Sunday 22 July 2018 | ShareProphets: The one stop source for breaking news, expert analysis, and podcasts on fast-moving AIM and LSE listed shares
I ended my most recent piece on RM2 International (RM2) with a suspicion that Woodford was getting tempted to support these guys one last time and today a $36 million placing at 1p was announced, pretty much wiping out the existing shareholders and leaving him holding 67% of this uber-dog!
It’s amazing what can be done when one’s back is against the wall. For the third month running, the guys at RM2 International (RM2) have found some cash from behind the sofa and can put some money in the meter. Its RNS this morning is its most upbeat in a while although I'm not sure it will alter the long-term outcome.
Look, I’m trying to be nice. We were last told that it could be tits up for RM2 International (RM2) by the end of January and today we heard that it has found enough cash down the back of the sofa to last until the third week of February. Good news! The reality is that this is a cash guzzling uber-dog and highlights the predicament that Britain's most conceited fund manager Neil Woodford has got himself into.
A week ago, I noted that news was due from the disruptive pallet manufacturer, RM2 International (RM2) and doubted that it was going to be positive. Well, it finally came out yesterday and I wasn’t disappointed although assume Neil Woodford and the long suffering shareholders of this and his Patient Capital Trust (WPCT) probably were.
If I was Neil Woodford I would wake up each Monday morning thinking, for the love of god, please can this be the week with some good news to come out of the Woodford Patient Capital Trust (WPCT) portfolio. Unfortunately, I don’t think it will be this week as it looks like crunch time is approaching for the “disruptive” pallet-maker, RM2 International (RM2).
RM2 International (RM2) gets the silver medal in the Results Preview five horse race having released its interims this morning. I was keen to see progress on the funding but there is nothing definite on that front although there’s nothing to worry about out as the management have got it covered – yeah right!
I’m continuing my look at forthcoming interims with the horror show that is the Woodford-backed RM2 International (RM2), first pointed out as an excellent bear tip by Graham Neary (HERE). One has to ask what the hell was Woodford thinking here?
It was my great privilege to speak at The UK Investor Show this year, along with the illustrious bears and short-selling raiders Lucian Miers, Matthew Earl and Gabriele Grego. For my choice of bear tips, I again went for the easy target of Fastjet (FJET) (down by over 70% since I first mentioned it in November 2015), but my new tip was the rarely-discussed pallet company, RM2 International (RM2).
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