Last weekend I exposed how Verdes Management (VMP) a company listed on the AIM Cesspit market had misled investors in a series of RNS announcements as it struggled to say afloat in recent months.
Verdes is a tin pot company rapidly running out of cash. The big questions are for WH Ireland, its nominated adviser (Nomad) and broker. The questions go the heart of who misled investors and the failure of the regulatory system on the Cesspit AIM market.
You can read my original expose here
On AIM the Nomad must sign off on any statement. A Nomad must therefore satisfy itself that the statement is true. If a company issues misleading statements ultimately it is the Nomad that should carry the can, although on the Cesspit this never seems to happen. The broker raises money for a client and takes a commission of (usually) 5% for doing so. Both Nomad and broker are paid a retainer by clients such as Verdes.
Questions for WH Ireland:
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