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Naibu Interims – this stinks to high heaven, shares plunge but target is 0p – this is a Norfolk

Tom Winnifrith
Sunday 21 September 2014

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. 

on ShareProphets | Comments
About Tom Winnifrith
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Tom Winnifrith is the editor of TomWinnifrith.com. When he is not harvesting olives in Greece, he is (planning to) raise goats in Wales.
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