Evil Diaries: Around The World in Eighty Seconds
Darktrace (DARK)‘s business is in the USA and it is beginning to wobble. The CEO is called Poppy and she is definitely attractive. Unfortunately a company needs more than this to succeed. Still a sell and now at 257p.
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Over in the Far East Pelatro (PTRO) is hitting trouble and has been duly panned by Simon Thompson in this morning’s IC. It now stands at 6p and is valued at less than a central London flat. I can’t sell here.
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In Indonesia REA (RE.) is clearly making money but the fear is that its taxation may be whimsical. Nonetheless Odey have this week announced a discloseable 4.5% holding. I have got enough but RE. is probably a buy below 125p.
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N Brown (BWNG) up in Manchester has had a difficult time in recent months but the balance sheet is rock solid and tnav is well over 50p. Recovery is on its way and therefore BWNG is a strong buy below 35p.
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Finally, Distil (DIS) keeps failing. I do not know why. It is only capitalised at 0.5p at £3.5m. I can’t sell.
REA look cheap compared with MPEVANS (MPE). More good news out of MPEVANS. Now debt free with £30million in cash. REA equity £45million though various forms of debt of over £100million. If REA re rate to MPEVANS level then 300P is possible.
REA look cheap but with the debt and the Indonesian government, they might always be cheap. Once the Preference debt is clear, if i were the management i would clear the 2026 bonds with cash. Then buy in the preference shares.