A practice in recent times has been for NED’s, when confronted by publicly-exposed difficult circumstances, to appoint a firm of solicitors to review matters. I might understand this were it the case that the NED’s wish to clarify matters internally. But that is not the position: their idea is that merely publishing the solicitors’ work, should it be favourable to the NED’s, is a proper expenditure. However, since that starts with the proposition that the public is generally comprised of fools and needs to be showered with whitewash, it is nothing of the sort.
Further, it is not a cheap exercise and, in the case of Natwest’s bill from Travers Smith, has 20% Vat added on. The bill dealt with the absurd proposition that Natwest behaved correctly towards Nigel Farage when it is inconceivable that anything of the sort occurred.
When Natwest’s results came out last week the share price tanked. The truth is that investors quite understandably do not trust Natwest’s management.
I take matters a bit further and classify these managers collectively as incompetent tight-fisted proles.
Poppy Gustafsson is in today’s Times giving it out on behalf of DarkTrace (DARK) and the need to control the development of AI. I expect DARK’s IR department is able to promise advertising in The Times.
I understand that retailers such as BooHoo and ASOS have to compete with offshore-based competitors whose individual sales are typically well under £100 a time. Curiously, because of this upper limit, no Vat is paid by the customer when goods from offshore arrive by post. This benefits Shein but how it is fair and reasonable in relation to British companies is completely beyond me.
Quantum Blockchain Technology (QBT) has just raised £2m at 1.5p. The RNS asserts that this money is expected to take QBT through to revenue. Revenue of course does not mean profitability. But Francesco Gardin is far too wise to render himself a hostage to fortune by muddling up language.
As to whether QBT is now a buy I remain entirely ignorant. This is not a source of pleasure. Merely a declaration of truth.