It has been suggested that Slater and Gordon will seek to unwind parts of its deal with Quindell (QPP) given that there is to be an extensive accounting policy review. But S and G have paid the money into escrow and they had a prolonged period in which to consider what it was that they were buying. So my bet is that they cannot even raise a claim. That noted, suspension of QPP, pending such as the SFO enquiring into Rob Terry, seems very heavy handed to me.
But there is clearly no stopping Rob Terry. Yesterday he bought a further 942,500 Imaginitik (IMTK) shares at between 7.59p and 8.27p. Guess who sold ’em? Yep, Hargreave Hale. They thanked their lucky stars over the weekend and now they get a fresh thanksgiving session.
If I were IMTK’s broker I’d try a fund-raise immediately – they ought to be able to raise £1m at 6p.
I sold another 500,000 Afren (AFR) at 2p. I just had to.
I yesterday spoke to Jacques Vaillancourt executive chairman of Minerals and Finance (MAFL) since I am concerned that overheads are far too high in relation to the probability of the portfolio yielding profits. He assures me that they expect to generate fee income. This gives a different outlook. I hold c. 400,000 at 8p. We’ll see.
I closed my GBP/JPY short below 193. This beneficence is down to TDO.