April 2017 UK Investor Show magazine

UK INVESTOR MONEY // SHARES // INTERVIEWS

ISSUE 20 // APRIL 2017

Event Guide & Programme Queen Elizabeth II Centre, London

Intro

INSIDE 3 Dragon’s Den sessions 5 Speakers Quiz: 3 £150 prizes 6 Tom Winnifrith vs Paul Scott Live Podcast 6 Win a 10 gramme gold bar on stand 72 6 Win a bottle of vintage port signed by Nigel Wray 6 Tom Winnifrith and Nigel Wray pick their golden shares

A message from Lucy Wray

7 Main Stage schedule 8 Interview with Alan Debare, CEO of Action Hotels 10 Breakout room schedule 12 UK Investor Show floorplan 14 Follow Tom’s schedule on the day 15 Picture article: Win a week at Tom’s Greek Hovel 16 Profile of Dr Jonny Hon, CEO of show sponsor Global Group 17 Metal Tiger - a profile Gary Newman 18 BMR Group

Gary Newman

19 Making structured finance work Tom Winnifrith and Brian Kinane of RiverfortGlobal capital 22 Harley Investments, a grave undertaking 23 The House View

CONTACT US UK Investor Magazine 91 - 95 Clerkenwell Road London, EC1R 5BX E: info@ukinvestorshow.com W: www.UKInvestorShow.com EDITORIAL Tom Winnifrith Editor

Welcome to UK Investor Show 2017. And for this one edition of the Magazine, our show edition, it is not Tom but myself, Lucy Wray, who greets you warmly. You may be reading this online at ShareProphets but I rather hope you are among the 3,000 people here at the QE2 Centre in Westminster on April 1 for what is certain to be a spectacular event. If you are not here, this magazine should give you some idea of what you are missing.

The speakers are legendary in the investment world: Slater, Knievil, Murria, Hon, Tom, Paul Scott and my Dad need no introduction. The full timetable is on page 7. As for the stands there are a record number. Wander around the 3rd floor today and there are well over 100 PLC CEOs waiting to meet you. As well as a raft of other fascinating companies. Who would have thought you can invest in burial plots. Well you can as you can discover today. What a strange world we live, and die, in! Details of where to find all the companies attending and when they are presenting are on pages 10, 11, 12 and 13.

My firm, MBN promotions, is an experienced operator of events such as this and we are now the co-owners of UK Investor and are managing the day. Not a lot of people know this but about a year ago Tom Winnifrith told a handful of his closest friends including my Dad, Nigel, that he was planning on stopping running such events after, what was then 14 years. Sure, he enjoys being on stage but the admin and the organisation was getting to him - it is a massive endeavour. So Dad suggested we go into business together. Problem solved.

I hope you appreciate the professional touch MBN brings to UK Investor. But, the show will - I hope - still be as controversial and provocative as you would expect with a Tom event. We know there will be lawyers in the house for his presentations and for when Evil Knievil, Lucian Miers and the other bears go on stage.

And there will be jokes aplenty, prizes galore and free offers for all. If an event is not fun it has failed.

And the same is true for the magazine so I hope you enjoy what is on offer inside. Of course no event is utterly perfect. If you have any suggestions about how we can make the 2018 UK Investor Show on 21 April 2018 any better email me at any time at Lucy.

Wray@ukinvestorshow.com Thank you for joining us, LUCY WRAY 2

Welcome to the UK Investor Show Dragon’s Den Sessions

F

ive times today, five CEOs will march onto the main stage at UK Investor Show to do a one minute Dragon’s Den pitch. The three Dragons are Tom Winnifrith, Tom’s long-term writing partner Steve Moore, and investor Nigel Wray and when Nigel is not available his stand in will be ShareProphets resources guru Gary Newman.

Each will make a £1,000 investment in one of the five companies pitching in each session—via brokers and session sponsors European Wealth—as soon as the markets open on April 3rd. So that is £15,000 of real money waiting to be invested.

So who is pitching?

9:53 - 10:00

SULA IRON & GOLD PLC

Nigel Wray, Tom Winnifrith, Steve Moore

SYMPHONY ENVIRONMENTAL TECHNOLOGIES INTERQUEST GROUP COLLAGEN SOLUTIONS PLC BLUEBIRD MERCHANT VENTURES LTD RED LEOPARD HOLDINGS PLC

11:23 - 11:31

NOSTRA TERRA OIL & GAS

Nigel Wray, Tom Winnifrith, Steve Moore

PCG ENTERTAINMENT PLC DISTIL PLC FAIRFX ANGLO AFRICAN AGRICULTURE PLC

13:00 - 13:07

OPTIBIOTIX HEALTH PLC

Gary Newman, Tom Winnifrith, Steve Moore

METAL TIGER PLC SAFFRON ENERGY PLC ASIAMET RESOURCES WISHBONE GOLD PLC

15:20 - 15:27

BIG SOFA

Gary Newman, Tom Winnifrith, Steve Moore

ARIANA RESOURCES PLC BMR PLC VERSARIEN PLC W RESOURCES PLC

16:00 - 16:07

BLUEJAY MINING PLC

Gary Newman, Tom Winnifrith, Steve Moore

KEFI MINERALS PLC SANDERSON GROUP PLC CONCEPTA PLC BERKELEY ENERGIA

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THE UK INVESTOR STAR SPEAKER QUIZ — THREE £150 PRIZES TO BE WON Perhaps this is just a bit of fun. A quiz about the speakers on the main stage at UK Investor - ten questions - ten faces of speakers. But which face for which question - one face comes up twice and one face is a red herring. Once you have completed the form below take it along to stand 40 (FairFX) and hand it in. The three folks with the highest scores or, a random draw in the event of a tie, will be given a FairFx pre-paid card with £150 on it... Simple!

Q1. Whose father played rugby for Scotland?

Q2. Who started their business career aged 15 running a corner store in Coventry?

Q3. Whose great aunt was one of the last living people to have witnessed the partition negotiations in India?

Q4. Always look on the bright side of life: Who is Eric Idle’s cousin?

Q5. Who is best known as one of the country’s greatest experts on fishing?

Q6. Which speaker likes to tweet about cheese at 3 AM? Q7. Whose Great Aunt was a singing nun in the Sound of Music?

Q9. Which speaker was responsible for the musical comedy video “Debt Bomb”?

Q10. Whose father earned his living for a while writing Children’s books?

Your Name

Your Email Address

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UK Investor Show 2017 PAUL SCOTT VS TOM WINNIFRITH: LIVE PODCAST TODAY AT 12:15 PM IN BREAK OUT ROOM WRAY

Tom Winnifrith has never recorded his infamous bearcasts with anyone else before so today is a first mild mannered Tom takes on opinionated and aggressive Paul Scott. A live recording will take place in the WRAY room on the third floor at 12:15 PM. There is plenty to cover: fraud, the ethics of shorting, Paul’s top long picks,

the state of the markets and of course the great TrakM8 battle. And the two men will also take a question or two at random from the audience.

This is interactive podcasting as you have never seen it before.

WIN A 10 GRAMME GOLD BAR AT STAND 95 - FREE DRAW

At current prices that is worth around £300 and one lucky person will be walking home with the bar today. We will announce the winner after the tea interval. All you need to do, to enter the draw is to head to stand 92 on the third floor, that is the ADVFN stand, and let the lady manning that stand scan your badge. Simple!

WIN A BOTTLE OF VINTAGE PORT SIGNED

BY NIGEL WRAY Would you actually drink this if you won or just leave it on the shelf to look at? That will be the decision one UK Investor Show attendee will need to make this evening. The free to enter prize draw to pick up this unique prize is being organised

by Turner Pope who are on stand 35 on the third floor. Just head along, flash your badge and you are in the running.

NIGEL WRAY AND TOM WINNIFRITH PICK THEIR GOLDEN SHARES & INVEST £8,000 AT 2:28 PM TODAY Nigel has donated £5,000, Tom £3,000 to the most excellent Woodlarks charity which is at stand 7 — we hope that everyone here today will find time to visit that stand and donate just £1. That would leave a great cause £11,000 better off. But there is more.

At 2:28 PM on the main stage Nigel and Tom will announce one share each. The £5,000 and £3,000 was invested in those two shares on Friday. We will not publicise the golden shares for many weeks, it is just for UK Investor attendees to decide if they want to back the stocks Tom & Nigel reckon have more one year potential than any other stocks

in the UK. When to sell? When Tom and Nigel decide to sell they will sell for Woodlarks first and then send out an email alert to anyone who has had their ticket scanned by the three young ladies wearing Blue Dresses with a UK Investor Sash. Get your ticket scanned and you will also get an email next week with a full report on the two Golden shares and you might also win one of several prizes including a family holiday or holiday for two at Tom Winnifrith’s Greek mountain retreat next summer, as explained on page 15. What is not to like?

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UK Investor Show 2017 MAIN STAGE PROGRAMME CHURCHILL ROOM - GROUND FLOOR Time Slot

Duration

MAIN STAGE

09.00 - 09.25

25 min

09.26 - 09.41

15 min

09.42 - 09.52

10 min

09.53 - 10.00

7 min

10.01 - 10.46

45 min

10.47 - 11.22

35 min

11.23 - 11.31

8 min

11.32 - 12.13

40 min

12.13 - 13.00

47 min

13.00 - 13.07

7 min

13.08 - 13.56

48 min

13.57 - 14.27

30 min

14.28 - 14.38

10 min

14.39 - 15.19

40 min

15.20 - 15.27

7 mins

15.27 - 16.00

33 min

16.00-16.07

7 min

16.08-16.18

10 min

16.19- 17.12

53min

Tom Winnifrith and Nigel Somerville Unravel the Great Cloudtag Fraud Tom Winnifrith In Bed With Nigel Wray: All To Be Revealed!

Introductory Remarks - Tom Winnifrith DRAGONS DEN 1 - Nigel Wray, Tom Winnifrith, Steve Moore (Sula Iron & Gold Plc, Symphony Environmental Technologies, InterQuest Group, Collagen Solutions Plc, Bluebird Merchant Ventures Ltd , Red Leopard Holdings Plc) Tom Winnifrith & Evil Knievil - 30 Years Of Lawyer’s Letters And Fighting Fraud Tom Winnifrith interviews Vin Murria, The Queen Of Tech: The secret of making money from tech stocks DRAGONS DEN 2 - Nigel Wray, Tom Winnifrith, Steve Moore (Nostra Terra Oil & Gas, PCG Entertainment Plc, Distil Plc, FairFX, Anglo African Agriculture Plc) Making Money From Gold and Mining Shares - Meet The Experts: Chaired by Brian Kinane with Paul Atherley, Ross Norman, Peter Hambro, Tony Manini, Dominic Frisby LUNCH DRAGONS DEN 3 - Gary Newman, Tom Winnifrith, Steve Moore (Optibiotix Health Plc, Metal Tiger Plc, Saffron Energy Plc, Asiamet Resources, Wishbone Gold Plc) Appearing By Video - Mark Slater, Britain’s Top Small Cap Fund Manager On What He Is Buying Right Now Johnny Hon & Chris Bailey - Is China A Fraud-Ridden Bubble?

Tom Winnifrith & Nigel Wray Invest £8000 In The Two Best Shares In The Stock Market - Profits To Woodlarks: The Golden Shares Britain’s Buffett, Nigel Wray, Talks Value Investing With The UK’s Top Share Blogger, Paul Scott, & Its Oldest Fund Manager, Paul Mumford DRAGONS DEN 4 - Gary Newman, Tom Winnifrith, Steve Moore (Big Sofa, Ariana Resources Plc, BMR Plc, Versarien Plc, W Resources Plc) BREAK - TEA DRAGONS DEN 5 - Gary Newman, Tom Winnifrith, Steve Moore (Bluejay Mining Plc, Kefi Minerals Plc, Sanderson Group Plc, Concepta Plc, Berkeley Energia) David Scott - Dr Doom Predicts Economic Collapse Bears Session: Tom Winnifrith, Lucian Myers, Matt Earl, Gabriele Grego & Graham Neary On Two Well Known Stocks Set To Collapse and ten other shorts

7

UK Investor Show 2017 INTERVIEW

ALAIN DEBARE, CEO OF ACTION HOTELS

C

Action Hotels has a clear and simple strategy:

an you give us an introduction to Action Hotels?

• Middle East and Australia: Action is present in key markets of the Middle East and specifically targets locations where there is a high demand for three and four star hotel accommodation but little or no supply to service it.

Action Hotels is the leading hotel company in the Middle East and Australia spearheading the development of economy and midscale hotels. We focus exclusively on owning, developing and asset managing internationally-branded three and four star hotels in key gateway locations in the Middle East and Australia.

In the Middle East, where the focus is on luxury and upscale hotels, there is a significant gap in the market and Action Hotels is leading the way to address this. Action’s Hotels predominantly target the business traveller.

Action was founded in 2005

by H.E. Sheikh Mubarak A. M. Al-Sabah (a member of the Ruling Family of Kuwait) after identifying significant gaps in the hotel market across the Middle East for three and four star hotels.

• Economy and midscale (three and four star) hotels: Economy and midscale hotels are considerably less capital intensive and faster to develop than upscale and luxury hotels.

This allows for a relatively quick period between opening and profitability, whilst making efficient use of real estate and generating higher returns for shareholders.

Action Hotels has been trading on the AIM market of the London Stock Exchange since December 2013, is backed by institutional shareholders and pays an attractive dividend.

Action Hotels’ portfolio currently consists of 18 hotels and more than 3,100 rooms in 7 countries: 12 hotels and 2,181 rooms are operating already with a solid pipeline of hotels under construction that will add another 6 hotels and 1,003 rooms by 2019.

• Partnerships with global hotel Operators: Action partners on all its hotels with leading international hotel Operators. It develops and operates all the hotels, which are then managed by leading hotel companies AccorHotels, IHG and Groupe du Louvre under the ibis, Novotel, Mercure, Holiday Inn and Tulip Inn brands.

Action is a solid asset-backed and high growth company, with revenue and adjusted EBITDA of $43.5m and $16m respectively for year ended 31 December 2015 (2016 results to be announced in April 2017). The net assets of the company stood at $199m as at 30 June 2016.

Action Hotels starts working with the Operators at an early stage of the hotel’s development to design and develop an efficient and cost effective hotel. Once open, the Operator then deals with the day-to-day running of the hotel, enabling Action to leverage the brands’

What is Action Hotel’s business model?

8

operational expertise, marketing muscle, reservation capabilities and immediate brand recognition. Action pays the Operator a fee based on the revenue and profitability of the hotel, therefore aligning interests.

with less than 20% of the current branded supply of hotels falling within the economy and midscale sectors. As the region continues to experience the emergence of a large middle class and the proliferation of budget airlines, demand for economy and midscale accommodation continues to grow, a trend set to continue as the region readies itself to host upcoming international events such as the FIFA World Cup and the Dubai 2020 expo.

The economics of Action’s hotels are very attractive. The cost base for three and four star hotels is relatively low and break-even is achieved shortly after opening, with average breakeven occupancy levels in 2016 of 37%, creating strong operating margins.

Australia, being a more mature hotel market, is opportunistic for Action. Since the opening of Action’s first hotel in Melbourne (ibis Glen Waverley) in 2007, the region has been a highly successful venture and the portfolio now consist of 3 hotels with 595 rooms, including Australia’s largest ibis-branded hotel, ibis Styles Brisbane Elizabeth Street.

Action has also assembled a highly-experienced Board and built a solid Management team. Their extensive experience combined with strong local market knowledge and connections allow them to source attractive opportunities and deliver the pipeline.

Are Action’s hotels leased or owned?

What can we expect to see from Action Hotels over the next 3 years?

Action Hotels is a growth company and therefore it combines both freehold and leasehold hotels within its portfolio and development pipeline, creating capital gain opportunities whilst allowing Action to seize opportunities for rapid growth through leases, thus creating optimal shareholder value.

• Continued management of its profitable existing hotel operations, driving efficient and increasing margins • Developing the announced pipeline of hotels to take Action to over 3,100 rooms by 2019, exceeding market expectations set at time of IPO by over 26%

Action continues to be an asset-backed business. However, accelerated growth can be achieved by long-term leasing of hotels, which has reduced capital commitments and allows faster entry into certain markets or locations where Action would not be able to enter otherwise.

Your

Currently, 88% of the operational rooms are held on a freehold basis and 12% on a leasehold basis. The announced pipeline is more evenly split as the company sources more leased opportunities.

FREE BOOK

is waiting for you

What are Action Hotels’ key markets?

at The UK Investor Show

Action’s current focus is on the stable Gulf Cooperation Council (GCC) countries of the Middle East and strategic locations in key cities in Australia. Action currently has 12 operating hotels across 6 countries, serving undersupplied economy and midscale accommodation markets.

– Harriman House (stand 4)

• CHOOSE FROM 3 TITLES • FIRST COME, FIRST SERVED Subject to availability. One book per delegate.

According to leading research statistics in the hotel market, STR Global report that the Middle East hotel market remains predominantly luxury and upper-upscale focused,

No purchase necessary – just scan your pass. While stocks last.

Harriman House 9

Untitled-1 1

09/03/2017 13:50

UK Investor Show 2017 BREAKOUT ROOMS SLATER ROOM (WHITTLE) & MIERS ROOM (FLEMING) Time Slot

Duration

CAPACITY

SLATER - WHITTLE ROOM 50

09.00 - 09.20

20 mins

09.20 - 09.40

20 mins

09.40 - 10.00

20 mins

10.00 - 10.20

20 mins

10.20 - 10.40

20 mins

10.40 - 11.00

20 mins

11.00 - 11.20

20 mins

Falcon Media House Ltd Premier African Minerals Ltd BMR Plc Seven Investment Mangement Alexander Mining Nostra Terra Oil & Gas Company Plc BigDish Ventures Ltd

11.20 - 11.40

20 mins

11.40 - 12.00

20 mins

12.00 - 12.20

20 mins

12.20 - 12.40

20 mins

12.40 - 13.00

20 mins

13.00 - 13.20

20 mins

13.20 - 13.40

20 mins

13.40 - 14.00

20 mins

14.00 - 14.20

20 mins

14.20 - 14.40

20 mins

14.40 - 15.00

20 mins

15.00 - 15.20

20 mins

15.20 - 15.40

20 mins

15.40 - 16.00

20 mins

16.00 - 16.20

20 mins

Sula Iron & Gold PLC Tekcapital Plc Fox Marble Plc

MIERS - FLEMING ROOM 50

Harvest Minerals Ltd Tern PLC Westminster Group Plc Yolo Leisure & Technology Plc Symphony Enviromental Technologies Plc “Blockchain: a game changing technology” Eddy Travia Founder & CEO Coinsilium & Dominic Frisby Greatland Gold Plc Learning Technologies Group Plc Bluebird Merchant Ventures Ltd Regency Mines Ortac Resources Ltd React Group Plc

Redstone Connect Plc Eurasia Mining Plc ValiRx Plc Harley Investments Ltd Forbidden Technologies Plc introduced by Nigel Wray PowerHouse Energy Group Plc JP Jenkins Ltd Primary Bid ECR Minerals Plc Stockomendation Bluejay Mining Plc Mis Sold Investments Metal NRG Nova Financial Ltd Kibo Mining Plc Curzon Energy Plc PCG Entertainment Plc Conroy Gold T5 Oil & Gas and Natural Resources Plc Galileo Resources Plc Rockrose Energy Plc

10

UK Investor Show 2017 BREAKOUT ROOMS WRAY ROOM (BRITTEN) & WINNIFRITH ROOM (BRITTEN) Time Slot

Duration

CAPACITY 09.00 - 09.20

20 mins

09.20 - 09.40

20 mins

09.40 - 10.00

20 mins

10.00 - 10.20

20 mins

WRAY - BRITTEN ROOM 101

101

Minoan Group Plc Jubilee Platinum Plc

Galantas Gold UK onshore chaired by Gary Newman - David Lenigas of Doriemus Plc, David Bramhill of Union Jack Oil Plc, Angus Energy plc Red Rock Resources Plc FairFX Saffron Energy Plc Alliance Pharma Plc NEX Exchange

KEFI Minerals Plc 10.20 - 10.40

20 mins

10.40 - 11.00

20 mins

11.00 - 11.20

20 mins

11.20 - 11.40

20 mins

11.40 - 12.00

20 mins

12.00 - 12.20

20 mins

12.20 - 12.40

20 mins

12.40 - 13.00

20 mins

13.00 - 13.20

20 mins

13.20 - 13.40

20 mins

Sirius Minerals Plc Petropavlovsk Plc Oilex Ltd Metal Tiger Plc Tom Winnifrith unravels the Worthington Fraud & explains who will go to prison- ENDS AT 12.15PM STARTS AT 12.15PM - Paul Scott vs Tom Winnifrith: Live Recording Of Bearcast Venture Life Group Plc Concepta

W Resources Plc

13.40 - 14.00

20 mins

14.00 - 14.20

20 mins

14.20 - 14.40

20 mins

14.40 - 15.00

20 mins

15.00 - 15.20

20 mins

15.20 - 15.40

20 mins

15.40 - 16.00

20 mins

16.00 - 16.20

20 mins

WINNIFRITH - BRITTEN ROOM

Zenith Energy Ltd OptiBiotix Health Plc Wishbone Gold PLC Berkeley Energia Xtract Resources Plc Distil Plc Ascent Resources Plc Ariana Resources Plc

11

Avantis Wealth

Victoria Oil and Gas Plc Making Money In Africa - David Lenigas of Anglo African Agriculture Plc, Kevin Foo of Victoria Oil and Gas Plc & Miles Pelham of Obtala Ltd Falanx Group Ltd Big Sofa Premaitha Amryt Pharma Plc Collagen Solutions Plc Asiamet Resources Ltd Rare Earth Minerals Plc Avacta Group Plc

UK Investor Show 2017 EXHIBITION STAND FLOORPLAN THIRD FLOOR

12

UK Investor Show 2017 1

Minoan Group Plc

36

Venture Life Group Plc

71

T5 Oil & Gas

106

OptiBiotix Health Plc

2

Vast Resources Plc

37

Avacta Group Plc

72

Concepta Plc

107

Eurasia Mining Plc

3

Company REFS

38

Sanderson Group Plc

73

Tekcapital Plc

108

React Group Plc

4

Harriman House

39

Sirius Minerals Plc

74

Jubilee Platnium Plc

109

Ariana Resources Plc

5

Fox Marble Plc

40

FairFX

75

Wishbone Gold Plc

110

Premaitha Health Plc

111

JP Jenkins Ltd

6

Asiamet Resources Ltd

41

PCG Entertainment Plc

76

Yorkville Advisors & RiverFort Global Capital

7

Woodlarks

42

Conroy Gold and Natural Resources plc / Karelian Diamonds Resources plc

77

Kibo Mining Plc

112

Nostra Terra Oil & Gas Company Plc

8

Union Jack Oil Plc

43

Ascent Resources Plc

78

Nova Financial Ltd

113

Coinsilium

9

Reproductive Sciences Ltd

44

Seven Investment Mangement

79

Avantis Wealth

114

KEFI Minerals Plc

10

Share Talk

45

Georgian Mining Corporation

80

Learning Technologies Group Plc

115

Petropavolvsk

11

Westminster Group Plc

46

Bluejay Mining Plc

81

Xtract Resources Plc

116

YOLO Leisure & Technology Plc

12

Alba Mineral Resources

47

Chapel Down

82

Victoria Oil & Gas Plc

117

Harley Investments Ltd

13

Beaufort Securities

48

Chapel Down

83

BMR Plc

118

Premier African Minerals Limited

14

Sula Iron & Gold Plc

49

Alexander Mining

84

Metal Tiger Plc

119

Keras Resources Plc

15

Stockomendation

50

ValiRx Plc

85

Metal NRG

120

Oilex Ltd

16

Harvest Minerals Ltd

51

Falanx Group Ltd

86

Forbidden Technologies Plc

121

Red Leopard Holdings Plc

17

PowerHouse Energy Group Plc

52

Chapel Down

87

MX Oil

122

Falcon Media House Ltd

18

WANdisco

53

Chapel Down

88

Mis Sold Investments

123

Pick N’ Mix

19

Amryt Pharma Plc

54

Rare Earth Minerals

89

Greatland Gold Plc

20

VOX Markets

55

NEX Exchange

90

Shard Capital Partners LLP

21

Vela & Kryptonite 1 Plc

56

Tern PLC

91

Galileo Resources Plc

22

Project M Global

57

Infinity Energy SA

92

ADVFN

23

ECR Minerals Plc

58

Peterhouse Corporate Finance

93

Zenith Energy Ltd

24

Distil Plc

59

BOS Global Holdings

94

Versarien Plc

25

Gate Ventures Plc

60

Primary Bid

95

Boston International Holdings Plc

26

Global Group

61

Tiger Resource Finance Plc

96

Obtala Ltd

27

Global Group

62

Symphony Environmental Technologies PLC

97

Obtala Ltd

28

W Resources Plc

63

Ortac Resources Ltd

98

Alliance Pharma Plc

29

BigDish Ventures Ltd

64

Big Sofa

99

Redstone Connect Plc

30

Bluebird Merchant Ventures Ltd

65

Collagen Solutions

100

Anglo African Agriculture Plc

31

Galantas Gold

66

Avantis Wealth

101

Cornhill Capital

32

Integumen Ltd

67

Reach4Entertainment Enterprises Plc

102

Altyn Plc

33

Botswana Diamonds Plc

68

Regency Mines

103

SkinBiotix Plc

34

Saffron Energy Plc

69

Red Rock Resources

104

Angus Energy Plc

35

Turner Pope Investments (TPI) Limited

70

Curzon Energy Plc

105

Rockrose Energy Plc

13

UK Investor Show 2017 FOLLOW TOM WINNIFRITH ALL DAY AT THE UK INVESTOR SHOW It looks like a rather busy day for Tom Winnifrith so if you want to catch up with him to have a word about anything here is his schedule. In prior years you might have found him outside having a quick cigarette but Tom has been clean since February 15! So this year he will be inside the QE2 centre all day and can be found:

Time 09.00 - 09.25 09.26 - 09.41 09.42 - 09.52 09.53 - 10.00

10.01 - 10.46 10.47 - 11.22 11.23 - 11.31

11.40 - 12.15 12.15 - 12.40 13.00 - 13.07

14.28 - 14.38 15.20 - 15.27 16.00-16.07

16.19- 17.12

Tom Winnifrith Unravels The Great Cloudtag Fraud Tom Winnifrith In Bed With Nigel Wray: All To Be Revealed!

Introductory Remarks - Tom Winnifrith DRAGONS DEN 1 - Nigel Wray, Tom Winnifrith, Steve Moore (Sula Iron & Gold Plc, Symphony Environmental Technologies, InterQuest Group, Collagen Solutions Plc, Bluebird Merchant Ventures Ltd, Red Leopard Holdings) Tom Winnifrith & Evil Knievil - 30 Years Of Lawyer’s Letters And Fighting Fraud Tom Winnifrith interviews Vin Murria, The Queen Of Tech: The secret of making money from tech stocks DRAGONS DEN 2 - Nigel Wray, Tom Winnifrith, Steve Moore (Nostra Terra Oil & Gas, PCG Entertainment Plc, Distil Plc, FairFX, Anglo African Agriculture Plc) Tom Winnifrith unravels the Worthington Fraud & explains who will go to prison in Breakout Room Wray Paul Scott vs Tom Winnifrith: Live Recording Of Bearcast in Breakout Room Wray DRAGONS DEN 3 - Gary Newman, Tom Winnifrith, Steve Moore (Optibiotix Health Plc, Metal Tiger Plc, Saffron Energy Plc, Asiamet Resources, Wishbone Gold Plc) Tom Winnifrith & Nigel Wray Invest £8000 In The Two Best Shares In The Stock Market - Profits To Woodlarks DRAGONS DEN 4 - Gary Newman, Tom Winnifrith, Steve Moore (Big Sofa, Ariana Resources Plc, BMR Plc, Versarien Plc, W Resources Plc) DRAGONS DEN 5 - Gary Newman, Tom Winnifrith, Steve Moore (Bluejay Mining Plc, Kefi Minerals Plc, Sanderson Group, Concepta Plc, Berkeley Energia) Bears Session: Tom Winnifrith, Lucian Miers, Matt Earl, Gabriele Grego & Graham Neary On Two Well Known Stocks Set To Collapse 14

UK Investor Show 2017 WIN A WEEK AT TOM’S GREEK HOVEL A year ago we said “The 100 year old farmhouse in the Greek countryside owned by the wife of Tom Winnifrith is now within months of obtaining building permits and so by this time next year there will be bedrooms aplenty for folks to stay in.” We know how Minoan PLC feels on the matter of the Greek planning system. This year we really do expect planning permission to arrive by May and so by 2018 that statement will be true.

Do you fancy winning a free week at the hovel when finished (or before if you are a total masochist) It is easy to enter our UK Investor Show prize draw and two attendees plus their families can win such a prize.

At the entrance to the main auditorium you will see two women wearing blue dresses and UK Investor Show sashes. A third will be up on the 3rd floor. Simply ask them to scan your badge and you have entered the prize draw.

We will let all lucky winners of the prizes know that they have won by email and publish the names of the lucky winners on ShareProphets. Prizes include booze and lunch with either Tom Winnifrith or Evil Knievil.

And whether you win a free stay in the very South of Greece all entrants will also be sent a report on the two golden shares (see page 6), the two London listed shares Tom & Nigel Wray reckon offer the greatest value and where they have invested £8,000 on behalf of Woodlarks. And, Accendo Securities will also email out an alert to those on this list when Tom or Nigel is telling Woodlarks to sell.

The pictures below are of the house as it is now ...a hovel. But by the time two winners and their families/ partners arrive it will be fully renovated and might even have a pool. It is 30 minutes from the sea but in the middle of nowhere set among peaceful olive groves with plenty of snakes and fewer land crabs (pictured) and tortoises resident among them.

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PROFILE: Dr. Jonny Hon Chairman & founder, Global Group

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r. Johnny Hon is the Chairman and Founder of Global Group. Founded in 1997, Global Group has grown to become a leading private equity and angel investment firm with offices in Hong Kong and London.

Dr. Hon has always had a keen interest in the arts particularly film and television - both as an investor and producer. He was Executive Producer of the China and Hong Kong box office hit “Protégé”, starring Andy Lau and Daniel Wu, and of the George W. Bush biopic “W”, directed by Oliver Stone. “Una Noche”, a film in which he acted as an Associate Producer, premiered at the Tribeca Film Festival and went on to win the awards for Best Director, Best Actor and Best Cinematography.

Dr. Hon graduated from King’s College London with a B.Sc. in Biomedical Science, prior to completing a Ph.D. in Psychiatry at Hughes Hall College, University of Cambridge. While studying for his Ph.D., he founded the Global Group of Companies in 1997.

Politically, Dr. Hon holds official positions with four governments and is Ambassador-at-Large for Grenada. He is a member of the Heilongjiang Provincial Committee of the Chinese People’s Political Consultative Conference (CPPCC).

Upon completing his studies, Dr. Hon joined ABN AMRO Bank as a private banker. Through this experience, he gained expertise in financial planning, lending, portfolio management, tax structuring and trust formation. This proved invaluable to the subsequent development of Global Group.

Dr. Johnny Hon is a prominent philanthropist and serves on committees of numerous international charities. In July 2015, he was awarded the Medal of Honour (MH) from the Government of Hong Kong for his dedicated community service. He also became the first Duke of Edinburgh’s International Award Foundation Diamond Benefactor in April 2016.

In twenty years, the Group has grown into a leading international investment and corporate advisory firm. Since its inception, Global has extended its investment focus and now has diverse interests ranging from banking, property development, financial services, education, media, entertainment and leisure, to sports and biotechnology.

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COMPANY PROFILE Metal Tiger

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By Gary Newman

etal Tiger (MTR) is a bit different to most of the AIM listed commodity stocks as it has successfully been investing in, and trading, shares in other miners, as well as directly investing in mining projects.

This company is a definite favourite with PIs and this means that its share price can often move be fairly large amounts on any news that is seen as positive, but it also means there is a tendency to attribute current value based on future prospects, and on paper that means that the shares don’t always appear to offer good value for buyers.

The investment/trading side of the business has been pretty successful so far, with the last set of interims up to the end of June 2016 showing that the company made more than £2.1 million during the six month period, taking total investments in other companies to £3.7 million, a massive gain in such a short space of time.

This side of the business is important to a company like Metal Tiger as it helps to pay the bills and to fund its direct investment in actual mining projects. That gain in he value of investments meant that the company recorded a profit of circa £550,000 for that six month period, and could more than cover the admin expenses of nearly £1.5 million – given that they are running at around £250,000 they could certainly do with being reduced.

Aside from the shareholdings in various companies, Metal Tiger has also acquired a large number of warrants as part of its investment strategy, and can use those to benefit from any future rises in the share prices of those companies.

It has also invested directly into projects, with the most advanced currently being 14 copper/silver licences on the Kalahari Copper Belt, in Botswana, where the company owns 30% as part of a joint venture with Australian listed MOD Resources.

The T3 area is the most advanced, and whilst exploration drilling continues on the other area, this one has already had a maiden JORC completed on its resources.

That showed a total resource of 8.48Mt of ore at 2.16% copper and 30.6g/t of silver, giving a total of nearly 183,000 tons of copper and 8.34 million ounces of silver.

It is also interesting that the JORC placed nearly twothirds of the resource into the ‘indicated’ rather than 17

‘inferred’ category, which shows a higher level of geological confidence in the figures.

The company also had joint ventures on a number of licences in Thailand, and although some of these are still at the exploration stage, it does have an interest in the previously working silver/lead/zinc mines at Boh Yai and Song Toh. These were last worked in 2008 and could be re-opened if we were to see a period of stronger commodity prices again, as the difficulties in mining these deposits and reasonably high cut-off grades has made them uneconomic.

A recent development has been the formation of a new company called KEMCO Mining, which will be listed on AIM, and into which these Thai licences will be spun out as a separate vehicle.

It does also have other early stage projects and options, including the Logrosan tungsten and gold project in Spain; plus a couple of 50:50 joint venture agreements with KIbo Mining on gold/uranium project in Tanzania; and the Semenovsky gold and platinum project in Russia, where it has an option of an equally funded JV with Eurasia Mining (a company it is also invested in).

So the company certainly doesn’t have all of its eggs in one basket and has reduced its risk by having interests in a number of projects in different parts of the world and in a variety of commodities.

The only real problem with that for a company at this stage is the cost of funding it all, especially when it would appear that all of the projects it has a direct interest in are still a long way away from actually producing anything and creating a revenue stream.

The investment side of the business is certainly useful, but will need to continue to make good returns just to cover the running costs of the company.

Back in mid-December the company raised £1.59 million at 1.5p, and also issued 106 million 2p warrants at the same time, and given that the share price now sits at 2.3p to sell that should raise another £2.1 million or so if they are all exercised – some already have been.

This should mean that the company is okay financially for the time being, but going forwards is going to need a fair bit of money to get any of its projects to the production stage.

Visit Metal Tiger at stand #84 and see the presentation at 11:20 in the Wray breakout room

COMPANY PROFILE BMR Group

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By Gary Newman

MR Group (BMR) is a junior AIM mining company primarily focussed on its Kabwe licence in Zambia, which is now approaching the stage where it will actually start production.

The most recent estimates, based on commodity prices from early this year, shows that over the 19 year life of Kabwe, it could produce gross revenues of as high as circa $2.4 billion.

It has been a long time coming, as this was a favourite of private investors right back in 2010 when there was a buzz about how much mineral resources the tailings dumps at Kabwe could contain, and people were working out just how much they thought it was worth on paper and how rich they were going to be off the back of their investment.

The company has also recently spread its risk in terms of where it operates geographically, having taken up an option to acquire 80% of the Ester licence in Portugal, which is targeting tungsten, tin, silver and gold, and initial sampling has been encouraging.

It has been granted the option in return for investing €100,000 prior to November 2017, with further payments of up to €1.1 million due as and when certain mining licences are issued for the project.

As is often the case with these small miners, things didn’t exactly go to plan and more than six years later the project is only just at the stage where it is on the verge of actually producing some revenue for the company.

It took the company two years to come up with a suitable leaching process, in conjunction with South African company Kupfermelt, and the treatment plant for Kabwe is currently being constructed, at an estimated cost of $2.68 million.

Initially this will process the tailings from the old wash plant before phase two of the project moves onto the leach plant residue.

In terms of the amount of metals being targeted from the operation, the wash plant has measured resources of over 61,000 tons of zinc, and more than 41,000 tons of lead. With even more in the leach tailings, adding a further 102,000 tons of zinc and 230,000 tons of lead to the JORC compliant resource figures.

In addition to the tailings there is also the possibility of large resources still underground, but with commodity prices still fairly low, any exploration of those has been put on hold for the time being. What the company has been doing though is carrying out shallow drills at Kashitu, and has discovered good grades of zinc at up to just 3m depth, with up to 21% recorded, and consistently higher than 2.5%.

The company will now carry out further drilling to assess the potential of this shallow discovery.

An added recent bonus at Kabwe has been the discovery of vanadium and the ability to produce vanadium pentoxide from the existing plant that is being constructed. Given that prices for vanadium pentoxide have been rising rapidly, it is expected that it could make a significant contribution to the project longer term.

So from an operational point of view BMR looks very interesting, especially given that production will soon be getting underway and will start to generate revenue for the company. Once it has shown that it can actually profitably produce from the dumps and is capable of expanding that operation in line with its plan, then more of the value of the resources contained within that operation should be reflected in the market cap of the company, which currently only stands at £14 million.

Financially, an off-take agreement is already in place which would generate gross revenue of $750,000 based on the minimum quantities, and processing of the tailings is estimated at around $120/ton.

In terms of funding the Kabwe plant, the company entered into a trade finance facility with ACI back in September 2016, with up to $4.2 million of that $5.2 million total facility being available for the work at Kabwe.

In the meantime the company is burning through around £100,000 per month to run the company, and given that the finance facility is only in place for certain things, it may well need to raise further funds prior to starting to generate revenue. This follows only a relatively small number of warrants being taken up prior to their expiration, raising £414,000, plus the £620,000 raised back in October.

Currently the shares are trading at around 7.5p to buy and have largely been in the 6.5-7.5p range for several months now, and any further positive news will likely see them rise higher.

Visit BMR Group at stand #83 and see the presentation at 9:40 in the Slater breakout room 18

Making structured finance work!

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By Tom Winnifrith & Brian Kinane of Riverfort Global Capital

t’s a bloody death spiral - sell! That seems to be the standard response to an announcement that an AIM company has raised cash via a structured financing plan rather than a, often deeply discounted, placing. But that “truism” is a falsehood. Some structured financings are death spirals, bad news for all bar the provider. Others, however, are put together in a way that only work if the share price rises. And that, surely, has to be better than a deeply discounted placing to bucket shop flippers?

which shares are issued upfront), placings plus exchangeable warrants (essentially deep-discounted placings), or various convertible preference shares – can be reduced to this core underlying concept. Each structure just approaches the core concept from a different perspective.

Generally the reasonable structured finance product transforms into the unreasonable “deathlike-spiral” instrument based on specific terms and trading characteristics. Such instruments can give the structure provider significant control over the trading aspects of the instrument and the potential to maximise profits as the company’s share price declines - clearly an unreasonable approach. Such structures encourage the structure provider to aggressively convert in order to maximise the speed of capital recovery and profit to the detriment of shareholders. A structure provider may mask the intent of their structure with talk of being a “strategic investor” in order to convince the company to sign egregious terms.

Forgetting the spin from those who specialise in deeply discounted placings, the fact is that structured finance can provide a valuable source of capital to listed companies to enable such companies to execute on positive catalysts to enhance shareholder value whilst recognising other stakeholder interests.

In this article, we hope to achieve three goals: • Move from a simplistic portrayal of structured financing to a deeper categorisation of instruments in order to distinguish between reasonable and unreasonable structures

So what makes a structured financing instrument reasonable? Let us consider some structured fundings that were recently implemented with AIM-listed companies. An O&G company issued a convertible debt instrument with the following characteristics: two-year amortisation, transaction fee and coupon, each repayment convertible at discretion of company (not structured provider / funder), fixed premium conversion price and warrants priced at a premium. This would appear to be a fair deal for both parties: the share liquidity of the listed company provides a mechanism for principal recovery via conversion, conversions are controlled by the company and the funder’s return is weighted to positive share price performance.

• Identify how companies and shareholders can arrange financing structures to complement equity and debt investments and that help manage financial risk and • Look at how the industry in general can institutionalise structured finance instruments to make them a routine and prudent part of the equity capital markets.

In essence, a structured financing instrument is equivalent to a debt or preference share instrument that can be converted into ordinary freetrading shares in listed equities at a conversion price linked to the current share price at the time of the conversion. Typically, the structure provider (funder) will sell the shares it receives into the market to recover principal risk and a generate profit.

On the other hand, let’s consider a recent convertible funding by an AIM-listed fraud (sorry we meant to say tech) company which has been covered extensively on ShareProphets, whereby it issued a loan that was fully convertible at the funder’s option at prices below the initial price.

This structure could allow the investor to maximise trading spreads as the share prices falls and grants the funder with permanent “in-the-money”

All variations of structured finance – be it mezzanine loans, convertible debt, equity placings and swaps, placings and sharing agreements (in

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warrants as the funder converts at an ever lower price. In essence it may be in the funders’ interest to aggressively sell shares into the market to realise enhanced profits as the share price declines.

This would appear to be a very short-term, aggressive structure which maximises the funder’s profits on the back of negative performance of the company and its shareholders.

to the extent possible be disconnected from profit generation. The funder should have the capability to recover principal via share liquidity however profit generation should be separated from that process to reduce incentives for aggressive trading; 3) Alignment between structure provider and the company should be maximised via the weighting of profit generation to positive share price and/or operational performance;

Clearly there is a spectrum of structured funding products. It is incumbent on the listed company and their advisors to engage with reputable funding providers who are willing to collaborate to develop reasonable structures that consider the interests of different stakeholders. Companies also need to be cognizant that the weaker their underlying fundamentals the more limited will be the capability to access a reasonable funding source/structure.

4) A transparent and rule-based trading protocol should be implemented to ensure the structure provider is acting in an orderly manner.

If companies and their advisors adopt the above principles, structured instruments are a valuable funding solution that enhances shareholder value. Ultimately, an industry-wide code of conduct between all the stakeholders will lead to the most beneficial outcome for all. Shareholders and advisors need to recognise that a blanket negative attitude merely encourages companies to implement the worst “death-spiral” solutions and not to transparently design positive solutions.

In practice, many companies do not invest sufficient time assessing the funder’s track record and intent, nor have the knowledge and experience to ensure that such instruments are structured appropriately. Many advisors do not seem able to deal with the complexity of such instruments, or their business models inhibit them from providing objective guidance.

Considering the regulatory environment, it is very difficult for regulators to determine the best approach to this sector whilst also allowing a free market to operate. However, the current approach appears to be reactive and addresses symptoms rather than underlying causes. This most recent guidance related to equity finance facilities, has to an extent followed the law of unintended consequences and resulted in the emergence of different instruments that are less favourable for companies and shareholders compared to what the guidance addressed.

When implemented correctly, structured instruments can provide many benefits. They can reduce funding risk by providing a quasi-underwriting capability for open offers and placings, provide bridging finance to enable companies to complete value accretive activities which can be refinanced at higher share prices, augment equity placings to minimise the placing discounts, provide a bridge to cash flow at a lower risk than traditional debt (similar to a contingent convertible issued by banks), provide flexible project finance with lower covenant requirements and generally provide more efficient and quicker access to capital.

AIM needs to embrace the structured finance category, encourage approaches that lead to a race to the top, reduce the number of bad actors and educate companies, advisors and regulators to adopt best practices that fairly consider the interests of all stakeholders. That will ensure that there is a depth and range of funding available to companies that will benefit all stakeholders involved. If regulators fail to strive for that goal we will experience the ultimate death-spiral where quality providers are dis-incentivised and predatory providers run amok, ultimately resulting in a market failure which may require more costly intervention.

In order for companies to optimise funding structures to maximise benefit and create win-win situations, they should consider the following principles: 1) Share liquidity should be viewed as an intangible asset that can be monetised prudently to manage financial risk; 2) Recovery of the principal (risk capital), should

LOST MONEY ON THE FRAUDS CLOUDTAG & AFRICAN POTASH? WANT IT BACK?

We make no promises but Tom Winnifrith has been working with a legal team to see if a class action type case can be brought to get some of your cash back. Potash is first in line, Cloudtag will follow if we get traction with the first case. You can meet the legal team at the Cloudtag fraud expose by Tom on the main stage at 9 AM today. Or you can go for a private chat with them between 9.45 AM and 1 PM in the food area on the 3rd floor. If you are out of pocket on these frauds you have nothing more to lose...

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CHAPEL DOWN AD

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COMPANY PROFILE Harley Investments, a grave concern

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arley Investments is part of Harley Consortium and was formed in August 2015.

The brainchild of company directors Gerard Gordon and Christian Hipkiss, Harley was born from an idea Gerard had conceived many years earlier. It’s driven by the neccessity for a change in the burial industry.

portfolios focused around diversification it’s not hard to see why the network of investors Harley deal with on a daily basis continues to grow.

In its first cemetery investment model, Harley has successfully completed phase 1 and 2 of the site in Rainham, East London. In just 11 months it has sold 3,880 plots to investors keen on the unique investment opportunity and the chance to make great returns whilst at the same time helping the UK solve the issue of the burial crisis.

After going through the bereavement of someone who was close to him, Gerard realised that in the UK we face a drastic social problem; we will soon run out of burial space in counties across the country and currently there is nothing that businesses, or worse still, the government are doing about it.

With the average price per plot for investors being £2,200, with the minimum purchase of four plots, total revenue generated in 11 months was £8,536,000.

After discussions at government level and recognition that they had no solution to the pending crisis, after further research, it also became clear that companies were wrongly selling burial plans to the general public with no guarantee of a burial plot even being available in their local area.

All of the directors of Harley share the same vision, growing a well run, profitable business that is ethical and continues to develop on the social responsibility it is beginning to establish.

Due to the rapid growth of the business and the increase in product offering, Harley created a group of companies to ensure they are structured correctly and separate the different sectors the business is targeting. Harley Consortium includes, an online estate agency, cemeteries, car parks and investment companies.

Gerard approached a previous business colleague, Christian, to run through his idea of creating burial space throughout major towns in the UK and they both agreed that they were onto something special; not only could they solve a major social crisis in the UK, but based on their backgrounds within the investment sector, they could build a model that gave their business the opportunity to scale quickly but also offer investors fantastic returns over short periods of time.

In recent months Harley have been approached by a BBC journalist to become a commentator on a TV series that will increase the awareness of the issue surrounding the burial crisis in the UK, not only will this generate public awareness of the problem, it will also increase awareness of the Harley brand in this industry.

Harley Investments is a unique alternative investment company and acts as sole sales agents for some of the most diverse and best performing alternative investments currently on the market. In just a short time we have offered a number of successful projects, including Eastern London Cemetery - designed to ease the shortage of burial space in the Capital, and the Hospital Street student accommodation for Birmingham’s growing student population.

In terms of products, Harley is looking at purchasing, developing and delivering another 8 cemeteries over the next 5 years, as well as adding a number of car park investment models (the first being in the Midlands).

Visit Harley Investments at stand #117 and see the presentation at 13:20 in the Slater breakout room Introduced by Nigel Wray

With a growing portfolio of alternative investments from cemeteries to car parks, Harley is well placed to offer any investor the products, knowledge and experience to maximise growth. With a large part of the best performing investment

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the house view A fool thinks himself to be wise, but a wise man knows himself to be a fool

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ou will be told by all sorts of experts on the main stage here at UK Investor that stockmarket valuations are too full and that you should proceed with caution.

There are others, usually trying to persuade you to buy something, who will dismiss the warnings. They will say that this is just part of the wall of worry that shares always climb. Or that “it will be different this time”. Or that we have entered a “new paradigm.” Such phrases always abound at the top of any market.

We would suggest that you pay heed to the experts on stage. Their wealth suggests that they do know what they are talking about. They are not pushing any particular agenda just sharing a collective experience of many hundreds of years. The fact is that the PE of the stockmarket at a whole is at a massive high, while corporate earnings are barely higher than in 2011, are set to grow at a snails pace this year and indeed may not grow at all so poor is visibility.

The stock market is priced like a growth or recovery stock but there will be no mega growth or recovery in earnings. Either there has to be a huge (upside) surprise on the E (for earnings) which will not happen or the P (price) must fall sharply to revert to trend.

Having said all of that...

True master investors are long termists. Think Warren Buffety: the ideal time to hold a stock is forever. And thus while the stockmarket may be fully valued they will still be looking for value. Perhaps they will buy shares this week perhaps they will simply identify companies they want to buy into but wait until a wider market correction allows them to do so more cheaply. We hope you take the same approach.

There are more than 100 listed companies presenting at UK Investor at CEO level. We turned down some who wanted to exhibit because we viewed their management as too poor or too dishonest or both and we did not want you exposed to such money-losing opportunities. We are not endorsing any or all of those who are exhibiting today but we advise you to do as Nigel Wray and our other speakers will do, to walk around to look, listen and ask questions as you seek to maximise your investment returns. Enjoy the day!

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Saturday 21st April 2018 | London Save the date!

For more information please contact: joe.wray@ukinvestorshow.com www.ukinvestorshow.com 24