Evil Knievil on Gate Ventures: “The LSE/AIM must suspend the stock”
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Lucian Miers sought to challenge LSE chairman, Chris Gibson-Smith, at yesterday’s AGM but was sidelined by a chairman who clearly felt authorised to push on regardless. Mr Gibson-Smith tried to justify misconduct at AIM by claiming that AIM had been very successful commercially and therefore should not be criticised. In so averring he missed Lucian’s point which is that such an assertion does not exonerate AIM from taking its regulatory responsibilities seriously.
Lucian had principally in mind the position at Gate Ventures (GATE) which, as it happens, late yesterday afternoon issued a sort of RNS claiming that Johnny Hon was nothing to do with the so far undisclosed concert party controlling Gate. This improbable claim was topped with the further advice that Johnny would be getting £4,000 a month as a consultant. The RNS also detailed the virtual absence of any significant commercial activity at Gate.
It is rare for a company to point out that its share price is grotesquely too high. Of course it makes no difference given that the buyers are ignorant Chinese investors who have been conned into purchasing. The LSE/AIM must suspend the stock.
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