Going to predict tesco will be £2.07+ or thereabouts just after results!
-Serious support in the late £1.80s (Check) - SFO fine has been hanging for a long time, now its out the way and actually quite small. Uncertainty is cleared up. (This will take it back towards £1.95-2 IMO). (Check) - Followed with results which I expect will show really good progress. (Back to £2.10ish) (TBA)
Sief: Why do you ALLWAYS confuse Past & Present BODS together in your comments? Perhaps with all your Desert Adventures you didn't realise they have had a new BOD for years now. BTW, what name do you call your camel?
I agree. These two guys have explained their rationale and sounds convincing. It also chimes with what I have been asserting - namely, that Tesco needs to clear up its own house before embarking on expansion. Juggling both at the same time, chances are both will suffer as a consequence. On this basis, after the speculators have kicked the stock around a little, I will start shorting again. I never expected to come back so soon, but Tesco's management is mediocre at best and, more tellingly, clueless:
(ShareCast News) - Tesco will pay a £129m fine to the Serious Fraud Office and has agreed to a finding of market abuse by the Financial Conduct Authority for overstating its expected profits in a trading update in August 2014. Following months of talks with the SFO, the supermarket giant has reached a deferred prosecution agreement, which means it will not be prosecuted as long as it meets certain requirements. Tesco has agreed to pay compensation to investors who purchased shares and bonds in the company on or after the 29 August 2014 and who still held those securities when the statement was corrected on 22 September 2014. The compensation scheme is expected to total around £85m plus interest. FCA chief executive Andrew Bailey said: "Dissemination of information that gives a false or misleading impression as to traded securities harms the integrity of our markets. The FCA is committed to UK markets being fair, transparent and thus competitive. "Tesco and its board are doing the right thing here, taking appropriate responsibility and agreeing to rectify the consequences of the misconduct. They have cooperated fully with us and this sets a good example for the market and so is a good outcome for Tesco and investors." Meanwhile, Tesco chief executive Dave Lewis said: "Over the last two and a half years, we have fully cooperated with this investigation into historic accounting practices, while at the same time fundamentally transforming our business. We sincerely regret the issues which occurred in 2014 and we are committed to doing everything we can to continue to restore trust in our business and brand."
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