Evil Diaries: Palm oil demand continues
0 mins. to read
It is striking as to how REA (RE.) ordinaries keep pushing up. Yesterday 1.9m (out of c. 44m all told in issue) were crossed. The price is now 93p. And the palm oil price keeps going into new high ground. RE. looks to be heading a lot higher. Cowardy custards should just buy the prefs (RE.B) – still at a discount to 100p and still with 18p of arrears to come.
***
Elsewhere, meme stocks continue to frustrate me with their lunacy. As has been widely reported Tesla has gone over $1,000. This leaves it on a PE of 250 in comparison to, say, Toyota’s PE of 9.
Are you still short Tesla?
Any Melbourne cup tips?
Message to me from RE Company Secretary. (I am a cowardly custard)!!)
Dear Mr Fordham
As anticipated in the company’s 2020 annual report, the fixed semi-annual dividend on the company’s preference shares that fell due on 30 June 2021 was duly paid. The cumulative arrears of preference dividend currently amount to 18p per share and the directors intend that 1p per share of this should be paid on 31 December 2021 together with the semi-annual preference dividend arising on that date. The directors recognise the importance of eliminating the arrears of the preference dividend and will aim progressively to reduce such arrears as rapidly as the performance of the group permits.
Stock market is forward looking, much rather own Tesla than Toyota.
REA. MG and a pension fund have reduced their holdings by 6% by my reckoning and this seems to have been bought by a hedge fund. Announcements on the 28.10.21.
Could the hedge fund be setting up to broker a takeover/merger of REA and MP Evans?
I hold mostly the prefs but was lucky enough to buy a few ordinaries at 80p because with rising palm oil prices and the eventual repayment of the outstanding pref dividend, i see £5 share price in 5 years, Subject to palm oil prices.