The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Michael Gove orders review into corruption allegations at Teesside freeport
Investigation of Teesworks project to be led by independent panel of his choosing, not National Audit Office
Mark Brown and Ben Quinn
Wed 24 May 2023 19.38 BST
Last modified on Wed 24 May 2023 20.00 BST
Michael Gove has ordered an “independent review” into allegations of “corruption wrongdoing and illegality” surrounding a Teesside redevelopment project that is part of Rishi Sunak’s freeports plans.
But there was anger as Gove declined to act on calls for the National Audit Office (NAO) to lead the investigation, instead announcing it will undertaken by an independent panel that he will appoint, while the watchdog will have some limited role.
There have been growing calls for a full audited inquiry into Teesworks and its redevelopment of what is Europe’s largest brownfield site and the UK’s largest industrial zone.
The project, led by Tees Valley’s Conservative mayor, Ben Houchen, is meant to create thousands of jobs on land that was once home to the area’s 140-year-old steel industry.
But the scheme has been bedevilled by accusations of corruption, cronyism and wrongdoing.
The UK is set to win a battle with Spain to host a multi-billion-pound electric car battery plant in Somerset, the BBC understands
The boss of Jaguar Land Rover-owner Tata is expected to fly to London next week to finalise the deal.
Some in the car industry have described the plant as the most significant investment in UK automotive since Nissan came to Britain in the 1980s.
Tata's chairman is scheduled to meet the prime minister mid-next week.
Sources familiar with the matter say that although the deal has yet to be signed, engagement has moved from negotiations to drafting and choreography of how the landmark agreement will be presented.
Up to 9,000 jobs would be created at the Bridgwater site, close to the M5.
Well put theorist. Completely out of order for the company to post in this way. Very misleading for newcomers to be confronted with this level of propaganda. Makes you wonder whether the company is trustworthy.
Just added a few more. Bought @ 34.34, so I suspect all of the trades currently showing as sell are actually buys
Looks like Cliff didn't take up his shares in the placing
I think you're right. I've been trying to buy 3,000 shares for the last 2 days. Can't get a quote on IG and even when I try to buy on exchange, offerring the full buy price (and more than recent transcations) my order hasn't been filled. Someone is getting priority. Good luck to those already holding
I can't believe Daytrader is being criticsed. Just look at PA'S record. It's awful.
How on earth can a company with a market cap of £25m raise over £200m of debt. What bank is going to lend at 10% so that a few shareholders can make megabucks. The risk would all be with the bank. Crazy to think they'd do it.
If there's any criticsm to be levelled at a poster it should be aimed at Major Oak. He's posted 100 times in the last month. At first I thoight he was just passing on a lot of useful knowledge but what genuine private investor has the time or inclination to post as much as he does. Blatant ramping.
Innovative Eyewear didn’t pick the best year to start trading. Following its August IPO, the 2022 bear market began pushing it down steadily. The stock shed more than 40% of its value during this time. However, before noon today, it surged by an astounding 183%. LUCY stock has come down a bit since then, but its gains are still high. As of this writing, it is up 123% for the day.
One person recognized LUCY’s short-squeeze potential before the internet caught on. Early this morning, an investing-centric Twitter account sounded the alarm that LUCY had the markings of a likely short squeeze. It flagged that there were currently no shares available for borrowing and that the cost to borrow remained well above 400%. The post also noted the company’s low float and market capitalization. Investing influencer and short-squeeze expert Will Meade retweeted the post, which he dubbed an “unbelievable call” and instructed traders to follow the account rather than pay attention to Discord channels.
That said, Innovative Eyewear has been receiving significant attention across social media today. According to data from ApeWisdom, mentions of the LUCY stock have risen 200% in the past 24 hours while it has received 101 upvotes, an increase of roughly 10,000%. However, shares have fallen from their midday peak, suggesting that the short squeeze may be ending.
I've previously been critical of the way that TEK have handled LUCY's IPO but now that they've got it away, and raised some cash, I think it's great news. But I think all this focussing on the short term value of LUCY and the warrants doesn't achieve much. It's what sales LUCY does over the next twelve months, now that it's reasonab;y funded, that's imporrtant.
If LUCY is a dog then we now own less of that dog than we used to. Big deal
If LUCY is going to fly then we're now sharing that success with others - but it wouldn't have been achieved without their funding.
Looking at the current prive of LUCY and the warrants is pretty meaningless. All that matters is what sales and profits they achieve over the next twelve months or so. Then we'll know the real value.
https://stockanalysis.com/ipos/calendar/
Next Week · 4 IPOs
Filter results
IPO Date
Symbol Company Name Exchange Price Range Shares Offered
Aug 15, 2022 LUCY Innovative Eyewear, Inc. NASDAQ $7.50 - $9.50 882,353
Aug 15, 2022 REBN Reborn Coffee, Inc. NASDAQ $5.00 1,440,000
Makes me very nervous
From being a firm believer in TEK I lost confidence when they failed to get the Lucyd IPO away. Nor did I like the recent (repeteitive) fund raising by TEK. So to some extent Agc is preaching to the converted - nevertheless his approach baffles me. Why would anybody spend so much time and effort posting so many messages? Fine he has his opinion and it's reasonable to express it but why keep going on and on. Is it to deramp because he's alreadt shorting? Surely not - his approach is hardly subtle. I really don't get it.
The Naked Trader is probably right when he says bulletin boards are best avoided because they only provide positive affirmation.
I foolishly bought back in recently after selling following the failed LUcyd IPO. Now this.
More easy money for CLiffs mates.
Very repetitive and disappointing
Very thoughtful post from Johnjpjim @ 1737.
I so want TEK to be a success, althoigh I currentgly hold no shares. When I first bought I thought I was really buying into a dream and had real expectations that this might be my first 10 bagger. I liked the story, and still do, but that's all it is at the moment. RNS's come thick and fast concerning news (which is positive) but matters of real substance are not reported. I juist can't get my head around the delayed IPO of Lucyd. "which it seeks to consummate as soon as practicable given current market conditions" just isn't sufficient for an explanation of a delay after the diarised date.
And then for Simon Thompson to tell us that ther's to be a private placement of shares in Guident only 1 working day after the RNS for the final results. Come on Cliff get real.
I'm keen to buy back in when we really know what's going on.
Good point about Belluscura. Should have said that I'm a direct shareholder.
I think this is likely to be an unpopular post so I’ll put my tinhat on now.
I first bought into Tek in the low 20’s and carried on adding up to 34p. But last week I sold my entire holding at around 32p. Several thousand pounds profit so absolutely no complaints. I sold because of the lack of news about the Innovative Eyewear IPO. It was shown in the NASDAQ IPO calendar for a day last week…. And then nothing.
TEK announced their intention to IPO Innovative Eyecare and if they’ve decided to pull it then that should also have been announced. There has been speculation on this board that they may have decided to go for a trade sale instead but I would have thought that should also have been announced.
The announcements concerning Guident are obviously very positive but they also seem a bit like a smokescreen to divert attention from Innovative. Surely it would have been better to make these announcements at the same time as the Final Results (which were made at the end of April last year). The results should show a very positive increase in valuations with all the activity from Salarius and Gudent.
Why are the results later than last year? Is it because they’re getting ready for another discounted fundraising to compensate for a failed Lucyd IPO? All three non-listed investments must have high demands for cash.
Why did Brighty republish a YEAR OLD interview with the headline that all 4 companies are to be sold or floated within 2 years? Pump and Dump?
I’m keen to buy back in but before I do there needs to be some clarity about what has actually been achieved. Happy to sit on the sidelines for a while even if I miss out on some short term gain.
Interesting article that I came across, I had no idea that driverless taxis already existed. The article is a bit pessimistic about human re-action but I take this as a positive opportunity for Guidant
https://www.morningbrew.com/emerging-tech/stories/2021/08/23/patch-arizona-everyone-knows-waymo-use?utm_source=morning_brew&__cf_chl_jschl_tk__=pmd_zXOskW8h118Sp5mfnqopL4RY.5FGPsxOpywnqi_FuEA-1629735469-0-gqNtZGzNApCjcnBszQgl