Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Teela, nice post. Most of the posters on Blueshare are holding on to the end, myself included. ATB
Good post Teela
I'm not well researched here, but this was Evil's piece from 1 June fwiw which sketched a "valuation" of the legacy assets, and is the only attempt I've seen. I'm minded to hold for the time being.
https://masterinvestor.co.uk/evil-diaries/evil-knievil-sympathy-for-the-devil/?mc_cid=7d48b8f5f1&mc_eid=340be254f4
It is my view that as Watchstone winds down and returns cash to shareholders that most investors are overlooking a possible source of value.
On 29th August 2019 an RNS entitled "Counterclaim against Slater & Gordon (UK)1 Ltd" was published.
The RNS related to the conduct of Slater & Gordon through their agent Greenville & Co together with Price Waterhouse Coopers who were acting for Watchstone in regard to the sale of PSD.
The RNS points out:
"...an illicit back channel that Greenhill & Co ("Greenhill"), a corporate finance adviser to S&G, procured during the period of due diligence and negotiation with Watchstone's then group restructuring and technical accounting adviser, PricewaterhouseCoopers ("PwC")...”
" ...thereby gaining an unfair advantage in those negotiations, which it exploited in order to purchase the PSD at a lower price than it would otherwise have had to pay..."
" ...and did cause, Watchstone to suffer significant loss..."
The sale of PSD was for £634(?) million. The question then arises: in relation to £634,000,000 what is a "significant" loss? My guess would be 10%. It might be higher, it might be lower.
Should Watchstone instigate proceedings to retrieve £6.34m and be successful, this would we equate to 143p per share.
I raised this issue with Mr Borson and he kindly replied:
”...we stated in Mr Rose's update: "During the course of the S&G litigation we identified claims against other third parties which we are pursuing."
This remains the position and I am not able to say more than this at this stage. If a claim is commenced formally it will be publicly announced. Any decision we take to launch legal actions comes after a detailed consideration of the merits of the claim and the costs associated with such action. Rest assured where the claim is meritorious and valuable we will take whatever action is required to recover losses or damage.
Please keep an eye on RNS's for updates on our remaining legacy matters.”
Interpret this as you wish. I've made a small top up.