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Evil Knievil goes short of Sefton – what took the old boy so long?

Tom Winnifrith
Monday 8 April 2013

My only question is why it took Britain’s fattest bear raider so long to go short of Sefton (SER)?  But it appears that Evil is now short. He has posted the following on the ADVFN Bulletin Board today:

Gentlemen,

I have shorted Sefton this morning. Surely, the situation is hopeless. It has perhaps £600,000 left (wasting money on fanciful litigations and God alone knows what other drivel) and is spending it at £200,000 a month whilst showing no prospect of trading at a profit before overheads. Only a lunatic would hold shares. Certainly, no sane Nomad will stay with Sefton.

Simon Cawkwell

Ends.

I think EK has got his sums wrong. I reckon that cash net of liabilities (including huge legal bills round at Pinsent Masons) is now sub £500,000. But Evil is correct on the cashburn (in fact he may be underestimating it). I reckon that my target price of 0.01p or worse will be reached by June,  that is if the shares are not suspended – as they should be – first.

The share price is now at an all-time low of 0.465p. It is only going one way.

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About Tom Winnifrith
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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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