The Evil Diaries: “I think he is just an enthusiastic bodger”

For some extraordinary (as a few will complain) reason Gate (GATE) remains suspended and its Nomad Beaumont Cornish has resigned with the immediate difficulty that no one has yet agreed to take on the hopeless case. I am still amazed that it was ever allowed to float.

That noted, Gate declares that it has £8.5m to hand in a solicitor’s account pending the issue of convertible loan notes although the terms as regards interest, repayment or conversion have not been settled. In any event, these loan notes will not be taken up in the absence of a quotation since the whole point of a fraudulent promotion is to be free to sell the garbage. I tried to telephone the executive chairman, one Geoff Morrow, on 020 7887 6347, as shown on yesterday’s RNS but this line proved to be dead – rather like Gate.

*****

Afren (AFR) spiked as the loonies fancied a ramp and IG has apparently put up the margin rate to 75% and borrow is not too good either. This merely offers another chance to short. After all, the bonds are still trading at 45% of face value and these offer an unlimited supply of new shares at 1p. Go figure.

*****

Madagascar Oil (MOIL) still faces a huge placing of new ordinaries but it is a bold bunny who claims the issue will necessarily be down here. Now 9.5p offer.

*****

Fancy that!: Rob Terry duly popped up with a stake in Imaginitik (IMTK) which was announced first thing yesterday having bought between 3.42p and 6.22p some 1m shares. Needless to add Hargreave Hale ditched 3m. They surely can’t believe their luck. IMTK is a safe short here. Terry clearly believes that he walks on water whereas I think he is just an enthusiastic bodger.

*****

I am long of gold and to egg the pudding I have tried to buy 1m Orosur (OMI). So far I have got 100,000 at 9.25p. It looks as if the long tap has run dry. Cantor, Orosur’s brokers, have a revised target price of 33p.

*****

Beximco Pharma (BXP) today announce that they have been cleared to trade in the US by the FDA. This is an important breakthrough.