I shouldn’t do it but I have. I have bet against Chuka Umunna to be leader of the Labour Party. I ought to know better in that all political betting if it is to be successful depends upon inside information. In this case, as most readers well know, I am not remotely on the inside. However, those backing Umunna surely have got to have a handle on union attitudes towards him. And it is clear that the date upon which this poll will take place is by no means settled. It could take months rather than weeks during which all sorts of factors will emerge. I dare say that Umunna could still prove to be the chosen one but, somehow, I doubt it – if only on the grounds that a front-runner – and Umunna has certainly elected so to be – never wins these contests. Anyway, he is not a 7/4 chance. (There I go again.)
Ruby McGregor-Smith of Mitie (MTO) is to be interviewed by HMRC in the matter of alleged underpayments in terms of the minimum wage legislation. So far, the effect upon Mitie’s share price has been minimal. I can’t think why. Surely, this climate of doubt, perhaps a very costly climate, must inhibit Mitie’s endeavours to get fresh customers. Given that there is a fair chance that Mitie may be losing money (whatever the accounts may reveal in a week or two’s time) it is passing strange that the share price stands at 300p.
I yesterday sold all my family’s Cadiz (CDZI on Nasdaq) at around $7. I did so reluctantly but the share price action does not feel correct to me and because a blogger styled PumpStopper (Google as you will) raises many questions to be cleared before any sort of investment can be held, let alone initiated. It was when I noted that in the blogger’s opinion there would be carcinogenic chemicals to be eliminated from the water and that the cost of doing so would rapidly render the project uneconomic I gave best. Of course I have to admit that I might have made a mistake.
Little fish are sweet: Minerals and Finance (MAFL) stands at 7p offer. I paid 6.75p for circa 60,000 for one of my family’s accounts. It is capitalised at under £1m and, possibly, would yield £1.5m on liquidation. Certainly, the minimum annual costs associated with AIM render MAFL’s current condition untenable. Expect action sooner rather than later.
More minor miners: rather to my surprise, Aurasian Minerals (AUM) yesterday announced a deal in Laos. This more than doubled the price and allowed me to chuck my holding at 0.7p. Where the price settles after the inevitable fund-raising I do not know. But I think it is wise to be safe than sorry.
Finally, Orosur (OMI) have this morning announced yet another expansion of reserves at San Gregorio. There has been no material effect upon the share price. Talk about ennui in action.