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I actually spoke with the nomads and Raphael before close of business on Friday. GT were pretty stubborn about giving information and would only say that they resigned due to "A professional disagreement". I asked Raphael if he was able to shed some light, and he said that Auhua had found a cheaper chinese nomad, and had gave GT the chance to match the price, GT resigned. They're just saving face as always. Anyway if what Raphael is saying is true, the new nomad should be hired pretty quickly, this week or next. This is still a risky situation, don't get me wrong. But the risk/reward here is absolutely nuts. Even if there is just a 10% chance of this company being legit - the trade has a positive expected value. I am going to watch the price action this week and think about taking a long position (I have no position at the moment, but have had in the past). Other people must be thinking along the same lines as me - there is still a £1m+ market cap.
I think AIM should be left alone. I came back to investing after a long period of being away. 7 years ago, I could trust share scope to give great tips based on figures from audited accounts. That situation has obviously changed. Accounts from AIM can no longer be trusted and so the whole index should be avoided until such time as AIM regulation can show that it has teeth. As far as I am concerned, any of them could be a fraud and that is beyond normal stock market risk! The auditors also have a lot to answer for. Thorough audits would flag up frauds immediately and stop these companies even reaching AIM. As far as ACE surviving goes, we would need to know the reasons for the resignation. But this is kept secret as you know. This many secrets is guaranteed to encourage fraudsters.
well if this does go well and truly tits up thats me near finished re my aim adventure. From a total investment of 33k my port is currently worth circa 6k - shame i dont live up to my lse moniker Wonder if theres the remotest chance ace will survive
They didn't include broker details on the rns. This is unusual so *may* be a bad sign. Could have been an oversight of course. In any case, I think there is no reason to continue to hold while there is a chance to sell. Albeit at a guaranteed loss.
Yep. The situation is rather different now. Apology accepted.
they retain w h ireland as their broker otherwise this will be looking extremely bad
lets hope to hell they can appoint another nomad or this is dust - and our investments
i apologise! clearly ive not been keeping up to date here, I missed the late rns from friday!
There has to date been no suggestion that the NOMAD will resign! It has only been mooted on here - so please spare us the rumour mill, you're getting as negative as riddler now you have sold off all your shares!
The NOMAD doesn't say why they are resigning. They never do (but they should!). It is either because they haven't been paid (unlikely) or because they believe the company is not bonefide. Either way, it's bad and unlikely to interest another nomad. I think the only realistic course of action is to get out with what you can. You could try hanging on for a month, but who is going to send the share price up? Who is going to buy? It is very difficult situation to find yourself in and I sympathise!
Surely theres a chance they could be ok? They said there in talks with a new nomad!
If they cannot get a NOMAD before 29/02/16 then they know and accept things were very bad and hidden just as TW said. They ll have to prove otherwise.
Yes. Very serious I am afraid.
Not to clued up on this, can it be a serious issue?
A lot of them resigning these days are the authorities clamping down on rouge companies/nomads at last.
Not the update we were hoping for
30 day notice
I think we will get a update before end of Feb. What it says is anyones guess
I jumped ship a while ago and put the proceeds in Lonmin which turned out to be an excellent decision. It was boredom really of having dead money sitting there. I am still really interested in how this turns out though and may buy back in at some point. The trades are indeed baffling. I am very much looking forward to an rns. It's hard to imagine that even bad news would hurt the price much given the low valuation. I am expecting not much improvement in receivables given the recent trading statement by Jiasen. Probably some similar deal with property companies has been agreed whereby they pay as the properties are sold. But who knows really! Looking forward to the update.
£15k buyer is confident!
Illustrates my point! Did someone actually just rebuy the same shares 4 minutes later for 5k more :/ Extremely odd going on here and moreso that the spread isn't budging.
Very strange trades today
Haha yes this board is deadsville but you cant be surprised. Never any news. I hold but for the life of me cant figure it out. So many large trades appear to take place almost on a daily basis yet know holdings rns's surely. Market clearly doesn't believe the figures that featured on the latest interims or there wouldn't be such a disconnect it seems. Appaling spread most of the time and very illiquid. Often it is these shares which multibag in a short space of time so waiting/hoping for a spike to get out on
Anyone!
we are up but lse hav yet to reset the bid and ask curious we're up this much given the 2 small trades - has to be a bigger buy in the background.