A few weeks ago I was contacted by a reader who asked why I was so confident that Clear Leisure (CLP) would go over 2p. I replied that I was not. I merely thought that the management know what they are doing and that patience may well pay off.
Anyway, I kept buying, despite being irritated by not being asked to take part in the multiple placings that have occurred.
And then the Pay Offs started to emerge. There was the formation of the Bitcoin miner Miner One. I do not attach much importance to this but we are told that it has accesssed cheap electricity in Serbia. Miner One may wash its face. (I asked Francesco Gardin, CLP’s CEO as to whether the adoption of the company name Miner One was a little joke on the grounds that this company is a minor one. He assures me not. Francesco does not do belly laughs.)
Last Friday, CLP announced that its bondholders – dominated by Eufingest, closely associated with Francesco – would defer repayment of E9m for a couple of years. That’s encouraging. But CLP also announced that they would be suing a Mr Justin Cooke for between £700,000 and £5m. In relation to current book value of this claim (i.e. nil) any recovery is pure profit. Given that CLP is capitalised at less than £5m at 1.25p per share, one does start to wonder whether tnav is currently well over 3p once the Pay Offs have been played out.
*****
I was out yesterday and missed the US Supreme Court announcement that sports betting in the US is in effect now legalised. The British greyhounds yelped with delight as the trap doors opened. As to who gets first bite of this rabbit is less clear. The chairman’s Webis (WEB) advanced from 1p to 2.6p and is now capitalised at c. £10m. The business is slightly profitable and based in San Francisco. It might pay off.
*****
At elevenses yesterday it was again suggested that BT (BT.A) is in a death spiral. Time to give it a further kick down. Now 210p.
*****
Finally, I see that to save overheads Elon Musk has got round to sacking senior staff, including, no doubt, the head inventor of silly stories. They should apply to Tony Blair for a fresh opportunity. In the meantime stay short of Tesla (TSLA).