The most read ShareProphets stories this week were:
Looney Tunes at BP, CEO walks after more evidence of him shagging about emerges When former BP (BP) CEO John Browne was found to have put his Brazilian rent boy lover on expenses he was forced to walk (after all expenses abuse is theft) but his supporters insisted that this was a homophobic witch hunt and he was duly made a member of the House of Lords and has become part of the great and good. One rule for 1% using company funds inappropriately, another for the 99%. Today we embark on another show of one rule for them, one for us. BP’s latest CEO, Bernard Looney, has resigned with immediate effect.
The View From The Montana Log-Cabin As Gold Settles Back But Holds $1900 Everyone is so bearish about the yellow metal. Even so, it remains within touching distance of its all-time high and held comfortably above the $1900 line closing the week at $1919 – down from last week’s $1940, but still fine by me. If everyone is bearish and it is still at this level, I’d suggest that is good news.
The Restaurant Group proposes a deal to help it own fewer restaurants I have not been a fan of The Restaurant Group (RTN) for ages and it does not surprise me that this business, with “approximately 380 restaurants and pub restaurants throughout the UK as at 10 September 2023”, has seen its shares fall by more than 75% during the last five years. And despite the fact that, at some point, I have been to one of its Wagamama restaurants, back in May I regarded the stock as a clear avoid. So am I surprised that it has announced “an agreement in respect of the proposed sale of its Leisure business comprising of 75 trading sites and associated restaurant and management team employees to the Big Table Group”?
Kefi Gold and Copper – “Saudi projects progress” update, bigger news VERY SOON Having noted earlier in the week that a further update on the company's activities in Saudi Arabia is expected to be announced shortly, Kefi Gold & Copper (KEFI) has now issued this – and including that Jibal Qutman project trenching, diamond drilling and metallurgical testwork are ongoing and Hawiah project infill and expansion drilling campaigns are ongoing. That would be further potential news flow catalysts then.
Is It Worth Flying to Rio? Probably and Here's Why Hello Share Thrashers. I’ve not commended Rio Tinto (RIO) to you before but I think it’s become worth a look. Unlike many jumbo miners, this outfit has a keen eye on future trends. And, if ever there was a strong trend that’ll climb even stronger, it’s the increasing support for green types of energy. To this end, Rio seems like an unlikely contender. But not so.
Regtech Open: the bastard son of the Supply@ME Capital fraud – the comedy continues At what point will the FCA show some shame for admitting this worthless POS with a non IFRS compliant prospectus to the Standard List with a £60 million joke valuation? The shares are now 292p valuing a loss making company with (falling) sales of £1million last year and no balance sheet at £173 million. And now there is another red flag at RegTech Open (RTOP)
Lashings of ouzo on my cornflakes, ScotGold suspended, the Fat Lady is boarding a train to Jockland Oh dear, oh dear, as the disgraced tipster Mike Walters would always say as yet another of his recommendations went horribly Pete Tong. I have warned and warned about Scotgold (SGZ) for eons, publishing leaked internal emails which showed how parlous its financial position was, something the company tried to brush off with dissembling releases. Well, today, I hear that the Fat Lady is in a taxi to Kings Cross and preparing to head north… the shares have been suspended.