3028 days ago
The Sith Lord Zak Mir will be leaving the rebel alliance for good on Sunday. As of now this site is (with the exception of the miserable froggie Thierry who has penned a great piece today) fundamentals only, no TA nonsense. We will do some buy tips but not of that ramping shite Bulletin Board Morons love - this site is becoming more critical and bearish. In terms of the market I comment on the joke that is ISDX in light of Nigel's great article today then onto MX Oil (MXO) - explaining market abuse & insider dealing for Wildes and other morons - LGO Energy (TOAST), Koovs (KOOV), UKRProduct (UKR), EG Solotions (EGS), Webis (WEB) and BMR (BMR)
3315 days ago
The latest AIM casino debacle to show London’s worst Nomad ZAI Corporate Finance as not fit for purpose concerns casino listed Ukrainian dairy products group Ukrproduct (UKR) and it is a true shocker.
I have warned for ages that this company was – given the situation in the Ukraine – just complete junk (see HERE) but just how much junk is now clear and again it shows that ZAI due diligence with client take-ons is not worth a bucket of soiled toilet paper.
On 23rd December a trading statement signed off by then Nomad Cantor Fitzgerald seemed upbeat enough given the fact that the Ukraine currency was going down the toilet as the country descended into open civil war. But at least we were reassured that: “The Group's cash levels and bank facilities are sufficient to meet current debt obligations in the short and medium term”. Hmmm – how does one define medium term?
The next RNS of note was on March 31 when it was announced that it had switched Nomad and broker from Cantor Fitzgerald to big Ray Zimmerman’s ZAI. Now Cantor is not top flight but still it is like announcing that you are chucking, say, the half decent girl next door in order to run off with Norah batty (without the makeup and on a bad day).
You go to big Ray only
3704 days ago
I warned the other day that the situation in Ukraine could be the straw that breaks the camel’s back for AIM Cesspit listed drowning in debt dairy products group Ukrproduct (UKR). Read between the lines of a trading statement today and if you own this stock you should flee for the exit ASAP.
3711 days ago
UKR Product (UKR) is an AIM listed company with a curious attitude to corporate governance (see here) and which is drowning in debt. In its most recent trading statement (i.e. profits warning) it said that debt was manageable if it saw an improvement in trading in 2014. Er…have you checked Sky News recently?
Yes, the company is a producer of dairy products in that current must visit holiday hotspot the Ukraine. It strikes me that the business climate out East might be a bit troubled right now. And it is not as if this loss-making company was in anything other than a very poor financial state before as I explained HERE.
As of today, bank withdrawals had been limited to $100 to stop a run on the banks. Those who should be working the fields have just been called up to the army. The PM says Ukraine is at war with Russia. Do I need to go on?
3770 days ago
I have noted before that the way that AIM Cesspit listed Ukrainian dairy products group Ukrproduct (UKR) announces bad news smells like a six week old pot of cream left in the baking sunlight of the Steppe in August. And so as 90% of share-watchers enjoy their last day off, the company has slipped out another dire trading statement.
You can read my comments on the curious way this company announces the departure of directors, all signed off as kosher by corporate adviser Mr Dick, HERE
Today’s statement confirms what we all suspected. EBITDA for 2013 will be sharply down on 2012. Blame higher milk prices, ripples in the soft cheese market, whatever – it is hard to imagine that doing business in the Ukraine right now is that much fun.
Worse still the heavy debt this company now carries means that the I (for Interest) number has gone up sharply. So what is the bottom line number (i.e. Profit before tax) going to be? I refer to today’s statement.
“Net income will be impaired by the sizeable increase in interest charges arising from the EBRD loan leading to the negative net profitability for the year.”
Put another way this company is loss making. It blathers on about how it “plans to return to positive profitability in 2014.”
You know what? I have made plans for 2014. After watching West Ham lift the Premiership trophy on the final day of the season following a five month run of 3 points from every game with Carlton Cole scoring hat-tricks every match, I am off on a one week romantic break with Cheryl Cole in the West Indies. I cannot wait. Neither, I am sure, can Carlton and Cheryl.
3788 days ago
I guess the Ukraine is not the happiest place to be doing business (or indeed anything) right now and that brings me to Ukrproduct (UKR) the AIM listed Ukrainian food producer and its curious director resignation time machine.
For today it has announced that its CFO, Ms Tetyana Komarova, has resigned from her position as Director of the Company to pursue other business interests. Her resignation is effective as of 15 November 2013. Yes, that is a month ago. So will she be repaying half her November pay cheque? What about the idea of giving notice? Or does that work in a sort of reverse way in the Ukraine?
This is not exactly a one off. On 25th October this year the company announced that its Marketing and Strategy Director, Ms Kateryna Kryuchko, had resigned as a director of Ukrproduct, to pursue other business interests. That resignation became effective as at 30th August. So did she hand her September pay cheque back?
Surely Ukrproduct is not breaching AIM rules by not announcing resignations as soon as they occur? I called up the corporate advisor Mr Stewart Dickson at Cannacord. Stewart used to be called Stewart Dick but changed his name for some reason that I cannot possibly fathom. Anyhow Mr Dick
