3508 days ago
Shares in Naibu (NBU), the AIM Cesspit posterboy Chinese company that claims to make sports shoes are off 30% today at 35p. You cannot say that I have not warned you that this is an outright Norfolk and interims today make that clear. The target price is 0p.
Before we deal with the interims I want you to note that CEO Houyan Lin elected to take his final dividend in shares not cash. That he did so was information that had to be dragged out of hapless Nomad Daniel Stewart (the company that listed Quenron as well as Naibu) – it knew this on 15 August but failed to tell investors until 10 September.
The scrip dividend was at a price of 64.8p. The market price at election time was sub 50p and Mr Lin knew when electing that interims would be dire and see the share price crater. So why did he take shares not cash (which he could have used to buy shares much cheaper in the market)? Because this is a Norfolk and today’s interims make that clear.
The headline numbers look great.
3584 days ago
The Sheriff of AIM is feeling rather fragile today in the wake of the AIM Cesspit awards dinner. Do not expect a great deal of output from me today. I had a good time and think that others did too. The wine and beer flowed freely, Evil Knievil and Lucian Miers gave good talks and David Lenigas pitched in with his thoughts on Nomads. A brave Quindell (QPP) shareholder turned up and was teased a bit but took it well. But you want to know who won.
The Winners
3612 days ago
Oh dear. Oh dear. If Angus Forrest, the chairman of AIM Cesspit listed Tern PLC (TERN) was having a bad weekend it just got a lot worse as a raft of new documents have fallen into my possession regarding events at DLM (where he was chair) back in July-September 2012. And as for DLM’s Nomad, Roland “fatty” Cornish? Roland, do you just ignore whistleblowers and allow your clients to lie to investors? Fatty you are also deep in the merde now. I have a damning email which you do not wish to seepublished. Oh dear I am not the sort of guy not to publish am I?
But, for now, the Sheriff of AIM has had a good lunch with Mrs Sheriff and is off for an afternoon snooze. I will then start publishing extracts from the documents and emails one by one, demonstrating that Forrest LIED systematically on a range of issues in RNS statements signed off by Fatty. And that his co-director Bruce Leith was in on it all.
