Good morning!

Extremely quiet for small cap results/trading updates today, which is handy as I have a lunch appointment with the "Sheriff of AIM", Tom Winnifrith, so that should be entertaining!

Whilst I sometimes cringe at the things he says, and the way he says them, there's no denying that he has become a huge asset to the investor community in the last year or two - single-handedly cleaning up a big section of the market, by shining a bright light on wrongdoing, dodgy companies, management & advisers. As well as the occasional misfire, when the wrong target is shot at.

Also, I think it's incredibly useful to have someone fighting for better standards who isn't frightened by the libel laws, indeed who seems to positively relish court appearances. Only this week, I became aware of a company which responded to legitimate investor concerns by firstly issuing a threat to sue them for libel! So the UK libel laws seem to be providing refuge against criticism in less than perfect situations.

We discussed this at the ShareSoc event earlier this week, with Roger Lawson briefing us on the current state of play with the law. This is the reason why shorting dossiers are issued in the US, where there is greater freedom of expression than here. Bear in mind that Tom Winnifrith was the only UK journalist who was prepared to publish the shorting dossier which brought down the Globo fraud. It's surely worrying for our freedom & democracy where the mainstream press are scared of publishing such controversial material, through fear of legal action?

Telit Communications (LON:TCM)

Share price: 232p (down 14% today)
No. shares: 115.1m
Market cap: £267.0m

Swisscom contract - this announcement reads positively, although as no financial details are given, I'm viewing it more as a marketing communication than anything else. It's not clear why the shares are down 14% today, perhaps there has been some other news which I've not spotted?

Why mention it then? Well, several readers have recently asked me to look at this company and give a view, so I've had a quick whiz through the most recent interim figures.

The balance sheet looks generally OK, although there is some debt. It seems odd to run about $36m in cash simultaneously with roughly the same amount of debt. This was a big red flag at another company recently,…

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