The Evil Diaries: Pantheon, Molins and Proxama

Pantheon (PANR) have raised $25m at 115p. This looks fairly bullish to me since there has been quite a short position awaiting this event. Now 130p.

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I got hold of David Cowen the FD of Molins (MLIN) and he very kindly let me have the only two circulars pursuant to MLIN’s results for the year ended 31st December. One is by Equity Developments, which, since it is paid for research/assessment, is readily discounted. Their target price is 120p. However, they justly speculate that MLIN may have hit the bottom in its business affairs or be about to do so.

The other circular is from MLIN’s broker and Nomad, Panmure Gordon, who may be retained by MLIN but still have to maintain a reputation. Their target is 110p.

In no small measure MLIN swings around its pension fund (as has been previously noted). But although MLIN must continue paying into this fund and paying into a general protection fund the fact is that, as matters stand, assets of this fund exceed liabilities. That will do for me.

It is impossible for an outsider to guess on how current trading is going. But there is enough to pay for a telephonist and the FD. So I do not regret having paid 68p the other day. After all, tnav is roughly 100p.
Also, MLIN has shareholder permission to buy in its own capital – up to 15%. It might happen given the discount to tnav of the share price.

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This morning, Proxama (PROX) announce a deal with Google. There are no figures to illustrate the potential of what is going on. But I suspect that this is a turning point for PROX. It’s safer to be well in than out and I bought 2m at 1.15p.