AIM
ShareSoc – LSE AIM meeting
On 26 Sept 2019, four ShareSoc Directors (Northway, Bentley, Spencer Phillips and Weight) met Marcus Stuttard and 4 other senior executives of LSE AIM to discuss AIM regulation.
This was a wide ranging meeting which both sides agreed was very useful. We updated the LSE on the UKSA-ShareSoc merger and the ShareSoc-SIGnet merger; then proceeded to discuss the Law Commission call for evidence re intermediated securities; Auditors, ARGA, Kingman, Brydon, CMA, etc.; Change of Auditors and the need for clear RNS about ...
Telit: Warning Signs in the Remuneration Report
Today the CEO, Cats, has left Telit.
Trust between shareholders and the company is fundamental. Cats lied to the company and the company failed to disclose relevant information to its shareholders.
Cats was paid $3.37 million in 2016 made up of $1.63m salary and bonus of $1.74m. ShareSoc remuneration guidelines suggest £300k to £500k as a guideline for a company of this size c £250 million turnover. Cats owned 16 million shares and also has share options. So, such a large pay package ...
United Cacao – the Perils of AIM, and Fyffes
The Daily Telegraph ran a lengthy article yesterday covering the story of AIM listed United Cacao Ltd SEZC (CHOC) under the headline - "a bitter warning of the perils of AIM". The company delisted from AIM on February 6th.
United Cacao were developing cocoa plantations in Peru under the persuasive leadership of Dennis Melka. I never held the stock but I did attend a presentation by the company hosted by ShareSoc in 2015 (the ppts are still available to ShareSoc Members on ...
Asian Citrus Shares Suspended
Asian Citrus (ACHL) is one of those Chinese AIM companies that you have heard so much about - for example in the BBC Radio Programme reported on in my last blog post. The revenue has been falling and the losses rising at Asian Citrus but any investors still holding the stock are going to have a very bitter taste in their mouth after the latest announcement.
Today (29/9/2016) the company announced that it could not issue its Annual Accounts on time and ...
AIM – Is Enough Being Done to Protect Investors?
Last night (27/9/2016) BBC Radio covered the topic of the AIM market and asked whether enough was being done to protect investors. See File on Four http://www.bbc.co.uk/programmes/b07wby0z . Here's a brief summary of the contents with some comments.
The BBC visited Hotel Chocolat, a recent AIM listing, and spoke to Angus Thirlwell, the CEO. He indicated they wanted "light touch regulation" so as to avoid a lot of paperwork and said it was one of the attractions of AIM. Comment: it seems ...
BBC Radio Programme on AIM
Are British investors being ripped off by unscrupulous businesses exploiting the AIM market? This is one of the questions being tackled on the BBC tomorrow night (27/9/2016) in a File on Four radio programme - BBC R4 at 8.00 pm - see http://www.bbc.co.uk/programmes/b07wby0z
It should make for interesting listening.
It certainly came up as a topic of conversation in our meeting with LSE management today where we discussed the problems of AIM. More on that later and I hope to write a report ...
Berkeley Results, Pay, Brexit and AIM
We are now definitely in the usual summer doldrums in the market, compounded by the uncertainty over Brexit. It is obvious that private investors have been taking their money...
ShareSoc slams LSE over AIM failures
ShareSoc slams London Stock Exchange over AIM failures - that was the title of a press release which ShareSoc has issued after the LSE Group's AGM which was held today - see https://www.sharesoc.org/pr76lseaim.html
ShareSoc Director Mark Bentley spoke at the AGM and suggested that "AIM is full of dubious businesses led by dubious people". He asked them to do something about it. Perhaps the merger with the German Deutsche Boerse will mean the introduction of a more disciplined approach to some of ...
Spreading Rumours About Stocks
The Financial Times reported today on the curious case of Iraj Pavazi, a stock market trader currently on trial at Southwark Crown Court. In his defence testimony he apparently admitted that he once spread false rumours about a stock to push up the share price.
The article reports that he bought all the shares in the stock of Pacific Media (a "penny" share listed on AIM) that were available and then spread a story that a Malaysian tycoon was going to reverse ...
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