“Mother Hubbard there’s nothing in the cupboard” So goes the sad sorry tale of Ascent Resources (LON: AST). Today’s 7am RNS announced accounts for the year end December 31 2017. The problem was that the accounts were not released within the RNS and directed investors to their website which funnily enough never had the accounts on. READ ACCOUNTS HERE
Now call me a cynic! ‘You cynic Levi!’. But surely if an RNS states that the accounts are on the company website then that is where they should be. But no. Several calls to the AST Nomad, Aim reg team with a follow up email seems to have done the trick. Accounts in all their gory details now on the website 3+ hours late and no wonder why….
I Want Your Cash! Again & Again ad infinitum to pay my fees for failure…
The accounts lag behind real-time by some 5 months. It’s glaringly apparent that Ascent Resources are close to the bone and running on fumes. The cash burn is what’s important here. £1,032,000 in Directors/Employees remuneration, £1,966,000 loss for the year with a measly £699k left in cash as of 5 months ago which doesn’t reflect their £210,000 of liabilities 5 months ago.
Serial Failure…. Gave himself massive pay rise.
So let’s be generous ’cause I’m a real generous type… Directors/Employees Remuneration is running at circa £1,000,000 per year. Five+ months have since elapsed so circa £500,000 as per their D/E Remuneration cash burn has now been paid but’ lets only take off £400,000 from their cash position that leaves them £299,000. Hang on I here you AST trolls scream ‘we’ve got revenue now!!!’ ‘Ok’ say I, I’ll add that in… The Ascent gross margin was £411,000 that is to say the actual cash received and held by AST. So you have £411,000 per year but your running at a £2,000,000+ loss! Ergo there’s a £1,600,000 funding gap that has to be bridged to survive this year!!!
Old Mother Hubbard LOL!!!!!
Where is that money coming from because it’s not coming from the production is it? Production is declining because there isn’t the cash to spend on it. What an absolute fooking mess the corporate shysters carve ’em up Carver & Hutchinson have made. They’ve cleaned the company coffers out and annually trouser hundreds of thousands of pounds while awarding themselves huge pay increases for failure. You can be sure of one thing whatever happens to AST these corporate shysters will continue to bleed it dry until they are booted out of the company.
Ascent Resources are running on fumes and regardless of what these two fookers are spinning to you, the mug punters, if they don’t raise cash and raise it quickly then they will be insolvent. Massive Discounted Placing on the way as sure as night follows day! And guess who will be getting the discounted stock? Come on down Mr Henderson and Mrs Darwin. with their bastard child Primary Bid in the bolloxs!!!
Sell and run like hell….
Viva
Dan
Another great expose. Well done. Hilarious as well.
Clive Carver runs AST. Colin is the paid puppet. I recall 3 yrs ago, exactly what they were telling us. Only thing that’s changed is SP has been smashed to smithereens,with shares in issue ballooning into the billions.
My 2 grand, now worth £147.68p.
Colin’s got rich, Clives got rich, Lombard, Darwin have got rich at the expense of every share holder.
Awful company which has been mis-managed at evrry step of the way along the Hutchinson Carver tenure. Blood suckers.