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PERSONAL, UNDILUTED VIEWS FROM TOM WINNIFRITH

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Why a research note from a house broker is just so much shite - possibly the worst note of 2017, Arden on the Mercantile Norfolk

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- Tom Winnifrith

The house broker on AIM earns its money not from investors but from corporates. It banks £2-4,000 a month as a retainer and then makes 5% commission on any funds it raises. Lovely jubbly, coke and hookers all round. Of course that makes its research less than impartial. Prostitutes do not tell their clients that they have a small dick and so you would not expect Arden Partners to conclude that shares in Mercantile Ports & Logistics (MPL) are worthless crap, which they are. Welcome to a strong contender for the worst research note of the year to date.

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