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What I have learned over the last few years with this share and a few others is, bet on the Jockey and not the horse. If the management team don't tick the right boxes, and the market has no confidence in them, the share price will get crushed. Its a safer bet to find the best people rather than the best companies - as these people will drive the business in the right direction. I was doing it the other way round, and looking for up and coming companies.
Now on the up :)
Within 90 days plus interest they will have to repay the entire outstanding balance, not to mention the agreement is now terminated - plus Canmax hold 14% which could become a firesale - the FM may protect but looks dodgy at best here
As an accountant, and working with auditors, no firm of accountants will sign these accounts off without the issue with Canmax being resolved - as it brings into question if Prem is a going concern. Share suspension is highly likely in my opinion.
I'm not gloating but I sold a few weeks ago when George said that the targets had not been met - and for that reason only. I had expected the price to tank, but to be fair it rallied well and I should of held my nerve a bit longer - but you live and learn. As someone who is looking from the outside in, I am looking to get back in, but with the volatility I am hanging fire until it settles - high risk high reward I know, but too much uncertainty.
S Mike Cashley has bought a 5% stake in Boohoo, who sold him the shares? I didn't. Or were these shares that are freely available to buy. After a £22 million purchase - the share price has not changed . Why?
I am taking my profit and running, it is the only sensible thing to do. I can buy back in at a later date. But this is going south for some time to come. As soon as you lose credibility, its a long time getting it back.
Hopefully last week was the bottom, yes there will be ups and downs, but hopefully the bottom has been reached and a slow and steady rise. Inflation and energy costs coming down, a general election next year with potential for tax cuts means there is room for optimism.