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Aqua
Same old same old, I don't consider that to be a huge issue tbh. All these governance issues will be clarified sooner or later. Margin calls may have been called. It doesn't necesarily mean that the underlining business(es) are not doing ok. I'm more interested in the performance of the group itself and according to what we know as at today FIN seem to be doing more than fine. No reason to assume there are any accounting irregularities here only because they were found at NMC. Different company, more regulated financial services industry and listed fairly recently meeting all the FCA rules. FIN has never been under any scrutiny, no suspicions, nothing. Excellent performance to date. We just suffer because of Shetty's involvement and the chain of recent events: cyber attack & coronavirus. Everything in a very short period of time. Great buying opportunity at current levels and certainly no reason to panic.
KOH
I admire your confidence KOH, especially as the Market open End of Feb date has now elapsed with no clarification re ownership forthcoming and all directors still in place.
"As an update to the Company's announcement on 9 February 2020 in relation to purported arrangements between Dr BR Shetty, His Excellency Saeed Mohamed Butti Mohamed Al Qebaisi and Khaleefa Butti Omair Yousif Al Mulhairi, the independent directors of the Company have continued urgently to seek further information from the Shetty family to clarify the position as to the respective interests in the Company's shares, including through the issuance of formal notices under Section 793 of the Companies Act 2006.
The independent directors have been informed that the Shetty family and their advisers are not yet in a position fully to respond to them but have undertaken to do so as soon as possible. The independent directors are seeking to resolve the position by the end of February 2020 at the latest."
Simple. Drop well overdone. Market always overreacts. All fear and uncertainty. Nothing wrong with the business. No scrutiny, no suspicions, nothing. All ricochets from NMC. Realistically, it should never have dropped below 100p in the first place. Travelex back and running. EBITDA 183m in the first 9 months, EBITDA for the whole year will likely to be well in excess of 200m. Current market cap: a little over 400m. Ridiculous. It has to re-rate at some point. With a solid trading update, Travelex and other temp issues sorted this has to be worth +150p easily. IMO.
KOH
My best performing stock today!!
60.87 - 60.97
60.69 - 60.90