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When bear raiders Boatman Capital savaged Babcock (BAB) with its first report, Babcock tried to play the man not the ball, casting aspersions on its anonymous critics but history has rather vindicated the bears not the board. Now Boatman has produced a second report, focused on the need for further write downs and on the complexity of the company's structure. The report, in full, is below.
Bear analysts Boatman Capital made the schoolboy error of leaking part of its report to the Sunday Times. The deadwood press is part of the problem not the solution. Thus the Sunset Times scuttled off to Babcock (BAB) allowing the company to spin its side and the paper to run a piece slating the bear commentary. Such is the sordid state of financial journalism in Britain today. Anyhow for what it is worth the full report is now out and Babcock shares are starting to slide despite the company’s spinning c/o the deadwood press…
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