Aquatic Food Share Discussion Threads

[caradog] 29/5/2018 08:15

See today’s announcement. Is this how it works? Float a subsidiary on AIM. Leave the accountant’s bill unpaid. Fail to publish accounts. Get delisted. Keep the cash.

Why rob banks when you can use AIM? Less risky, and no need to put nylon stockings over your head.

We surely lead the world in finance. We may not have the best regulators, but we have the widest of wide boys. No European market could ever replicate this quality.

[davidosh] 29/1/2018 14:21

If you check all the China frauds it is astonishing how all the same NEDs seem to crop up....

Was that by accident ? Did they share out these roles ? Who contacted them to be NEDs ? Was there a specialist recruitment agency involved ?

[pjj71] 29/1/2018 08:48

John Mclean was associated with this scam too.. he has also overseen the wipeout of shareholder capital at CFC ponzi scheme... he needs to be investigated by the FCA...

[galeforce1] 29/12/2017 10:00

brwo - the NEDs did visit the AFG operations in Shandong province, and they reported a large physical infrastructure, branded products etc. They certainly believed there was a a real business here. But maybe you are right and they were cleverly deceived into thinking there was a much larger business than in fact exists.

[brwo349] 29/12/2017 09:56

You say the business clearly exists but the accounts are made up. They are the work of fraudsters. I am 100% certain about this. As I have said before there is probably a very small real business here but to raise the £9M the fraudsters had to pretend this was a substantial, very profitable asset rich business. It isn't and never was.

[galeforce1] 29/12/2017 09:49

Very sad to see this. I agree with the posters above, that the only explanation here is a deliberate theft of the IPO funds. The business clearly exists. According to the NEDs the cash exists. But the Exec Directors have no intention of sharing it with anyone.

I was tempted in here because the senior NED had invested about £35k of his own cash and seemed convinced that the operation was genuine.

I note that that the NEDs, the accountants and the NOMAD are are still unpaid, and cross about it. The RNS says "the Directors will work to ensure that further funds are received into the UK from the Group's operating subsidiaries to meet these liabilities and will consider appropriate courses of action to realise value for shareholders and creditors.'

But I wonder how much the NEDs can do? The trouble with 'appropriate courses of action' is that they all cost a lot of money.

[mattjos] 28/12/2017 20:27

Raised £9.3m at IPO and in less than three years has trousered the lot, overseen it's shares drop from 70p to 12p & used the simple market exit of supposedly being unable to produce any accounts.Rob £9m from a bank and you go to prison.Defraud £9m from AIM and you are free to walk and keep the cash.Richard Sweet ought to be barred from any further directorships of listed entities ... the guy is developing a CV of dodgy directorships. Briefly had his own retail consultancy but, that failed to do any business and so he now hides in plain view at Museum of London and tries to bring a veneer of credibility to crooked AIM listings. Avoid anything with his name on it!

[brwo349] 28/12/2017 19:28

Yes well done Po Ling. LOL.


Another win for the fraudsters.

[mattjos] 28/12/2017 16:19

Quelle Surprise ... another Chinese scam delisting & taking the IPO funds with it.

Well done Po Ling for getting out as soon as you smelt a mouldy fish

[caradog] 11/12/2017 08:41

This company needs a mircle, oops, one’s just left....

[galeforce1] 13/11/2017 11:21

On 30th Sept they RNS'd the appt. of a new Finance Director, but no news since and here we are in mid-November.

I haven't completely abandoned hope of the company getting its accounts filed by Dec. 31st and the shares coming out of suspension.

But even if they do re-list I'm not sure there will be a huge queue of buyers!

[wstirrup] 11/8/2017 17:51

According to the web-site - last updated 7/8/2017...

Corporate Governance
The UK Corporate Governance Code, which was updated in September 2014 (with effect from financial years commencing after 1 October 2014), applies only to companies on the Official List and not to companies admitted to AIM. However, the Existing Directors and the Proposed Directors recognise the importance of sound corporate governance and intend that the Company will observe the requirements of the UK Corporate Governance Code and the QCA Guidelines to the extent they consider appropriate in light of the Company's size, stage of development and resources. The Company will review this arrangement as the Company develops.

The Company will hold regular Board meetings throughout the year at which reports relating to the Group's operations, together with financial reports, will be considered. The Board is responsible for formulating, approving and reviewing the Group's strategy, budgets, major items of expenditure and senior personnel appointments. Pursuant to the Articles (further details of which are set out in paragraph 8 of Part V of this Admission Document), the non-executive director designated by resolution of the Board as senior non-executive director shall have a second or casting vote at Board meetings. Jonathan Quirk is the Company's Senior Non-executive Director.

The Company will establish the following committees of the Board with formally delegated duties and responsibilities:

Audit Committee

The audit committee comprises of Richard Sweet, Mircle Yap Ching Chai and is chaired by Jonathan Quirk.

The committee will receive and review reports from management and from the auditor relating to the interim and annual accounts and to the system of internal financial control. The audit committee will be responsible for making recommendations to the Board on the appointment of the auditor and for approving the terms of engagement and remuneration of the auditor.

The audit committee will also review reports from management and the Company's auditor on the financial accounts and internal control systems used throughout the Group.

Remuneration Committee

The remuneration committee comprises of Jonathan Quirk, Dr. Wang Shaodong, Mircle Yap Ching Chai and is chaired by Richard Sweet. The role of the remuneration committee will be to determine and agree with the Board the framework or broad policy for the remuneration of the Directors and such other members of the executive management of the Group as the remuneration committee considers appropriate. This will be done within the terms of the agreed policy, and in consultation with the Chairman as appropriate, to determine the total individual remuneration package of each executive director and other senior executives including bonuses, incentive payments and share options or other share awards, in all cases with due regard to the interests of Shareholders.

The remuneration committee will also be responsible for reviewing the design of all share incentive plans for approval by the Board and, if required, Shareholders. For any such plans, the remuneration committee will determine each year whether awards will be made, and if so, the overall amount of such awards, the individual awards to executive directors and other senior executives and the performance targets to be used. In determining such remuneration packages and arrangements, due regard will be given to any relevant legal requirements, the provisions and recommendations in the AIM Rules and the QCA Guidelines.

Nomination Committee

The nomination committee comprises of Jonathan Quirk, Richard Sweet, Mircle Yap Ching Chai and is chaired by Dr. Wang Shaodong. The role of the nomination committee will be to assist the Board in discharging its responsibilities relating to the composition and make-up of the Board. The nomination committee will be responsible for evaluating the balance of skills, knowledge and experience of the Board, the size, structure and composition of the Board, retirements and appointments of additional and replacement directors and making appropriate recommendations to the Board on such matters.

AIM Compliance Committee

The AIM compliance committee comprises Dr. Wang Shaodong, Mircle Yap Ching Chai, Li Xianzhi and is chaired by Jonathan Quirk. The role of the AIM compliance committee will be to ensure that the Company has in place sufficient procedures, resources and controls to enable it to comply with the AIM Rules for Companies. It is intended that the AIM compliance committee will make recommendations to the Board and proactively liaise with the Company's nominated adviser on compliance with the AIM Rules. The AIM compliance committee will also monitor the Company's procedures to approve any share dealings by directors or employees in accordance with the Company's share dealing policy and ensure such dealings are notified to the Company's nominated advisor in accordance with the AIM Rules for Companies.

[wstirrup] 11/8/2017 11:50

If it does get re-listed, then the Chinese ought to be kicked off the board... AND/OR a copy of the Companies Act thrown into their cell while they await the court's decision...

W.

[galeforce1] 25/7/2017 17:35

I spoke to the senior NED. He is still hoping to get this re-listed. That seems optimistic to me, but let's hope he's correct.

[wstirrup] 24/7/2017 23:36

Cheers BRWO... You really have cheered me up... NOT!...

;¬/

W.

[brwo349] 13/7/2017 22:35

That's the longest of long-shots. If this company really did have all the cash it claimed, and made all the profits it claimed Li Xianxi would have bought the shares at a much, much higher price. As I said before the shares fell to such an impossibly cheap price the company had to be a fraud. There may be a very tiny real business somewhere in amongst all the falsified accounts but I doubt it's worth more than a penny a share.

[galeforce1] 10/7/2017 16:26

Wstirrup

Yes, unfortunately.

I think the only hope of recovering something here is if the company decides to make a tender offer for shares. There are 113m-odd shares. Li Xianxi owns 45% of them. So the remaining shares at suspension price wouldn't cost him that much.

The senior NED is a shareholder, so hopefully he's pushing hard for some kind of deal.

[wstirrup] 10/7/2017 15:37

Are shares still suspended?

[stampylong trader] 01/7/2017 19:01

For Po Ling. I think when people see an a vacancy for a role - most people do not look at the company share price and other publicly available info, well not in depth. We as investors would probably do just that before applying for the job. Or she saw what we saw but the remuneration package was big enough to take a gamble and it would work out.

I gave Po the benefit of the doubt and I thought she could turn the boat around, but she hasn't been able to. No reason was given for the resignation and no CEO "we wish her the best in her future endeavours" usual spiel.

(I didn't invest)

[brwo349] 01/7/2017 17:23

Here's an update from Shareprophets
Credit where credit is due. They've called this right from the day of its IPO.

hxxp://www.shareprophets.com/views/30075/aquatic-foods-now-fd-walks-who-could-have-thought-this-was-a-china-fraud-roll-of-shame

[brwo349] 30/6/2017 20:50

As I posted months ago any stock on a PE ratio of 1.5 with 3-4 times more cash in bank than market cap HAS to be a fraud. There is simply no alternative explanation. An undervaluation of this magnitude would never happen. It could never happen. Ever.

[brwo349] 30/6/2017 20:40

Mattjos,

Jeezo, what are you her husband? She was the financial director of the world's cheapest stock. It was on a PE of 1.5 and had 3 or 4 times more cash in the bank than its' entire market cap for god's sake! Duh! Hello?
Is there anyone at home? This stock was absolutely drowning in a sea of red flags but apparently she didn't see any.

[buywell3] 30/6/2017 18:37

Plus it adds a time fudge factor