Evil Knievil: Faites Vos Jeux (Chapter 2)

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Evil Knievil: Faites Vos Jeux (Chapter 2)

Every now and then that quixotic bird, Lady Luck, gets it right. Or so it seems to me this morning. For Slater and Gordon, the original Huff ‘n’ Puff machine, accepted £11m for their costs and settled their claim against Watchstone (LON:WTG) at nil. WTG’s price is now 152p.

The question is what is the valuation of WTG? This is not easy but an informant of mine offers:

“In simple terms it looks like they will have c£39m from escrow (interest should cover o/s legal costs since Aug) £37m cash + c£19m due from sale of PT Health (net of Prefs £3.1m) / 46m shares = £2.06. Not clear on NIHL or claim against PWC (although that may be dropped in the small print of settlement) What are the other assets worth?”

In answer to the last point I have little or no idea.

But 200p+ looks right for WTG right now.

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