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

By Darren Atwater | Sunday 22 June 2025


 


The most read, non-Tom, article this week is The View From The Montana Log-Cabin As Middle East Pushes Gold Through $3,400 by Nigel Somerville at number two (or number 8 with Bearcasts).

  1. BREAKING: Reporting Optibiotix to the FRC for inaccurate accounts and it has also breached the Companies Act 2006, a criminal action
    As each day goes by the case for replacing almost all of the board at Optibiotix (OPTI) grows louder and louder. It is incompetent, mendacious and overpaid. CEO Steve O’Hara remains adamant that they are all doing a great job but here is another shocker. I have written to my good pals at the Financial Reporting Council about new “crimes” picked up by reader M

  2. The View From The Montana Log-Cabin As Middle East Pushes Gold Through $3,400
    Gold closed the week at $3,430 – a record weekly high and well up from last week’s $3,308. I suggested last week that whilst our favourite technician, Jordan Roy-Byrne of TheDailygold.com, was expecting a little more weakness from the ongoing correction, I wasn’t so sure as Trump or some other surprise could intervene……and so it proved, as Israel attached Iran and Iran retaliated – still ongoing. 

  3. EXPOSE: Versarien hid material bad news before last placing, is anyone at AIM Regulation awake?
    To stave off bankruptcy by a few months Versarien (VRS) raised £425,000 at 0.275p on May 14th. But at the time it was sitting on adverse material news and in not disclosing that ahead of the placing (or in fact since) surely that is a breach of AIM Rule 10 if not outright fraud?

  4. Ocean Harvest Technology – following September 2024 “believe that the group has adequate resources… for at least 12 months”, currently a funding struggle for even “an insolvency process”!
    Most recently on Ocean Harvest Technology Group (OHT), last month I wrote ‘following September 2024 “believe that the group has adequate resources… for at least 12 months”, now ‘financial position uncertainty’ shares suspension!’. Now an “Update, Directorate change, NOMAD resignation”-titled announcement. This doesn’t sound encouraging either!

  5. Letter to AIM Regulation & the Financial Reporting Council re Versarien and investor deception
    Following today’s shocking expose I have written to AIM Regulation and my good pals at the FRC regarding Versarien (VRS)

  6. BREAKING: Versarien: it gets far worse, it deceived us with its annual results & report, surely AIM Regulation must act!
    Yesterday I revealed HERE how Versarien (VRS) breached AIM Ryle 10 and committed fraud by not disclosing that what it deemed a “pivotal” customer had gone tits up before doing a placing. AIM Regulation tells me says that it is now considering its position but I am afraid that it is far worse than even I thought. With a hat tip to Dr Sour Kraut…

  7. Kenmare Resources – due diligence access “in order to facilitate the consortium improving the financial terms of the proposal” actually leads to a rejected “substantially” lower proposal!
    In March I concluded cautiously on titanium minerals miner in Mozambique Kenmare Resources (KMR) as the shares soared to around 400p on a possible offer “proposal” including noting a likely material share price fall if a deal is not agreed. The shares most recently closed at 394p and what about them now currently back towards 300p on it announced that a deal has not been agreed?

  8. UPDATE 2 Tom Winnifrith: Less than three months to Sharestock now only 22 seats left: book now!
    This may well be the final event I put on: Sharestock 2025 is on September 6 at my home between Chester and Wrexham and I really hope to see you there, you can book HERE, as of today we are more than two thirds booked out. My own talk may or may not be a double act with Mr X. If I am going out I am going out with a bang.

  9. Would you pay £3.5 million to reduce your losses by just 1%?
    I have been pondering the outrageous response from Kefi Gold & Copper (KEFI) to the outcry from many shareholders including myself about the vast bonuses and other perks awarded to Harry “trougher” Adams for another year of failure in 2024.

  10. BREAKING: The City’s most disliked man wins £3,109,924.09 in the High Court
    No, sadly that epithet does not belong to me but to Richard Jennings who delights in the phase “Nobody Likes me and I don’t care.” And so for his many haters, including numerous shareholders in The Smarter Web Company (SWC) who troll him on twitter on a daily basis arguing that he is a penniless ignoramus, this news will be unwelcome.

The most-listened-to Bearcasts this week were:

    1. Tom Winnifrith Bearcast: Fuming with Steve O'Hara and Tara Cranswick as I am told its all MY fault
      Ahead of a trip to the Shipmans I discuss Optibiotix (OPTI) after a chat with Steve O'Hara and V22 after silence from Tara Cranswick

    2. Tom Winnifrith Bearcast No 2: what would Nigel Wray say?
      I ask what Britain's Buffett would say about The Smarter Web Company (SWC), Skinbiotherapeutics (SBTX) and Optibiotix (OPTI)

    3. Tom Winnifrith Bearcast No 1: a tale of deceit with two AIM sewer placings: Skinbiotherapeutics and Vast Resources
      While I enjoy morons owning Vast Resources (VAST) being legged over again as a shareholder in Skinbiotherapeutics (SBTX) I share their pain and discuss the days events which stain the sullied reputation of AIM yet again.

    4. Tom Winnifrith's bearcast: The Chelsea Ripple, another two own goals from Optibiotix & the sweetest father's day card ever
      As I respond to an email from Noel who, famously, thought it was okay to see my family threatened because of what I had written, I read out a father's day card from 4 year old Jaya. Then it is Optibiotix (OPTI) and its latest own goals. Finally I, again, discuss KCR Residential REIT (KCR) but also house prices in Chelsea but across the UK on a four year and 20 year view

    5. Tom Winnifrith Bearcast No 1: Smarter Web Company madness, Gavin Burnell's warrant purchases, the FTSE 100 nightmare and my Bluebird dreaming
      The Smarter Web Company (SWC) is now valued at £1.4 billon on a fully diluted basis, I discuss various bits of news today and allow myself to dream about Bluebird Mining Ventures (BMV) after an article on ZeroHedge.

    6. Tom Winnifrith bearcast No 2: infanticide is now legal, I despair
      I start with infanticide, then the Iran Israel war, oil and gold and Tullow (TLW). Then it is Tiger Royalties (TIR) and Tao Alpha (TAO) and finally how to stop me exposing poor corporate governance.

    7. Tom Winnifrith Bearcast No 2: my family & slavery, Dominic Frisby & the Earl of Grantham and the history and lessons from bubbles
      It starts with a reader suggestion that I write an autobiography and that leads me to the book I actually want to write and for most of the bearcast a canter through all sorts of bubbles, what caused them, what ended them, their legacies and the lessons learned or ignored.

    8. Tom Winnifrith Bearcast No 2: The Bixby, Stockbridge, Lodge gang and the bitcoin in Treasury Bubble
      I discuss being a "normy", visiting the Shipmans and then the actions of the Bixby, Stockbridge, Lodge gang and the bitcoin in Treasury Bubble

    9. Tom Winnifrith Bearcast No 2: Not recording in a beehive
      I explain about the beehive and then some macro matters relating to my team (Israel) whipping Gary Newman's pals in Iran. Then it is Anemoi (AMOI), Vinanz (BTC), Kenmare (KMR), Revolution Beauty (REVB), World Chess (CHSS) and Litigation Capital Management (LIT).

    10. Tom Winnifrith Bearcast No 1: Recording a video with a bitcoin maniac living inside the bubble
      This chap made our in-house bitcoin obsessive Jimbo seem 100% sane and balanced. I discuss living inside financial bubbles then reflect on Malcolm Burne's call for regulatory action on the bitcoin in treasury bubble ahead of its inevitable collapse. 

    11. Tom Winnifrith Bearcast No 1: Versarien and Building for Humanity, fraud, fraud and AIM Rule Breaking as the taxpayer stiffed, this stinksI follow up from my earlier expose on Versarien (VRS) HERE.
      This scandal gets worse and worse and at every level stinks.

    12. Tom Winnifrith Bearcast: new bubbles , new dodgy valuation metrics, I have seen this film before
      I feel like fund manager Tony Dye back in 1999. Everyone laughed at him and in the end he was fired. Within two weeks he was vindicated. I consider another interview with Andrew Webley of the Smarter Web Company (SWC) with the wretched and dishonest Daily Mail.

    13. Tom Winnifrith Bearcast No 2: Bluebird Mining Ventures up 48 per cent on Friday, what next?
      I discuss various things I expect to happen and what you might do next
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