Posts tagged 'AIM'

Smoking African Pot

We should know better than to write about a company that currently ranks as the No1 topic of investor bulletin board discussion in the UK, but here goes…

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Quindell: an oxymoron speaks

Statement from AIM Regulation on Quindell PLC

AIM Regulation supports and welcomes today’s statement from the Financial Reporting Council regarding its review of Quindell plc’s (QPP.L) annual reports and accounts,…

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Brace yourself. The next Gate Ventures episode airs tomorrow

One day, someone might pen a musical farce, destined for a premier West End stage, featuring a geriatric lovie whose listed theatre production company is hijacked by mad Chinese investors intent on turning his corporate baby into some sort of escape hatch for businessmen fleeing the Peoples’ Republic.

In the meantime, Gate Ventures seems to have decided to go ahead and try this for real. Read more

Of directors deals and other things

Over in the shallow puddles where tiny Aim stocks trade, shares in the small restaurant chain Richoux were up about a fifth on Friday morning, following publication of final results.

The stock is still worth a mere £20m, so we point to it only as reminder to pay attention to two types of announcement: directors dealings and oddly timed regulatory news (RNS).

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Squeezing New World Oil & Gas, after a reminder from the LSE

A market notice from the London Stock Exchange on Thursday reminded member firms of their settlement obligations under its rules, prompted by what it describes as “settlement delays in relation to transactions in New World Oil & Gas.”

The tiny Aim listed oil exploration group, you may remember, is the possible subject of a failure to read the small print short squeeze. Details on the strange situation below, but two things to conclude from the LSE’s statement: regulators are keeping a close eye on this one, but aren’t likely to step in and stop any squeeze. Read more

Comic release

Worthington Group plc (“the Company” or “Worthington”)

12th December 2014


Update Further to the Company’s announcement on 24th November 2014, the Company has, in relation to Listing Rule 5.6.4 (Reverse Takeovers), submitted details of a number of transactions and contemplated transactions to the FCA. The FCA has asked the company to provide further information and comment before reaching any final conclusions as to whether any of the transactions, or contemplated transactions, amount to, or may on completion amount to, a reverse takeover. The Company expects to provide this additional information and comment no later than Tuesday 16th December 2014.

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The muppet market in numbers

For disappointment, dashed hopes, false dawns, broken promises, under-delivery and consistently dolorous failure, there’s little to match Aim. London’s junior market has proved time and again to be a money pit. Read more

Men can live on TMT shares alone

16 December 2013
(“TMT” or the “Company”)

Cash-for-shares swap by senior management TMT announces that three of its senior executives have signed agreements with the Company to receive all of their 2014 salaries in TMT shares on 31 December 2014 rather than monthly in cash. The number of shares receivable in each case is fixed at a price of US$1.7 per share, which compares with the latest middle market quotation for TMT shares of US$1.6 per share. The agreements are binding on the executives concerned regardless of TMT’s future share price.

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The global personalisation technology company, Phorm, has caught our eye again, not least because the stock was up…er…69 per cent at pixel…

The excitement can be pinned on this: Read more

‘We haz Phorm!’

From a global personalisation technology company that makes content and advertising more relevant to consumers, on Monday…

To date, the Group has incurred cumulative losses of $238.0 million… Read more

Introducing the hard-boiled Bill Brown, chairman of Aortech

Aortech is a little AIM-listed specialist in polymer technology, whose main operations are in Minneapolis. Back in the summer, faced with an acute cash shortage, chairman Jon Pither stepped down – to be replace by a non-executive, Bill Brown.

The company was put up for sale. Brown couldn’t find a buyer for the whole firm, so he went looking for a cash injection, along with a possible deal to sell the core polymers businessRead more

A dot comedy

Consider this fabulous failure of a stock…

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Chinese shipbuilder to list on Aim

The first Chinese shipbuilder to join Aim is expected to be introduced to the market on Thursday, the FT says. Dong Fang Shipbuilding is expected to have a market capitalisation of about £32m after raising $14.3m in a pre-flotation exercise, mostly from investors in Singapore. In spite of the turbulence in the equity and bond markets, there has been a pick-up in the number of admissions to Aim over the past couple of months. In July 12 companies joined the market while only 13 delisted, indicating that the total number of companies might be starting to stabilise at about 1,150 after several of years of decline from the peak of 1,700.


Shelved IPOs worry European bankers

The logjam of initial public offerings is building in Europe, the FT reports, after almost $10bn of flotations were shelved in the first half of the year due to market volatility and investors’ disillusionment with recent listings. Bankers say the real figure of scrapped IPOs is even higher than the statistics suggest, as many companies have had to quietly drop plans after preliminary talks with investors. Spain’s Bankia will on Tuesday announce that it has raised up to €3.3bn from investors in an IPO seen as a crucial step in the reform of the country’s banking system. However, it was forced to deeply discount the share issue. Astraea Capital, a specialist litigation funder, on Monday became the latest European company to scrap plans to go public, announcing it would seek private financing rather than a £100m listing on London’s Alternative Investment Market.

The Baltic Oil mystery

File this one with “the dog ate my homework”.

Here’s Aim-listed Baltic Oil Terminals explaining why its shares have been suspended on Wednesday. Read more



This can’t end well. Nasdaq recently got the regulatory green light from the SEC to launch its new BX Venture MarketRead more

Another AIM success story [updated]

Dodgy “rent-a-doctor” company explodes — film at eleven:

HCL announces that the ordinary shares of the Company have been suspended from trading on AIM with immediate effect…

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Takeovers drive Aim exodus

A flurry of deals among smaller UK traded companies has created an exodus from the Alternative Investment Market, reports the FT. The number of companies to leave Aim, the junior market, leaped 25% in the three months to October, with M&A deals the dominant cause of delisting. Of the 45 companies to part ways with the exchange in the third quarter, 20 left as a result of a deal with another group. But research published on Monday shows that once corporate activity is factored out, the number of delistings remained relatively stable in the first nine months of 2010.

City’s corporate brokers lick their wounds

While banks celebrate a revival in their fortunes, the City’s independent stockbrokers are still struggling to recover from the financial crisis, reports the FT. The dearth in initial public offerings, a dull market for secondary fundraisings and persistently thin equity market volumes mean the 138 brokers in the Aim market are fighting for a bigger slice of a smaller pie. Between them, they raised only £387m for flotations on the junior market in the first half of the year – suggesting there will be little improvement on the £740.4m raised during the course of 2009.

Ex-Sibir CEO fined in Russian tycoon case

The former chief executive of scandal-hit Sibir Energy has been fined £350,000 ($529,877) by the City watchdog for failing to disclose cash payments made by the company to one of its largest shareholders, the Russian tycoon Chalva Tchigirinski, the FT says. The fine against Henry Cameron for market abuse, which will be announced on Tuesday by the FSA, brings the curtain down on a corporate intrigue surrounding what was once the biggest company on London’s Aim alternative market with a value of £2.5bn.

Going plural

Those words were first uttered by Royal Mail chair Allan Leighton when he left Wal-Mart, the US owner of British supermarket-chain Asda, to take on a portfolio of directorships.

But if Leighton has gone plural how can we describe Australian businessman and former mining executive David Lenigas? Read more

Another one for the Aim Hall of Shame

H/T to reader Real Limey for this.

Background: Shares in Meldex were suspended in December 2008 as the Cambridge-based drug company told investors it was “seeking to clarify its trading and working capital position”. Read more

The Regal report

The number, nature and duration of the breaches demonstrate a systematic pattern of conduct evidencing a reckless disregard for the AIM Rules by Regal.

Due to the size and high profile of Regal, the breaches gave rise to significant publicity and caused considerable damage to the integrity and reputation of AIM as a whole

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Mayday call from Aero Inventory

Having been hit by a slew of bad news on Tuesday afternoon in London, things were not looking too good for shareholders in aircraft parts wholesaler Aero Inventory.

Not only is the inventory valuation issue, that saw Aero stock suspended on Monday, bigger than first thought, the company’s lenders seem to have brought the shutters down and the board is reviewing the position of its chief executive, finance director and chief operating officer. Read more

Strong interest in AIM rival

Singapore’s revamped bourse for high-growth companies, a direct rival to London’s Aim, is attracting “strong” interest from Europe and Asia, according to a senior executive of the city-state’s exchange. Catalist, formerly known as Sesdaq, was launched last month to offer high-growth companies a faster registration process and more flexible fundraising rules.

Go to Liverpool and veer left…

…and so long as you are on an Isle of Man Steam Packet Company vessel you should reach a self-governing, tax-lite Crown dependency smack bang in the middle of the Irish Sea.

The Isle of Man is not part of the United Kingdom and does not have membership of the EU. But it does count as North-west England in the stats department of the LSE, which is why the North-west counts as such a heavy contributor to companies listing on London’s junior stock market, AIM. Read more

Darling’s poor AIM

Tuesday’s pre-budget report could spark a rush to exit London’s junior market. The abolition of taper relief in April next year will result in a tax rise from 10 to 18 per cent on the selling of AIM shares. Alex Henderson, tax partner at Pricewaterhouse, said: “There is a clear incentive for investors to dispose of AIM stocks before April – and there is little incentive to reinvest . . . If people rush to dispose of AIM shares, that would hurt the market immensely.”

London’s Aim attracts Bollywood rush

London is emerging as the international fund-raising hub for Bollywood with the third Indian film production company in as many months looking to list on the city’s Alternative Investment Market. Pyramid Saimira Theatres, which operates one of India’s largest cinema chains, is considering a plan to raise $150m by listing a production and distribution unit in London as early as next month. The trend underscores moves by India’s film industry, the world’s most prolific with more than 1,000 productions a year, to develop a formal corporate structure to give it access to larger amounts of capital.

Aim market is ‘dangerous’: Wilbur Ross

The billionaire US investor Wilbur Ross has warned that London’s AIM market is “dangerous” for investors because of its lower corporate governance standards. “I’m certainly not saying that Aim should be done away with, but there is a risk when you have materially lower standards, that you’ll attract the wrong kinds of people”,  Mr Ross told the FT. He also said the private equity boom might be a bubble that could contribute to a sharp rise in corporate bankruptcies over the next few years.

“The world’s most successful market for smaller companies”

The spat between the London Stock Exchange and its American rivals is getting silly. In its latest news release — a thoroughly up-beat pre-close period trading statement — the LSE has taken to referring its junior AIM market as “the world’s most successful market for smaller companies.”

Is it? Roel Campos, the SEC commissioner who recently claimed his words had been taken out of context when he suggested AIM was little more than a casino, might disagree — as might John Thain, the New York Stock Exchange’s chief executive, who suggested AIM might be damaging the City of London’s reputation. Read more