I commented previously about Reabold (RBD) and the undisclosed recipient of 420 million shares handed over as consideration for the acquisition of Gaelic Resources Ltd and the large share transactions on 31st January. Yesterday’s TR1 confirmed that Miton was not the seller. So that only appears to leave one option – the recipient of the 420 million shares. With no appropriate disclosures it’s time to write to the FCA – so I have.
Given the abject performance of the Miton Smaller Companies Fund managed by Gervais Williams, driven by a combination of utterly dire stock picking and mass redemptions, I have more than once suggested that Mr Williams has the potential to be the new Neil Woodford. But today I can reveal that Williams is performing a trick used by Woodford and it is one that his ACD and the FCA should be investigating with some urgency.
Here is a question for you and the answer is not Neil Woodford although it could be. Who said recently that: “easy, positive trends for markets have lulled our clients into a false sense of security”. Hmmm might it be a fund manager whose flagship Smaller Companies Fund is down by 16.2% over three years while his peer group shows average gains of 22%? Yes indeed, it is the clownish Gervais Williams and data just out on his fund is, again, shockingly bad.
Although my main focus is in the oil and mining sectors, I do also follow quite a few shares which don’t fall into this category, with Hostelworld (HSW) being one of them.
Clue, the company's shares are worth 0p. I then look at why Falanx (FLX) needs to a) fire its broker and b) discourage its chairman from making pitiful share purchases. Then it is onto the mounting problems for Gervais Williams. I really do wonder if the Miton Smaller Companies Fund will see out the year as the spiral is becoming truly vicious. And what of the contagion risks?
The fact that the Miton Smaller Companies Fund has collapsed in value by around two thirds since the start of 2018 is pretty remarkable. It must be a real embarrassment to City grandee Gervais Williams who runs the fund. But his real shame should be in how the money was lost.
Having parted company with toxic David Sefton and Lyin’ James Berwick could things get any worse for Anglo African Oil & Gas (AAOG). With cash very tight and the Fat Lady already gargling in the wings surely not? Well actually yes.
Steve Moore and I have been perma bears of software dog Corero (CNS) for many moons. Of course some folks knew better, notably City investors Miton which built up a stake of 15.89% across two of its funds. Then last week Corero issued a shocking warning which Steve covered HERE and I covered HERE.
I3 Energy (I3E) has had a bit of a bumpy ride of late, largely thanks to some untrue rumours which were being spread by certain individuals on social media, but the uncertainty has now been resolved following the latest news from the company...
For 18 years Gervais Williams of Miton has been one of the UK's top small cap fund managers delivering an annualised return of 8.7% over that period, almost 2 points per annum better than the market. Miton (MGR) is itself listed and has been a good share to own. So what is the secret of Williams' success and what small cap shares is he buying or selling right now?
Forget all the blather about how Falanx (FLX) will use the £4 million net raised at 3p to grow its business. Interim results for the period to 30 September show that it was almost out of cash. It is thus quite infuriating for the company to state that it has raised the cash “in response to institutional demand”. Whoever wrote that should be hung, drawn and quartered and have their head placed on a spike outside the Stock Exchange as a warning to others who sput such obvious bollocks via RNS. To the results first...