I saw that KKR had chucked out perhaps 25% of the equity of Pets At Home (PETS) a few days ago. I thought no more about it. But I have now had a chance to skim the figures. They are astonishing. The market capitalisation at 280p is of the order of £1.4bn and if Merrill…
I was startled by the Foxtons (FOXT) story of a £42m refund to clients through deemed taking of hidden commissions. I thought the thing would have been reflected in the share price by now. The truth is that it has not. Indeed, seemingly, the market does not care. Well, I think it ought to be.…
If it were not so sad it would be hugely comical. But HM Treasury decided to grab the money and run when it imposed the banking levy on HSBC (HSBA). The effect however has proved to be that HSBC has decided to run. There will be substantial job losses. It should be borne in mind…
For those such as myself who are sceptical about Foxtons (FOXT) what follows here is hardly a surprise. However, for others, it may come as a revelation. Feast here: http://www.dailymail.co.uk/money/news/article-3113604/Estate-agent-Foxtons-risks-huge-legal-bill-charging-616-fix-light.html. This cost, if the Courts sustain it, is not an insurable, still less an insured, risk. This is because it’s not a risk; it’s a…
The chairman of Burnbrae Media Limited, better known as The Debonair One, has been on this morning about the bond rout. It’s definitely going on and, if persisted with (it will be), means equities are under pressure in the near future. I nicked £10,000 on daily FTSE and, as I now recount, came across something…
Late on Friday last, GCM (GCM) offered two RNSs. The first was the advice that GCM had borrowed £3m for two years with no interest payable. However, the lender “has the right to convert the outstanding balance at a subscription price of 11p”. Shares thus derived are locked up for two years running from the…
After yesterday’s comment on Proxama (PROX), I decided that it would be helpful to expand the comments so that readers could have a better idea as to what is going on. Here I again enlisted chairman David Bailey’s assistance and he advises that Proxama’s marketing business is focussed on Bluetooth beacons. The beacons “push” a…
Following up on my short USD/EUR comment yesterday a reader comments: “I am sure that you are aware of this, but the ETFS 3x Short EUR Long USD fund would be a simple [albeit risky] way to enable individual investors to take advantage of an appreciation of the USD against the Euro: http://www.etfsecurities.com/retail/uk/en-gb/products/product/etfs-3x-short-eur-long-usd-seu3-lse” I do…
Right now there are approximately 1.09 USD to the Euro. A source whom I respect and trust came on overnight and unequivocally asserted that, by Christmas, that figure will be less than 1.0000. This is an opportunity to make a substantial profit. I add that my source is not given to emotional outbursts. He is…
Today’s RNS from Plus500 (PLUS) does not allow hard sensible conclusions. I know that Odey has bought again and I also know that the fund manager in question is not even remotely an idiot – a fact that I established over an extended lunch at Le Gavroche. However, and starting with the “Group Summary”, the…
