New Star Investment Trust (NSI) has sunk back this morning having gone ex the 24p capital distribution. The tangible net asset value has declined to 170p. This contrasts with the mid price now set at 105p. This latter is very cheap.
*****
A group litigation firm of solicitors, Harcus Parker, is acting for thousands of leaseholders who rightly complain that the freeholders of the buildings in which the leaseholders live have been ripping off the leaseholders. Apparently one freeholder has received an undisclosed covert £135,000 cash rebate of insurance that the freeholder paid on behalf of the leaseholders.
It is true that somebody has to arrange the insurance and I am sure that the standard lease specifies that the freeholder will do just that. But a kickback of any size let alone a staggering £135,000 is surely unlawful. I trust Harcus Parker knock the thieves silly.
*****
Rockhopper (RKH) draws closer to a settlement with the Italian Government. We do not know what RKH will do with the cash when finally it arrives but 15p looks very cheap to me.