lonmin shares go ex rights this morning. Shares up 15% in adjusted form.

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Stock is trading in Nil paid form in case you are wondering why the shares appear to have fallen by nearly 50%.

For every 5 shares you held you now have 9 Nil paid shares too that are trading at around 140p. You can choose to sell them in the market or take up the rights at a price of 140p per share. The Nil paid value will obviously be the difference between the new share price and 140p.

NOTE – For those less mathematically minded, the shares are up quite materially today. Here are the calcls –

Yesterday if you had 5 shares these closed at a value of £25.75 (515p x 5)

Today you have the same 5 shares valued at £15.15 (303 x 5) and 9 Nil Paids valued at £14.40 (9 x 160p) = £29.55 – an increase of almost 15%

Nomura upgraded to a Buy today too. Wonder how long Soc Gen’s “anal”yst’ is going to remain in a job…?

UPDATE ON OUR TITAN MANAGED FUNDS – WE HOPE TO HAVE OUR PRE-LIM WEBSITE UP BEFORE XMAS, BUT FOR THOSE READERS WISHING TO EXPRESS INTEREST IN PARTICIPATING IN THESE MANAGED SPREAD BET FUNDS, PLEASE EMAIL US AT EDITOR@SPREADBETMAGAZINE.COM QUOTING “FOLLOW ME”. SINCE SEEDING JUST 3 MONTHS AGO OUR FLAGSHIP GLOBAL MACRO FUND IS UP OVER 40% WITH LESS THAN A THIRD OF AVAILABLE LEVERAGE TYPICALLY BEING USED AND COMPARING AGAINST THE FTSE WHICH IS FLAT OVER THE SAME PERIOD.

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