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morning frobert. i see you’ve not offered any answer to the question that i
asked you on saturday at 07:40. it’s always interesting to hear from those with
different views, and you appear to remain optimistic about ADME’s prospects,
so i remain curious what your upbeat explanation might be about ADME still not
publishing a barracuda CPR 6 months after they said it should take 4 - 6 weeks?
tia.
one wonders what else they might not have disclosed yet. i still remember
those two trades, for example, for precisely the same amount of shares as
two previous BoD buys. there was no RNS to say that either of those directors
had then sold, but it was a very strange coincidence. ADME has a few of those.
ultimately its the BOD's non-disclosure of material facts that is driving the SP down
there is no evidence whatsoever that there has been any significant shorting
of ADME over the last few months - it’s just a terrible share where the BoD
consistently over-promise but underdeliver (well, fail to deliver at all!) with
serious ongoing cash problems as the monthly bill for pay and perks is huge,
but they have nothing at all that brings cash into their books. just take a
look at the traded volumes on share price graph over last few months -
volume has been pitifully low, rather than indicative of heavy short selling.
this is one of the usual excuses that gets dragged out for failing AIM
companies; blame ‘shorters’ rather than admit to the absolutely awful
performance by the company itself over a very prolonged period.
Early_Bird, re 17:05, you need to bear in mind that the BoD members
extract much, much more every year from this company than they put
into any new fundraising. obviously, if the company goes belly-up,
their gravy train would stop. so it makes financial sense (for *them*!)
to put in a little bit of money occasionally, essentially just as window-
dressing & to lure another mugpunter placee on board, as with monecor,
just so long as they are still leaching more from ADME than they put in. they
need to keep the plates spinning to get those excessive lifestyle payments.
frobert, if you think that there’s nothing very problematic going on with
the barracuda project from ADME’s perspective, why do you think they still
haven’t published anything from the CPR, when they said in *may* that they
expected CPR would take 4 - 6 weeks, & then they would publish the results?
Frobert you go ahead and do that lol and you can play with your shares on another exchange as they will be delisted soon IMHO
and understandably. The company I worked for got threatened left right and centre almost every month, doesnt mean there is anything in it. We had the Nigerian tax authorities demand $10m when I was them, within a month it was reduced to $1m.. then for the actual final accounts it was $250k . its a different world. Just trying to make the point that disputes like this are very very common place.
come on, frobert, adme only RNS’d that there was a legal dispute
on 23/11/21 … they hadn’t said a dickybird about it before. so it
looks like they’ve been keeping that from the market for months.
Come on guys..did you not read the RNS for the other day re Barracuda. ADM and their LEGAL time refute the claims.. of course they are in a legal dispute about ownership.. this isn't new news. They have already told the market. The ££ value in that article is probably the value of the downpayment we made plus the value of shares at a later date.. have to check the purchase agreement..not to sure.
Fairplay to TW to spin already known information. I didnt get round to buying again today. but thanks to the drop today it could well be a good chance to average down in the coming days/weeks. Will be interesting to see what TW posts and if its anything other than sensational content intended to get a good entry point..
It is not the first time nor the last a company operating in the Nigerian oil and gas sector to go through a legal dispute. I worked for a STS company working in Nigeria & Ghana.. certainly equally lucrative as it is risky.
no matter which party to the dispute eventually turns out to be in
the right, surely it is *very* problematic that ADME hadn’t told the
market (including potential placees) there was a dispute underway?
highly material information about the company’s worth & prospects.
I presume this is Barracuda it relates too??
It makes sense as the claim is they have no ownership of contract yet BOD are claiming this to be true, legal expenses can run into millions and often some form of guarantee of costs needs to be given prior to commencement of legal work
Can anyone copy and paste the full article
TW love him or hate him, he is normally very switched on esp on the bear side.
the only thing is if all these allegations were true why did the BOD plough more money in the last raise?!
I think ADME now need to issue a statement if this article is incorrect.
the article is pretty damning. Oh my, suspecting my worst fears about Osa and many of the board here are becoming true. This is one harsh harsh lesson.
The company definitely need to RNS a rebuttal now if the allegations are untrue
i see that winnifrith has written quite a bit before about one
of the NEDs here, bellingham (not in a complimentary way).
under 1p now
I don't
TBH - I can't stand the guy
but saying that - he has a nasty habit of finding these things out and them been correct - something from him i would usually consider to be correct - i remember with FRR - he was posting simlar on legal disputes and all ended up been the truth - despite no evidence in the public domain
Tom Winnifrith has posted this tweet earlier today:
https://twitter.com/TomWinnifrith/status/1464211264624893959
Does anyone pay for share prophets and could tell me what the full article says?
I'm sorry for the typo in the previous thread title.