Wait another fortnight on Mitie

Philip Hammond is giving the market a boost today. Clearly, someone in HM Treasury reckons the gilts market will stand it.

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A call from a box at Ascot on Saturday informed me that Capita (CPI)‘s problems shareprice wise are by no means over. I was told to ignore the director share purchases last Friday on the grounds that they are insignificant. It’s a rights issue on the way. The problem is as to when.

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As it is with Mitie (MTO), now 190p. Here there is a colossal short position and one really does not know when the vultures will tear themselvs away from the corpse. My guess – and that is all it is – is to wait another fortnight.

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Finally – and it has taken a long time – but today St Peter Port Capital (SPPC) announces that it is in talks to accept an offer for itself. The price is now 16p offer which suggests a bid price further up. It’ll be cash, I suppose.