796 days ago
Institutional investors, retail investors and myself laid into Andrew Piggy Austin at Kistos (KIST) when the company announced a “Value Creation Plan” which would have created no value for the company but simply transferred up to £25 million each from ordinary shareholders to Piggy and two of his fellow fat cats. But at least one commentator saw nothing wrong in the scheme and has rushed to tell lies to defend it. Step forward Fat Bastard.
797 days ago
The headline is “value creation plan”. My arse. This is a disgracefully structured plan to further enrich Kistos (KIST) boss Andrew Piggy Austin and his fellow boardroom troughers. Oink. Oink. This is a disgrace. How on earth has Nomad Panmure Gordon signed off on this scheme as being fair?
797 days ago
Yesterday I outlined how the proposed Value Creation Plan at AIM listed Kistos (KIST) was nothing of the sort, it was just a scam aimed at handing up to £25 million of free shares to senior management, notably Andrew “Piggy” Austin of IGAS (IGAS) & Equities First Holdings infamy. The shares slumped on the news allowing Piggy to buy another 150,000 of them at a year low price. Today the company “clarifies.” My arse. It dissembles. This scheme needs a radical redrawing.
797 days ago
I start with a few thoughts on a visit this morning to the post industrial wastelands of Salford. Gosh it was grim. Then a schoolboy error on Skinbiotherapeutics (SBTX) but it only makes the case for filling your boots stronger. No, I have not got a scooby about why Bluebird (BMV) shares are up but I speculated and put together a few pieces of the jigsaw. I look at W Resources (WRES) but would not touch it with a bargepole and then discuss the wholly unacceptable greed of Andrew “piggy” Austin at Kistos (KIST)
2744 days ago
Equities First Holdings is back. You remember those chaps who "borrowed" shares from folks like Andrew Austin at IGAS, fraudster Rob Terry at Quindell (QPP) and Ronald Duncan at Cloudbuy (CBUY). Shares in all three companies crashed and all defaulted on the loans so completing what was in effect a hidden share sale. After almost two years the disgraced shysters of EFH are back and this time it is Edi Truell of Tungsten (TUNG) infamy who is dumping shares but wants to hide the fact.
3389 days ago
In this piggycast special I look at Andrew Austin of Igas and why he has failed as a CEO and why he has misled shareholders and is thus not a fit and proper person to run a PLC. I discuss the bid rumours and explain why they should offer zero support to the share price. Apologies for the ten second gap mid podcast - keep listening through it. The message is clear. Piggy must go NOW!
3426 days ago
Shares in IGAS (IGAS) now trade at a year low of 49.25p. IMHO they are heading a lot lower – 20p is my target as you can see HERE. But even at the current dismal level the question is “when is the margin call on CEO Andrew Austin’s Equities First Holdings LLC share sale (oops I mean loan) set to kick in?
3436 days ago
There are three reasons why IGAS (IGAS) shares are a screaming short at 56p. One is that the shale bubble is set to burst. Greed will turn to revulsion and any company that has used the word shale in release after release to ramp its shares in the good times will now suffer the backlash. The second is Andrew Austin, the CEO. He is still not telling the truth, the whole truth and nothing but the truth on his Equities First Holdings dodgy share trades. That makes the stock uninvestable until he fesses up and quits. It is only a matter of time. The third...
3443 days ago
Quenron (QPP) is not the first company to do business with Equities First Holdings LLC – step forward IGAS Energy (IGAS) which for reasons I shall explain below may well be the first domino to topple in what is brewing up as a mammoth scandal.
On 16th January 2014 IGAS issued a release “Director share purchase”
IGas, one of the leading producers of onshore hydrocarbons in the UK, has received notification that the Chief Executive Officer, Andrew Austin, has purchased 300,000 ordinary shares in the Company ("Ordinary Shares") at a price of 135.38p pence each.
To fund the acquisition of shares Andrew Austin has entered into a loan facility, and has transferred up to 7.5 million shares as security. Andrew Austin is required to redeem the shares at maturity when the loan is repaid at the end of the three year term and it is his full intention to do so. Under the terms of the facility the lender is contractually prohibited from short selling or voting the shares during the term of the loan. The loan facility has been arranged by Meridian Equity Partners and the funding provided by Equities First Holdings, a securities-based capital provider for institutional and individual clients.
Following this purchase, Andrew Austin is interested in 10,967,075 Ordinary Shares representing 5.41 per cent of the issued ordinary share capital of the Company. The total issued share capital of the Company comprises 202,633,228 ordinary shares of 10 pence each.
Ends.
As has now been established elsewhere by “transferred” Mr Austin actually means “sold” – that is to say the shares were moved into the hands of Equities First and title passed to the yanks.
