The Evil Diaries: Molins, Orsu and Olympic Heroes

I caught up with Molins (MLIN) yesterday afternoon in the light of their results statement to 30th June 2016.

The pension deficit (i.e. the excess of the computation of actuarial liabilities over fund assets of c. £350m) is £10m or so. Curiously, the accounting standard does not insist that this liability is reflected on the balance sheet. It just sits there as a note.

(This is of course the position at BHS and not understood even now by the idiotic Frank Field, the source of Phil’s giggles. Here of course the deficit is £570m – or at least it was until recent events. Goodness knows what it is now.)

Anyway, MLIN will probably have to pay up, say, £2.5m a year (my guess) to bring its deficit under control – this is to be agreed with the Pension Protection Fund, the issuer of the most subjective judgements currently around.

My guess is that MLIN will cope and, supported by a 2.75p p.a. dividend, starts to look very attractive since, at 52p, MLIN is capitalised at £10m (that’s just two houses  in Drayton Gardens) in relation to net assets of at least double that figure.

The company is currently trading around break even but is rather looking forward to the months to come as its Continental rivals cut back on productive capacity – so bringing selling prices in the industry up to more sensible levels. I am persuaded that there is nothing defective in MLIN’s product range and servicing capability.

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I have been nosing around Orsu (late of London but now exclusively on Toronto under the ticker code of OSU). I think it’s going OK and therefore gamblers should rush in today and pay 3.5 cents and await developments. My guess is a share price in the not too distant future of at least 6 cents.

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My application for a South East agency to sell the slip-ons sported by the returned Olympic heroes has presumably got stuck in the post. These shoes sport lights built into the soles and are really rather a la mode. But, as I say, it’s not easy to get tripping the light fantastic if the post is so unreliable. Can anyone half my age or less help?

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However, yesterday I quizzed a young man who told me that he was off to the Isle of Wight for the long weekend intent upon improving the island’s gene pool. What can he mean? Note to Wight mothers: best lock up your daughters.