Evil Diaries

The Evil Diaries: Peer-to-peer lending, Globo and grammar schools

The Evil Diaries: Peer-to-peer lending, Globo and grammar schools

2 mins. to read

It took its time but it has happened. After all, it is surprising that there has been such a delay in troubles being identified. However, the Stockholm-listed TrustBuddy a P2P lender has emerged as having advanced £238m where £29m of this has not been lent to “legitimate borrowers”. Until it is shown otherwise this £29m…

The Evil Diaries: Petropavlosk, Quindell, and Mulberry

The Evil Diaries: Petropavlosk, Quindell, and Mulberry

0 mins. to read

The gold price has really been quite strong. It still feels right to run it, now $1,185. However, funnily enough the gold miners are not responding materially, if at all. Orosur (OMI) reported acceptably this morning but has barely changed. I am told that the price of gold really needs to go through $1,200 and…

The Evil Diaries: SAB Miller and Caledonia Mining

The Evil Diaries: SAB Miller and Caledonia Mining

1 mins. to read

When AstraZeneca (AZN), then £40, turned down a bid from Pfizer at around £55, the objections, based on employment in the UK and the benefit of long term research laboratories based in the UK, were spurious. Given the current price of c. £40, the result has been that shareholders have been denied about £10bn. Not…

The Evil Diaries: APR, Plus500 and the Israelis

The Evil Diaries: APR, Plus500 and the Israelis

1 mins. to read

My longstanding colleague, Lucian Miers, notes that APR’s 17%  shareholder GE (General Electric Co) is not named as party to a prospective bid for APR, whose assets are mostly what was GE’s power rental business and which APR acquired in 2013 for $314 m of which $250m was in APR paper valued at £10 per…

The Evil Diaries: SABMiller and junior oils

The Evil Diaries: SABMiller and junior oils

0 mins. to read

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.…

The Evil Diaries: Fairfax Financial and Chums

The Evil Diaries: Fairfax Financial and Chums

0 mins. to read

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…

The Evil Diaries: “Stranded in the wake of DAN’s impotence”

The Evil Diaries: “Stranded in the wake of DAN’s impotence”

1 mins. to read

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…

The Evil Diaries: “This don’t change nuttin'”

The Evil Diaries: “This don’t change nuttin'”

1 mins. to read

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…

The Evil Diaries: “it was a gimme”

The Evil Diaries: “it was a gimme”

1 mins. to read

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…

The Evil Diaries: “Stay clear” of Glencore

The Evil Diaries: “Stay clear” of Glencore

1 mins. to read

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…