Notes from Underground – Most read articles for the week ending August 2

The most read, non-Tom, article last week was Ariana – Seller’s Remorse? Er, No. by Nigel Somerville was number seven, or number 18 including Bearcasts.

1. Croda analysts meeting 2 big takeaways for Skinbiotherapeutics
   One will disappoint the conspiracy theorists the other is very good news indeed for Skinbiotherapeutics (SBTX). First for the folks with green biros. Croda stated in the results day analyst briefing:
   
   
2. Skinbiotherapeutics: Letter to the Financial Reporting Council
   
   
3. Probiotix: why are the directors not buying?
   Adam Reynolds and Steen Anderson said they would buy shares in Probiotix (PBX) after a cleansing trading statement. But they have not.
   
   
4. Maven Renovar VCT – how one sided can a circular be, top fund manager Paul Jourdan of Amati lashes out
   I do not wish to term Paul Jourdan even a vague friend lest I tarnish his reputation in some parts of the City and in the bulletin board moron community but he is a good and honest man and a very good fund manager with his Amati operation. Now he is calling an EGM to oust the board at Maven Renovar VCT (MRV), a board which has lashed out at Jourdan with comments which are, in my view, borderline libelous. Suffice to say I think you should back Jourdan and he has now hit back at a circular published by the VCT. He does not mince his words and his comments merit a wider audience. The great man opines:
   
   
5. JUSTICE: Julie Meyer Stripped of MBE! Final Vindication for Tom Winnifrith!
   Most of the eleven folks stripped of awards last night were sex offenders. Julie Meyer just put a sex toy on expenses. But the shamed and disgraced businesswoman whose antics this website has exposed in numerous articles as you can see HERE is now no longer an MBE with the cabinet Office saying that she has lost her gong for “Bringing the honours system into disrepute”. Meyer has responded to my investigative journalism over the past ten tears with legal threats, numerous defamatory online postings and harassment and by reporting me to the Police for harassment. Suffice to say the old Bill were laughing after I explained the situation to them. But this is an ouzo moment for me!
   
   
6. Ariana Resources – “Dual Listing – Close of Institutional Bookbuild”: Buy to gain 150% or much more
   Ariana Resources (AAU) has announced that its Australia joint-listing will comprise a minimum of 35,714,286 'Chess Depositary Interests' and a maximum of 53,571,429 at an issue price of A$0.28 per CDI and can state so with confidence as “the institutional bookbuild… in Australia and certain other jurisdictions closed at 3:30pm AEST on 28 July 2025”.
   
   
7. Ariana – Seller’s Remorse? Er, No.
   Tom Winnifrith jibes me about having seller’s remorse, having changed my tune over AIM-listed Gold producer Ariana Resources (AAU). I was a very long-term holder and consistently recommended the stock but a series of foul-ups eventually saw me turn tail, marking the stock as a sell and dumping mine over the course of the following weeks. The shares have moved sharply higher to 1.6p – a fair old gain from my average disposal at around 1.25p.
   
   
8. The View From The Montana Log-Cabin After Gold Has A Week Of Two Halves
   Gold closed the week at $3,336 – hardly changed from last week’s $3,348 but that hardly describes the week: the yellow metal raced all the way up to around $3,430 before giving up the ghost and heading all the way back again. The miners followed upwards but weren’t dragged back as much as one might have expected, as can be seen on the chart below of Gold against the ETFs GDX (majors), GDXJ (juniors) and GOEX (explorers).
   
   
9. Eight Capital Partners – grossly misleading accounts
   In its much delayed  year end results to 31 December 2024 out today Eight Capital Partners (ECP) reported a profit before tax of £18,295,000 and net assets of £31,333,000. The reported results include a gain of £20,457,000 and net assets of £33,096,000 in respect of illiquid quoted assets referred to as the Settlement Financial Instruments on which the auditors have qualified their audit opinion as follows:
   
   
10. Minoan Shocker – I Am Speechless.
    AIM-listed (for now, at least) Minoan has at last released its FY24 results – late, audited but with hefty qualifications – and all I can say is I’m utterly speechless. The Highlights are jaw-dropping:

The most-listened-to Bearcasts this week were:

1. Tom Winnifrith Bearcast: Surely someone from Minoan should be in deep merde after today?
   There is shocking news from Minoan (MIN) and Versarien (VRS). I discuss both of the plus Pri0r1ty Intelligence (PR1) and Optibiotix (OPTI)
   
   
2. Tom Winnifrith Bearcast No 2: a glut of plums problem and what to do as Greatland fecks it up?
   I start with a report on how the garden has fared in my absence then it is Minoan (MIN), Skinbiotherapeutics (SBTX), Strix (KETL), Greatland (GGP), Amaroq (AMRQ), Ariana (AAU) and Kefi (KEFI).
   
   
3. Tom Winnifrith Bearcast No 1: In Kerim we Trust, stick it up your jumper PL and Nigel
   There is great news from Ariana (AAU), funding secured! I crow a bit at the Cassandras and discuss how the shares, 1.575p, could be worth 5p or even 10p
   
   
4. Tom Winnifrith Bearcast No 1: The Tom Winnifrith Action Group threatens me by post
   I arrived home to find a letter in the mail box from the Tom Winnifrith Action group comprisng City workers, Israeli oppositon leaders, Doctors, shareholders in Red Rock Resources but above all those who hate Israel. It makes specific demands and ends with an explicit threat. I discuss. 
   
   
5. Tom Winnifrith Bearcast No 2: Not good enough from Lyin' Steve
   I start with more failings by the NHS then it is Ariana (AAU), Bluebird Mining (BMV), Satsuma (SATS), Tiger Royalties (TIR) and Optibiotix (OPTI)
   
   
6. Tom Winnifrith Bearcast No 1: the ten million quid Cel AI placing scandal that should blow up, another New World?
   All sorts of rogues and characters are involved here from the Bixby Edwards gang, Jerry Keen, Zak Mir, Brian Stockbridge, fragant young Olivia Edwards. But a placing that needs to be reversed, a potentially false and fast market and a false excuse for a demotion to AQSE, this scandal has it all. The FCA should be all over Cel AI (CLAI)
   
   
7. Tom Winnifrth Bearcast: who to piss off first, Greta the Doom Goblin, Malcom Stacey, Nigel Wray or Zak Mir's very silly sister at Shares Magazine?
   I discuss early blackberries, crashing house prices, Cambridge Cognition (COG) and Zak Mir's Lift Global Ventures (LFT) its new chairman, the thief, and much else. It's all so much sordid rubbish but no doubt the silly sister insists its racist to say so 
   
   
8. Tom Winnifrith Bearcast: If Andrew Webley grows a pair
   I look at the real businss model of The Smarter Web Company (SWC)and in that vein why misleading statements matter, at Andrew Webley's share purchases, all red flags, his mad followers and offer to change the ShareStock schedule if he grows a pair.
   
   
9. Tom Winnifrith Bearcast No 2: (For the man wrestling Burmese Pythons), Has Jerry Keen got photos of senior FCA staffers behaving badly with goats?
   I ask the queston as I consider Touchstone Exploration (TXP) which looks totally screwed, Georgina Energy (GEX) and most notably Cel AI (CLAI). I follow up the earlier bearcast, A MUST LISTEN, with more questons on this ten million quid scandal. Then a few words on AQSE and why it is not Nasdaq and finally a long look at Probiotix (PBX) where I want to buy more shares even if Adam Reynolds is not right now.
   
   
10. Tom Winnifrith Bearcast: Someone tries to ruin Sharestock, Julie Meyer triumph and why the London Bitcoin Company is doomed!
    I start with a pathetic attempt by one of my "admirers" to ruin ShareStock. It will fail. Then it is today's great news about Julie Meyer (not MBE). Finally I consider the inevitable fate of the Dave Lenigas created London Bitcoin Company (BTC). There are now just five seats left for ShareStock on September 6, to book one of them go HERE.