How the Mitie have fallen

It only took eighteen months for Mitie (MTO) to fess up. However, there is more to come. Therefore MTO is not a buy now or indeed, I suspect, ever. Why on earth MTO kept on buying its own equity escapes me. I doubt if I am alone. If I were one of MTO’s bankers I would seek a swift explanation – expecting not to get one.

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Last Friday I took it upon myself to opine that Watchstone (WTG) could presume upon getting all £50m held in escrow. One piece of evidence was that there had not been a squawk from Slater and Gordon. Lo and behold, S and G start squawking this morning. Still, a claim is only a claim. It’s not a proof. So, at this level, 190p, WTG emerges as a buy.

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Generally, I see that Mark Slater has called the top for FTSE and it is a fact that the US shorts that have given the bears such grief in the US are also turning over. I hesitate to declare that it is open season. But it is certainly a time not to buy.