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Notes from Underground – Most read articles for the week ending 25 May

By Darren Atwater | Sunday 26 May 2024


Here are the most read articles and the most listened-to Bearcasts over the past seven days. The most read non-Tom article last week is by Steve Moore, with Itaconix – “pleased to report” AGM trading update. Er, what about the details that dare not speak their name?… at No 1 or No8 including Bearcasts. 

The most-read ShareProphets articles this week were:

  1. Itaconix – “pleased to report” AGM trading update. Er, what about the details that dare not speak their name?…
    Previously writing on company describing itself as “a leading innovator in sustainable plant-based polymers used to decarbonise everyday consumer products” Itaconix (ITX), last month I concluded with the shares at 160p still a ‘revolutionising’ former Neil Woodford pick avoid/sell. The shares are currently 155p, but what about that with them up by more than 10% today on an AGM trading update?

  2. Kefi Gold & Copper – company and government formally launch Tulu Kapi project & a share issue, still Strong Buy
    Kefi Gold & Copper (KEFI) has announced Tulu Kapi gold project formal launch with Ethiopia governmental approvals, though now following with the issue of 177 million shares to pay fees for mining advisors at 0.736p each. The dilution here is a pain but minimal following the good news on Tulu Kapi project “deployment of dedicated site policing and the conditional confirmations that quickly ensued from all members of the project's finance syndicate”. This formal launch enables proceeding to complete “Early Works” and satisfy all conditions precedent to drawdown full project finance to enable “Major Works” to commence from October.

  3. The View From The Montana Log-Cabin As Gold Challenges For New Highs, Ariana to 10p?
    Gold closed the week at $2,414 – within a whisker of its intra-day all-time high and at a new record weekly close, up nicely on last week’s $2,360. Silver closed at an 11-year high and as you can see from the chart of Gold vs the mining ETFs GDX (majors), GDXJ (juniors) and GOEX (explorers), Gold stocks did very well too.

  4. XP Power – argues “indicative proposal fundamentally undervalues the company and its prospects”. Er, does it?! And what about that November bailout equity raise?…
    Advanced Energy Industries, Inc. (Nasdaq - AEIS) has issued a “Statement re Possible Offer” for XP Power (XPP) announcement, stating that it, “given the lack of engagement from the board of XP Power… believes that XP Power's shareholders should be made aware of the latest proposal, which represents a compelling and highly attractive opportunity particularly in light of the November 6, 2023 Fundraising and February 16, 2024 Trading Update”. How compelling and attractive does this possible offer move look then for XP Power’s shareholders?

  5. Polarean Imaging – “delighted to announce today's successful placing and subscription”. Er, what about the more than 70% discount?!
    Previously writing on Polarean Imaging (POLX), in September with the shares down to 11.5p and it emphasising it having “successfully developed the first and only hyperpolarised MRI contrast agent to be approved in the United States”, I warned it’s the balance sheet which soon needed to be revolutionised and, considering the funding environment and a down to below £25 million market cap, it was good luck with such fundraising! Natch, avoid/sell. The shares most recently closed at 3.7p and now CEO Christopher von Jako is “delighted to announce today's successful placing and subscription of $10 million”. Er, why are the shares currently at 1.3p then, a further 65% down?!

  6. Photo article: an ode to smug Sam Smith as she turns 50
    Sam Smith the founder of FinnCap and mastermind of its 27p per share IPO has turned 50. Shares in what is now known as cavendish Financial (CAV) are now 13.5p so have lost 50%. Sam walked before the most disastrous profits warning to, according to the Mail on Sunday, get an ahem…personal life. Being a modest sort she has posted on LinkedIn a few thoughts, the rather flirtatious photo you see below and a poem all about her penned by a friend. Pass the sick bag.

  7. Feedback – trading update argues set to “build on the fantastic foundation that we have built”. Er, what about that continuing cash burn?
    Data technology for clinicians company Feedback (FDBK) has issued a trading update with CEO Dr Tom Oakley emphasising “despite a delay in some of our larger national and regional NHS opportunities we have delivered revenue growth in FY2024 and optimised our cost base” and that those delays have also “given us an opportunity to continue pursuing our international opportunities and we are making promising progress in India around TB screening and other upcoming opportunities that have been unlocked by our in-country MD, Rohit Singh, having established the right to sell Bleepa as a medical device”. So what about a share price currently of 67.5p in response, down more than 8%?

  8. NightCap planned placing at 5p – it is taking the piss as it is going bust
    The spoof that Nightcap (NGHT) might bid for Revolution Bars (RBG) is not even mentioned by Dragon’s Den “star” Sarah Willingham in today’s statement. That was just an attempt to big up her failing company ahead of a placing needed to stop it going bust next month as it is unable to meet both payroll and the quarterly rent roll. Natch La Willingham is excited. She always is.

  9. Q. When did the Tories stop believing in capitalism and value for money?
    My question is prompted by Tory MP and Minister Claire Coutinho (@ClaireCoutinho) who today tweeted:

  10. Who’d have thought it: Hargreaves Lansdown “in play” as £5 billion takeover target: BUY, SELL or HOLD?
    After hours yesterday, a private equity backed group said that it had made two pitches to buy Hargreaves Lansdown (HL.) the most recent at 985p, valuing the Bristol based company at £4.67 billion. Hargreaves, whose shares were £22.57 five years ago, says that the bids undervalue it and have been rejected. What next?

The most-listened to Bearcasts this week were:

  1. Tom Winnifrith Bonus Bearcast: Bluebird Merchant Ventures and Kefi Gold & Copper
    Both have news today. I own shares in both and am uber bullish on both Kefi Gold & Copper (KEFI) and Bluebird Merchant Ventures (BMV). I discuss inter alia: Richard Jennings, the Kefi Telegram Group packed with congenital idiots, my own holdings, valuation, corporate action at Kefi and price targets.

  2. Tom Winnifrith Bearcast: To my surprise I do have 1 female listener and relay her message to my wife
    I start on two elephants in the room that will not be discussed in the great yawn that is the General Election. Then it is Kefi Gold & Copper (KEFI), Eqtec (EQT) and Roquefort Therapeutics (ROQ) and its misleading release as the struck off dentist strikes again.

  3. Tom Winnifrith Bonus Bearcast: has 'arry Adams of Kefi played me again & your nominations for our gold dog bellweather portfolio
    I start by looking forward toa day when I own no small cap shares I tip and explain why. Then I ask you to nominate your worst five junior gold and or silver wannabee miners in the comments section below and explain why. Finally Kefi Gold & Copper (KEFI) and dilution of sub 3% which seems to have triggered much knicker wetting among folks who do not know much about anything and anger at me. 

  4. Tom Winnifrith Bearcast: These really are atrocious numbers from Spain and also from Union Jack + the madness of Crowds
    I start with GroupThink in relation to Kefi Gold & Copper (KEFI) but other stocks too. Then it is to Spain for insane economic data and the gold price. I look at more red flags at Haydale (HAYD) and crunch the balance sheet warnings for you all, cover dire numbers and management blunderings at Union Jack Oil (UJO) and then the fraud Supply@ME capital (SYME) as its shares sit at an all time low.

  5. Tom Winnifrith Bearcast: the definition of insanity
    I start with another weight loss triumph. That trend will be helped by the 4 hours of hard gardening done today to cool off after dumb comments and hateful emails from Kefi Gold & Copper (KEFI) obsessives. I discuss Kefi, Upland Resources (UPL), Chill Brands (CHLL) and Ashington Innovations (ASHI).  

  6. Tom Winnifrith Bearcast: Saturday Night from hell looms, think of how I will be suffering
    I start with the nightmare of modern kid's birthday parties and the true nightmare, for me, of the weekend that lies ahead. Then to three Allenby dogs: Ben's Creek (BEN), Chill Brands (CHLL) and Nightcap (NGHT) all of which raise the question of whether Allenby is London's most morally bankrupt and unethical advisor. Then onto Microsalt (SALT) and Tek Capital (TEK) and finally I beg a favour of you all.

  7. Tom Winnifrith Bearcast: the cat seems to be Lazarus, the President of Iran is, I suspect, not
    I start with the cat. Then it is onto Grandpa Lucian. Please do sponsor the old boy HERE, I have an update on his progress. Then the late, I hope, President of Iran and what that all means for oil, gold and other matters.

  8. Tom Winnifrith Bearcast: Stop denying my Anglo Saxon DNA you left wing, race baiting, academic prick
    I was screaming obscenities at BBC Radio 4 just now and explain why. Then ahead of my annual nightmare of a weekend away with my wife's Chapel and the mosquitos, I discuss Technology Minerals (TM1) and a death spiral working like an Anaconda on the share price, bitcoin miners and Argo Blockchain (ARB), Nightcap (NGHT),Microsalt (SALT) and Tek Capital (TEK).

  9. Tom Winnifrith Bearcast: Avacta, Novacyt and Roquefort - 3 sells, at least 2 zerosI start with life on the chapel's camp, then onto three biotech stocks, 2 cursed by the Ajan Rejinald factor: Avacta (AVCT), Novacyt (NCYT) and Roquefort (ROQ)..
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