Molins has come good – finally

It took a day or two but, finally, Molins (LON:MLIN) has started to come good. MLIN has today announced the sale of its “Instrumentation and Tobacco Machinery” division for £27.5m net of all taxes and fees. Given that MLIN had net assets of £35m and goodwill of £15m and that goodwill has also been sold in this deal (it’s not clear how much), the MLIN balance sheet is greatly strengthened and has to be worth well over 100p share. I paid 102p this morning. Warning: it is a thin market.


Further, the buyer has undertaken to pay c. £2.5m into the pension fund which I have always supposed was in surplus anyway. This really leaves MLIN bubbling away especially given that MLIN have today disclosed that business in the first half of 2017 is going well.

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My chums at Arlington Asset Management are developing COBALT27 to permit institutions to partake in what is seen as an inevitable and massive rise in the price of cobalt. It’s not easy to get hold of this stuff since more than 50% of the world’s supply comes from the DRC (or Belgian Congo as I think of it). Apparently cobalt is as significantly placed as lithium and more in the electric vehicle world that is emerging.

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Now for the joke: Bank of Internet (NASDAQ:BOFI) at $22 is capitalised at c. $1.2bn. This “bank” has deposits with it of c. $10m. Should you conclude that something is missing, short it with alacrity. Borrowing stock is simple – I am told.

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Finally, the election: I have nothing else to add – even assuming that I knew – which I do not. But I cannot believe that the sane voter can put his/her cross on the ballot paper against the name of Corbyn. Therefore it is sensible to sell Labour seats at 200 or better.