2278 days ago
Sabien (SNT) has released dismal interims today. It boasts about its cash position but how has that been achieved? This short podcast is a lesson in how balance sheets can deceive to flatter. This company deserves to go under.
2444 days ago
You may remember that ShareProphets poster Drunken Sailor and I were co-defendants in a libel case a couple of years ago ( which we won). Mr sailor is not a drunk and he is a great sleuth when he wants to be. My pressing concerns about uber ramped Bushveld Minerals (BMN) are its balance sheet, but DS has unearthed another major issue which, for some reason, Bushveld has not covered in an RNS. Perhaps it might do so now? Drunken's post merits a wider audience:
2451 days ago
After my earlier story about the covenant breach which is, I am increasingly sure, a smoking gun, I explore some trends shown by the financial statements of Telit Communications (TCM) that may have been some the red flags that resulted in hedge funds making Telit the most heavily shorted AIM company - this is all about the balance sheet. It also highlights why some type of fund raise, equity or debt, was almost inevitable in May - without it the lights would have been switched off by now.
2589 days ago
I comment on the hopeless response of smug MPs and the established media to yesterday's terror attack on my own website in a podcast HERE. On the markets I look at expectations management at Next (NXT), at how we know or knew about the balance sheet at Toople (TOOP) covered HERE by Cynical Bear or Advanced Oncotherapy (AVO) heading for 0p and covered in detail by me earlier HERE. I look at Public Services Properties (PSPI ) and what its AIM casino departure says about RTOs and contingent liabilities - which reminds me again of New World Oil & Gas (NEW). Finally I have a detailed look at the strange world of Paternoster Resources (PRS), not a stock you have to own in any way. PS Cynical Bear is not me. Can you see any typos in his articles?
3057 days ago
The real elephants in the room for AfriAg (AFRI) are the bombshell issues flagged on Sunday and another few matters that I shall be raising during the next couple of hours. But there is also the matter of whether its (cash light) balance sheet has been reported in a somewhat optimistic manner.
3109 days ago
Back on August 28 2015 I reported that Scancell (SCLP) wanted to do a placing after its results the following week. Some of the quite deranged followers of this company took it rather badly but as the shares slipped talk of a placing abated. I stood by my assertion that Scancell wanted to place and that its balance sheet was indicative of a company that would place. Hmmm.
3164 days ago
Shares in much ramped AIM listed biotech Scancell (SCLP) now trade at 28-30.5p valuing it at a stonking £65 million. But the balance sheet is painfully thin and the word is that there is a placing on the way at a big discount.
3430 days ago
In the wake of the exit of Rob Terry, the Quenron (QPP) CEO Rob Fielding communicated with CEOs of companies within the Quindell Empire and other senior staff and my whisteblower was in on what happened and the admissions are wholly at variance with market forecasts – this is damning.
3431 days ago
You see my problem is that I just do not understand the exciting technology. That is what the ValiRx (VAL) experts say, well by experts I mean Bulletin Board Morons. We have been here before. Do you remember Monitise?
My thesis with Monitise was that I had looked at the numbers and it was abundantly clear that the valuation was bonkers and that cash would be an issue so I said sell at 50p so repeating my sell at 70p. The shares are now 29p (and are still way overvalued). But apparently I just did not understand the “new paradigm” and so on twitter a fellow called Share Tipster (@2years2go) stated:
@TomWinnifrith text book tosh, cop out! First - understand business, management, market dynamics + new business models old bean!
Whatever. So far I chalk that up as 1 nil to the dull number cruncher versus those who “really understand the technology”. I admit that I am no expert on what Monitise does but I can read a balance sheet and a cashflow statement.
Now that brings me to ValiRx
3476 days ago
Quindell subsidiary Ingenie Ltd (of Gary Lineker fame) has filed its calendar 2013 accounts at Companies House but this is a spectacular own goal as it has hidden the full ghastly truth from investors. In the words of Alan Hansen “shocking defending” by Rob Terry.
In 2012 Ingenie used the same small firm of auditors as in 2013 to file its accounts HERE. It displayed a company and group P&L and Balance Sheet. For 2013 it has shown only a consolidated balance sheet – nothing else, claiming a small company exemption.
3528 days ago
Gosh this is complicated. The Quindell (QPP) relationship with TMC Southern owned by Mark Ford (see HERE and HERE) is incredibly hard to untangle but one thing is clear: the numbers just do not stack up. Annual returns and reports conflict and there is an awful lot of cash which seems to have gone somewhere? Where? Read on…
The annual report for TMC Southern for the year ended 28 April 2011 is HERE
The 2012 Annual Report for TMC Southern is HERE
Please look at the balance sheet in the 2011 report. Is there anything missing? Er…yes.
3640 days ago
On Friday I was researching two articles where the conclusion is likely to be bearish
I put questions to the two companies conc.erned: Quindell & AN Other. AN Other’s PR folks could not have been more helpful. We have agreed that the company has until 2 PM on Monday to give me a formal response and I will hold fire until then. At which point the company knows that I will be unleashing a thermo-nuclear critique. Bonza. Until Monday I have agreed not to name the company so refer to it as AN Other.
3643 days ago
This is a train wreck. At 170p Mothercare (MTC) is capitalised at £150 million. But this company is essentially worthless – just look at its balance sheet. My target price is 0.01p and I am being generous because I am in a good mood.
Yesterday Mothercare issued a statement which reads:
