Cameron has continued in character by awarding his accomplices resignation honours. One of them has got good legs. The others have not displayed their legs for clearance by me. However, Sir Desmond Swayne MP advises that these honours are a “relatively light way of paying off debts of honour”. But it should be noted that the honours in question are here paid by the state – which raises the question as to how the state incurred the debts (one of the “debts” arose through some bird doing Mrs Cameron’s hair as part of the Remain campaign). To describe them as debts of honour is a mildly comic diversion.
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Over the weekend I read an interesting article on Genel (GENL) and the bull case. One has to believe that Kurdistan will pay its debts (although in recent months that is exactly what Kurdistan has done). But cash and receivables net of liabilities exceed the market value of £278m (at 97.5p). One must fear losses absorbing this attractive position. And, then, on the other hand there could be profits. On balance, GENL looks to be a buy.
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Finally, I agree with Lucian Miers that Pure Circle (PURE) smells fishy. So I sold at 305p. It is still difficult to borrow stock.