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Memo to Telit's Nomad FinnCap - have you been following the African Potash tale? How big is your PI cover?

By Tom Winnifrith | Tuesday 8 August 2017

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.

By now the newly appointed Nomad to Telit Communications (TCM) that is to say FinnCap will be very much aware of the confusion about its CEO Oozi Cats whose real name is Uzi Katz and his Mrs, Ruth Veronique, and a couple of fellow Israelis with the same names and birthdays who took flight/skipped bail to avoid facing trial for real estate fraud in Boston in 1991. Natch this is all a big coincidence.

But were it not to be I would urge FinnCap to consider its position very carefully in light of events at African Potash (AFPO). I am in no doubt that shares in Telit will soon, like those of Potash, be essentially worthless. And thus investors who have done their conkers are, within days, set to sue Nomad Cantor Fitzgerald for its negligence in signing off on massive claims that were in fact porkies.

Now were the Catz/Katz affair not to be a tremendous coincidence ( which of course it is) and were Finncap not to step in to stop folks buying shares by getting the shares suspended or by forcing the truth out do you not think that the African Potash case would be an interesting precedent?

In the case of Potash, Cantor is on the hook for, perhaps, a few million quid. Telit is currently capitalised at £230 million. I am sure FinnCap has Professional Indemnity cover but for how much?

But of course this is all a big coincidence is it not FinnCap?

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