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GOTCHA! Ben’s Creek to appoint adminstators, Nomad quits, a roll call of shame as $70m+ up in smoke in 31 months on the AIM casino

By Tom Winnifrith, the Sheriff of AIM | Wednesday 22 May 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.

Ben’s Creek listed at 10p in October 2021 with its sole asset a ageing coal mine that had sent all its previous owners bankrupt. By 11 April the next year, as Ben’s insisted that it would be different this time, that it would make vast profits and pay a dividend, its shares were 101p. Today it says that unable to repay bonds on which it is in default to ACAM and Avani and within ten days of running out of cash it is set to call in the administrators. More than $70 million has been burned in 31 months. GOTCHA!
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