Yes the UK is very hot… in August. So it must be global warming right? Not just summer and a hot one at that? As the Daily Mirror points out, it has not been like this for almost 60 years so, er hang on…Thursday 13 August 2020
Zenith Energy (ZEN) is quoted on the Standard List, so the regulator in charge is the FCA. The FCA is also responsible for policing all cases of fraud among listed companies. So, after today’s shocking fess up as a result of my bombshell of last Thursday, I have dropped the chocolate teapots a note about events since June 4 demanding an urgent enquiry and the suspension of the shares.
It is 92 days since I last wrote about Wellesley Finance Plc. So, I have looked at recent developments at the mini-bond disaster waiting to happen where the FCA is, as ever, asleep at the wheel.
Anyone who checked out the track record of the once self-styled “King of Socks” Count Andrea Cattaneo della Volta, would never have invested in Zenith Energy (ZEN). This is a man who trousered vast sums from Pex, a Leicester sock maker, before shutting up shop in the UK leaving workers owed huge unpaid wages. Last week I published a letter appearing to show that Zenith had lost its main asset, the Tilapia field in the Republic of Congo. Today, a bombshell…..
I start with a few other comments on Greek Hovel matters. Then I move on to talk about three companies which I shall be or are discussing with the FCA: Zenith (ZEN), Eqtec (DOG), and Verditek (VDTK). Then onto NatWest Group (NWG) where I apologise for my bad language. Finally my thoughts on the gold price and comments on gold stocks I own: Centamin (CEY), Ariana (AAU), Kefi (KEFI), Bluebird Merchant (BMV), and Xtract (XTR).
Maybe having a Tory grandee, Lord Willetts, as your chairman means that you are allowed to commit securities fraud with impunity on the AIM Casino? As I exposed yesterday HERE, that is most certainly what Verditek (VDTK) has been up to. Given that it is currently technically insolvent and its shares are being ramped on an industrial scale by disgraced tipster Mike Walters of 3DM, Polly Peck, Minmet, etc etc infamy and others, another placing must be imminent. I have today written to the Chocolate Teapots at the FCA and the Oxymorons at AIM Regulation asking it to try to, for once, stop fraud.
I start with reflections on how Boris is begging companies to get the workers back to doing a shift at the office. Sory BoJo but in this mess of your own creation you are dreaming. Then it is onto our major expose of securities fraud at Verditek (VDTK) today, where it seems that Old Mother Walters is again batting for the company with a bonkers market cap, no sales, which lies to investors, and which is technically insolvent. What’s not to like? Oh yes, and the company’s chairman is a former Tory MP. More red flags than at the May Day rally in Moscow.
I have shares in Bluebird (BMV) and think that at 4.25p they are cheap. They should, IMHO, be trading at 6p and might get into double figures if it can resolve issues with its Aussie, soon to be ex, partners in Korea. But a 34.79p target price, a 69p DCF valuation, is insane as I explained in detail in bearcast yesterday HERE. But that is the target price of Align Research, which owns almost 4% of the shares, and its boss Richard Jennings wants to defend that viewpoint and being a fair man I allow him to do so.
On Thursday, I published a letter, now confirmed as genuine, from the Government of the Republic of Congo saying that Zenith Energy (ZEN) had lost its sole asset, Tilapia on June 4, something it failed to disclose to investors as it secured more funding. Still, Zenith and its newly appointed adviser, Allenby Capital, have failed to address this. Instead, we have a statement on a Cheryl Cole type deal. Let me explain.
Someone who does not have a Shareprophets subscription (so cannot see what I write or hear what I say) has been in contact to abuse me. The name rang a bell. David Dunham, Daveycaferacer. His latest missive reads:
I start with a few notes on Covid hysteria, referring you to my earlier piece on perceived death rates HERE but also to research showing how pointless wearing face nappies is HERE. I look at R4E (R4E) and how Richard Jennings asks me to explain why Dr Green’s valuation of Bluebird Merchant (BMV) is a joke. I am a Good German and oblige. The shares, which I own, are – I believe – very cheap, but the analysis of Green is piss poor. Indeed it is so piss poor that the journalist-smearing old bastard should be fired at once. I look at Watchstone (WTG), Quindell as was, and its £63 million claim against PriceWaterhouseCoopers filed in the High Court today. I shall happily give evidence for PWC. I comment on Avacta (AVCT), Versarien (DOG), and Red Emperor (RMP).