The Evil Diaries: “Not much subtlety there”

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The Evil Diaries: “Not much subtlety there”

Glencore (GLEN) may have raised £1.6bn at 125p thus inducing the market to judge that 125p is a floor. I doubt it.

Ocado (OCDO), 317p, shows no sign of getting anywhere near justifying its current capitalisation. For a long time the price was held up by the notion that Amazon would bid. But it was never explained why Amazon would bid. In any event, Amazon are now kicking off with Amazon Fresh as a competitor. Perhaps Shore Capital’s Clive Black will be proved right – albeit a few years later than I imagine he judged.

Proxama (PROX) today announces another contract win – albeit with no figures. They have signed up a Middle Eastern bank (purchasing officers at home grown banks are a very cautious lot) as their customer in the distribution of PIN numbers. As, I am sure, the vast majority of others, I have found postal delivery of PIN numbers an uncertain service. Perhaps Proxama has here really cut through to fame and fortune. If so, more contract wins should follow. Now 1.35p offer.

Globo (GBO) still has not raised a brass farthing of its E180m at 10% loan. I am not surprised given the shabby drafting of its prospectus (just where is Globo’s money deposited?). I may add that the prospectus goes on for a staggering 419 pages. In any event, the punters are getting out – 3m in one go were sold at 25p yesterday. Not much subtlety there.

Mr Spoofer, a.k.a. Rob Terry, disclosed a day or two ago that he and Quob Park have bought a further 1m Imaginatik (IMTK). This morning, cash flow problems, albeit presumably of a very temporary nature, have been solved by Imaginatik raising $110,000 at 10% p.a. off its chairman, Matt Cooper. If of course there is a further delay in receipts there’ll have to be a placing at, say, 4p at most. In any event, the shares are not worth more than 3p. Best stay short.

Finally and not very originally, I reckon Corbyn will be unseated by COB 2015. His performance is so ridiculous I cannot possibly see the sanity in proposing otherwise (unless one is a Conservative).

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