Evil Knievil: Stay on the WTG bull case
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Today’s Times runs an article covering a putative legal action being brought against Watchstone (LON:WTG) by a firm of solicitors Harcus Parker, bankrolled by a litigation funder, Therium. The action is on behalf of twelve investors (institutional and private) who seek damages from WTG for their alleged losses arising through their taking seriously the comments of Mr Tony Berry, then in charge of WTG (and then known as Quindell or QPP).
At the time I was astounded by Mr Terry’s public utterances. But although I can understand why some feel that they would like to receive damages from Mr Terry I cannot see why WTG should have to pay.
So the bull case for an investment in WTG is unchanged.
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Checkit (LON:CKT) at 44p is seemingly capitalised at less than cash and a recent acquisition Next Control Systems for £9m. The Checkit business is in for free. Keep buying at up to 55p. I expect that this will be stressed by the IC’s Simon Thompson in the not too distant future.
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Finally, none less than Lord Blair, formerly head of the Met, writes in today’s Times that the conviction of Superintendent Novlett Robyn Williams is quite ridiculous. I believe his assertion that the prosecuting authority should never have brought the prosecution since there was no public interest in so doing. It would have taken the foolishness of a very stupid lawyer to have allowed any other conclusion.
I think the prosecution may be harsh, however it does sound like this was normal practice for these people and not just a one off, sharing images of children being abused is clearly a criminal act.
Simon Thompson?
One to avoid then.
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Simon,
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?
Regards,
Paul
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?