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Notes from Underground – Most read articles for the week ending June 21

The most read, non-Tom, article this week is The View From The Montana Log-Cabin As Middle East Pushes Gold Through $3,400 by Nigel Somerville at number two (or number 8 with Bearcasts).

Bearcast
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Tom Winnifrith Bearcast No 2: Bluebird Mining Ventures up 48 per cent on Friday, what next?

I discuss various things I expect to happen and what you might do next
PPP
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Letter to the FCA: Please investigate David Lenigas and Tom Evans for alledged Pennpetro fraud

Following yesterday’s news from Pennpetro (PPP) I have written to the FCA about its former CEO Tom Evans who resigned in December 2024 and David Lenigas who resigned on October 31 2024.
Roulette
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Crony Capitalists like Mark Percy of Shore Capital really do think the AIM casino is a success

The Stock Exchange failed to invite me to AIM's 30th birthday party last week. I am gutted.
Crime-Scene
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Tara Cranswick's disgraceful letter, what is she hiding?

I read on a bulletin board that I always fall out with everybody. That is not entirely true. If folks do not lie to me, commit fraud or show monumental greed I can be a friend for life. If anything my big failing is not falling out with folks soon enough when they start to transgress. And that brings me to Tara Cranswick of V22 who used to be a friend but who I now call out as a total scumbag after a letter sent yesterday.,
Bearcast
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Tom Winnifrith Bearcast: new bubbles , new dodgy valuation metrics, I have seen this film before

I feel like fund manager Tony Dye back in 1999. Everyone laughed at him and in the end he was fired. Within two weeks he was vindicated. I consider another interview with Andrew Webley of the Smarter Web Company (SWC) with the wretched and dishonest Daily Mail.
DIS
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Distil plc – having been buying just 11 days ago, Dr Graham Cooley now turns shares seller…

Albeit even a year ago its shares having been 0.475p, as shares in alcohol drinks brands company Distil plc (DIS) rose towards 0.10p in April I noted ‘“U.S. distribution partnership” announcement. Ramptastic!’. The shares most recently closed at 0.32p but what about today a “Holding(s) in Company” announcement and the shares currently down to 0.25p?

CAPD
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Capital Limited – multiple new contracts awards, value recovery Buy

Mining services company Capital Limited (CAPD) has announced contract awards across drilling and laboratory services, with it “seeing strong momentum across the business, as we move through Q2”. How encouraging is this latest news from a currently up to 84.8p share price?
NARF
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Narf Industries – “Director's Loan Extension”, but still how confident to be that sufficient capital is in place?

Listed in London with a current below £9 million market cap but describing itself as “a leading U.S.-based cybersecurity group specialising in advanced threat intelligence and software system security” (hmmm!), Narf Industries (NARF) has issued a “Director's Loan Extension” announcement that it “is pleased to announce an extension to its unsecured Invoice Financing Facility Agreement with the company’s Chief Executive Officer, Steve Bassi”. How ‘pleasing’ really is this?
Bearcast
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Tom Winnifrith Bearcast No 2: my family & slavery, Dominic Frisby & the Earl of Grantham and the history and lessons from bubbles

It starts with a reader suggestion that I write an autobiography and that leads me to the book I actually want to write and for most of the bearcast a canter through all sorts of bubbles, what caused them, what ended them, their legacies and the lessons learned or ignored.
LORD
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Lords Group Trading – AGM Statement argues now ‘well positioned’, but is it really?…

Distributor of building materials in the UK, Lords Group Trading (LORD) has issued an “AGM Statement” including that merchanting volumes “continue to trend positively against the prior year” and “new branch openings at Bicester, Maidstone and Mansfield, are contributing more strongly than had been anticipated”. With “the board is confident that the group is on track to meet its expectations for FY25”, how does the performance compare to the valuation from a current 43.5p share price?
Bear

Video: The Credit Bubble has Expanded into Equities, Parallels to 1929

Gold market guru Alasdair Macleod has a stark warning
VRS
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Versarien: where are the interims to 31 March 2025? Achtung Dr Sour Kraut this is another red flag!

Versarien (VRS) interims are late based on their historic publication dates, good news travels fast, bad news is often delayed.
Bearcast
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Tom Winnifrith Bearcast No 1: Recording a video with a bitcoin maniac living inside the bubble

This chap made our in-house bitcoin obsessive Jimbo seem 100% sane and balanced. I discuss living inside financial bubbles then reflect on Malcolm Burne's call for regulatory action on the bitcoin in treasury bubble ahead of its inevitable collapse. 
PPP
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Pennpetro may survive: this issue is whether ex directors including David Lenigas go to jail or get a stockmarket ban

I was a bear of Pennpetro (PPP) from the day that it came onto my radar when Big Dave Lenigas joined as chairman of what was an insolvent crock of shit. The shares are suspended amid clear evidence of fraud and a financial crisis. Now it looks as if Pennpetro will survive although shareholders are going to get diluted to buggery and will lose their shirts. The big question is whether the FCA will investigate whether Lenigas and ex CEO Tom Evans profited from fraud and will they do anything.
Madness
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Bookmark this damning essay by a bitcoin investor for when the bitcoin in treasury bubble bursts

The guilty men and women, regulators, Rachel from Customer Services, sordid promoters and social media influencers know who they are. When thus bubble bursts and folks who have bought in at ludicrous prices lose everything, bookmark this article and make sure the guilty men and women are held to account.
VRS
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GOTCHA! Vesarien fesses, ouzo for the Sheriff!

After two exposes in two days and two emails to AIM Regulation, Versarien (VRS) has been forced to admit to the bad news it had been sitting on thereby breaching AIM Rule 10 and committing fraud ahead of a May 14 placing. But even the ‘fess up RNS is grossly misleading. So U offer up its RNS and what it should have said. The fraudsters at Versarien first:
AMRQ
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Amaroq Minerals – year-end price target upped following bumper fundraising, Strong Buy

Writing previously on the “Proposed equity fundraising and acquisition of additional licences to create a new West Greenland Hub” by Amaroq Minerals (AMRQ) we stated that we consider Amaroq to be well-managed and it has demonstrated an ability to fund and progress projects. The fundraising has now further demonstrated that with it “significantly oversubscribed” despite being at only a very limited discount. The shares were 86.5p but, at 85p, not £30 million but £45 million was raised and, although nicely up from a 73p offer price tip, the following is why we still consider there significant near and long-term value potential here.
LPA
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LPA Group – interims emphasise expect “full year in line with current market expectations”… but those are from a lack-of-profits warning just two weeks ago!

Electronic and electro-mechanical components and systems group LPA (LPA) has announced results for its half-year ended 31st March 2025 including emphasising “pleased to report that our order intake exceeded our expectations for the first half of the financial year proving that demand for our product solutions remains robust… expect to deliver results for the full year in line with current market expectations”. So what about a current share price response to 47.5p, approaching 8% lower?
Bearcast
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Tom Winnifrith Bearcast No 2: Not recording in a beehive

I explain about the beehive and then some macro matters relating to my team (Israel) whipping Gary Newman's pals in Iran. Then it is Anemoi (AMOI), Vinanz (BTC), Kenmare (KMR), Revolution Beauty (REVB), World Chess (CHSS) and Litigation Capital Management (LIT).
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ICON

Iconic Labs, the world has gone mad!

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