Blogs

Latest Blogs

Earthport Accounts, City of London IT and Patisserie

Earthport (EPO) is the latest AIM company to report that its past accounts are not all they should have been. Following a review by the new CEO and CFO, it seems there have been errors in reporting of forward foreign exchange transactions. This will result in fair value adjustments and a reduction of £6.3 million to £16.6 million in the net assets of the group at June 2017. Likewise adjustments are required to previous years. Reported earnings are also reduced although ...

Patisserie General Meeting – No Excitement But Few Questions Answered Either

I attended the General Meeting of Patisserie Holdings (CAKE) this morning at the ungodly time of 9.00 am – presumably chosen to deter attendance. An announcement earlier from the company will also have deterred attendance as it said no questions on past events would be answered so as not to prejudice investigations by “multiple regulators and authorities”. But there were about 20 shareholders present, including some institutional representatives. This GM was to approve the second tranche of share placings and I expected ...

Are FTSE100 CEOs Overpaid?

Comments on Deborah Hargreaves' new book and my conclusions thereon. by Cliff Weight, 30 October 2018. I read Deborah Hargreaves book "Are Chief Executives Overpaid? (The Future of Capitalism)" with great interest. It is an easy read and covers a vast amount of material which illustrates the complexity of any discussion of executive pay. I commend it to all. You can buy it on Amazon. I was on a panel of speakers at the CSFI event on 15 October where Deborah spoke and introduced her ...

Budget Summary – Austerity Coming to an End

Philip Hammond’s budget today can be summarised as: More money for the NHS. More money for the MOD. Money for schools. More money to fix potholes. More money for housing. More money for the Universal Credit scheme. Yes “austerity” is being relaxed. Changes to taxation are relatively minor, but there will be a new tax on “digital platforms” which is clearly aimed at large companies such as Facebook and Alphabet (Google) who generate large revenues from their operations in the UK but ...

Standard Life UK Smaller Companies AGM, WPP and Tesla

For those folks who invest in smaller companies, it’s always educational to attend the Annual General Meeting of Standard Life UK Smaller Companies (SLS) which I did today. This investment trust has been managed by Harry Nimmo and his team for many years and he has consistently beaten the company’s benchmark (currently Numis Smaller Companies Plus AIM index). Harry’s presentation highlighted that smaller companies were a “great place to be until the last 4 weeks”. He said that we often see sharp ...