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The Daily Telegraph tipped Conviviality recently as part of their Inheritance Tax portfolio - at a price of around �3 & i think "Hey, that's pretty cool advice". Say your estate was �525K and you put �200K into CVR and hey presto - within a matter of weeks you have solved your IHT problem. No need to worry about the 2 year holding period. That is some tax planning!! Seriously though looks probable we have something like a 3:5 Rights at 50p imminent. Could be worse.

The basic question here is, "are the fundamentals sound?" If so the company will survive in some form or another. What value remains to current shareholders, either now or in the future, is another question.

The very sensible, indeed necessary decision to cancel the upcoming dividend payment means forecast covenant debt at end April is now forecast at �105m. At this level, unless PWC discover further issues, the covenant test should just be met. Discussions with HMRC will be ongoing but a phasing of the �30m payment looks likely. Nonetheless i expect any return to market will be accompanied with some form of fundraising - certainly a significant discount to the suspension price. Maybe a strategic investor with the comfort that the books have by then been thoroughly trawled through. I do not think this to be fraud by the senior management - what would be the point with the tax pay due imminently? What would be the gain? This seems to be, let me put it politely, a failure of basic competences. Of course the CFO must go - after all this was his responsibility. As for the CEO, if she survives then she needs to restore her reputation. It is going to take time - let us just hope that the luxury of time is granted.

"There are none so blind as they that cannot see" And the market seems unwilling to recognise that in Amryt we are probably witnessing the genesis of a significant niche pharmaceutical company. Management is excellent and well regarded. What other junior pharma could approach a former competitor and get them to share data? It is difficult to overstate the potential of the in-licensed gene therapy technology. Many of us, having wondered about the prospects of AP101 in partial thickness woulds are now getting meat on the bone. We have been given a clear expectation of further in-licensing deals in the months ahead - most probably to build on the marketing infrastructure created for Lojuxta. There is the enticing prospect here of looking back in a few years time and saying "I was in at the beginning"

Very sensible move to cancel the interim dividend but will not exactly improve sentiment.

I agree that this does appear to be a timing issue but is nonetheless pretty basic. Time and time again nowadays companies admit to huge errors that have arisen simply because they have blind faith in the beautifully produced columns of figures spewed out by the expensive IT systems. Nobody actually bothers to "count the cash". There is a saying "rubbish in = rubbish out" In times gone by when Olive in Accounts painstakingly added up the books and reconciled everything these things were far less prevalent. As to loan covenants it seems as if they might just squeak inside but, nonetheless I anticipate a Rights or Placing which, on a falling share price will mean uncomfortable dilution for current holders. Cash is clearly tight at present and the implication is that the shops may face some gaps on the shelves which will impact short-term trading.

Anybody [like me] who takes buying by the CFO as some sort of sign is going to have any such faith severely shaken by this. First of all he has admitted that he cannot add up & now he looks down the side of the sofa and finds a bill for �30m he seems to have forgotten about. Don't suppose he as careless when checking whether his monthly salary has gone into his own bank account! Of course director's remuneration packages are now referred to as "compensation". Presumably compensation for getting out of bed in the morning & obviously not extending to any degree of expertise & efficiency.

At least we didn't have those doom-laden words "Pending clarification of financial position". So what could it be: fraud investigation ? - funding issues ? - suspension of officer[s] ? - approach to company ? Who knows, but we are very soon going to find out. It this is something seriously bad then it puts recent director buys in another light - ie they really would be shown to not have a clue !

This announcement, coming less than 2 months from year end raises serious questions. Earlier director's buying shows that they have fooled themselves as much as fooling the market. How could they have got figures so wrong in the CURRENT period? I imagine an uncritical acceptance of figures spewed out of their information systems - beautifully presented columns of figures are not a total substitute for counting the cash. The alternative is inappropriate or fraudulent reporting which would raise even more serious concerns. It all leaved an unpleasant smell. I lot of soul searching and a lot of bridges to be rebuilt lay ahead.

Flybe are at an interesting inflexion point in the turnaround under the new CEO. Just at that point where a cute bidder will pounce. So much dissolution from the past that Stobart will hope to get this cheap - say 55-60 but i doubt the board would recommend this. I suspect they will want 75 minimum. This is when the hard talking takes place. An all share offer with a cash alternative would be the ideal - then anybody who is persuaded by the future potential can stay in. Of course, if a rival bidder emerges, there could be hope of �1. Undoubtedly Flybe will be casting around for a White Knight.

Cambria Africa is, to all intents, Payserv. Logically the two entities would merge - a big chunk of duplicated overheads would disappear & the company would be renamed Payserv Africa. This would raise the Payserv profile & assist it in driving it's progress. With a re-energised South Africa and the potential of cross-bordering the prospects for Payserv are bright. Millchem could be retained as a subsidiary and, hopefully, along with a Zimbabwean industrial renaissance, nursed to profitability and potentially a future spin-off. We still await the August 2017 finals and maybe there will be a strategy update then. With Zimbabwe in the process of being restored to democracy & it's neighbour released from the malign influence of Jacob Zuma the prospects for this tiddler are bright indeed.

Re the RNS of 15 Feb does anyone know how many Convertible Notes remain? Also, as to conversion terms, I was under the impression that the discount to the prevailing price only applied for the 10 days following admission - this has now passed. The Admission Document is almost incomprehensible. I have emailed the company suggesting they issue clarification. Does anybody amonst the PI's understand this?

Half year results today & they show a clear strategy being executed with skill and determination. The company seems to have slipped off the radar but with a market cap of only some �28m it appears to be clearly undervalued, even when accepting that risks remain. I am a holder & am very encouraged with progress.

It has been a long haul but the facility is virtually complete & the first major customer ready to initiate operations. More customers are of course needed but the medium & long term forecasts for the Indian economy are very bright [better, one may posit, than the car-crash of Brexit Britain]. And what is the market cap - �25m - peanuts really. The last financing was at 10p & that must be the short term price target.

Balance Sheet strengthening exercise or not, as far as i am aware the proposed Rights Issue remains unpriced. With plunging markets this increases risk. Undoubtedly the RI will go ahead, but at what price?

Today's RNS: Another accounting scandal. External auditors do a forensic examination. Should we not expect the annual audit to uncover these things & not rely on whistleblowers? Auditors should be terriers not poodles. Sadly life is two comfortable for the "Big 4" - what with the combination of handsome audit fees & lucrative consultancy fees can they still be considered independent - or are they now just part of the whole rotten, broken system?

The Rights Issue is underwritten but not priced. I call that a "hostage to fortune". Anyhow, now the board can start working on their so called "compensation packages". The sackfuls of salary, bonus schemes & options that persuade them to get out of bed in a morning. Me a cynic! Dead right i am.

Were these buys or simply late repo Could be these were simply late reported trades

So, Mr Lewis reckons that "there is a lot to be excited about". He wants a business that "constantly delights it's customers". Like up to now it has constantly delighted it's shareholders - me not one, thank God.

The up-to-date position is given in the results announcement of 25 Jan. The earlier announcement of the Sentiance investment constituted a 14% equity holding. They are now in talks to increase the investment & intend a placing at 50p to finance this. A standard listing will follow. Holders will still be on tenterhooks until all of this is finalised but looks positive.