm

 

ZIN

Zinc Media (#ZIN) – H1 decline, argues reflects H2 revenue weighting. Hmmm

 

LIKE

Likewise (#LIKE) – H1 adj. profit decline “reflecting the rising cost of interest”, DPS increased to 0.125p

 

AML

Aston Martin Lagonda (#AML) – supply chain disruption and continued macroeconomic weakness in China trading warning

 

QQ

QinetiQ (#QQ.) – agreement for sale of its Cody Technology Park for £112m and a 15 year lease for its existing, approx. a third of the site, footprint

 

LUCE

Luceco (#LUCE) – acquisition of workplace wiring accessories manufacturer CMD for £30m

 

ANP

Anpario (#ANP) – agreement to acquire animal health and nutrition products producer Bio-Vet Inc. for $6.3m and up to a total $7.3m

Sunday »

Bearcast

Tom Winnifrith Bearcast: what if Kefi slips again and is there any upside in oil & small oilers

 

Gold

The View From The Montana Log-Cabin As Gold Stalls Below $2,700, but $3,000 still in play as near term target

 

CHSS

Letter to the FCA re World Chess and the suspicious fund raise

 

Professor

Visual Aid: World’s Biggest Superpowers in 2024

 

Professor

Sunday Long Reads: The Tylenol Killer at 40, Booknapping, UK Lingo in the US, Doomed Expedition, How to be a Manly Reader

 

Gold

Video: Exponential Debt Cycle is Past the Point of No Return

 

Quiz

The ShareProphets Sunday Pub Quiz #260

 

Top-10

Notes from Underground – Most read articles for the week ending Sept 28

Saturday »

Bearcast

Tom Winnifrith bearcast: The Ariana fund raise from the horse's mouth

 

Beggar

AIM Market Statistics - Market Contraction continues

 

CLIG

Two Recovery Plays for You. A Partly Robotic Asset Manager and a Green Outfit Tom Hates.

Friday »

Bearcast

Tom Winnifrith Bearcast: Yes Optibiotix results were bad

 

SALT

Microsalt Interims – surely this has to win the award as AIM IPO of the year, it’s such a dog!

 

AAU

Ariana – ASX Float On The Way Before Year End Under Ord Minnett

 

MET1

Metals One: Ignore the convicted Felon in today’s RNS, dump your shares ahead of a placing

 

CHSS

World Chess: crazy fundraising with a company with zero internet presence

 

LFT

Zak Mir’s got a new broker but about that £750,000 it seems to have spaffed

 

PYC

Physiomics – full-year results argue a “solid base”. Er, is there?…

 

GFIN

Gfinity – “pleased to provide” Trading and funding update, though how ‘pleasing’ is it really?…

 

TENG

Ten Lifestyle Group – fundraise ‘to fund the launch of new contract’, or is it?…

 

EUA

Eurasia Mining (#EUA) – H1 £1.2m cash burn to just £0.2m period-end cash

 

TENG

Ten Lifestyle (#TENG) – up to £0.315m “retail offer” at 63p per share

 

CHSS

World Chess (#CHSS) – €1.2m “subscription agreement” at €0.10 per share

 

HUM

Hummingbird Resources (#HUM) – new loan facility and with delayed Kouroussa mine commercial production, a “strategic review”

 

SOU

Sound Energy (#SOU) – notes Moroccan press speculation re. assets sale authorisation, but that “transaction remains conditional”

 

IES

Invinity Energy Systems (#IES) – H1 £11.1m loss, cash £49.2m following May £57.4m fundraise

 

CWR

Ceres Power (#CWR) – H1 notes “reduced cash outflow” though still £13.9m, “cash and short-term investments” £126.1m

 

OPTI

OptiBiotix Health (#OPTI) – H1 reported revenue down, though “sales orders… substantially higher than in H1 2023”

 

CWK

Cranswick (#CWK) – H1 expected to be ahead of prior year same period, now expects FY “towards the upper end of current market expectations”

 

ADVT

AdvancedAdvT (#ADVT) – H1 revenue expected to be circa £19.5m and adjusted EBITDA circa £4m, “continue to experience positive momentum”

Thursday »

TM1

Rat. Sinking Ship. Technology Minerals

 

Bearcast

Tom Winnifrith Bearcast: can you use your special relationship with Kefi I was asked (yet again)

 

BSFA

Frankenstein Meat cash crisis looms, business update from BSF Enterprises does not cut the mustard

 

ZOO

Zoo Digital – ‘continues to expect EBITDA profit’, but what about the bottom-line?…

 

DISP

Dominic White and Martin Groak fraud Sifal Limited - the silent winding down of the business continues, look at Bella's website FFS!

 

VID

Videndum – interims, as I cautioned industry post-strike recovery slower than anticipated

 

ECP

Monday is D for Disaster day for 2 members of the Zamboni/White stable of frauds

 

FLO

Flowtech Fluidpower – interims, my prior caution justified as now ‘significantly reduced expectations for full-year outturn’

 

Bearcast

Tom Winnifrith Bonus Bearcast just for Peter Brailey: more beer and popcorn time from Probiotix but a big question for Optibiotix too

 

The Possible suspension of shares in the insolvent fraud Supply@ME Capital on Tuesday, Evil Banksta clarifies

 

Welsh_Flag

Photo article from the Welsh Hovel – another night of stewing and canning, Tom Winnifrith

 

TENG

Ten Lifestyle (#TENG) – new contract and proposed fundraising at 63p per share

 

OPTI

OptiBiotix Health (#OPTI) – intends to vote in support of requisitioned board changes at ProBiotix Health (#PBX), notes ProBiotix needs to clarify its issued share capital

 

AAU

Ariana Resources (#AAU) – appoints Ord Minnett as “lead manager” to proposed dual-listing on the Australian Securities Exchange

 

TST

Touchstar (#TST) – H1 EPS down to 2.82p, DPS up to 1.5p, strategic review to explore options including a sale of the company

 

MAB

Mitchells & Butlers (#MAB) – Q4 LFL sales +2.5% YoY, remains confident of FY “at the upper end of consensus expectations”

 

IGR

IG Design (#IGR) – FY adj. profit now expected to be “below but within 10% of previous market expectations”

 

ZOO

#ZOO Digital – H1 recovery in its pipeline and expects H2 further progress to meet FY expectations, though “visibility extends only to January”

 

FUTR

Future (#FUTR) – H2 “return to organic revenue growth”, though mindful of trading environment including updates in the search market

 

DGE

Diageo (#DGE) – expectations “unchanged”, “global environment remains challenging”

 

NG

National Grid (#NG.) – completes sale of its final 20% equity interest in National Gas

Wednesday »

Bearcast

Tom Winnifrith Bearcast: Another red flag at Cirata

 

DIA

Dialight – its fraudulent inducement and wilful misconduct claims rejected by a jury as Sanmina awarded the greater damages

 

SYME

The 2 statements the FCA should be forcing the fraudsters at Supply@ME Capital to make

 

BTC

Lenigas on the bitcoin ramp yet again, placing ahoy at Vinanz!

 

DCTA

Directa Plus – interims, hopefully my prior warnings were heeded as even its argued “we have been prudent” hasn’t been “prudent” enough!

 

Bearcast

Tom Winnifrith Bonus Bearcast: Sack the board GM now called at Probiotix: feck off CEO Steen, Stevie Wonder can see the writing on the wall

 

SYME

BOOM! GOTCHA!: Auditor to the fraud Supply@ME Capital quits: the Fat Lady is on red alert

 

MYX

MyCelx Technologies – interims, is it really now “well placed to capitalise on the market opportunity”?…

 

Welsh_Flag

Photo Article from the Welsh Hovel: No not an early Christmas decoration! Tom Winnifrith

 

RMV

Rightmove (#RMV) – considers REA Group’s further increased possible cash and shares proposal as materially undervaluing it and “unanimously rejected”

 

SYME

Supply@ME Capital (#SYME) – GOTCHA! Crowe U.K. resigns as auditor “having carried out a reassessment of the risks related to auditing the company”

 

PBX

ProBiotix Health (#PBX) – board changes requisition notice from Seneca and connected parties including to remove CEO Steen Andersen

 

DIA

Dialight (#DIA) – net damages against in Sanmina litigation, considering potential post-trial motions and reviewing options with regards to appeal

 

NTQ

Enteq Technologies (#NTQ) – £1.5m placing and up to £0.5m Bookbuild platform “retail offer” at 5p per share

 

KITW

Kitwave (#KITW) – raises £31.5m at 305p per share including via PrimaryBid to help fund acquisition of food wholesaler Creed Catering Supplies

 

MEX

Tortilla Mexican Grill (#MEX) – H1 another loss though reduced, notes revised delivery strategy and cost savings benefits

 

EMAN

Everyman Media (#EMAN) – H1 increased pre-tax loss, argues “excellent pipeline of content for the remainder of the year”

 

OTB

On the Beach (#OTB) – FY adj. PBT “in line with market expectations, despite incurring significant one-off costs related to the Ryanair integration”

 

DFS

#DFS Furniture – FY adj. EPS down to 1.5p, DPS to 1.1p, argues “signs that market growth could soon return”

Tuesday »

Bearcast

Tom Winnifrith Bearcast: I asked 3 CEOs why they were not buying shares, only Stuart Ashman replied

 

CBOX

Cake Box hooks up with Nutella – at what point do we start to view these folks like the tobacco companies?

 

TM1

Technology Minerals RTO is OFF (as OFT predicted): just how fecked is the company now?

 

TERN

Tern - time for Directors to end the gravy train, put shareholders interest first, sell business and put company into members voluntary liquidation

 

Bearcast

Tom Winnifrith bonus bearcast just for Evil Banksta: Eden Research almost 30 years of disgrace

 

Clown

Liam Byrne MP (Lab), Penny Mordaunt, Crooked Hillary's pal and the smearing of short sellers Boatman Capital and Fraser Perring as Russian assets

 

HSS

HSS Hire – interims, states removing guidance due to ‘new group structure and the period of transition’. Er, what about the “more challenging start to H2”?!

 

EUA

Eurasia Mining: Spooooooooooooooooooooooof

 

TERN

Tern – Offer Fails, Leith Sells (Naughty), Cash Running Out And What About The Audit?

 

Welsh_Flag

Photo Article from the Welsh Hovel: first pepper and chillies harvested, Tom Winnifrith

 

CAL

Capital & Regional (#CAL) – recommended 62.5p per share cash and shares offer from NewRiver REIT (#NRR)

 

NIOX

#NIOX Group – proposed up to £21m tender offer at 80p per share

 

TM1

Technology Minerals (#TM1) – “agreed” with Recyclus “not to continue with the merger of the two businesses at this time”

 

VAST

#VAST Resources – financing “clarification”, including funding required “by around 7 October”

 

YU

Yu Group (#YU.) – H1 adj. EPS up to 88p, DPS to 19p, net cash to £86.8m, “on track”

 

TMG

Mission Group (#TMG) – H1 adj. EPS 1p, “cautiously optimistic” on track as mindful of continued unpredictable trading environment

 

CARD

#CARD Factory – H1 adj. EPS down to 3.1p, DPS 1.2p, noting costs inflation and business investment

 

HSS

#HSS Hire – H1 adj. EPS down to 0.13p, DPS maintained at 0.18p, notes “more challenging start to H2” but “somewhat encouraged by lead macroeconomic indicators”

 

MAB1

Mortgage Advice Bureau (#MAB1) – H1 adj. EPS up to 14.8p, DPS maintained at 13.4p, activity levels “starting to gradually build again”

 

STEM

SThree (#STEM) – Q3 net fees -8% YoY, continuing challenging market conditions

Monday »

Angel

Not allowing myself to be played by a man who makes me feel dirty

 

Bearcast

Tom Winnifrith Bearcast: TERNing into a total disaster, open offer flops

 

Bearcast

Tom Winnifrith Bonus Bearcast: Optibiotix and the nothingburger RNS Reach

 

MYX

MyCelx Technologies – “changes to the customer's project timeline”, bottom-line financials that dare not speak their name?

 

DISP

BREAKING: Sifal (Dispensa and Zamaz as was) is it goodnight Vienna for this multi million pound fraud?

 

PMG

Letter to the Financial Reporting Council: Parkmead Group breach of IFRS 9

 

VAST

Vast Resources: its classic lie exposed again as it admits to dual financing crises

 

DIS

Distil – discounted equity raise to “provide working capital”. Er, it means to keep the lights on for a bit longer?…

 

Welsh_Flag

Photo article from the Welsh Hovel: now its raspberry jam, Tom Winnifrith

 

Welsh_Flag

Photo article from the Welsh hovel: pudding for the Mrs and Joshua all week, Tom Winnifrith

 

RMV

Rightmove (#RMV) – increased possible cash and shares offer of 770p per share from REA Group

 

DIS

Distil (#DIS) – placing and subscription to raise £0.65m at just 0.12p per share with warrants

 

VAST

#VAST Resources – attempting “measures” to settle debt and provide “additional short-term working capital”. Good luck!

 

PFC

Petrofac (#PFC) – senior secured notes “forbearance agreement” extended to 18th October

 

EDEN

#EDEN Research – H1 another loss, £2.5m cash burn to £4.9m

 

MYX

MyCelx Technologies (#MYX) – project delay warning, reckons “minimal impact to the forecasted year end cash balance”

 

OMG

Oxford Metrics (#OMG) – customers’ “more extended buying cycles” profit warning

 

MIRI

Mirriad Advertising (#MIRI) – H1 cash still down from a year earlier to £8.3m despite a net £6.3m of new shares issued

 

DNM

Dianomi (#DNM) – H1 still a loss, advertisers demand “starting to pick up” though after it continued to be soft into H2

 

ELIX

Elixirr International (#ELIX) – H1 adj. EPS up to 21.5p, “strong momentum has continued” in line with expectations

Sunday »

Bearcast

Tom Winnifrith Bearcast: Musings on the Gold price and how to play it, class acts or dogs?

 

Professor

Visual Aid: When Could Billionaires Become Trillionaires?

 

Quiz

The ShareProphets Sunday Pub Quiz #259

 

Professor

Sunday Long Reads: Project 2025, Wealth-gap relationships, Crowdfunding a New Country, Lafarge’s Isis payments

 

Top-10

Notes from Underground – Most read articles for the week ending 21 Sept

 

Welsh_Flag

Photo article from the Welsh hovel: doing some prep for Santa, harvesting lavender, Tom Winnifrith

 

Welsh_Flag

Photo article from the Welsh Hovel: the first fire of the autumn, Tom Winnifrith

Saturday »

Bearcast

Tom Winnifrith Bearcast: wise words from Jim Mellon, Tom Cross should have heeded

 

PMG

BOMSHELL EXPOSE: Parkmead Group - related party loan, multiple breaches of IFRS 9 including non recognition of loan modification losses

 

ESNT

Essentra – warns consistent with weak Purchasing Managers' Index metrics, recovery patience?

 

Bear

Two US Companies Where the Outcome is not in Doubt.

 

Gold

The View From The Montana Log-Cabin As Gold Takes Out $2,600 With More To Come

 

TERN

BREAKING: Tern – When You Owe The Bank A Quid……

 

MFAI

Two Irish Blokes and their Spiffing Idea to Take Advantage of the AI Boom.

 

Tom

Shamed to be of Irish descent again; what is it about them and the Jews? Tom Winnifrith

 

Welsh_Flag

Photo article from the Welsh hovel: apple chutney, Tom Winnifrith

Friday »

CTAI

BREAKING: Catenai - interim results boosted by Klarian loan which is not properly disclosed, IFRS breach exposed

 

Bearcast

Tom Winnifrith Bearcast: Thanks to the NHS there will be a Sharestock next year

 

Peasants

Wanna go on a demo comrade capitalist?

 

Top-10

Nigel Somerville's Greatest Hits, his 20most read articles on Shareprophets

 

Gold

Video: Gold Miner Undervaluations Are About To Change

 

PMG

Is Tom Cross at Parkmead getting a divorce from fragrant Linda and why would that matter?

 

SBTX

Has Skinbiotherapeutics misled us all, underpromising on Croda?

 

KEFI

Kefi Gold and Copper – “Tulu Kapi Operational Update”, a “remain on track” STRONG BUY

 

Quiz

A Spontaneous Friday ShareProphets Quiz

 

Welsh_Flag

Photo article from the Welsh Hovel: the Beetroot now preserved in sand, Tom Winnifrith

 

Welsh_Flag

Photo Article from the Welsh Hovel: Crab Apple Jelly production brings big chicken news! Tom Winnifrith

 

Welsh_Flag

Photo article from the Welsh Hovel that would have made my father truly envious: preserving tomatoes, Tom Winnifrith

 

WSBN

More worthless confetti vicar: Wishbone Gold raises another £360,000 to spaff at just 0.375p

 

NTOG

Nostra Terra (NTOG) issues 40m worthless shares to pay for share ramping

 

CTL

Cleantech Lithium (#CTL) 'fesses to delays on dual listing on ASX

 

IOF

Iofina (#IOF) H1 sales up 7% at $26.0m, stated PTP of $1.1m but net cash down by $100,000 at $1.1m, will hit FY forecasts

 

ECOB

Eco Buildings (ECOB), with factory now operational says will do orders of 1 million Euro by year end

 

SDX

SDX (SDX) postpones GM re convertible loan notes as having to renegotiate terms

 

MANO

Manolete (MANO) hands out zero cost options like confetti to incentivise an already well paid board

Thursday »

Bearcast

Tom Winnifrith Bearcast: Why I'm relaxed about Optibiotix despite the share price & have I said how much I despise Martin Sorrell?

 

WRN

The Worthington Trial is finally underway but Aidan Earley is already in a better place

 

TND

Tandem – interims, is it trading in line with market expectations?

 

AVCT

Would Deutsche hire and promote a total ignoramus? Avacta shareholders insist that it would, despite an awesome CV

 

PMP

Portmeirion – interims, how confident to be of full-year in line with expectations?

 

Bearcast

Tom Winnifrith Bonus Bearcast: Skinbiotherapeutics and the Croda news, why I am still not buying

 

TERN

Tern: Another Shoe To Drop on the Way To 0p?

 

JSE

Jadestone Energy half yearlies were mixed but there were enough positives to keep me invested - buy for the long term

 

Welsh_Flag

Photo Article from the Welsh hovel: finally keeping vampires at bay, Tom Winnifrith

 

Welsh_Flag

Photo article from the Welsh Hovel: Sunflower triumph, Tom Winnifrith

 

SBTX

SkinBioTherapeutics (#SBTX) – “final testing of SkinBiotix by Croda Beauty Care completed, with positive results”

 

PMP

Portmeirion (#PMP) – H1 swing to even adj. loss, “expect FY24 profit to be up on prior year with improving operating margins”

 

TND

Tandem (#TND) – H1 another loss, “remain cautiously optimistic about achieving stability in Q4”

 

BMS

Braemar (#BMS) – H1 adj. Op profit “slightly ahead” of prior year, “confident in the outlook”

 

SOS

Sosandar (#SOS) – first two stores now open in Chelmsford and Marlow and also launched in-store with Arnotts

 

SUP

Supreme (#SUP) – “solid start in H1”, expects FY “in line with market expectations”

 

NXT

Next (#NXT) – H1 EPS +6% to 282.8p, DPS +14% to 75p, raises FY guidance

 

OCDO

Ocado (#OCDO) – Q3 Retail joint venture revenue +15.5% YoY, raises FY revenue guidance

 

BYIT

Bytes Technology (#BYIT) – growth trends continuing, notes “structural demand drivers… including cloud computing, cyber security and AI”

 

SFOR

S4 Capital (#SFOR) – H1 another loss, current deteriorated outlook for technology services with wider market uncertainty

Wednesday »

MORE

Hostmore – hopefully our warnings were heeded as it’s now to file for administration

 

XAR

Xaar – interims, “success in new market sectors”?

 

Bearcast

Tom Winnifrith Bearcast: Is there any rogue in town who has not danced at the Oracle?

 

VEL

Velocity Composites – “Trading Update”, how’s that prior “to achieve profitability and be cash generative in H2”?…

 

Video: Gold to $7,000 or even $10,000!

 

AMRQ

Amaroq video: putting it all into context and restating projections, shares in my second biggest holding really could treble!

 

CTG

Christie Group – does even now further reduced profit range reflect transaction timings uncertainty?

 

Bearcast

Tom Winnifrith bonus bearcast: Kefi kicks me in the gonads again with its use of language

 

Bear

Helium, a bubble & the stockmarket minnows that will collapse

 

Welsh_Flag

Photo Article from the Welsh Hovel: Beneath rampant bindweed, red raspberries emerge, Tom Winnifrith

 

Tom

Tom Winnifrith podcast: I'm a lifetime burden on the state because I was FAT

 

KEFI

#KEFI Gold & Copper – Tulu Kapi early works “progressing well” and “remain on track for entering into definitive commitments from the funding syndicate next month”

 

SFT

Software Circle (#SFT) – “trading continues to align with our internal forecasts” and board changes

 

SAA

M&C Saatchi (#SAA) – H1 adj. EPS up to 7.9p, “outlook in line with market expectations”

 

GAW

Games Workshop (#GAW) – latest quarterly trading “in line with the board's expectations”

 

MOON

Moonpig (#MOON) – trading “in line with expectations”, continues to expect FY adj. revenue growth “at a mid-to-high single digit percentage rate”

 

PZC

PZ Cussons (#PZC) – FY adj. EPS down to 8.02p, DPS to 3.60p, notes impact of Nigerian Naira on reported results

 

LSL

#LSL Property Services – H1 adj. EPS up to 11p, DPS maintained at 4p, notes “lower mortgage rates which are starting to drive more activity”

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