Orchard Gate
28 Oct 2015
Re: Simon Thompson does it again "Perhaps you could recommend something rather than just knock Simon"OK. I'd recommend not buying any share Simon Thompson claims is a bargain and that you look at shorting it. How's that for you?
casabanker
28 Oct 2015
Re: Simon Thompson does it again Gooffy, Simon needs a good bout of healthy criticism. After all, many pi's will have lost cash that is capital and it is hard to replace. He did not do enough research and that is fatal to a share tipper in the public press. Try reading Paul Scott on Stockopedia. I know it's too late for this one but it may save some hard earned in future. Casa.
Gooffy
28 Oct 2015
Re: Simon Thompson does it again To be fair some of his tips are very good.I have asked Investor Chronicle why there was no risk weighting on the recommendations had it been high risk I would have put less in. Indeed it was Simon's comments that led me to invest a bit more.The first thing I look at now is the experience of the directors,as I have done with LXB PropertiesMy new hobby trading the dax 30Perhaps you could recommend something rather than just knock Simon.
Orchard Gate
28 Oct 2015
Simon Thompson does it again These are Simon Thompson's words of wisdom in he IC:"It’s my strong view that if Globo pulls off its high yield bond issue ... short sellers will be scrambling to cover their positions. Indeed, the share price could be in for a very sharp re-rating ...Globo’s shares are being priced on a cash adjusted prospective PE ratio of 4."Weird isn't it how if he sees a company of a P/E of 4 he automatically thinks "that's cheap" while most sane investors would think "that's odd" and adopt a highly cautious approach.As he has now puffed a whole string of fairly obvious frauds - Naibu, CamKids, Polo, Globo - I think he should either be sacked or everything he writes should carry a prominent wealth warning.
gallant02
28 Oct 2015
Legal & General writes off Globo stake Not shedding any tears for him once I read the full script..."Fund manager Richard Penny writes off stake in app developer Globo, labelling the scandal 'the worst I've seen in 10 years'.L&G manager Richard Penny has written off his stake in scandal-hit Globo, labelling the accusations levelled at the app developer 'the worst I have seen in 10 years'.Penny has a stake worth around £2 million in the Alternative Investment Market-listed company at the 29.5p price at which shares were suspended on Friday. Globo was last week accused of generating fictitious sales in a report by hedge fund Quintessential Capital, which is shorting the shares.Globo denied the allegations and requested for trading in its shares to be suspended while it prepared a more detailed response. But on Monday, its chief executive and chief financial officer resigned, and today the company has announced it is under investigation by the Financial Conduct Authority.Penny said he did not expect to receive back any of his £2 million stake, fearing the company would be placed into liquidation, with potential lawsuits possibly eating up any remaining cash.He said that 'with hindsight' it was the wrong investment to make, but that it was difficult to account for the potential for fraud in investment decisions.'You can't legislate for that,' he said. 'If you base your decisions on audited numbers and they are wrong, you can't do it,' he said. 'It's quite exceptional. These sorts of things - we only see anything vaguely like that every five years.'Penny invested around £5.3 million in the company at 15p per share in February 2011. With the shares having rallied to a peak of 83.4p in October 2013, Penny has banked around £12.4 million since first investing, leaving him with a profit of around £7 million despite the write-off.'Sometimes you buy something that you shouldn't have and make money out of it,' he said.
onewayticket
28 Oct 2015
Re: Auditor appoinment One of the nearest misses I think I have ever had in trading and investing. Was just considering a buy on the falls but decided to wait to see if there was further to fall after reading the contents of the dossier on the company.I genuinely feel for all holders and hope the culprits in this fraud are quickly apprehended and brought to book and that any that sue the auditors recover some or all of their losses.Own due diloneway
waytogo333
28 Oct 2015
JakNife ......an irritating little man that pops up on various boards when a stock is in trouble, to say what a terrible stock it is and how obvious it was that it was going to crash and how clever he is that he shorted it.......Obnoxious..
Richygm
28 Oct 2015
Re: Richygm Re: Auditor appoinment One seems to get different data from different sources.
eagle51
28 Oct 2015
Richygm Re: Auditor appoinment Richy - they weren't there on Saturday: [link] wonder who did all the trading before the market opened (or should I say didn't open for GBO) on Friday: [link] the mighty FCA should be looking at this, as well as going in after the battle has been lost and bayoneting the wounded.Over & out
Richygm
28 Oct 2015
Re: FCA In the FCA office this morning:[link]
arborman
28 Oct 2015
FCA GBO have confirmed that they are under investigation by the FCA, as expected
Richygm
28 Oct 2015
Re: Auditor appoinment eagle,according to DigitalLook, Standard Life and Ruffer (I'm surprised by that!) had similar sized holdings to the one Forum took (together with Norges Bank - a larger one - and KBC - a smaller one). My guess is that Forum thought that since two such illustrious UK investment houses had stakes in Globo, they could safely take a similar-sized stake.
eagle51
28 Oct 2015
Re: Auditor appoinment also from Wiki:"Since the ruling vacated Andersen's felony conviction, it theoretically left Andersen free to resume operations. The damage to the Andersen name was so severe, however, that it has not returned as a viable business even on a limited scale. There are over 100 civil suits pending against the firm related to its audits of Enron and other companies. Even before voluntarily surrendering its right to practice before the SEC, it had many of its state licenses revoked. A new verb, "Enron-ed" was coined by John M. Cunningham, the former Arthur Andersen Director in the Seattle Office, to describe the demise of Arthur Andersen.From a high of 28,000 employees in the US and 85,000 worldwide, the firm is now down to around 200, based primarily in Chicago. Most of their attention is on handling the lawsuits and presiding over the orderly dissolution of the company".Jak - did I not outline my concerns so that other people could make their own minds up? I don't go short. It's not the practice itself I disapprove of (because it's just another name for 'selling'). It's the fact that beneficial owners of shares getting trashed by people like you aren't told what is going on and have rarely either been consulted or given their permission for their shares to be used in this way. Apart from the pension fund managers who prefer lending fees that go into their own pockets to getting the best returns for those who have trusted their money to them, I suspect some or all of the internet brokers get paid to lend shares people like us who buy through them, such brokers then nominally owning and holding them in their nominee accounts. Needless to say, they all deny doing this.You sound to me like the type of person who would have done well as Costis's right hand man in Globo. If he'd had the time, Gryparis could have taught you all he knew about accounting too. A win/winYes - let's review what happened in 3 or 4 years time, although I suspect we may meet elsewhere in the meantime, as you seem to pop up in a few places where you think there's the smell of rotting flesh and I'm looking to see if a situation has just been overcooked. Regard me as your conscience - you know, the one you don't have.warmest regards to you too
JakNife
28 Oct 2015
Re: Auditor appoinment yawneagle51 - let's cut to the chase. This is the lie you told:"Andersens did eventually collapse."No it didn't.It's a shame that you didn't find the cojones to short Globo, you could have made a packet. It's always ever so amusing when people like you come out after the event saying "I told you so" when actually you didn't.Good night, I look forward to our chat in three/four years time when you congratulate me on my remarkable prescience.warmest regards,JakNife
eagle51
28 Oct 2015
Re: Auditor appoinment [link]
