Yep I have no qualms with business, people have a right to make a living but how you make it is important, just look at all the fallout from the sub-primes that the rest of us are paying for; at the end of the day the bankers were conducting business but their choices have had a ruinous outcome. You can't do what you like and say it's okay because it's just business. Time and time again we see the effects of putting business as the priority. Good business is about more than the bottom line, as I posted earlier Virgin Money weren't going anywhere. By the way once worked for a rival of Mike's when spd was up and coming and I was on his side when a couple of MDs tried to gang up on him. 'There's a club up north which you're not part of' which is what I believe Mike was told.
12 Nov '13
Selling off holding
Hi guys. Thought I would add my twopennyworth to the discussion on Mike and his morals. Though the first to admit I am in stocks and shares only to make money, my allegiance has been with Mike for quite a few years, going back to the early days of buying sports gear from him to send overseas to youngsters who couldn't have normally afforded said gear. My involvement strengthened after I bought my first batch of shares in SPD at 0.62p. As everyone knows everything Mike touched seemed to turn to gold and like his monopolising of the sports business scene all across the country, his SPD shares grew rapidly and with monthly top ups during the last 5 years, I managed to amass a holding of some 27,200 shares, in excess of 180k worth. Mike's golden touch has not deserted him in the last couple years, but some of his business decisions have rankled with the public, ie appointments at NUFC, change of sponsors, and the zero contracts being revealed. Now don't get me wrong, he is still a very good businessman, and has the right to do whatever he wishes with his businesses, but it is no coincidence that since joining the FTSE100, the share has stagnated somewhat. The public, and by extension some ii's, do not like tie ups with Wonga. The zero contract problem, though totally different, is viewed by some as little more than cheap labour, as in overseas factories. All of this has had a negative effect on many who have been ardent supporters of Mike Ashley, myself included. I took the decision 3 weeks ago to cut back on my holding and invest in other stocks, not only due to the seemingly gold rush associated with SPD for so long apparently coming to an end, but also for ethical reasons. As I stated at the beginning of this post, my sole purpose of being in stocks and shares is to make money, but I need to have a clear conscience at the same time. That is just me, but I do not expect others to have the same viewpoint. I have now reduced my holding to 12,000 and will wait and see what happens in the ensuing months with both the share and Mike. ATB
12 Nov '13
share price is getting cheap like those that feel the need to earn money from Wonga.
8 Nov '13
Price hasnt risen much since entering ftse 100. How come? I thought there would be more demand?
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