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CoE speaks out: a CoE bishop criticises Wayne Rooney for wearing a shirt with the figure 32 on the back. The reason is that the bishbosh claims that this advertises the services of a gambling firm 32Red.
I know how he feels. Only the other day 59 cans of Heinz baked beans rocked up on our front door, ordered by my wife. When I pointed out to her that Heinz’s brand name was Heinz 57 and that more than just baked beans are on offer, she apologised for her error and explained that the two extra cans were added by her for luck. She thinks that the CoE are bang on the button. That’s modern religion for you.
Watchstone (LON:WTG) used to be the old Quindell. There are continual dribbling sellers as former holders of Quindell decide to pack it in. But there are no large sellers around. For instance, last week I tried to buy 100,000 at 68p and, eventually, got 25,000. The following day I bought 50,000 at 73p. There is no stock around.
Roughly speaking WTG yields £50m on break-up whereas it is capitalised at £40m. But I think the true break-up value is £100m since I think that Slater and Gordon Australia litigation against WTG is pure phooey.
After all, the only powers that want the litigation are: (i) lawyers – they do need feeding; (ii) the bankers who financed the acquisition of the personal injury business from Quindell – they have to do this since they are clinging on to their jobs; and (iii) the management – who are equally concerned about their jobs.
But S and G bought this business after weeks of due diligence. It just is not probable that WTG concealed vital facts. Therefore, before this action gets to court in October/November 2019 (the indicated slot) S and G will probably settle and, bingo, WTG shareholders will then get their just desserts.
This is one for patient speculators.
Meanwhile some guy pops up with 4% of Agronomics (LON:ANIC). This might have further to run from the current 12p.