Good morning, it's Paul here with the SCVR for Monday.

Timing - TBC

Agenda -

Pci- Pal (LON:PCIP) (I hold) - Interim results

Shoe Zone (LON:SHOE) (I hold) - Final results 52 weeks ended 3 Oct 2020


Mello Monday - tonight

The fortnightly shares extravaganza on zoom, starts at 6pm tonight.

Here’s the agenda below, lots of interesting stuff here. I’ve been roped into doing the BASH panel discussion near the end, so I’d better start doing some preparation for that later. I hope you can join us!




My thoughts on the Budget

I prepared this over the weekend.

Budget - having had time to absorb it all, my overall impression is positive. The measures strike me as mostly sensible measures to extend support where it’s needed most.

Hospitality sector - helpful measures that should give a decent boost once they are able to re-open. The BBC is reporting that pubs which have recently opened up online bookings, have been inundated. Revolution Bars (LON:RBG) (I hold) talked about pent-up demand in an update last week. Therefore I think there’s little doubt the UK is likely to be heading back to pubs, restaurants and nightclubs en masse this summer. Hence why I want continued exposure to this sector. Despite a strong recent rise, I’ve decided to sit tight on my RBG shares, and look forward to a we’re trading our socks off type of announcement later this year. It’s a much better business now, because all the problem sites have been disposed of, and rent reductions agreed on every site where it was needed. Remember the CVA only dealt with a handful of sites where they were not able to agree a consensual rent reduction with the landlords.

As regards restaurants, everything in that sector looks too expensive to me now, so unfortunately the only thing I could find was a highly speculative/risky position in Tasty (LON:TAST) when it was about 3p. It’s doubled since, so I sold most of them at 6p, but have kept a few for the longer term.

Stamp Duty - reductions have been extended as expected, but I feel the Govt should be much more radical, and abolish this tax altogether. It doesn’t raise much revenue in the overall scheme of things, and probably costs…

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