OmniChart

AVN Westden 08 Nov 2015

Anyone know the date in November for Q1 trading update?

AMI 4unme 08 Nov 2015

Legal action against BOD. I'm not going to say anything more on this public forum. If you want to help or want to know more email me.

QPP eagle51 08 Nov 2015

Re: precis......... oilovlamThere seem to me to be two main issues here:1 Were QPP's profits deliberately overstated to a material extent between the time it started and the time RT left, and2 Is RT (and maybe others) likely to be found guilty of having conducted himself in a way that was legally improper.Re 1: the accounts during the time Tenon were auditors seem likely to me to have contained deliberately false information. This is only a guess. The numbers themselves were much smaller then than they were in 2013/14/15 though, so the materiality of any fictitious numbers will have become progressively less. the time KPMG were appointed (when RT and LM will have known the figures would have to stand up to scrutiny because the company was applying for a main market listing) I doubt anything was hidden. KPMG knew what the accounting policies were and they signed off both the listing application and the 2013 accounts.In my view, modern accounting standards encourage an over-optimistic attitude towards income recognition in accounts. This may follow HMRC's lead in deciding to tax professional firms (inter alia) on the increase in WIP at expected billing rates from year to year, and simply ignoring what's actually invoiced to clients. This is effectively saying that as a soon as any work is carried out on any client matter, it is a 'sale' - unless some good reason can be provided as to why this shouldn't be the case. It's just daft - they're taxed before the money ever comes in in a lot of cases. But it accelerates tax collection and cash is king to governments (particularly bust ones) as well. I have already pointed out about a thousand times that PwC didn't state that income had been overstated in the accounts - they stated that accounting policies adopted in recognising some revenue and profits had been at the aggressive end of what was acceptable - but it was nonetheless acceptable. Certain other polices weren't acceptable (probably relating to hearing loss claims). We weren't told the magnitude but logic suggests it was later in the proceedings because that's when we know cash receipts slowed down.PwC didn't restate past accounts and nor did KPMG. The new directors did - directors are responsible for preparing accounts. Period. The new directors cleared the decks; they threw in the kitchen sink. the time KPMG audited the restated versions, I should think the 'aggressive' recognition of revenue and profit had gone just as far the other way, if not further. Even with the benefit of hindsight and knowing the outcome of most of the cases (except NIHL claims, which still seemed to be a mystery but income from which had been inappropriately recognised in the 2013 accounts - only, I think) the new directors decided to apply what was practically a 'cash basis' to all income - ie "we'll only call it sales and profit when the cash from it hit the bank". This gave about as much credibility to the numbers as RT's interpretations had. A 'fair' picture was probably somewhere in the middle. Re 2: is or was RT guilty of more than just sins of accounting policies magnitude? Is this a serious question? Were we born yesterday? I think not but I'm not making any allegations - the whole debate is daft. It isn't up to us to judge what he will be found guilty of, or not, as the case may be because we haven't got enough to go on.Should people who invested when the share price was over-inflated be compensated? Not in my view, because almost all of them probably only have themselves to blame for their folly - greed and a failure to carry out the necessary research come into it. How many buyers of the shares relied on the accounts or seriously considered what various RNSs said. My own view is not many. People who buy into companies run by the likes of Terry can't have a clue. Caveat emptor - all the signs were there and I don't believe the auditors can be blamed (not KPMG anyway). "How many can even read" might be

PGD JohnSalvage 08 Nov 2015

Elections Reuters Richard Lough3 hours agoRichard LoughBUENOS AIRES (Reuters) - Challenger Mauricio Macri took the lead in Argentina's presidential election race against his ruling party rival, a poll showed on Sunday, two weeks before the Nov. 22 run-off vote.The Management & Fit survey put Macri eight points ahead with the backing of 51.8 percent of voters, including a projected share of undecided votes. His rival, Daniel Scioli, had 43.6 percent support.The numbers indicate Macri and his "Let's Change" alliance have maintained their momentum, after a surprisingly strong performance in the first round that stunned the ruling Front for Victory party and left Scioli scrambling to regain the initiative.However, more than one in 10 of Argentina's 32 million voters are still undecided, leaving the presidential race open. Macri's lead narrows to six points with 46.3 percent of support when undecided votes are excluded from the candidates' count.The outcome of the election will shape how the South American country tackles its economic woes, including high inflation, an over-valued peso and a central bank running precariously low on dollars. Macri promises to start dismantling a raft of protectionist currency and trade controls on his first day in office if he wins, to open up Latin America's third biggest economy. Scioli says gradual reforms are required to lure new investment and labels Macri a neoliberal beholden to corporations and the rich. Scioli has courted the 5 million voters of third-place candidate Sergio Massa with promises to increase pensions, scrap punitive taxes on corn and wheat exports and use the military to battle narco-gangs - all key Massa policy demands.Even so, the poll showed that 57 percent of Massa's support will split toward Macri, favoring change over continuity after President Cristina Fernandez's eight years in power, which have been deeply divisive. Massa has not explicitly endorsed either candidate.Scioli won 37.1 percent of votes in the first round and Macri defied pollsters to draw 34.2 percent support. The narrow margin was widely viewed as a slap in the face for Fernandez's brand of leftist populism and has forced Scioli to distance himself slowly from the outgoing leader. The poll showed Fernandez's approval ratings fell three points to 38.8 percent from less than a month earlier.Management & Fit polled 2,400 people nationwide between Nov. 1 and 5. The survey has a 2 percent margin of error.

GBO The Millipede 08 Nov 2015

Re: Gallant Re: not my fault FWIW I would say fraud, of one sort or another, is endemic on AIM, not just perpetrated by many many directors but quite a lot of the time by posters on bulletin boards.It is not clear to me this case is substantially worse than others. In fact, arguably it is better, since the former CEO came clean, which is actually the rare event here, not the fraud itself.

GBO The Millipede 08 Nov 2015

Re: not my fault Eagle - you are right of course. I am not trying to minimise the crime. But no one (well almost) ever goes to prison........ and there is no point in setting expectations too high IMVHO.The idea that the former CEO will hang around long enough to face criminal charges seems unlikely to me......... but I hope you are right..... and sorry about being the cause of your trouble with apple pie. Cheers,

BKSA Gold or Silver 08 Nov 2015

For the players Number of Existing Shares 213,112,896Number of Placing Shares 152,000,000Placing Price 1pNumber of Shares in issue immediately following the Placing 365,112,896Gross proceeds from the Placing £1,520,000Estimated net proceeds from the Placing £1,441,500Market capitalisation of the Company immediately following the Placing at thePlacing Price£3,651,128

GBO eagle51 08 Nov 2015

Gallant Re: not my fault "OG, in fairness frauds are rare"................................really? How do you define fraud, gallant?What I say from here on has nothing to do with the above. Got that everyone?How long has David Lenigas been around, mainly on AIM? How many listed companies has he set up or otherwise been involved with either as director, chairman or consultant? I have read several articles, including a number published in the FT, Times, Telegraph and other generally non-controversial forms of the media that suggest it is upwards of 160. Do "DL companies" have any common traits, eg a tendency to release frequent RNSs that contain only positive news and point to a rosy future for all shareholders? Do these prospects often materialise? Does DL draw large sums out in various forms of remuneration, regardless of whether or not the companies are profitable (they very rarely are)? Are losses in them funded by regular placings at a discount to people who aren't named and never appear on the register (well, not the share register), the suspicion being the shares are dumped as soon as the next positive RNSs attracts more gullible people to buy? I could go on.How many Chinese owned or controlled AIM companies have delivered anything other than losses to shareholders?Has anyone checked out a remuneration set-up for directors of GVC Holdings I have never seen anywhere near the like of in my life, in the extent of the greed and effrontery of those benefiting from it? Have a look at it, Pendil and let me know what you think - directors are taking the equivalent of dividends on options issued to them in the millions. The scheme was approved by a non-exec who gained €750k by saying 'yes' because he had millions of them too). There was a brilliant new wheeze this year too (cost the company €11m) once they knew I was onto them - I can't go into the details here of what happened following a few posts I made - I wasn't the loser).How long has Nelson at IQE been promising things that have never happened? How long have the same dim analysts fallen from the spiel (or have they?) and recommended the shares as a buy? Why was Terry at Quindell crucified for selling shares when he said he was buying, but not Nelson and crew at IQE, who did the same thing with the same people?Anyone had a look at Juridica Investments Limited and what's happened there? Watch this space - may take a few months but I'll get there. Everyone's slamming doors but it won't put me off.I exclude all the above companies from any comments I make from here on.I have only looked in any detail over the past few years at a very few (maybe 15 to 20 - including GBO) of the over 1000 companies listed on AIM. I believe there is a technique used by organisations like MORI to extend sample sizes to gain a more representative overall picture; I believe it's called 'extrapolation'.Try it using this post as a base and see if, on reflection, you reach the same conclusion: ie "frauds are rare".Depends what you define as fraud and what you call: "rare". "Common" or "the norm" might be more appropriate.

TCM acsatix 08 Nov 2015

Re: Paul Scott Yes man but I think he should be a bit more accurate. The reason for the fall wasSierra wireless and not globo. If we say that developed software as part of a project cannot be capitalised then by the same token when a company assets include developed software which became an intangible asset that should be immediately written off and deducted from goodwill. I guess Google does have on its books android or the code it runs for Google search or maps as intangible unless it has already amortised it ... I guess that he went on a tangent on expecting multi year development projects cannot be capitalised... I would venture to say that even patents would have to be booked as a loss then as to get a patent granted it takes a lot of money? So even goodwill should be prudentially marked to zero??

QPP oilovlam 08 Nov 2015

Re: precis......... Mel, a sad tale about bullying in the workplace. Hopefully things have improved since those days (but I doubt it). Management just don't like to hear bad news. Didn't the attorney general say that the war in Iraq was illegal. Allegedly someone in the cabinet office said to bury that analysis and come up with something more positive. Perhaps we will know the truth soon (oh do stop laughing).One would hope that the FCA/FSA (whatever they are called) would protect us from creeps such as RT. But investors seem to be seen as fair game by the city regulators.

AMFW nk1999 08 Nov 2015

Telegraph- Questor From Friday:"Sell Amec as dividend slashed: The much hoped for recovery in the oil price hasn’t transpired, and now oil services group Amec Foster Wheeler [LON:AMFW] is having to prepare for the long haul by slashing the dividend and cutting costs to the bone. With oil prices having plummeted so far, and with future profits and revenues now so uncertain, oil services companies can’t keep paying out dividends at the previous high levels. With oil prices having plummeted so far, and with future profits and revenues now so uncertain, oil services companies can’t keep paying out dividends at the previous high levels. The final dividend has been cut in half. This will result in a dividend payment of 29p for the year to the end of December. The company paid £124 million, or 44p in dividends last year; dropping it to about 22p next year should brings savings of about £60 million. The big problem for Amec Foster Wheeler, along with the sector as a whole, remains the markedly lower spending from the majors. That could last for quite some time. Amec Foster Wheeler at 574p -173p. Questor says “Sell”."

PDL nk1999 08 Nov 2015

Telegraph- Questor "The Questor Columnrecious gem miners are looking good value: The prices of precious gemstones such as diamonds, rubies, and emeralds, have all been hit by the economic slowdown in China. Shares in London-listed gem miners Gemfields [LON:GEM], Petra Diamonds [LONDL] and Gem Diamonds [LON:GEMD] have been in freefall during the past two months, and we take a look if there is any value left amongst the wreckage. The latest bit of bad news came from emerald and ruby specialist Gemfields. Investors were disappointed as production from its 75%-owned Montepuez mine in Mozambique dropped sharply during the first quarter ended September. However, there are reasons to believe that Gemfields can pull through. Production increased from its 75%-owned Kagem emerald mine in Zambia, as did the quality of stones found. The demand and prices for emeralds is also stable. The next auction of lower quality stones is due later in November. Diamond miners have inflicted even more pain on investors. Petra Diamonds has fallen more than 60%, and Gem Diamonds is down 44% so far this year. We wouldn’t be brave enough to call the bottom just yet, but these stocks are not fundamentally in trouble, and are suffering from a wider selloff. Petra, in particular at five-year lows, is looking increasingly attractive. Gemfields is also worth holding on to for the long term as the business is the dominant player in emerald and ruby markets. Questor says “Hold”."

OXS the old trout 08 Nov 2015

Re: Message to the BOD I think the only logical conclusion is that the panel would have given advance notice of their intended decision and given the parties a time limited opportunity to make final comments. During that period if I were the Uzbeks, and knowing my side was to face the full glare of worldwide publicity for an adverse decision, I would make an offer to Oxus for a financial settlement which would remain confidential. I therefore expect a RNS fairly soon stating that the parties have reached agreement outside the arbitration process and that a special dividend will be paid to shareholders once the monies have been received and all costs have been accounted for. There is precedent for this, but the big question is whether the shares will go into suspension pending payment of the special dividend, so that only shareholders who are invested pre announcement will benefit.You pays your money and takes your chance........T

GBO Ripley94 08 Nov 2015

Re: Administration I posted he was he was about and speaking Tuesday this week.

QPP melrosian 08 Nov 2015

Re: precis......... OilovlamIn my second year in auditing all the statistical tests I, with another junior, carried out came out with daft results. I hated auditing but we worked till midnight for a week redoing all my checks. I had uncovered a real fraud where directors of a small plc were trying to cook up profits where there were none. Audit partner didn't believe us and called us every name under the sun ( he would lose because verifying what we had found would cost more audit time...cant have that) and threatened us with dismissal. Although we actually saved the firm from the risk of a failed audit, bullying continued My buddy committed suicide 18 months later after more bullying. I have held mixed views on the audit process ever since.Auditors can not verify everything but obviously do focus on critical areas. You would expect an audit to verify assets and liabilities. Profit in a period? well with provisions and policies you can manipulate profit/loss between periods with relative impunity. It is directors who set the acc policies ...and auditors who comment upon whether they are appropriate.KPMG couldnt agree to sign the accounts in the last An report. I dont blame them one bit.In a way I see why PwC adopted cash accounting ( almost) - I dont agree it was appropriate -but because of the sale of PSD they are not all wrong but they are at the radical end of ignoring normal accounting rules.Mel.