Member Info for mole_man99

Mole is me Billy. Cleared out of Glen after years of holding in the the great virus market rout, probably not to return. I am trying to avoid companies that seem to attract trouble, deliberate or otherwise, regardless of their prospects.

I got the RNS by being registered with LSE, as in London Stock Exchange. Get a free account and a virtual portfolio, and you'll get email notice of any RNS.

Others on my 'just too miserable to own at any price' list

BP. Accident prone
VOD. Too much debt
RR. Cumbersome beast can never make best of the good times
FXPO. Dodgy 52% owner that Ukraine want rid of
LOOK. Car salesmen. What did we expect. Fraud, and lots of it.

Got an RNS that does not seem to be on RNS live tab yet. Swiss opening criminal investigation.

Glencore has today been informed by the Office of the Attorney General of Switzerland (OAG) that it has opened a criminal investigation into Glencore International AG for failure to have the organizational measures in place to prevent alleged corruption in the Democratic Republic of Congo currently under investigation by the OAG.

Glencore will cooperate with the investigation by the OAG.

Latest loss announced brings the total losses of shareholder funds from 2012 to £49m. An olympic performance.

Tangible NAV PS is 23p.

Ahh EMED. How I remember the forum, on iii t the time, full of 'this is a 10 bagger' etc.

My £500 invested is still about 75% down. I kept it to remind me.

>seems to be getting very close to how it was performing pre-pandemic

You are correct. It is returning to losing £5m a year and burning cash like coal in a boiler.

Hardly any float left to trade (Pheonix own it all) so the price never moves. At least it doesn't fall I suppose.

Wonder why the analyst didn't 'back up the truck' when they plunged in the first wave virus panic.

A good company with a premium valuation can keep that premium as long is it keeps doing it's thing.

With no reason for divi hunters to stay in for a few months, the market is back to rating VOD on it's debt pile, losses, and the fact it will need to raise more debt to pay the next divi.
What a thing.

Can't think of a specific example of company that delayed accounts due to expanding fraud issues, suspended shares, then came out the other end smelling of roses.
So much going on here from frauds, weak or zero management, to industry wide issues that it is hard to see any good outcome for PI's.
Mis-selling investigation yet to start.

Probably best not to leave funds tied up in this now. The risk of additional nasty news while shares suspended, trapping you in any downward revaluation, is too great.
The issue with this company has been the people and bad management. COVID diverted attention from real problems surfacing before the lockdowns. They still have alot of mess to sort through like that often forgotten ppi thing you mention.
If you like risk with potential upside, there are many others to swap your funds to that you can at least trade. Anything but look basically.

MARS was a merger with Carlsberg on brewing. Pubs are excluded. Nobody wants eateries right now, so I doubt there will be a takeover.

Occidental sued by shareholders over losses. They say they concealed it's inability to weather plunging oil prices due to cost of Anadarko takeover.

In this crisis, it felt like OXY was the USA version of Tullow.

https://uk.reuters.com/article/us-occidental-lawsuit/occidental-is-sued-by-shareholders-bondholders-over-anadarko-merger-idUKKBN2332WY

She's riding a wave of enthusiasm for gold. Expect another huge find followed by a placing soon.

WTI at least certainly feels like it has gone off the boil. The excitement surrounding contract close day, today, has come and gone. Price did not collapse, but has sagged end of session. I expect it to be kept down to stop shale firing up again and tipping the market into massive oversupply.

I am more attuned to WTI than Brent, but I expect the feelings cross over from one arena to the other. I am expecting a sluggish month in oil prices. The market sentiment swings by the hour. Vaccine coming, oh no it isn't. lockdown easing, cases now rising. UP down up down.

Hi DanielH

I really don't think I need to explain them. You just read the balance sheet. It's there for everyone to see. Accumulated losses are exactly that. It stays afloat due to the money investors have put in. See the section in equity 'additional paid in capital' €152bn.

My point regarding the div is investors must put money in to get it back as a divi. That is how this company functions.

Maybe they can turn it around and start to make large EBIT, leaving a genuine surplus after tax and interest to pay off debt and pay out a divi.

At least the historic losses give them a large tax credit to work through. $23bn.

Glad to see the debt being debated. It's going to be a tremendous drag on their prospects is my thinking, which will suppress the SP.

I pointed out the accumulated losses as it demonstrates their difficulty to pay down the debt, or even control it. The accumulated losses show a long history of loosing money. It keeps going by raising more and more debt.

Seems odd to pay out a divi in this situation.

Sorry to ignore you all and not reply to conversation. Got fixated with oil trading. Been a busy week.
As Toonman says, it's all there in the balance sheet.
Vodafone has lost €120bn so far over the years. It's all grouped up and put into the accumulated losses for shareholders equity.
A sale of the masts may help to bring debt down, but really thay need to start making consistent sizeable profits, or the debt will just get bigger and bigger.

WTI June contract won't go negative. Trader's are not that daft to fall in the trap again. Futures pushing up cross the board. They can see demand/supply balancing.
The price will be subdued until demand has really caught up, or the shale rigs will fire up too soon and cause a problem again.
Surprised to check in here and see a decline. Oil has been very bullish today.

It's just debt machine for paying divi's. €74bn near enough (gross not net), and then there is the small fact of €120bn in accumulated losses.
It can only function if it can keep increasing debt. They have a grand plan to keep it under X4 adjusted EBITDA.
Adjusted EBITDA, management code for losses minus the stuff you want to ignore.

I remain bearish. That debt looks unmanageable now. With no profit to speak of, they'll just need to keep adding to it to keep up the obsession with the divi.