An altogether different proposition

Acacia (LON:ACA) is down again this morning on the supposed news that ACA has been fined $190bn for tax evasion in Tanzania. This compare with ACA’s capitalisation at well under $1bn. However, I have read that, possibly, the RNS is incorrect in that the fine is in fact in Tanzanian shillings. An altogether different proposition.


I do not know how much this is but, as with all matters African, it is negotiable. So I bought ACA at 163p this morning even though, chatting to a longstanding Africa hand last night it is clear that southern Africa is falling apart everywhere: there is trouble in Zambia, Angola, Mozambique and South Africa. Zimbabwe is long established as a basket case.

He himself was chatting to a Nigerian lady who recently asked him in his role as a charity executive to put up cash for a project in Nigeria. He declined pointing out that Nigeria is the most corrupt country in Africa. That is saying something.

*****

Provident Financial (LON:PFG) reported this morning. They have experienced a sharp decline in profits for the half year ended 1st April 2017. If they have got that sort of trouble now Goodness knows how it will be when the credit squeeze hits them. This could be fairly soon. Still a sell above £15.

*****

Finally, if one listened to Sajid Javid this morning one might be forgiven for thinking that those poor sillies who charged into leasehold residential property ownership and got shafted by some bent lawyers are off the hook. But these buyers were and still are over twenty-one and they are paying the price of their greed.


Where the reasonable citizen would extend some sympathy is where the solicitors for the buyer were introduced to the buyer by the housebuilders’ management. I know from experience that more than a few housebuilders are pretty sharp and now might be a good time to take their trousers down and give them a good whacking. With a bit of luck a few solicitors might also be similarly treated.