Evil Knievil: Oil over the place
Yesterday REA (RE.) collapsed 35p to finish at 55p. By the close of RNS time yesterday evening there was still no explanation as to why there had been c. 3m sold at 35p and 25p.
RE. has only 44m shares in issue, giving a capitalisation of £25m. The Robinow family bought several million for cash last year at 145p. So somebody thinks that catastrophic losses will shortly be revealed. If so, the seller is an insider and faces an intense stewards’ enquiry. If not, what is his motivation? I do not know.
The price of palm oil is disappointing at $525 a tonne. But this will surely recover since supply will be withheld at this price.
Be it also noted that RE.’s two London-listed contemporaries MP Evans (LON:MPE) and Anglo-Eastern Plantations (LON:AEP) held their own yesterday. I paid 55p. Cautious folk can buy the prefs at 67p. Here they yield 13.4% and should gradually pick up 9p arrears of dividend.
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The Italian courts reopen on 11th May. This may give Clear Leisure (LON:CLP) an opportunity for justice. Those who like gambling should pay 0.2p.
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If any reader is at a loose end, I suggest tuning into this week’s Book of the Week called Tunnel 29. It is a really gripping tale spread over two and a half hours (i.e. ten episodes). One has to admire the courage of the tunnellers.
He is right about Tunnel 29, so-called because that is the number of refugees from East Germany who managed to escape through it. The Communist Ideology was shamed when 20% of the population fled, leaving some cities without doctors or teachers. Yet they compounded their failure by imprisoning the remaining people in an impoverished “socialist paradise”.