The Evil Diaries: “Still defying gravity”

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The Evil Diaries: “Still defying gravity”

This appeared at 7.00 a.m. yesterday morning:

Imaginatik plc (AIM: IMTK.L), the world’s first full service innovation provider offering a range of consultancy and technology products notes the significant share price rise over the course of 19 June 2015 and confirms that it knows of no reason for such a rise. The Company is however aware of reports that Quob Park Estates has been buying shares in the Company and confirms that is has received no notification of an interest in shares from this vehicle and has had no contact with it.

You might have thought that would cap the stock price pretty smartly at its opening price of 5.75p. But, au contraire, the mere mention of the Rob Terry’s presence sent the punters mad and, as a result, I was able to short IMTK at 7.5p or a capitalisation of £6m.

A moment’s glance at the last published accounts, admittedly those as at 30th September 2014, shows negative tangible assets of the order of £1m and no proof that profits are going to emerge. So one can readily see that when the management declares that “it knows of no reason for such a rise (on Friday last)” they are merely telling the truth. One has to have a fanatical belief in Rob Terry, indeed a belief bordering upon the totally barmy, to buy up here.

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Daniel Stewart (DAN) is still defying gravity and is a safe short at 3p. The levitationist Rob Terry will also be found out here.

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The forecast that Afren (AFR) will end up at 0.3p once the reconstruction has gone through has been revised by the author. But he still sees a valuation well below 1p for current shareholders. I remind readers that there are still meetings to be held….

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I may be wrong but I reckon that the market is simply not in a mood to recognise a sound bet if it is based in Africa and in oil. As a result, the extraordinary RNS from Madagascar Oil (MOIL) which emerged yesterday, was completely overlooked. I accept that this project is going to take a long time – as much as ten years as regards one aspect – but the outlook is stunning. There will be a massive placing or placings. As a result, understandably, punters will elect to hold back until the new money is raised. I can see their reluctance but incline to remark that MOIL could at under 10p prove a terrific bet.

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