The Evil Diaries: “They are all crackers”

Afren (AFR) duly announced the virtual wipe out of current shareholders at well after 6.00 p.m. last Friday. I doubt if the share price will hit the long term price of 0.3p on Monday – indeed it is surprising to see it holding at around 1.5p. This allows long term holders to recover the price of a lunch. And that is about it. Hint: there is no certainty that this reconstruction will go through – in which event the longer term price is ZERO.

Tyratech (TYR and TYRU) slowly trundles through the conversion from the former to the latter. God alone knows why it is so slow. But although today’s RNS reports losses there is also the clear encouragement that it will never need to raise fresh equity. Tyratech is capitalised at around £15m. If Vamousse and the other products really are taking off this will surely prove to be a ridiculously low valuation.

Petro Matad (MATD) is cleared to trade in Mongolia – see today’s RNS. Of course geological risk remains but it is extremely unlikely that BG has hitched itself to this minnow, which at 6.5p is capitalised at only £20m, without having satisfied itself as to prospects.

Finally, I may be missing something but there seems to be a lot of bien pensants who warn that a Grexit will cause economic ruin for Greece. They are all crackers. The re-emergence of the Drachma will bring a vast number back into employment. If this latter is economic ruin let’s have more of it.

Finally finally, there is a howling pack of “business leaders” (or chaps on putative knighthoods) who warn that Brexit means a loss of inward investment to the UK and, worst of all, economic retribution from the EU. They can only so warn provided they know what the EU will do by way of revenge whereas the truth is that they have no idea.