Evil Knievil

Make mine a large one

Make mine a large one

1 mins. to read

Apparently, Phil Bentley has decided to effect an external and supposedly independent review of accounting at Mitie (LON:MTO). This is ridiculous since the current auditors have been over matters several times already. So what is really happening is that Phil wants to go a-kitchen-sinking. It will not be pretty. As to what the business’s prospects…

Savour Just Eat’s tasty share price while it lasts

Savour Just Eat’s tasty share price while it lasts

2 mins. to read

Just Eat (LON:JE.) at 530p is capitalised at around £3.6bn and has virtually negligible tangible assets. The gap is hope value. And things are currently going swimmingly. But the problem is that there is nothing patented or patentable in this company and, as a result, JE. is eventually wide open to devastating competition. The new…

Beximco Pharma is on a roll

Beximco Pharma is on a roll

1 mins. to read

It is very striking that Beximco Pharma (LON:BXP) keeps forging ahead. It is now 87.5 taka on the Dhaka Stock Exchange or 87p in sterling equivalent. This is a big rise since I filled up yet again at 14p some years ago. One reason is the huge (50%) rise in the Dhaka SE in 2016.…

The Tooting Fusspot surfaces

The Tooting Fusspot surfaces

1 mins. to read

Thank goodness that Christmas is over. It is an absurdly long compulsory break. As Christopher Fildes pointed out thirty years ago banks do not need holidays even if people do. ***** Pantheon (LON:PANR) came up with more drilling results last week. I am told that they are very bullish and I am therefore inclined to…

Magic can hang around for longer than is convenient

Magic can hang around for longer than is convenient

1 mins. to read

MP Evans (LON:MPE) surprises me. It was always known that KLK would fail at the first acceptances stage with their 740p bid where the major shareholders (55%) had in mind perhaps 840p. So when the failure was announced and KLK said that its offer would lapse, one might have expected the price to settle at…

More trouble at Mitie

More trouble at Mitie

1 mins. to read

I got an unusual telephone call from a longstanding contact in the market yesterday evening. He drew my attention to the piece that now follows. It was written by Robert Lea in yesterday’s Times: “These odd outsourcing companies present an interesting post-Brexit conundrum. But there is nothing so strange about these businesses as their accounting.…

It’s the way you sell ’em

It’s the way you sell ’em

1 mins. to read

It’s the way you sell ’em: some readers may recall my remarking that Duckers, 6 The Turl, Oxford and shoemakers to the gentry is closing. Well, I mentioned this to my father who then disclosed that the BBC are coming to interview him on this momentous event. I recalled sitting alone in the front of…

The Italians do not vote every day

The Italians do not vote every day

1 mins. to read

Since the chairman had told me to go short the Euro (this is an emotional, if sound, twitch of his) I had sold at 1.07. It was therefore concerning to see 1.085 race into view but the price turned over with all the accommodating speedy athleticism of a supremely fit hooker (I here draw upon…

No hint of scandal at IG

No hint of scandal at IG

0 mins. to read

After the great spreadbettor sector slump I stayed short of Plus500 (LON:PLUS) since I decided long ago that they are absolute rotters. However, I bought IG (LON:IGG) at 495p since it is an astonishingly well run business to which no hint of scandal has been attached by anybody I have encountered. I see that Odey…

The FCA’s spreadbetting shake-up is long overdue

The FCA’s spreadbetting shake-up is long overdue

6 mins. to read

Initially this morning, I saw Plus500 (LON:PLUS) collapse. The accompanying RNS covered a disposal of 6m+ shares by JP Morgan. This struck me as strange given that the underlying trade seemed unaffected. However, a few minutes later it transpired that IG (LON:IGG) itself along with CMC Markets (LON:CMCX) had collapsed by roughly the same percentage.…