2445 days ago
Some folks think that handing out share options to senior staff is a cost free exercise and b) benefits all shareholders as it incentivizes the board and also aligns their interests with those of stockholders. Bollocks on all counts.
2643 days ago
With a hat tip to the pizza hard man Darren Atwater, I start with the sad tale of the demise of wearables darling Vinaya. Does this hold any lessons on investing or warnings for Cloudtag (CTAG) and Fitbug (FITB)? Oh yes! Then it is on to London Capital Group (LCG), Kennedy Ventures (KENV), Autins (AUTG) where - in my view - the now ex CEO Jim Griffin should face a full stewards at the FCA, insolvent dog Andalas (ADL) and finally a look at Corero (CNS) where I crunch the hard numbers for you and the results are not good.
2706 days ago
Turner Pope is a new stockbroking firm set up by my pals "The Mitchell Brothers". If you are bored and free TONIGHT there is free booze and drink on offer and a chance to hear Jerry Randell of Venture Life ( solid business IMHO) and Giles Clarke of Kennedy Ventures who apparently thinks I don't like him. He's wrong of course, I don't know him from Adam but he seems to have a few fans.
3687 days ago
I might have suggested in prior articles that Peter Redmond was a senile old fool (albeit an honourable senile old fool). I take it all back. The man is a frigging genius, the ultimate playmaker in the world of the AIM Cesspit. There was Kennedy Ventures (KENV) wandering in the valley of death (just two days ago) and the maestro waved his wand and at a stroke it is the best performing share on AIM. What can I say? Peter Redmond is the Wizard King of the Cesspit.
At close of play on Monday having released dire results (see here) the company was at 1.55p valued at £420,000 but worth nothing (well £25,000). But as the grim reaper looked on and beckoned Kennedy towards the graveyard, the maestro moved in and on Tuesday announced that he had raised £550,000 before expenses (so let’s call that £500,000) at 1.25p.
What a genius!
3689 days ago
Interim results from AIM Cesspit listed (Dead) Kennedy Ventures (KENV) out today are – as you would expect lamentable. The company now has net assets (taking a charitable view) of less than £30,000. At 1.55p the company is valued at £419,000. And it has lied to its shareholders – go on folks, sue me for libel, you know where to get hold of me. So where do I start?
3756 days ago
It has taken a while but my broker has today completed the purchase of £7.50 worth of shares in Leed Resources (LDP). I care not what the price is. This is a write-off on day 1. My sole aim is to wave my paper share certificate as I wander up to London to destroy Leed’s useless chairman Peter Redmond at the AGM on 6th February. THIS IS WAR!
Redmond is a crony capitalist. He chairs several AIM companies, trousering well over £100,000 a year in total for doing sweet FA. Where his companies have made big investments they have to be written off - Leed onto Manas Coal & (Dead) Kennedy Ventures into Bison Energy.
In the case of Leed,
3779 days ago
Heck we have some bad news…when will we tell shareholders? Oh…how about Christmas Eve? It is a half day. No-one will notice and by the time they do we can think of some good news to announce or go on holiday? The bosses of the AIM Cesspit think they are being smart and will get away with it. But I am here to make sure you missed none of the horrors snuck out today and to give them maximum PR.
The nominations for the gold medal for sneaking bad news out on Christmas Eve are:
1. Tullow Oil (TLW) abandons 80% owned Norwegian exploration well as a duster
2. Verdes Management (VMP) fesses up that it was meant to have received £125,000 of a rescue £500,000 loan facility by 20th December but it has not arrived yet.
3. City of London Group (CIN) says that the £17.4 million it was promised in a placing has yet again still not arrived and so the deal is off. Will have to seek alternative funding. Chairman and NED quit.
4. Northern Petroleum (NOP) says that it is writing down its Italian assets from 2P to 3C category. It will have full details in New Year but is whetting our appetite now, i.e. softening the blow by announcing when no-one is watching.
5. Albemarle & Bond (ABM) – Better capital the lead bidder fo0r its assets walks.
6. Kennedy Ventures (KENV) serves up atrocious annual results and warns of funding gap.
Now it is possible that one or two of the above only heard the bad news late yesterday and so had to announce today. On that basis I will give Tullow, Northern and Albemarle the benefit of the doubt although I cannot say that I am impressed with any of them. That leaves three contenders for this annual award of shame. In reverse order.
3988 days ago
Once upon a time there was a company called Managed Support Services PLC which was listed on the AIM Cesspit. It went tits up. Well almost. Its operations were sold but the shell remained intact with a few liabilities and a tiny but of cash. It became Kennedy Ventures (KENV), an investing company, and it shows the idiocy and unsustainability of this whole AIM game.
Kennedy published its report for the six months to December 31st on March 27 2013. It showed cash of £134,000 and trade payables of £85,000. There were a few prepayments but essentially net cash was £49,000. With directors hauling out £4,000 a month in fees and other PLC costs to consider on top and only one investment (an illiquid unquoted one) you might think that there was a bit of a going concern issue.
Could the auditors state that this company had enough cash to keep going for 12 months? Fear not.
