The Melbourne Cup tip, Without A Fight, got stuck way outside the main field and was duly 2PiR’ed to death, finishing thirteenth. Fortunately for me, my saver bet on, as it turned out, the winner made £30,000 on the race.
*****
On Monday Rockhopper (RKH) declined on a mark to market basis by £30,000 since the Italian government elected very late in the day to claim defects in the arbitration decision which ought to have put c. E250m in RKH’s bank account. Just what the Italians have in mind we, the shareholders, have not been informed. Just why there was such a delay in announcing the Italians’ decision is also a mystery.
But the argument for RKH as a buy has not changed and for those who are prepared to take, say, an eighteen month view RKH is a strong buy at 10p.
*****
Meanwhile Logistics DG (LDG) announced a further increase in its Finsbury Foods (FIF) stake. This looks to be the game plan and may explain why LDG has not made buybacks top priority. I am not suggesting that FIF is a buy at 92p (although it may be just that) but LDG remains a widows’ and orphans’ opportunity at 13p.