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City of London - It only broke the law for 7 hours 24 minutes: Andy Crossley returns

By Tom Winnifrith, The Sheriff of AIM | Tuesday 23 August 2016


Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.


This is bizarre if somewhat academic. AIM Listed City of London (CIN) has no cash and - almost certainly - negative net assets and thus it is bust and is worthless as explained HERE. But it was - as of 7 AM - today also breaking the law, well the 2006 Companies Act when Jason Granite quite as a director. PLCs must have two directors so as at 7 AM City was breaking the law. Not that AIM cared.


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