Personal and undiluted views
Zoltav Resources

100 days ago

Tom Winnifrith Bearcast: 5 shorts with balance sheet nightmares looming

Tomorrow, I shall tell you about a young man in despair, naming no names but what it says about this country. Today, I look at Powerhouse Energy (PHE) options and warrants, Zoltav Resources (ZOL), Sensyne (SENS), [email protected] Capital (SYME), Parsley Box (MEAL), Deepverge (DVRG) and Chill Brands (CHLL).

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3218 days ago

Zoltav Resources RTO – Financial Manipulation & Joke valuation

Zoltav Resources (LSE:ZOL) the AIM listed shell last week announced a Reverse takeover in a deal to buy some Russian oil assets. The shares were suspended at 4.6p but the deal is being done at 3.5p and so here is how the maths of the shareholder structure stacks up after the deal:

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3267 days ago

Zoltav Resources - The End is nigh ( and watch out Paternoster, Aurum & Evergreen)

For the most hideously overvalued company on AIM, Zoltav Resources (LSE:ZOL) the end is nigh. Today saw news that it has drawn down the second and final £250,000 tranche of a £500,000 loan facility made available by its largest shareholder. That suggests that net cash was down to pretty much sod all. And that makes for grim reading. Yet at 5.85p the company is valued at a quite unbelievable £22 million. This is a joke valuation.

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3278 days ago

Zoltav Resources – I am accused by a total moron of being an imbecile or misleading

In the mad world of twitter I receive a tweet from @danpeterpanfan (who is apparently known as the village idiot of share tweeting circles”) stating “You are an imbecile!” All publicity is good publicity I guess, so naturally I retweeted this shining literary gem to all of my followers. It seems that what has aroused the anger of this total moron were statements I made a couple of months ago surrounding AIM listed Zoltav Resources (ZOL) being the “most overvalued company on AIM” or having a “joke valuation.”

The shares were then anywhere between 3p and 3.98p. They are now 4.9p. So according to the Village Idiot, I am now either an imbecile or my articles were misleading as “the value of this company has gone up sharply”. Er… no.

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3316 days ago

The Strange Case of Zoltav Resources

The Zoltavians are tweeting and frothing away on Bulletin Boards once again. This strange sect believe that a great Roman God will bring them great wealth if they buy shares in a company which, in my opinion, by any conventional measure is one of the most overvalued on AIM! I refer to Zoltav Resources (LSE:ZOL). Their hopes can be compared to my preparing a great meal for Saturday and stocking up at the chemist’s for other “items required” (nudge, nudge wink wink!) in the hope that my email asking Britain’s leading chanteuse, the delectable Ms Cheryl Cole, might secure me a hot date and a night of passion!!! It is just conceivable that the fragrant Ms Cole might drop everything and head round to Winnifrith towers for the night of her life but I concede that it is unlikely… As to Zoltav making folks cash if they buy at s share price of 3.425p, well that really defies belief.

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3358 days ago

Evil Knievil’s Biggest Short is ASOS: is he Right?

A good chat with bear raider Evil Knievil today throws up the fact that his biggest short position right now is online celebrity driven retailer ASOS (ASC) but also that he is looking at another stock that I have already written up as a slam dunk short – more on that later. Those who have followed the great bear will remember that Evil has consistently shorted ASOS ( betting against the lure of Stella McCartney, Kate Moss etc) and consistently got it wrong. His losses over the years on this one must be well into seven figures by now but undeterred he is at it again. But is he right?

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3367 days ago

Video Postcard Number 12

Once again both the sound and picture are all okay. A pity about the window occasionally banging in the background but almost there for the latest video postcard which is fairly wide ranging.

Back in London on the first train Tuesday I plan to record my first CEO Videocast this week. Hopefully no banging windows there. And I cannot say where it will appear. But it will.

The video lasts 12 minutes

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3397 days ago

Zoltav Resources – Joke valuation, joke company – stonking short

I have noted before that the valuation of AIM listed investment company Zoltav Resources (LSE: ZOL) is a total joke. Results today suggest that other folks are starting to twig. I am aware that Roman Abramovich’s son is the largest shareholder so that might float your boat but this good ship is going down. The shares now trade at 3.275p, valuing Zoltav at £12.5 million. My target price was 0.5p but I am slashing that and here is why.

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3428 days ago

Range Resources Correction: Fair Price not 2.4p but 1.18p: Lucian Miers now shorting + Zoltav thoughts (sell)

Sincere apologies but thanks to a well known website beginning with A, I have been using the wrong issued share capital in calculating a valuation for AIM listed oil penny share Range Resources (RRL). There are not 1.129 billion shares in issue but 2.357 billion. Oh dear. This does nothing to alter the sell case I have expounded for some days except to make it more pronounced. I have revised the previous articles published to reflect this minor data error on a website beginning with A.

I stand by my conclusion that I would not buy this stock at any price until it agrees a new debt facility as it is almost out of cash. Moreover if that facility is agreed I would only buy at 0.75p or less in order to give me enough upside potential to justify the risk since my estimate of fair value falls – using the correct shares in issue – from 2.4p to 1.18p. Ouch.

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3513 days ago

Zoltav Resources – Overvalued hype?

AIM listed Zoltav Resources (ZOL) is a company hyped on the back of supposed involvement by Roman Abramovich’s son. At 2.58p it is capitalised at £9.7 million. In early 2011 it raised £2.25 million. It has – as far as we can tell – made six investments in large liquid Russian oil companies and sold three of them. Its PLC costs (not least some very expensive advisers) make me suspect that net current assets are now way below £2.5 million. Even at June 30th 2011 net assets were down to c$2.5 million ( shall we call it £1.6 million). My money is on net assets/cash being well below £1 million by now – hence the recent sale of shares in 3 of the 6 companies it has backed.

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