Versarien - shocking interims & the cash is running out says Tom Winnifrith

Boris Romps Home – but now what? Nigel Somerville reviews HERE

At 4.30 PM yesterday Neill Ricketts, the shameless ramper and boss of Versarien (VRS), met with his dwindling band of core disciples at Bangers in the City of London to spout more bullsh*t, the sort of bullsh*t that even his limp dick Nomad Canaccord would not allow him to include in atrocious interims. Surely even the disciples can now see that they have been spun an almighty yarn... Let us start with the financials. Group revenues for the six months to 30 September fell from £5.22 million to £4.38 million. But remember most of that is in non-core legacy businesses which run at break-even or just below. The excitement is meant to be all about Graphene and we are told that the Plastics and graphene division “generated revenue, predominantly from the plastics business, of £1.85 million (H1 2018: £2.79 million), returning an LBITDA before exceptional items, (which included costs associated with the two new subsidiaries for the period, Gnanomat S.L. and Versarien Graphene Inc), of £0.96 million (H1 2018: loss £0.28 million). The segment capitalised development costs of £0.15 million (H1 2018: £0.13 million) as work continued on developing specific applications using graphene. Cash used by the business segment was £1.60 million, of which £0.12 million was used to acquire new assets."

Read HERE: Ferro-Alloy Resources – you were warned; from arguing “strong pricing backdrop” on March listing to now…

In other words, despite a costly Spanish acquisition which we are told has no revenues and exists entirely on Government grants and cash from Versarien PLC (so why pay a cent for this insolvent business?), graphene income is essentially bugger all. All those agreements, all those deals and sales of graphene are the square root of bugger all. So what about the losses at a group level? Ricketts wants you to focus on the adjusted LBITDA (adjusted bullsh*t losses) of £0.9 million, up from £360,000. But how about you look at the loss before tax of £2.12 million (up from £790,000) instead. Okay, cash is the real metric that matters and in the six months c£1.6 million went to money heaven and period end net cash was just £2.64 million. Ceteris paribus, year end net cash will be c£1 million, enough to last less than four months. So despite all the ramping, insinuation and attacks on critics (mainly me), the reality is that Versarien’s core business has sweet FA in the way of sales and the PLC will be crash landing in tits up alley by the middle of next year unless it issues millions of more shares. No wonder Neill was so happy to sell shares at 137p earlier this year.

Tullow – ShareSoc bang on the money re failed executives says Tom Winnifrith HERE

What of the US hub launched with great fanfare in May but which we showed to be an empty serviced office? Nadda. This is just another spoof. So what of the Bejing Institute of Graphene Technology which signed an MOU earlier this year to take a 15% stake? It still has no web presence, no contact number but we are told that negotiations continue. Whatever…. But fear not, is that the sound of goalposts being moved I hear? Versarien says; “We have also signed a non-binding term sheet with the intention of  setting up manufacturing in Shangdong. under a joint venture between Versarien and Jinan Bo Guan Building Engineering Co., Ltd with  controlling ownership residing with Versarien. JBG would, together with associates, be responsible for the construction of a graphene valley park over a three-year period and JBG have expressed an interest in taking a strategic investment stake in Versarien as part of any transaction. Legally binding contracts have yet to be signed and updates on progress will be made in due course.”

Read HERE: Nakama – I having previously concluded combination of factors don’t bode well, now interim results…

Whatever, whatever, whatever. The bottom line is that with the shares now trading at 81p the company is capitalised at £124 million. This is for a loss making PLC which will have to do another placing within months and whose core business has bugger all sales and just burns cash, a company which has promised so much jam tomorrow and delivered nothing at all. No doubt morally bankrupt Justin the Clown will do a podcast pumping and Ricketts will persuade the disciples to push all sorts of rubbish on the bulletin boards after beers at Bangers but this is an overvalued crock of sh*t which is now tripping itself up on RNS statements made in the past it simply cannot justify. Sell.

Bad News Buried on Election Results Day: Anglesey Mining. Read from Nigel Somerville, the Deputy Sheriff of AIM, HERE

Filed under: Versarien, election Boris, Ferro-Alloy Resources, Tullow, Nakama, Anglesey Mining

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