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EXPOSE: Nonsense built on stilts – Atlas Metals, before we get to the fraud case, consider the valuation uplift and look in the yellow pages

Tom Winnifrith
Sunday 22 February 2026

I have today asked Atlas Metals (AMG) if any of the directors of its proposed RTO target have ever stood trial on fraud charges. As I await a response on that one, and I am not fishing, I want you to consider the maths behind the most ridiculous RTO ever to be considered by the London Market. I have written to the FCA about this before Christmas, but I have been doing some more digging.

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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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