Evil discusses Quindell, Afren, Kenneth Grundlach and Birdman…
I really do not know what to make of Quindell (QPP). Today’s RNS is a little coy remarking that a material premium is to be expected above Friday’s closing price. Certainly, the price had been suspiciously buoyant in recent days. Where does this go now? I do not know but my instinct tells me that I would not sell. After all 100p is only 6.66p in old money.
I again shorted Afren (AFR) this morning – this time at 9.25p. My reason is that there is still no rescue bid where time is running out: this company will be in its loan creditors’ hands come Friday. The price might settle at 1p.
Crime report: Kenneth Gundlach, lately a racehorse owner in his own name and now presumably represented by others, has been banned from being a company director until 2030. He failed to allocate £9.3m worth of wine he had sold for cash to investors. Easily done if you are a thief. Needless to add, he has not been sent to prison. Too much like hard work for the CPS.
Finally, cultural blunder: there is no accounting for taste. Birdman, renamed Birdbrain, wins best picture at the Oscars. The judges must collectively be mad. If you have not yet seen it, do not do so. You will want to walk out after about quarter of an hour and thereafter it gets worse.