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If Sefton Resources wins – proper financial journalism loses

Tom Winnifrith Tuesday 26 February 2013

 

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Sefton Resources is an AIM listed company which I only encountered in the summer suggesting that the shares were ludicrously overvalued at north of 2p. The shares are now south of 1p and yesterday it issued an RNS saying that it was suing me for libel and reporting me to the FSA for a breach of the FSMA of 2000. Whatever.

Its contention is that I have accused it of misleading investors and lying and it cites several articles where I have, allegedly, done this. If it could prove that this allegation is without basis that would be libel. I am not sure where the FSMA comes into it since I have no position in Sefton but I think that there is a clause in there about knowingly disseminating false information. There is just one flaw in Sefton’s reasoning…

A main bone of contention is my analysis of the interims released on September 11th 2012. And I quote from the piece that I wrote then and which I have no intention of withdrawing:

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Tom Winnifrith is the editor of TomWinnifrith.com. When he is not harvesting olives in Greece, he is (planning to) raise goats in Wales.
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