Evil Knievil: South American history repeats itself

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Evil Knievil: South American history repeats itself
Master Investor Magazine

Master Investor Magazine 58

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Hope over experience: Argentinian government bondholders are probably about to receive a haircut of 20 per cent. Quite why anybody subscribes for such bonds in the first place is beyond me.

*****

Watchstone (LON:WTG) has received the go ahead to complete on the sale of its Canadian business, PTP Healthcare. I suppose there might have been a difficulty. But, thankfully, this is not to be the case. WTG is now 145p offer and remains a screaming buy. The target remains at 225p or so.

There is the small matter of the alleged aggrieved shareholders’ action for damages as a result of the activities of Mr Rob Terry. The lawyers will do well out of it. But I doubt if anybody else will.

*****

I bought Billing Services (LON:BILL) at 3.25p last Friday. It is not clear as to what TNAV is or whether the business is making money. But it seems that there will be a distribution as a result of the disposal of BSG for £4m. It is possible that tnav is 5p. But I can’t prove it. BILL is for patient small investors.

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Comments (2)

  • Paul Storrie says:

    Re WTG, for a s.90A claim to succeed, it would appear that WTG will have needed to have published misleading information (rather than, as you rightly say, pronouncements by Robert Terry). As I understand it, KPMG and Arrandco Audit (RSM Tenon as were) have been sanctioned by the Financial Reporting Council for failing to ensure that the company’s [WTG’s] accounts between 2011 and 2014 (the latter subsequently restated) were free from inaccuracies. This would appear to imply that WTG did indeed publish misleading information (their accounts), such that a s.90A claim might have a chance of success?

  • Paul Storrie says:

    For a s.90A claim to succeed, it would appear that WTG will have needed to have published misleading information (rather than, as you rightly say, pronouncements by Robert Terry). As I understand it, KPMG and Arrandco Audit (RSM Tenon as were) have been sanctioned by the Financial Reporting Council for failing to ensure that the company’s [WTG’s] accounts between 2011 and 2014 (the latter subsequently restated) were free from inaccuracies. This would appear to imply that WTG did indeed publish misleading information (their accounts), such that a s.90A claim might have a chance of success?

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