The good ship Collapso: an extract from the diaries of Evil Knievil

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The man the Daily Mail dubbed “The King of the Short Sellers”, Evil Knievil (aka Simon Cawkwell) is Britain’s most feared bear-raider. A big man with a bigger reputation, Evil Knievil famously made £1 million by short selling shares in Northern Rock during its collapse. He also uses his knowledge and experience to buy shares, often resulting in the same devastating effect.

Three times a week Evil provides his thoughts and musings on the markets only at theevildiaries.com. Read an extract from Evil’s latest diaries below and click the banner at the bottom of the page for a free trial to the website…

New World Resources (NWR) finally announced their rescue rights issue terms. They are nineteen new shares subscribed for at 1.9p for each share currently held. Given that there is a truly vast supply of other ordinaries coming from the bond holders it is a total mystery as to why this share stands at 6.5p bid. Throughout these last few months the bond holders have held the whip hand. It is simply inconceivable that the ordinary shareholders can get a look in.

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As it happens, I was told about improper payments at Afren (AFR) about three years ago. However, since there was no evidence to support such allegations I eventually paid no attention. And then the two top executives were suspended. Anyway, I am told that there is nothing wrong with the oil assets and that the shares are a stonking buy. So that is why I bought some.

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Carillion (CLLN) is not now to merge with Balfour Beatty (BBY). It is very surprising that two large concerns with aged professional managers can declare eternal love and then split on such obviously foreseeable grounds. This suggests to me that there is some Blairism going on and, just speculating, that nobody would sanely seek to hold either company.

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Globo (GBO) is taking its time to slip. But at last it is obliging. It is now 45p. There is therefore still time to clamber aboard the good ship Collapso.

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Finally, my niece’s first born son likes Scrabble. Indeed, before the age of 6, he scored circa 360 – although I should mention that he used a Scrabble dictionary. However, this estimable publication has now been expanded to reflect the international dimension. And so enters “quinzhee” which, suitably deployed, can score 401 points. And in case you didn’t know, quinzhee means a shelter made by hollowing out a pile of snow. The boy will have to try again, albeit two years later. The eternal challenge.

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