The stockmarket closed at 12.30 PM yesterday (New Year’s Eve). By 1.30 PM PM only really sad geeks (i.e. me) were watching RNS streams. Step forward ISDX listed crony capitalist venture Hot Rocks Investments which announced its interim numbers at 1.55 PM.
Chairman Brian Rowbotham said he was “pleased” to announce the numbers. Why was he “pleased”? The numbers – as you would expect from a company that sends out news at 1.55 PM on the half day that is New Year’s Eve – were crap.
Having written down the value of its investments (in tiny Aim and ISDX listed resource stocks and pre IPO ventures) yet again the reported loss was £348,834. When net assets at the period end (30th September) were a mere £1.511 million that sort of loss is pretty meaningful (and shockingly bad).
But Hot Rocks is confident about its portfolio, especially pre IPO Elephant Oil in which it has a 10% stake. One of Elephant’s directors and a key shareholder in the enterprise is Gavin Burnell who just happens to be the contact name on Hot Rocks release. Burnell is a director of Hot Rocks and its driving force.
What next?