Tuesday July 29, 2014


My second pair of trousers set for retirement at The Greek Hovel – weight loss update
Transport Issues at the Greek Hovel – Luckily I am Steve Frigging McQueen
So who thinks that the Jews are cockroaches? Who are you backing? Israel or Hamas?

PERSONAL, UNDILUTED VIEWS FROM TOM WINNIFRITH

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Weekly Video Postcard #73 – I like Challenges Edition

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I am sorry for the delay in sending this over. Challenges? Dealing with Greece’s OTE. I pay the bastards for internet access, my account at the hovel shows I have credit but ….er OTE will not let me use it. Bastards. So I took the afternoon off.

The video is really about the challenges I face here at the Greek Hovel. Aged 46 I have done sod all carpentry since gaining 27% and coming 127/127 in the U4th woodwork exam. I have never ridden a bike. Never barricaded a room against rats, dealt with snakes, showered with a hosepipe, coped with living in a land where I don’t speak the language, the list goes on and on.

But I am enjoying he challenges while getting on with my working life. I also cover the fact that many of the liberal idiots who support Hamas appear to have no knowledge of the history of the region.

PS Having watched this you are now meant to email me and congratulate me on the weight loss!

My weekly financial video postcard covers the state of the equity markets and can be viewed here

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Doriemus: Disposal Makes Sense. The shares are a buy and comrade Brokerman Dan is wrong

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Doriemus (DOR) became an oil company via a RTO of AIM listed TEP Exchange. On Friday it was announced that the TEP business is to be sold to managers for £1. My friend Brokerman Dan (Dan Levi) reckons this is a gross cheek and says he is bidding £1000.

Dan is right about most things. On the matter of Middle East politics he stands firmly with Hamas whose formal charter talks of sweeping the Jews into the sea and which last week described Jews as cockroaches. He is profoundly wrong on that matter as I explain HERE. He is also wrong on Doriemus and the sale but on pretty much everything else he is correct. And I should say that the self appointed spokesman for hs fellow Manchester slum dwellers is generally a thoroughly good chap.

In 2012 TEP 

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Brian Toye of Toye & Co: Crony Capitalist you have Massive Questions to answer you POS

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Brian Toye runs a listed company Toye & Co (TOYE) and has now made a 35p a share offer to buy out his fellow stockholders. The offer is disgracefully low – a 30% discount to the share price and a 70% discount to the last NAV. The manner of the offer also begs a stack of questions as to whether rules have been followed. The NEDs said No. But it will go through unless regulators intervene. This is disgraceful crony capitalism and POS Brian Toye has serious questions to answer.

One shareholder has now contacted Mr Toye, his advisors and the Takeover Panel asking for an investigation. Let’s see what happen. His letter is below. And it will horrify you. 

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Quindell & that Canaccord Note – Just how aggressive and realistic is ID revenue recognition

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How much revenue will Quindell book for Industrial Deafness work this year? And how much cash will it earn. The answer according to its own house broker Canaccord is £228.4 million (well over 25% of group sales)  and er….zippo. This begs incredibly serious questions about the revenue recognition policies of Quindell in this new, Quindell untested, area.

The Canaccord note – which you can view here until we give into Canaccord bullying and take it down – covers this issue on page 25. Its historic and forecast numbers are on a quarterly basis  summarised below

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It is sometimes prudent to place shares – do not always bash the boss: ref Leni Gas & Oil

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I do not follow Leni Gas & Oil (LGO) but I note that it got the Bulletin Boards buzzing last week. It announced a big acquisition and the next day a placing. This outraged some commentators. I think wrongly.

If a company places shares in a way that patently dilutes shareholders that is wrong, especially if the stock just goes to flippers or to “mates.” If a company says it is not issuing shares and then does that is also wrong and arguably Leni Gas sailed a little close to the wind on that secondary count as Ben Turney flagged up HERE

However

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Quindell and ALL the reasons for the failure to make it to the Main Market – FOI Update & questions on share sales despite lockins?

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Quindell (QPP) has steadfastly refused to give ALL of the reasons why the UKLA refused to allow it to move off the AIM Cesspit – where it belongs – and onto the main market. It cited one clause of the listing rules as being “particularly” to blame but will just not say what all the reasons were. And so I submitted a Freedom of Information request to the FCA weeks ago. That was acknowledged then in a standard way.

I had expected this to be rejected but lo and behold I have just received an update email stating that it is “being considered” and apologising for delay but stating that I would get a decision “shortly.” I still expect a rejection in the end but there must now be a chance that I shall soon be publishing the reasons for the rejection in full. Oh goodie goodie…that will be fun.

Meanwhile 

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The ShareProphets top 10 Stocks to Short – Reader Poll on next to Slump Results

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Two weeks ago Evil Knievil, Matt Earl, Lucian Miers and I served up our top ten stocks to short this summer and why – HERE. Avanti Communications (AVN) has already done the decent thing and issued a profits warning. We asked our readers at the weekend to vote on which of the ten would be next And the results are:

 
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ReThink – Dead Money for Investors: Cash Cow for Management

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When a company bucks an industry trend in a commodity market upwards it is probably lying. If it bucks it downwards it is probably a crap company, dead money for investors and that brings me to ReThink Group (RTG).

The recruitment industry is having a great time. Look at numbers from quality players such as Interquest (ITQ) and that is plain to see. ReThink is not a quality player.

Yesterday

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Victoria Oil & Gas Kevin Foo video - understanding why bear raider Evil Knievil is buying greedily

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Famed bear raider Evil Knievil has been greedily buying more shares in AIM listed Victoria Oil & Gas (VOG) in recent days. Greed and Evil are two words that are often found together. To understand why Evil is buying have a look at this video of CEO Kevin Foo presenting at the UK Investor show a couple of months ago.

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