Good morning!

Sorry I didn't get round to reporting on any more companies on Friday, I was too tired. Have decided it's time to focus on health, so spent the weekend charging around on my new bike. It seems to have blown away a few cobwebs!


Mello Beckenham

A lot of regulars read this column, so David Stredder has asked me to mention that there is NO meeting tonight. It has been pushed on to next Monday, 26 Sept.


Fairpoint Webinar

I like webinars, as they save me a trip into London, which isn't really worth it usually just to see one company. Fairpoint management are doing a webinar for investors today at 1:30pm. I've got the date right this time! Here is the registration link




Watchstone (LON:WTG)

Share price: 181p (down 16% today)
No. shares: 46.0m
Market cap: £83.3m

Correction to H1 2016 results - well this is embarrassing for the company. It looks as if they did their sums wrong in the most recent results, with the EPS figures being incorrect. Today's correction only seems to refer to EPS figures, so that suggests someone used the wrong denominator when calculating EPS, but that the numerator was correct. Sloppy. Mind you, this company has a long history of putting out nonsense figures, so I suppose it's par for the course.


Response to announcement by Slater & Gordon Ltd - of more importance is this second RNS today. Slater + Gordon are of course the muppets from Australia who massively overpaid for the core business of Quindell, when it was on its knees. S+G could have got away with paying a fraction of the ridiculous £637m initial cash consideration (plus further contingent payments). It's been described as one of the 5 worst acquisitions of all time.

This disastrous acquisition of Quindell's core business almost pulled down the whole of S+G. Indeed its share price collapsed from a peak of AUD 8 in early 2015, to just AUD 0.4 today - that's a fall of about 95%. S+G is now reliant on bank financing, and could yet go bust, as another article from the Sydney Morning Herald points out.

Conman Rob Terry, who created the tangled web of Quindell, laughably thinks that S+G "got a bargain". Clearly someone in complete denial, as is often the case with…

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