Something is ‘up’ at Bartercard, but it’s not their share price! The shares of ASX:BPS have taken a big hit in the last day or so. Wassup dudes? The way I see it, falling more than 40% in the last year makes for a much wiser investment market. My prediction of a penny-stock is coming true before our eyes as two out of the three founders cash up and run. It’s the quintessential pump & dump from the masters of spin . . .
With the ASX:BPS Technology share price plummeting recently, something is up.
From the companies own published records Trevor Dietz is abandoning ship, the announcement coming hot on the heals of an [unsuccessful] bid to oust the Directors. Jump before he got pushed was the claim I made at the time.
The bid to replace all Directors of ASX:BPS failed with the company claiming that the takeover attempt was clumsy – no decent alternatives put forward and recommendations to keep the current Smiles in Suits from an [expensive] bigshot analysis firm will have swayed the day.
Word is that the guys who claimed insider trading (and more) are getting active in other ways . . . the share price has taken a big hit in the last ten days or so falling dramatically and then again today to under 60c in the dollar in the last year. The Smiles in Suits will no doubt borrow more money on the back of more chicanery to keep putting their trickery into a false positive perspective.
Bartercard is the core of BPS. It’s history under the same leadership is decades of losses from businesses, partners and investors in the private field. No one that I know of in years of following this greedy, corrupt leadership has EVER got their investment back let alone made good. Country after country, franchisee after franchisee, investor after investor has lost, usually all at the hands of these crooks. Now a publicly listed company, it seems that the same old same old.
For the record, corporate investors were deliberately conned into ASX:BPS, a stitch-up from the get-go when an insider who was working with both ASX:BPS and was on the board pre-arranged capital from his superannuation fund on initial float based on what I called at the time a dodgy Prospectus.
The Pump and Dump followed as predicted with one of the three Directors cashing up soon after his embargo expired and the second one jumping ship recently.
I don’t know exactly wassup ATM other than what the figures show. I know the general pattern, that the Bartercard operations are and have been hemorrhaging cash for years – BPS themselves indicate cuts in overheads ahead [that’ll be their payroll] and reducing turnover, membership numbers, franchises not renewed and recalled. These are indicative of what I’ve always said – the core trading is down, down, down in all measurable metrics over the last decade and profit is obtained by stripping assets, fraudulent use of their members credit (there is an off-balance sheet [undisclosed] trade deficit in the hundreds of millions!), and outworked in a corporate sense by borrowing on the back of some new-fangled purchase with huge promises, that never eventuate (of course!).
Many insiders hold back information thinking that others will spill the beans to me. Please folks, this is the time to share what you know. I’m curious to know more of the reason for this sudden fall. Something’s up and it looks, smells and is almostly certainly bad. There is surely much more dirt to come out about this sinking ship.
My recommendation is that the ASX:BPS shares should be suspended from trading forthwith. Tipline.