It’s all very well SABMiller’s board turning down a bid from AB InBev of £42.15 since the price languishes at £36.55. I doubt the SAB shareholders will take kindly to this. So SAB is a clear buy here. The deal will take months to clear through various jurisdictions. But the outcome will be the same.…
There is no denying that on the face of it I have been wrong-footed by the approach by Fairfax Financial and Chums to take over APR Energy (APR) since I thought that this would dissolve into a debt for equity swap with the bulk of the new equity going to the bankers. I incline to…
I may be wrong but it is strikingly odd that DAN has been suspended – presumably because of failing to meet regulatory capital requirements. After all – as most agree – stockbrokers know perfectly well that no or insufficient capital means no business. So I surmise that DAN is finished. However absurd the management of…
Yesterday Madagascar Oil (MOIL) announced that the $5m due to be repaid on 6th October had been replaced by another loan for c. $21m. It comes from existing major shareholders and is a terrific vote of confidence in the company’s future. Of course it means that, absent a burst of enthusiasm for the equity, it…
I nicked 3p out of Glencore (GLEN) on the capitulation scenario by going long. OK, it is not a lot but it was a gimme. ***** However, the real news is Ennismore’s comments this morning on Globo (GBO)‘s results. The chief debagger writes: “Gents, I know you all have an interest in Globo. In case you…
I do not know what is going on at Glencore (GLEN). But it is not good. Steer clear. The CEO of HSS (HSS) departed last Friday. Hereon the share price should go down. This morning’s rise is a selling opportunity. And APR Energy (APR) approaches its 30th September date with destiny. This is a golden…
The outlook in this morning’s press was so gloomy as a result of this VW affair, I just had to nick a few points going long on FTSE. That noted, after VW, who is next to be excoriated? ***** Lord Ashcroft has revealed himself to be a prize ass. He even paid for all this…
It has always been my view that government agency after government agency is dedicated quite pointlessly to protecting us from ourselves. This is not a new idea. I have been today passed the following: “The ultimate result of shielding men from the effects of folly is to fill the world with fools.” – Herbert Spencer, English…
A longstanding deep throat was on the dog yesterday and he draws my attention to: Petrofac (PFC). He doubts the quality of these earnings and more directly the outlook. Now 830p. Carillion (CLLN) which to him seems to have mistimed its acquisitions. Now 315p. There is a large short position but this is in part…
Glencore (GLEN) may have raised £1.6bn at 125p thus inducing the market to judge that 125p is a floor. I doubt it. Ocado (OCDO), 317p, shows no sign of getting anywhere near justifying its current capitalisation. For a long time the price was held up by the notion that Amazon would bid. But it was…
