2928 days ago
Im not feeling terribly well so this may be the only bearcast of the weekend. We shall see. However I look at the Phorm debacle on AIM which saw £201 million sent to money heaven. I name the guilty men and look at the lessons learned (or ignored if you are AIM Regulation). Then I show why George Osborne is lying about mortgage rates under Brexit as he wages war for Project Fear.
2928 days ago
I woke up last night panicking that after staggering home from a boozy lunch with Lucian I had written a drunken piece laughing at all sorts of folks after Phorm admitted it was bust but that I had just written it becuase I felt like it not because it was true. Imagine my relief to discover that it was in fact true and with hindsight I think I write jolly well when drunk. Perhaps we should have a writing contest myself & Paul Scott both drunk vs two boring sober bastards. I digress. I look at BP and executive pay and unable to resist poking some fun at the ghastly Nicola Horlick and dreadful Channel 4 News. I look at 21st Century Technology ( C21), Gulf Keystone (GKP), Strat Aero (AERO), Grand Group (GIPO)) and 88 Energy (88E) where Lucian is short. In a sort of flashback I recall our discussion yesterday on 88 and recount it.
2928 days ago
"Nomad Strand Hanson, Broker Mirabaud, mug punter Evil Knievil, aka Simon Cawkwell, dodgy Russians Mediotor, IR ramper John Heilshorn, we have beaten them all, we have beaten them all!. Phorm PLC, can you hear me? Phorm PLC ... your boys took a hell of a beating! Your boys took a hell of a beating!"
2933 days ago
The last we heard from joke POS company Phorm (PHRM) was on 16 March when some schmucko loaned it $500,000 in 12% coupon convertible loan notes. Mr Schmucko had more money than sense on 16 March. As of today the same is probably true but by $500,000 less. The problem is that Phorm has been spunking cash at c$2 million a month and it is now April 12.
2970 days ago
Oh dear. Things look uber-bleak for serial money burner and AIM Casino disaster story Phorm (PHRM). Its shares are suspended pending discussions with potential investors because it is again out of cash. But has it told those mug punters the bad news from Russia? Methinks not.
2981 days ago
My only problem is that I have run out of ouzo. Call it poor Phorm (PHRM) but I am thus unable to celebrate the AIM Casino suspension of trading in shares in another POS company in the traditional manner. I shall have to make do with neat orange juice.
2990 days ago
All sorts of crap shares are going up today and some that are not crap but are just insanely overvalued. In a podcast riddled with bad langauge I discuss 88 Energy (88E), Fast Forward (FFWD), Phorm (PHRM), Hornby (HRN) and Glenwick (GWIK) among the risers and among the fallers I look at Auhua Clean (ACE), All Leisure (ALLG), Iofina (IOF), ETherapeutix (ETX), the frauds Jiasen (JSI) and Aquatic Foods (AFG) and finally I ask all the advisors (nomad, broker PR flunkies) to Magnolia (MAGP) just show shabby and dirty they feel today. If I was them I would feel sordid and ashamed. They are all beneath contempt.
3001 days ago
The story of the day is Frontier Resources (FRI) and Adam Reynolds. Yes we were in on the placing and have bought more pre bearcast but some folks are overpaying big time. Far be it from me to talk down the value of a stock we own but I do just that and urge folks not to be mad and overpay. Then it is onto Bahamas Petroleum (BPC), Phorm (PHRM), Fusionex (FXI) - target price 0p - Greka Drilling (GDL) - ditto - and Glenwick (GWIK)
3018 days ago
Today's ramp de jour is Marechale (MAC) which I debunk completely. The same rampers were active in Peer TV (PTV) - see earlier - and Glenwick (GWIK). They are scumbags. I laugh at Lenigas Cuba (CUB) have you seen the latest trade? Then it is onto Environmental Recyclying (ENRT), Octagonal (OCT), LGO Energy (TOAST), Greatland Gold (GGP), STM Group (STM), Phorm (PHRM), Quantum Pharma (QP.), XCite Energy (XEL) and Bahamas Petroleum (BPC), both in my 11 oil stocks to go bust list.
3082 days ago
I am in Shipston with my father who has just won a premium bond. I discuss this ahead of spending it in the White Bear. Also how I deal with charities who call him. Then it is onto David Lenigas at the start with Lenigas Cuba (CUBA) and at the end with Rare Earth Minerals (REM). In between I look at Velox3 (VLOX), Juridica (JIL), Oilex (OEX), Phorm (PHRM), JQW (FRAUD), my anger at Reach4Entertainment (R4E), Paragon Diamonds (PRG) and I give Northern Petroleum (NOP) a well deserved kicking. Warning - this podcast contains strong language which some may find offensive. C'est la vie.
3101 days ago
One of our (soon to be ex) readers thinks that I am mentally ill and need help. I explain why he is incorrect. I then move on to cover Kenmare Resources (KMR), Phorm (PHRM), Plethora (PLE), Solid State (SOLI), Borders & Southern (BOR), Globo (GBO) and Falklands Oil & Gas (FOGL).
3215 days ago
As an experiment I tried to upload this direct, rather than via Pizza Hardman Darren Atwater, but could not work out how to upload my photo so had to use an alternative. In today's podcast I look at Greece, China (the real story of the day), Sefton, Fitbug, Phorm, Stratmin Global and fat cats. Real fat cats like Oakley not fat cats like Sir Martin Sorrell.
And fear not Champagne Charlie Gibson fans, I had not forgotten about you. Just a reminder of why the Edison analyst is a convicted felon HERE and as a bonus a reminder of how it is not only the poor he screws HERE - and a reminder of why I feel the urge to remind you all HERE
3219 days ago
I start this podcast with a few developments on the ground here in Greece - tonight sees two mass demos which I shall be attending and reporting back on. Then it is on to Phorm, Provexis, Ubisense, Jiasen ( smoking gun located?) and the other China Norfolks, Netcall and Cenkos where conversation naturally turns to its role in the Quindell fraud and what the fallout will be.
And fear not Champagne Charlie Gibson fans, I had not forgotten about you. Just a reminder of why the Edison analyst is a convicted felon HERE and as a bonus a reminder of how it is not only the poor he screws HERE - and a reminder of why I feel the urge to remind you all HERE
3219 days ago
AIM casino cash munching machine Phorm (PHRM) today served up an “operational update” which is a load of bullshit in itself but what that means is that a placing will happen within days. Just look at the pattern.
3220 days ago
What a great day. Lord Michael Howard tightens the noose for Rob Terry and the Quindell (QPP) fraudsters HERE and then China fraud Jiasen says there is no reason for its share price fall. Er...I think we can all think of one can we not? Then on to JQW, China Chaintek and Camkids - watch out fella's the Sheriff is gonna get you. Ditto Phorm which is next up followed by Iofina. there is comment on Premaitha. Then onto how I dont take bribes from companies to write nice things either directly or via UK Investor Show as a Northern slum dweller seems to think. Finally there is an expose of the POS that is CIC Gold and on the scumbags behind it.
And fear not Champagne Charlie Gibson fans, I had not forgotten about you. Just a reminder of why the Edison analyst is a convicted felon HERE and as a bonus a reminder of how it is not only the poor he screws HERE - and a reminder of why I feel the urge to remind you all HERE
3221 days ago
I forgot to mention convicted felon Champagne Charlie Gibson in the podcast. Silly me. But in case you have forgotten why he is a felon go HERE and why I am going to keep mentioning it go HERE. In the actual Bearcast I look at Sirius Minerals and Monitise and then have breaking news on the unlikely hero of the day China fraud specialist Mr Paul Shackleton and bad news for investors in Gate Ventures. Then it is onto Daniel Stewart with a bad Winston Churchill parody. Then onto Speedy Hire, Lightwaverf, Independent Oil & Gas and Phorm where the chickens are coming home to roost, at last.
3290 days ago
I start this podcast with the awesome power of Malcolm Stacey to move markets as per his share tip today. All hail Comrade Stacey. Next up is a joke statement from joke company ValiRX, Eurasia Mining, Westminster Group, Coms and then another good kicking for poor Phorm.
3293 days ago
At the last minute free speech denying broker Charles Stanley, (Nomad to POS companies such as Tungsten and Coms) forced the world’s top tech analyst Kevin Ashton not to speak at UK Investor. Luckily I have his notes sent to me earlier in the week and so here is why I think Phorm (PHRM) is such a stonking sell.
3338 days ago
In every country that Phorm (PHRM) operates in, the story is the same: initial excitement and share ramping, placing to fund mammoth cashburn, public outcry over its spyware and eventual closure. Now it's time that Phorm told us the truth about Turkey. Its latest RNS stated:
3544 days ago
Working out how quickly Phorm (PHRM) will have pissed away the £10 million it raised in March is not hard and by my sums it is out of cash at the end of the coming week. Could it be a rather less than Good Friday for shareholders in this AIM listed POS?
Phorm raised the cash on 31 March when the gas tank was already running on vapours. Feels associated with the placing will have left Phorm picking up £9.5 million.
3559 days ago
As I have noted before Phorm is now weeks (3 weeks I make it) from going tits up having sent $340 million of OTHER PEOPLE’s MONEY to money heaven and blown £10 million since March alone. As it tries to raise fresh equity it is still lying to investors about what went wrong in Brazil and Romania and City firms Mirabaud and Strand Hanson are complicit in this. Yes I used the word lying. Will Phorm please sue me I want to see you in court? You are liars. Liars. Pants on fire. Geddit? And Mirabaud, long term broker to Phorm you appear not to give a flying fuck about integrity as long as you get your commission. How do you sleep at night you greedy and unpleasant dirtbags? Any PLC retaining Mirabaud as its broker or Nomad should be aware that it is in bed with a disease ridden hooker.
I have pointed out numerous times how Phorm has misled investors
3567 days ago
I am sure that AIM Regulation now knows full well who Phorm (PHRM) PLC are. But following my revelation’s earlier today HERE I have asked my good pals to investigate whether Phorm PLC but also Mirabaud Securities (broker) and Canaccord (Nomad) were guilty of market abuse in 2011 and 2012 or of extreme negligence or both or neither.
The letter follows.
Dear Sirs.
3567 days ago
I noted in a previous article HERE that Phorm (PHRM) was only a few weeks away from running out of cash and going tits up. Notwithstanding its $10 million fund raise in March it will be on its way to PLC heaven in mid-August unless some more mug punters like Evil Knievil are found to keep this fare going. I know that the company is telling a jam tomorrow story to investors right now. But before they fall for that ask Phorm about Brazil.
Now groupies of this stock state that Brazil is old hat. Phorm says it is winding down there to focus on higher growth opportunities, like Turkey and China. But as I revealed HERE that is a lie. Phorm had to shut up shop in Brazil, as its operations were banned under law. The same happened in Rumania. And before that in the US, UK and the rest of the EU.
Now what I alert you to today is how Phorm misled investors over Brazil for almost three years.
3581 days ago
Poor Phorm (PHRM). It has woes aplenty. First up it runs out of cash and unless some sucker gives it more it will go tits up in six weeks’ time. Secondly it appears unable to tell investors the complete truth about certain of its problems, like being shut down by the regulator in Brazil as I revealed HERE a few days ago. And thirdly it sees that it is not just Brazil where it has problems with regulators.
I noted in my prior piece that whenever Phorm seems to be getting any traction at all in a territory those darned regulators just shut it down. The UK, the US, the EU, etc, etc, etc. But there is always the same pattern of hype (pre fund-raise) and then disappointment.
Right now Turkey and China are in the hype phase. But what are the odds that the regulators will act there at some stage. Maybe the US, the UK, the whole of the EU and Brazil was just a fluke? So let’s look at last year’s hype story …Romanian, birthplace of Mr Nastase, the coolest tennis player in history.
According to Phorm’s latest RNS:
3585 days ago
I pointed out on Friday that Phorm (PHRM), having raised £10 million in late March, is now within six weeks of going tits up unless it can find some more folks prepared to piss their hard earned cash up against the wall. Phorm promises potential new investors a bright new future but perhaps such folks might want to look at the past first.
Phorm’s problem – other than its monumental cash burn - has always been that whenever its technology gains any traction at all ( and it is not usually that much) those damn pesky kids at the Scooby Regulators come in and bleat on about personal privacy and other such matters and it has to shut up shop. That was its fate in the UK, the US and indeed it is now unable to do business in the EU.
Right now it claims to be making progress (if not much cash) in China and Turkey but it may only be a matter of time before history repeats itself. If you want a clue on that have a look at what was the great hope in 2012…Brazil.
Indeed if you read the company’s website you might still think that Brazil is still important.
With offices in Singapore, London, Istanbul, Bucharest and São Paulo, Phorm (AIM: PHRM) is a Singapore incorporated company, publicly listed on the London Stock Exchange's AIM since 2004.
Phorm is active globally: while we are a UK listed (AIM) company, we are active as far afield as Brazil, Turkey and Romania.
Er
3588 days ago
In the last days of March, AIM Cesspit listed Phorm (PHRM) raised £10 million. Today it has warned that unless it raises more cash urgently it will go tits up. I reckon tits up day is in mid-August.
The numbers defy belief. As ever in March Phorm was blathering on about the good days ahead. It is still blathering on about billions of potential advertising pages blah blah blah as it announced its results for the 2013 calendar year and admits to more delays on the operational side. But it is the cash that should horrify one and all.
Phorm says that cash and cash equivalents as at May 31 were $8.8 million - call that £5.5 million. In other words in just two months £4.5 million has gone to money heaven. Why Phorm cannot give us an up to date figure in this era of electronic banking God only knows.
But at the current run rate this company will be out of cash and tits up by mid-August. That should be the headline. Phorm phrases this dogs dinner in more of a blurred fashion thus:
3701 days ago
Twenty four hours ago I asked a number of questions of Phorm (PHRM) and its ex Nomad Liberum regarding the Chinese investment promised but not delivered in 2012. News of this “investment” caused the stock to rocket allowing a placing at 125p (the shares are now 11p) but it never happened.
Needless to say neither Phorm nor Liberum seem terribly keen to answer my questions. Perhaps they will be more forthcoming with others.
3702 days ago
Poor Phorm (PHRM) …it will have run out of cash within six weeks and so unless it can get away yet another fund raise it will be toast by Easter. But before we look forward to that, I have a number of questions for AIM Cessoit listed Phorm and its former Nomad Liberum about events back in 2012.
On 1st June 2012 Phorm announced that it had managed to persuade an investor to buy 20% of it’s (yet to start up) Chinese subsidiary for £20 million. The implication was that Phorm’s retained stake was worth £80 million and as a read through its operations outside China would be worth an awful lot.
The statement reads.
3703 days ago
As ever the competition to be awarded the title of Bulletin Board Moron of the Week is a really bitter one. There are just so many possible winners. But over on the ADVFN Phorm (PHRM) Board Pengipete is emerging as a star BB Moron of the age. It is quite possible that for this entry he might just win the coveted “BB Moron of the Year award” at the end of season.
Pengipete posted at 44 minutes past midnight today (well past the bed-time of most sane human beings):
Just read another of winnfriths blogs and the scumbag is publishing libellous shit about BTCustomer and me - all to feather his own nest and make his bullshit seem more interesting.
"...the guf
3703 days ago
I noted that AIM Cesspit posterboy Phorm (PHRM) is now “in sights” and as such, as is now traditional, a special commemorative T-shirt has been designed and is available for immediate purchase. I recommend the red version.
If you have lost money on this POS enterprise or just wish to remember its Orwellian approach to business this is the ideal fashion accessory. Perhaps you are a fund manager wondering what to wear as Phorm pitches up trying to raise yet more money to keep going.
After all Phorm has already burned its way through $328 million of investor’s cash and is almost certainly less than six weeks away from running out of cash yet again. So it is becoming poorer by the day.
To purchase your Poor Phorm T-shirt for immediate delivery click HERE
3704 days ago
Five days ago bear raider Evil Knievil was the biggest cheerleader in town for internet stock Phorm (PHRM). But five days is a long time on the AIM Cesspit.
3704 days ago
Last week AIM Cesspit listed Phorm (PHRM) was presenting to potential investors at the offices of its London broker Mirabaud. Among those to whom it presented was the bear raider Evil Knievil. I have a lot to say on this AIM Cesspit listed enterprise but let’s start by getting dirty.
Mr Knievil called me in great excitement on Friday. What aroused my interest was a claim he made that he had been told in the meeting that Phorm reckons that Google was engaged in some sort of dirty tricks campaign against it so terrified was the web giant of the threat posed to it by or AIM listed minnow – a company that has in six years ploughed its way through $328 million. Its last reported results (interims) showed revenues of $28,545.
Instinctively, as I noted yesterday
3705 days ago
I wrote earlier today about how I now regarded Phorm (PHRM) as more of a sell than a buy. Following extensive conversations with a number of folks I now have it officially “in sights.”
Previous companies to be accorded that honour were – until they were forced to changed management - Sefton (SER) and Vialogy (VIY). We all know what happened there.
My target price for this company – now trading at 13.5p – valuing the enterprise at a preposterous £65 million – is buttons. More to follow….
3705 days ago
I noted at the weekend that bear raider Evil Knievil had gone long of AIM Cesspit listed internet company Phorm (PHRM) at 13p. Having considered the matter, I certainly would not buy the stock and am almost tempted to open up a short. I serve up a few red flags for you to consider.
3708 days ago
The last time bear raider Evil Knievil met Phorm (PHRM) he was shorting it at £35. He made a packet. But I can reveal, exclusively, that following a two hour meeting with the company at the offices of broker Mirabaud last week, Evil has gone long at 13p.
