Latest TW report14 Aug 2024 15:13
Just copy and paste by request magna carta
I have no position here, busy in oil producers.
Oily Jerry Keen at broker Oak Securities and Oliver Stansfield at financial adviser Tavira do not give a feck that folks have lost so much money. They banked huge fees reversing Georgina into Mining Minerals and Metals (GEX) on 29 July. For some reason Companies House has yet to process a name change just adding to the impression that this is not only a total con but also a shambles.
A week before Oily and Olly got the RTO through a GM I exposed how the accounts in the prospectus broke IFRS Rules, were wrong and misleading HERE. That made the prospectus a fraud but Oily and Olly could small the money and so it went through anyway with £5 million raised at 12.5p. Assets bought for $35,000 were suddenly, as if by magic, worth millions of pounds.
Then Oil Jerry published a research note claiming, laughably, that the assets were low risk and were on a risked basis worth tens of millions of pounds. Those same assets bought for just $35,000. With Oily saying the shares were worth 124p they motored up from 12.5p to 18.5p no doubt allowing the sort of spivs Oily calls clients to dump a stack of shares onto mug punters.
Then I published this report showing that the assets were worthless, the expert reporting on them was a one man band who had ceased trading and that the company had told complete porkies as to their status and risk. And since then the shares have been falling steadily and are now just 12.4p to sell.
That means that not only are Oily’s spiv clients now underwater but the mugs who bought into his note have lost as third of their cash in just over a week. Of course Oil and Oly do not care and the FCA which regulates the Standard List appears to think that a fraudulent prospectus with dodgy numbers and making unwarranted claims is all fine and dandy. But it is not.
Castles built on sand collapse and this is one such castle. The money that remains from the IPO will be spaffed quickly and largely on share promotion and PLC costs.
When this company runs out of cash next year nobody will back its rescue. As such my end game target price is 0p and anyone holding is insane.
Sign In
Follow the stocks
