3590 days ago
Twice in the past couple of weeks I have accused AIM Cesspit listed Astar Minerals (ASTA) of issuing an RNS that was a lie - HERE and HERE. Twice I have been pilloried by Bulletin Board Morons. On Friday Astar ‘fessed up via RNS and its chairman Andrew Frangos called me to thank me for forcing his company to set the record straight. The sinner repenteth, I am vindicated. The Sheriff of AIM is a merciful man and the incident is at an end, I move on.
Astar’s crime was to claim that it had JVs with two Nogel companies which were operators of assets (May lie) or had relationships with big names like Apache (June lie). In fact, as I clearly demonstrated, both were shelf companies. The wider Nogel group seems a complex beast and within it there are entities which could have made such claims but Astar had signed no deal with them. To claim as much was, Frangos admitted to me, wrong.
While the Bulletin Board morons ranted
3599 days ago
On 27th May AIM Cesspit listed Astar Minerals (ASTA) lied to investors in an RNS. This overvalued POS Company is run by a bucket shop stockbroker and anyone buying the shares needs their head examined. The fact that it took The Sheriff of AIM only ten minutes to unearth this lie shows what dumb and unprincipled mothers these folks are.
Let’s start with the lie. Astar stated:
3599 days ago
The twitter and bulletin board morons are demanding that I admit that I am a joker and admit that my accusation of lying against Astar Minerals (ASTA) was wrong. For the avoidance of doubt: “In its RNS of May 27th Astar Minerals lied.” If Astar disagrees it is free to issue libel proceedings and The Sheriff of AIM will see you in court bitchez. Astar lied and its directors are thus liars. But this gets better (unless you are a shareholder)
4003 days ago
The dog that was Pan Pacific Aggregates continues to bark loudly in its new incarnation as Astar Minerals (ASTA). On Friday its shares were the second worst performers on the Cesspit, slumping 20% to 0.2p as 8,332,132 shares changed hands. Oooh er missus sounds like a big one. Er…no.
That represents trading volumes of just £16,664.26 assuming trades happened at the mid. I suspect that there were more sellers than buyers but I am being generous. And so on volumes which in value equate to the cost to the taxpayer of keeping Abu Qatada and his family in the UK for two weeks, the market cap slumped by 20%. In other words more than £100,000 was wiped off the market value.
Fear not…worse is to come
4015 days ago
I described earlier in the week the disgraceful tale of Astar Minerals (ASTA), a sorry saga of investors getting screwed by advisers and directors banking fees. It is the sort of tale that is all too common in the cesspit that is the bottom end of AIM. You can check out the story here but at the time Astar shares traded at 0.35p valuing it at £1 million. Ho. Ho. Ho.
Astar is, of course, worth nothing like £1 million. It has £200,000 cash and every day that goes by the parasites that are its advisors nibble away at that figure. I reckon that the costs of staying on Aim for a year will be c£100,000 meaning that as an investment company it will have to beat Warren Buffett’s long term batting average by more than four times just to maintain its net assets position.
4016 days ago
I tipped Pan Pacific Aggregates once. It was a rotten tip. I thought the company had gone bust but like a vampire in a horror flick this corpse keeps coming back, sucking the life out of investor’s wallets. Its latest incarnation is exactly the sort of shocker one associates with the cesspit at the bottom of AIM.
Pan’s quarrying operations have proved worthless and are to be sold for a nominal sum (my guess $1). And the company, now called Astar Minerals (ASTA) has raised £336,000 at 0.15p. Of that money £20,000 goes to the broker (Peterhouse, a company I know well as it is 49% owned by my former employer), £75,000 goes to pay off defined liabilities associated with those duff quarrying operation and another £45,000 goes to settle other liabilities. What other liabilities? How much of that £45,000 is going on fees to City advisors? Please do tell.
That leaves £200,000 in the kitty.
