Ocado: Time to get short

I was forwarded a crowdfunding proposal yesterday where EBITDA was less than the ‘E’. The entire proposition was and remains fraudulent and is surely in breach of any sort of conduct rules one can imagine. I thought that the prospectus rules forbade raising new shares from more than twenty subscribers if a prospectus had not been issued. Could somebody please enlighten me?

There are other crowdfunding propositions which simply ask subscribers to send the money to a box number and where there is no description implied or otherwise attached to what happens to the money when it has got into the box. A lot of such subscribers imagine that they enjoy investor protection through the law. Well, it is a free country.

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I bought Clear Leisure (CLP) at 1.1p this morning pursuant to the surprise fundraise placing of 22m at 0.9p (plus warrant to subscribe at 1.5p). That looks very cheap and could explain why I never got an opportunity to subscribe.

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Churchill Mining (CHL) has seen its date with destiny with the Republic of Indonesia deferred yet again – this time to early October. I paid 25.4p.

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Ocado (OCDO) seem yet again to have hit a brick wall and are down again this morning at 260p. Not even the brain of Nick Roditi can solve this one. Time to get short.

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Finally, I have put £20,000 to win at 5/1 Almanzor for the Arc (2nd October). He is not certain to run. But I think he is so good that he will.