You have to pick these documents up in person. Luckily, I know a man who knows a man in Australia and thus I bring you legal documents which cast a very big shadow on London listed carpets roll up Victoria PLC (VCP), which at 534p is capitalised at a bonkers £634 million.
Two weeks ago today at Sharestock, I spoke about Victoria Carpets Plc (VCP) and outlined the reasons why I thought it still had the makings of a good short, despite its fall from £12 in January when I last wrote on it. Although the stock closed yesterday at just 427p, the share price gyrations of the past fortnight underline why I stated that right now might not be a great time to open the short. The shares raced ahead post Sharestock but are now 53p below the share price then.
A couple of weeks ago I pondered how Victoria (VCP) would or should respond to a quite devastating bear dossier from Iceberg Research. In a way it has played the attack cleverly but actually its response makes the stock even more of a sell.
Short selling outfit Iceberg recently published a bear dossier on carpets roll-up play Victoria (VCP), which I reposted on this website HERE. Writing to you from Greece, I am not aware if the deadwood press is taking this matter onwards as what Iceberg wrote was very punchy indeed and I am sure that Victoria’s PR spinners will be using phrases involving the dreaded L word (lawyer) to any of the spineless 4th Estate hacks who ask questions.
Lucian Miers has been banging on about Victoria (VCP) for years, but today short selling outfit Iceberg has released a damning report suggesting that the £380 million capitalised company has misled investors with fraudulent acquisitions, cannot generate cash and is drowning in a sea of unsustainable debt. It queeries the business dealings and track record of main man Geoff Wilding but publishes a picture of his $65 million superyacht. Anyone reading the report ( below) who is not short is missing out big time.
These shares are already lower since this article first appeared on the N50 website just yesterday but they look to have much further to fall as, at last, it seems that we might have reached a point where equity fund managers, suddenly fearful rather than greedy, are taking a look at their portfolios to have a closer look at exactly what they hold.