Evil Knievil: A bookworm writes

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Evil Knievil: A bookworm writes
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About two years ago I bought shares in Scholium (LON:SCHO) which deals in stamps and rare books. Indeed so enamoured was I by prospects I bought a first edition, A.P. Moivre’s The Doctrine of Chances, published in 1718. This cost several thousand pounds but since my copy had been stamped as owned by Edmund Burke, one of my heroes, there was no holding me back.

However, albeit not very originally, I still think that the appalling general level in governmental indebtedness must be resolved through inflation and that therefore the day will come when the rush to the likes of rare books as a hedge will be heroic. When that happens, SCHO’s tnav will surely rise above its current 75p. In contrast to the share price of 50p offer.

I went to SCHO’s AGM a few days go at St George Street central to which display is the book operation run by Bernard Schapero. Curiously Bernie only owns c. 700,000 shares out of the 13m or so in issue. Even more curiously Bernie is not a director of SCHO. I trust that this can be tidied up.

Bernie is an ace schmoozer and trader. And although it may take a while I reckon he’ll succeed.


Corporate grabbing: About seven years ago I bought Caribbean Investment Holdings‘s (LON: CIHL) predecessor which spun off Waterloo Investments (quoted on the Bermudan Stock Exchange). A year ago holdings were consolidated by a factor of 2,000 (fine) and then multiplied by 2,000. You may well wonder what the point of that was. But one holding of my family of 5,800 shares became 2,900 (fine) but clipped to 2 since that is how consolidation works (not fine). Then the holding became 4,000.

I would be delighted to hear from readers who can explain the equity in this conduct. Lord Ashcroft is in charge and he does not take calls from me.


Native diet: At lunch yesterday I met an Africa hand who assured me that not hundreds but thousands of Africans are eaten by crocodiles each year on the Zambezi. Children particularly wade into the shallows for washing purposes etc. and get taken.

You might think that some bright chaps would do something about this. But they do not.

Comments (4)

  • Steve Yelland says:

    Hi Evil- There was a cash payment for fractional entitlements–


    So your relative should have got some cash in this case.

    Best wishes.

  • Daniel Victor says:

    The trouble with Scholium is that it is cashflow negative. IMHO,it cannot really afford its listing.

  • Jon leach says:

    I held 1600 shares in Waterloo held in a nominee. I received a tiny cash fraction as the nominee only received a cash fraction on its entire holding rather than each individual shareholding it held.But they won’t show 1600 ( or just under that amount) on my account as they say Waterloo is now rid of all small holdings. Instead I own no shares but might receive a payment if the nominee sells the Waterloo shares in the future. Not happy !

  • Derek Wright says:

    Re CIHL, you would have received a cash payment for the remaining 1800 shares (at 11.5p). The surplus shares were cancelled so the equity of the company would have been spread out over a smaller number of total shares. I guess one could have bought up more CIHL shares subsequent to the consolidation. Glad you enjoyed the Whitaker Wright book (my ancestor). Note that the book was published by Biteback (owned by Ashcroft!)

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