Clearly, the market’s view is that William Hill (WMH) is not going out at 360p. This has enabled me to buy 35,000 at 314p this morning.
There must be monopoly enquiry fears if a bidder steps up to the plate and where it is already deeply involved in the British betting business. But there are others who can tread fearlessly. So, all in all, it’s a fair bet.
*****
The problem with small caps is that one can cheerfully alight on good value and then find that there is absolutely no stock to hand. One is Elektron (EKT) where there is not a share to be had and ditto Billing (BILL). So patience may be a virtue but it has its consequences.
*****
Foxtons (FOXT) are the eternal optimists. One would have to be loopy to buy them at 116p after today’s profit warning. But people do and one has to live with it.
*****
Pantheon (PANR) keeps on creeping up. My source has a geologist pal encircling the drilling and who is making encouraging noises, none of which I understand. But he says hold very tight. Incidentally, and at the risk of declaring the obvious, devaluation of sterling all helps.
*****
Finally, I am muddled – and I am sure that I am not alone – over this Hinkley Point affair. Quite why EDF should prove the obvious bidder in HM Treasury’s eyes I have no idea. And quite why les grenouilles should get all razzed up to the point of signing off a deal last night only to be discombobulated by HMG’s announcement of a review is extremely odd. Perhaps a greater mind than mine has the answer.