LoadsaDosh2
27 Jan 2015
Don't miss out again Orchard Gate Orchard Gate, are you there me old mate? Another share for you: MCB (McBride) at 75pThere that's two I've given you (the other was REDD at 92p)Have you thought of anything to buy yet or only found shares that are 'going to tank'?Come on I've stuck my neck out for you; what are your share tips for 2015?
Orchard Gate
21 Jan 2015
Re: Update To answer your question Millipede if they were forced to make a statement after, say seven days, I think Naibu would be saying that it has not been possible to contact the executive directors (assuming this is all true of course), that there is significant uncertainty as to the value/location of the company's assets as shown in the audited accounts and that both regulatory and police authorities are investigating. And then they should be compelled to provide updates.
paccamac
20 Jan 2015
Re: Update If I were a NED I would issue via RNS an apology to shareholders and a full explanation of what they believe has happened. Getting ripped off by some dodgy guy in China is one thing but for so called 'legitimate' UK based NEDs to simply bury their head in the sand is a disgrace.Sadly these very same individuals will turn up elsewhere touting 'AIM experience' when they are nothing but ambulance chasers.
The Millipede
20 Jan 2015
Re: Update Maybe OG but, to be fair, I think not being able to make contact with any directors in China is probably reason enough........ I mean realistically when does that ever happen in a legitimate business? And what are the options? Directors absconded with the money? Directors have been taken round the back of some building and shot? Assets confiscated by the authorities? Or directors just not answering the phones but all legit and above board.... seems by far and away the least plausible to me.What would you do now if you were a NED?I would wager an awful lot of money that this stock will never trade again.BETFDIK
Orchard Gate
19 Jan 2015
Update I think it is a gap in the LSE rules (main list and AiM) that a company can request suspension but are under no obligation to update shareholders as to what is happening. Even if the statement was only to say why the Directors of Naibu had reason to have doubts as to the financial position of the company (given it had very recently claimed to have a big cash reserve) and that investigations are underway, this would give the clowns who bought shares a lot more information than they have now.p.s. have to laugh at Uphill Struggle saying the shares are a "strong buy". Suggests he has a pile he'd like to shift at any price.
Orchard Gate
19 Jan 2015
Re: Suspended... Awaiting an announcement And Uphill Struggle proves there's one born every minute. Maybe he'd like to run us through his thesis that it couldn't be a fraud because
1) it is listed (libel on the LSE to suggest otherwise apparently) and(2) it is audited.
UphillStruggle
19 Jan 2015
Suspended... Awaiting an announcement Oh no! Lol... Well looks as if my small £500 punt is in jeopardy. But I'm still up over all... That's why I only had £500 (part of profits from first sale) buried in it. No doubt those that I've blocked are pumping their gums. "It's not over until the fat lady sings!" NBU just goes to prove you can make money backing even a donkey.
paccamac
16 Jan 2015
Re: Suspended as predicted Totally agree. Good points well made.
The Millipede
16 Jan 2015
Re: Suspended as predicted No... I looked at this in some detail when the price was 80p ish and came to many of the same conclusions you and OG have expressed..... I think I even wrote about it but can't be bothered to trawl back through my posts now.Agree the placing price and small amount were red flags, as were Chinese seed investors selling out. In fact I think what I suggested was that the sole intent of this placing might have been to allow the Chinese to transfer cash to the west in the form of AIM stock, which was sold. None of the assets could ever be transferred here in the event of liquidation and at one point the scrip dividend was so large that over a period of five years, if it had carried on and the share price remained at 80p, the dilution would have been around 40%!The whole thing was either (1) a fraud or (2) a company with very scant regard for shareholder value so not worth investing in.IMVHO
Johandesilva
16 Jan 2015
Re: where are they? I presume the pending announcement has not been made even yet! The reputation of Daniel Stewart and China is joke.
Orchard Gate
15 Jan 2015
Re: where are they? I know for a fact DS did go to China, part marketing exercise to visit other companies. One or two funny stories from that visit but not for here. What real diligence they did I don't know and suspect they were easily fooled.
paccamac
15 Jan 2015
Re: where are they? Completely par for the course. One of the key differences with a good investment bank and a bad one is level of diligence and scrutiny of companies coming to market. The good banks are not 'good' per se but they are wise enough to know if they soil their reputation with big fund management companies their deal flow of subsequent fund raises will be impacted. The small banks (DS and ZAI are prime examples) are bottom feeders and punt stock to unsuspecting PI's who are in plentiful supply and who can be replaced with other unsuspecting PI's. There is no way in purgatory DS or ZAI paid a visit to China to even establish if Naibu had the offices and facilities it said it had. I asked them both this very question and was told it couldn't be answered on the grounds of client confidentiality when in point of fact this would not be divulging anything sensitive. For people investing in micro caps you should always phone the broker/NOMAD and the non-execs. The good ones will be happy to speak and know the business. The tight lipped ones tell you all you need to know IMHO.
Orchard Gate
15 Jan 2015
where are they? Caught up with someone who knows the inside story. I can't say too much but apparently the Exec directors have disappeared (or are not contactable which could be different but has the same effect for the company). The NEDs were just booking their fees and had stacks of options but didn't do much other than lend their names. When they realised what was happening there was a "holy Shiite" moment and now they know they're up to their neck in what appears to be a major fraud which will wreck whatever reputation they thought they had.DS did diligence the company but is itself under severe financial pressure so continued as Nomad long after they knew all was not well. Police now involved.All 'allegedly' and passed on in good faith and without any malice, your Honour. Make of it what you will.
paccamac
14 Jan 2015
Re: where is the cash? In my opinion the cash was never there in the first place. The accounts of this business never made an iota of sense nor did their move to AIM.Why would anyone join AIM to raise a piddly amount of money and receive a tiny market cap when you are already swimming in cash and profit as a private company. All that you achieve is putting the business at risk of a cheap hostile takeover whilst sticking extra PLC costs and admin you don't need. For me this is/was a monumental fraud/theft with all the usual red flags. There are 2 other Chinese candidates on AIM with similar profiles if you care to look, Camkids and China Chaintek. Camkids is probably the worse of the 2 but both are highly suspect.Daniel Stewart have a lot to answer for. Having been through the IPO process twice, any investment bank worth their salt will pour over the due diligence (including simple things like cash balances!) but it seems DS did nothing whatsoever to prevent this disaster from coming to market.
paccamac
14 Jan 2015
Re: Suspended as predicted Er...told you it was a dodgy POS and people would lose money. Apologies - I thought you had been bullish on Naibu but perhaps not?
