Heck we have some bad news…when will we tell shareholders? Oh…how about Christmas Eve? It is a half day. No-one will notice and by the time they do we can think of some good news to announce or go on holiday? The bosses of the AIM Cesspit think they are being smart and will get away with it. But I am here to make sure you missed none of the horrors snuck out today and to give them maximum PR.
The nominations for the gold medal for sneaking bad news out on Christmas Eve are:
1. Tullow Oil (TLW) abandons 80% owned Norwegian exploration well as a duster
2. Verdes Management (VMP) fesses up that it was meant to have received £125,000 of a rescue £500,000 loan facility by 20th December but it has not arrived yet.
3. City of London Group (CIN) says that the £17.4 million it was promised in a placing has yet again still not arrived and so the deal is off. Will have to seek alternative funding. Chairman and NED quit.
4. Northern Petroleum (NOP) says that it is writing down its Italian assets from 2P to 3C category. It will have full details in New Year but is whetting our appetite now, i.e. softening the blow by announcing when no-one is watching.
5. Albemarle & Bond (ABM) – Better capital the lead bidder fo0r its assets walks.
6. Kennedy Ventures (KENV) serves up atrocious annual results and warns of funding gap.
Now it is possible that one or two of the above only heard the bad news late yesterday and so had to announce today. On that basis I will give Tullow, Northern and Albemarle the benefit of the doubt although I cannot say that I am impressed with any of them. That leaves three contenders for this annual award of shame. In reverse order.