47 days ago
Investor, Lawrence Lepard, states that Russia’s actions will likely drive the price of gold, as we’ve reached a tipping point not unlike in the 1970s. Putin is hitting back economically: the theft of reserves was a clear warning to many countries. Thus, the Ukraine/Russia conflict is not only military but economic.
53 days ago
Only kidding Elric, the bit about Optibiotix (OPTI) is at the end. Before that I discuss bear market funding economics (it is more interesting than it sounds) c/o Luke Johnson, Russia & Ukraine, ADM Energy (ADME) and its pre bailout placing spoof, Vast Resources (VAST), Versarien (VRS) and then matters to keep Mr Lemming happy.
56 days ago
Anyone dissenting from the GroupThink frenzy – one whipped up by our leaders and the mainstream media – is dismissed as a Putin asset, a Russian poodle and an apologist for fascism. Thus, one must believe that Ukraine is the epitome of angelicity, and that Putin is indeed committing war crimes against civilians, the likes of which we have not seen since World War Two.
60 days ago
Imperial Brands (IMB) has announced an update on its actions and impact of Russia’s invasion of Ukraine, concluding on Russia “an orderly transfer of our business as a going concern would be in the best interests… have begun negotiations with a local third party about a transfer”.
70 days ago
There was no Bearcast yesterday as I was a) knackered after a tough Rogue Bloggers for Woodlarks training walk and then b) a bit pissed after Ireland’s triumph over the infidels. You can now donate to the 2022 Rogue Bloggers walk on June 11 HERE. In today’s podcast I discuss Optibiotix (OPTI), a long chat with Steve O’Hara and an, in my view, mistaken, but for him massive, call by Lemming Investor. I also cover SkinBiotherapeutics (SBTX). The Russia/Ukraine podcast I refer to is HERE
72 days ago
Again I present this as a counter viewto a one way traffic in the MSM. I can’t say that I agreewith all of what follows. Libertarian commentator Tom Luongo does not hold back.For starters he believes social media should be reserved exclusively for puppy and unicorn videos. As a hardcore libertarian he believes in human rights and is therefore against war as a matter of principle. Wars support the state and they are the worst possible outcome of human interaction. He says that the Ukraine war is full of disinformation and bias from the media and as always the first casualty in war is the truth and that Russia appears to generally be less biased in its reporting. The Russians feel this is the least bad action they can take regarding Ukraine at this time.
74 days ago
All credit to Palisade Radio for this podcast with Peter, a chap on the ground in Russia in St Petersburg. You will not hear or see this sort of thing in the mainstream media as we now hear only side of the conflict and anyone suggesting there may be another point of view faces a firestorm of hate. Peter has a background in economics and finance while also being a private investor in both stocks and cryptocurrency and was just old enough to remember the collapse of the Soviet Union and recollects the emotions of family during that time.
78 days ago
This morning’s RNS from Eurasia Mining (EUA) smacks of desperation. It’s missing any update on the only topic that shareholders are interested in: the sale; or the “liquidity event” as Eurasia referred to it in its 14th of February RNS. We’ve repeatedly highlighted issues with the supposed sale here on ShareProphets, but it should now be crystal clear that the political risk in Russia is off the chart, meaning that no non-Russian company is ever going to buy a mining asset in Russia! And any Russian company will simply do what Putin tells them to do.
78 days ago
Analyst Luke Gromen of Forest for the Trees makes this clear. The media may tell you that sanctions will hit Russia but they are also going to whack the West.
78 days ago
Eurasia Mining (EUEA) which was only recently being touted for sale by Russia’s VFB Bank, now facing Western sanctions, has insisted that the new Western sanctions will have no impact on its operations. Whatever you say comrade Schaffalitzky.
89 days ago
So Russian troops have” invaded” the Ukraine. Well to be accurate they have entered the two districts which are overwhelmingly Russian and where the folks almost certainly want to be part of Russia. And to be totally accurate, Russian troops have actually already been there since 2014. But listening to the BBC earlier let’s not get inconvenient facts get in the way: Britain, the EU and the USA are already imposing sanctions. So where does this leave Eurasia Mining (EUA), shares in which are off another 12% to 16.25p – almost 60% down from peak ramp 14 months ago and heading rapidly for an 18 month low?
119 days ago
I start by considering events in the Ukraine where my sympathies are, naturally, with Mother Russia but what could it all lead to? Then I consider why shares in Zak Mir’s Lift Ventures might fly but why his plan is flawed. Then onto THG (THG), Deepverge (DVRG) and Union Jack (UJO) and CEOs who say the shares are too cheap too often or who “fear” a takeover at this price.
186 days ago
As I have noted previously, as we observe extreme cold in Russia and China, in “The Long Winter” by Laura Ingalls Wilder, an admrable libertarian but now like most dead white authors now officially a racist, nature warns the Ingalls family that the “extreme weather” occurring without man made carbon emmisions will be brutal. So what is in store for the UK this year?
189 days ago
Man-made carbon emissions are causing the world to get warmer and we must act now if we are to restrict that growth to 1.5% or 2.5% or whatever. So say the cultists after jetting back from COP26. These are, of course, the same cultists who warned us in 1988 that the Maldives would be under water by 2010, that within a few years of 2000 kids would ever see snow again, etc, etc, etc. We can discuss whether climate change – which has always happened – is caused by man made carbon emissions with reference to the Medieval warm period or the Maunder Minimum at another point although if you want to pass Geography GCSE these days such discussions are not recommended. Those who set the curriculum, the BBC, wretched Boris Johnson and others say that the science is settled so do not mention temperatures in 1200 or you are a vile denier one step removed from those operating the holocaust death camps. In that vein…
541 days ago
On Wednesday night, shortly before facing heroic Arron Banks in the High Court, fantasist journalist Carole Cadwalladr admitted she had no facts to justify her Orwell award winning fantasies that Bankski’s Russian pals did sordid business deals with him and then funded the Brexit campaign. But if you are a Guardian reading fantasist Carole still wants your money and so continues the charade
627 days ago
The screenshot below, from an online faculty meeting at what you might have thought a decent university, says it all. Welcome to the Marxist Madrassas of 2020 where you must admit to, and confess to, thought crime in a mass ritual. Then you can leave Room 101. Once upon a time, academics celebrated freedom of thought. But that was in the days before history was rewritten, and before the clocks chimed thirteen.
649 days ago
We all know that if you are seeking asylum then you must do so in the first safe territory you come to. When I seek sanctuary in the land of the free, I shall thus fly direct to Moscow to kiss the hand of President Putin.
757 days ago
Shares in gold producer from Russia, Highland Gold Mining (HGM) are 5% higher at near 230p on the back of a quarterly operating update…
837 days ago
The impeachment of Donald Trump will soon draw to a close having been a farce from the outset. The same sort of folks who said that POTUS would have to be impeached and found guilty over Russian collusion, only for that to be dropped as there was zero evidence, then impeached him on Ukranian matters without producing one single witness with first hand evidence. Hearsay from often dubuious sources, will never score a conviction. But if you listened to the BBC’s North American correspondent Jon Sopel, who has an incredibly severe case of #TrumpderangementSyndrome, none of this would be apparent.
994 days ago
Today Raven Property Group Ltd, (RAV) a Russian Property Investment Group, announced strong results with an increase in diluted net asset value per share of 40% to 67p (31 December 2018: 48p). The company also announced a proposed distribution of “1.25p per ordinary share by way of a tender offer buy back of 1 in 44 shares at 55p.”
1154 days ago
The past two years have seen organisations such as CNN, The BBC, Channel 4 Fake News, the Guardian and indeed most of the deadwood press insisting that Donald Trump would be impeached or forced to resign when the Mueller Report demonstrated that he had colluded with the Russians in the 2016 election against crooked Hillary Clinton. There was no real evidence for this other than a dodgy dossier paid for by the Clinton campaign. Yet journalists such as Jon Sopel, Kylie Morris, barmy Carole Cadwalladr and Matt Frei insisted Trump was toast. The Mueller report is now out. There was no conclusion. So where are the apologies for this disgraceful episode in the history of fake news? There are none. The poison of fake news driven Russiaphobia has spread to this side of the Atlantic too, thanks to this dreadful journalism. I discuss this all in today's podcast.
1226 days ago
The latest deal from Optibiotix (OPTI) is a three year distribution agreement with a company called SilvEXPO Ltd to distribute and commercialise OptiBiotix's own label CholBiome products containing its cholesterol and blood pressure reducing LPLDL strain in Russia and Kazakhstan.
1335 days ago
As you may have gathered last Tuesday, Malcolm’s long-suffering wife reckons that he has been spending too much time in The Punter’s Return and so has organised a holiday in Denmark, Sweden and Russia where Mr Stacey hopes to discover the magic money tree and an updated theme for his next novel. We left him landing in Russia and having a spot of bother at passport control. In the last chapter of this series, our senior reporter has now updated us on his progress since…
1336 days ago
As you may have gathered last Tuesday, Malcolm’s long-suffering wife reckons that he has been spending too much time in The Punter’s Return and so has organised a holiday in Denmark, Sweden and Russia where Mr Stacey hopes to discover the magic money tree and an updated theme for his next novel. We left him about to catch a ferry from the egalitarian money free funded land of milk and honey that is Sweden and on his way to to Russia. Our senior reporter has now updated us on his progress since…
1339 days ago
As you may have gathered on Tuesday, Malcolm’s long-suffering wife reckons that he has been spending too much time in The Punter’s Return and so has organised a holiday in Denmark, Sweden and Russia where Mr Stacey hopes to discover the magic money tree and an updated theme for his next novel. We left him speeding away from border towns in the money tree funded egalitarian paradise of Sweden ablaze. Our senior reporter has now updated us on his progress since…
1339 days ago
As you may have gathered on Tuesday, Malcolm’s long-suffering wife reckons that he has been spending too much time in The Punter’s Return and so has organised a holiday in Denmark, Sweden and Russia where Mr Stacey hopes to discover the magic money tree and an updated theme for his next novel. We left him on his way to “The Bridge”, but our senior reporter has now updated us on his progress since…
1341 days ago
As you may have gathered on Tuesday, Malcolm’s long-suffering wife reckons that he has been spending too much time in The Punter’s Return and so has organised a holiday in Denmark, Sweden and Russia where Mr Stacey hopes to discover the magic money tree and an updated theme for his next novel. We left him having just arrived at Copenhagen airport, but our senior reporter has now updated us on his progress since…
1341 days ago
As you may have gathered yesterday, Malcolm’s long-suffering wife reckons that he has been spending too much time in The Punter’s Return and so has organised a holiday in Denmark, Sweden and Russia where Mr Stacey hopes to discover the magic money tree and a theme for his next novel. We left him at Heathrow, but our senior reporter has now updated us on his progress…
1342 days ago
Mrs Stacey says that I have been spending too much time in the Punter’s Return reading dull articles about shares and that we need a break. She says that I need inspiration for my next novel and so has suggested that we head off on one of those holidays advertised during Midsomer Murders for a more mature and sophisticated audience.
1350 days ago
On September 11 (9/11) 17 years ago, Al Qaeda – an organisation we in the West had armed and funded when it was fighting the Russians in Afghanistan - showed its gratitude by slaughtering more than 3,000 of us by sending two planes into the Twin Towers in New York. Those Islamofascists sure know how to say “thanks”. Today we are told we must #NeverForget and that the UK and US must carry on standing shoulder to shoulder fighting terror. This is truly the stuff of 1984.
1418 days ago
Maybe if you write for the Guardian you don't despise England in a fashionable North London sort of way you just hate folks being happy. After all this is the newspaper that, year in year out, laments the arrival of Christmas. But now it is the World Cup and the progress of England which as seen a nation party and show joy in a way we have not seen for years.
1426 days ago
ITV is a commercial network and covers the World Cup well enough. So why does the BBC need to bid for matches and cover it at all? Its remit should be high quality public service broadcasting not competing against commercial networks – using taxpayers cash – to show commercial propositions? But okay, we do not live in a low tax libertarian paradise, so there has to be BBC sport. However…
1497 days ago
The war criminal famously justified his illegal war in Iraq with the claim that British interests could be attacked within 45 minutes by Saddam Hussein's army. That was a lie. Blair claimed attacking Iraq made thee UK safer. Of course in unleashing ISIS and acting as a recruiting sergeant for jihadists everywhere it made Britain far less safe. Blair lied. But over Syria Theresa May has lied in the same way. I quote the most useless Tory PM since Ted Heath on why she ordered the RAF to bomb:
1503 days ago
As I write civilian airlines have been told to get out of Syrian airspace for the next 72 hours. The very real fear is that the USA and possibly Britain and France will launch air strikes against President Assad's regime. The justification -the alleged chemical attack on Douma. If the West blunders in, it does not do so in my name.
1521 days ago
He gets a tough question and the man sacked as a journalist for making up a quote but who is now our Foreign Secretary replies in Latin with an apposite quote from Tacitus and we are all supposed to think how jolly clever is Boris. But then he says the dumbest of things...
1523 days ago
It is trending on twitter Stateside and as you might expect the man who is being slated is the bogeyman of a generation of bedwetting snowflakes, that is to say the leader of the Free World, President Donald Trump. His latest "crime" in la la land? Congratulating President Putin on winning the Russian election.
1525 days ago
What do the following have in common: right wing Sunday Times polemicist Rod Liddle, Conservative Sunday Telegraph columnist Chris Booker, right wing blogger Tom Winnifrith and his (closet) reactionary father of the same name and Right wing polemicist Peter Hitchens of the Mail on Sunday? When it comes to Jeremy Corbyn quite a lot...
1526 days ago
Yes there were clear electoral irregularities in the Russian Presidential Election. But rather like Nixon in 1972 Vladimir Putin did not need to cheat to win.The headline number is that Vlad got 75%. Whether the real; number is 65% or 55% who cares, he won and he won easily.
For the fact is that an awful lot of Russians like Vlad.
1530 days ago
This will not make me popular but I have to say that my fellow Russianophile and guest on RT, comrade Jeremy Corbyn, is taking the correct, if massively unpopular line on the alleged Russian Chemical attack in Salisbury. I don't care if old Jezza is still on the payroll of the Czech secret police he is right.
1561 days ago
The liberal remoaning elite have spent the past year bleating on about Russian interference in the Brexit referendum. Loons like, person of the people, Carole Cadwalladr of the Guardian and all the folks at Channel 4 fake News have droned on ad nauseam. Sure there were only about 1000 tweets from Russian state related accounts on Brexit but that caused all 17.4 million of us to vote the wrong way. There is no evidence but that will not stop the Russian "exposes".
1756 days ago
We are, this week, remembering one of the bloodiest battles of 1917, Passchendaele. Rightly we remember the brave men of both sides who gave their lives for their country. They deserve our respect and should be honoured. But once again many endeavour to rewrite history and pretend that World War One was not utterly pointless.
1922 days ago
My twitter feed is set to the USA and what is trending right now is #TrumpImpeachmentParty - ok so what has the Donald done that merits such an action?
1948 days ago
My wife draws my attention to the Facebook page of Bristol Against Trump which one of her mad left wing public sector working pals supports. BAT is holding a demo against the democratically elected leader of the USA at 5 PM today. Who is going to tell these fucktards that as of 1776 they stopped having any say in how the USA was governed and by whom?
Of course that does not matter. When Mr Trump opines that Brexit is good news for Britain, these same people post on facebook that it is none of his business. But apparently we are all obliged to assemble at 5 PM because who runs the US really is our business.
That is not because the BATty ones are especially worried about US foreign policy.
1974 days ago
Here in Bristol we prayed for Christians around the world who were suffering for their faith and we prayed for peace in Syria. And on Christmas day I hope we all rejoiced as the cathedral of St Elijah in Aleppo held its first Christmas service in five years. What joy that must have brought to the 100,000 Christians still left in Aleppo.
The Western media reported this rather sheepishly. Because it exposes the folly and wickedness of the policies of our Government in Syria, policies that the Western media has lapped up and promoted with lies and bias throughout. Here are the facts.
2123 days ago
As Obama's Secretary of State, it was crooked Hillary that did so much to create the mess that is Syria today. Over the past four years President hopey change has slowly backtracked and at last peace is in sight out East. Both ISIS and the, largely Islamofascist and often Al-Qaeda affiliated, Free Syrian Army, FSA, are in retreat. But crooked Hillary has plans to change all of that.
What is it with the Democrats and blood lust?
2135 days ago
The issue of Britain's nuclear deterrent is a one that shows our political class at their most base and deceitful. For once, Comrade Corbyn is bang on the money in his opposition and, in what is becoming par for the course, Theresa May seems just incapable of telling the truth.
2198 days ago
As Ben Elton would say, " a bit political, a bit political." Isn't it sweet the people of Europe sending a message that we don't like Russia and that the Ukranians are all really nice folk? How right the EU was to meddle and ensure that the democratically elected rulers were replaced by a bunch of ultra nationalists supported by, inter alia, large numbers of Jew hating Nazis, which as their first act made Russian speakers second class citizens, thereby provoking an inevitable civil war. Oh, sorry we are not meant to mention the second bit are we. That is the inconvenient truth the twits who rave about last night's Eurovision campfest gloss over.
So I have a song for Russia to enter next year just to put the record straight
2266 days ago
Oh dear. Things look uber-bleak for serial money burner and AIM Casino disaster story Phorm (PHRM). Its shares are suspended pending discussions with potential investors because it is again out of cash. But has it told those mug punters the bad news from Russia? Methinks not.
2523 days ago
You could not make it up....Viktor E, or Viktoria as he prefers to be known although he has yet to have the op, is a Russian transsexual who complains that he, sorry she, suffers intolerance in Putin's Russia. And thus she/he and her boyfriend, have converted to radical Islam after watching a few videos and are now on their way to Syria to join the happy band of tolerant fellows you and I know as ISIS.
Viktoria claims that ISIS will accept her and her boyfriend as they are because she wears Women's clothes. Hmmmm, I
2989 days ago
The EU and USA are not recognising the referendum in Crimea. In both zones the political classes simply fail to understand that democracy is the will of the people and that for almost 100 years an abiding principle of international law has been the principle of self-determination.
Today I feel more strongly as ever on this matter.
The referendum in the Crimea was not perfect. I am not sure that 95% of Crimeans really wanted to rejoin Russia. But the vast majority clearly did. And as such let the people have their say.
In contrast when the people of, say, Ireland have voted no to the concentration of powers within the EU, the leaders of the Evil Empire have simply bullied them and told them to think again.
In Kosovo the 1991 referendum was clearly somewhat flawed. Would you as a minority Serbian have rushed back to your burned out village to vote? But most Kosovans wanted to be free of Serbia – that was clear and so the EU recognised the result. Natch the EU did not recognise referendums held in Northern Kosovan districts in 2012 which – with a Serbian majority population - voted to leave Kosovo.
For the EU referendums are only valid if the little people vote the right way. Otherwise they are either not recognised or the little people are told to vote again. This is not democracy. What has happened in Crimea is democracy. And as such we should be supporting it and the principle of self-determination without reservation.
The UK should today be imposing sanctions on Belgium and confiscating the assets of anyone employed by the Evil Empire at a senior level in order to show our support for democracy and self-determination and our opposition to those who seek to deny the wishes of the people if those wishes are “inconvenient.”
3003 days ago
UKR Product (UKR) is an AIM listed company with a curious attitude to corporate governance (see here) and which is drowning in debt. In its most recent trading statement (i.e. profits warning) it said that debt was manageable if it saw an improvement in trading in 2014. Er…have you checked Sky News recently?
Yes, the company is a producer of dairy products in that current must visit holiday hotspot the Ukraine. It strikes me that the business climate out East might be a bit troubled right now. And it is not as if this loss-making company was in anything other than a very poor financial state before as I explained HERE.
As of today, bank withdrawals had been limited to $100 to stop a run on the banks. Those who should be working the fields have just been called up to the army. The PM says Ukraine is at war with Russia. Do I need to go on?
3003 days ago
Tom Winnifrith returns with a video postcard which inevitably starts with Ukraine and the concept of blowback.
Tom refers to his strong sympathy for President Putin & Russia which he explains in detail HERE
But he goes on to discuss the wider idea of blowback – a Ron Paul concept – and how it marks the failed foreign policy of the West and has to stop.
Tom also covers the UKIP Spring conference – it lamentable failings in policy areas but Tom ends with a concession that he will probably vote UKIP anyway on May 22nd. He explains why.
Tom’s financial postcard covers Ukraine and the probably market sell off Monday. Is this a buying opportunity? No! Tom also covers lunacy in tech valuations and Warren Buffett and sex. It can be viewed HERE
3004 days ago
I doubt that this will be popular but the mess that is the Ukraine today is not the fault of Russia but of liberal leaders in the West who just cannot stop meddling in other folk’s affairs. As for the response of Vladimir Putin and Russia, I have every sympathy with the old tyrant. On this occasion his actions are utterly defensible.
Let’s start with the overthrow of the crooked former President Yanukovych. There is no doubt that he was looting state coffers and was not a very nice man. He was, however, democratically elected. The EU has been trying to get the Ukraine into its orbit with a treaty of co-operation for a couple of years. The President was not helpful. So the West meddles.
The West does not really understand that the Ukraine is not exactly a homogenous block. It should perhaps have looked back to the last War when most Ukrainians fought alongside the Russians but a good number fought either for an Independent Ukraine or actually fought with Germany. But heck that is history so who cares, the EU marches on.
And so we supported tacitly and indeed verbally those who wished to overthrow the President. Senior EU politicians flocked to Ukraine to offer support. Why? It was none of our god damn business? Look at the speeches of US Politicians such as John Kerry but also the truly abysmal EU Foreign Secretary Baroness Ashton. As in Syria we back the rebels against an unpleasant regime just assuming that your enemy’s enemy is your best pal. As in Syria we are wrong.
I accept that many of those who protested in Kiev are good folks who would feel at home in a liberal Western democracy. But the hard-core, the ones that held firm against the riot police? Think again. Those hard core are the militant wings of political parties that are now represented in Parliament. Watch some recent interviews. I quote the leader of one of the largest militias (interviewed on the BBC) “We are nationalists, we want a country for Ukrainians…that means without any Russians…or Jews.” These are the folks
3392 days ago
Russian Oil producer Ruspetro (RPO) has served up another shocking statement this morning – its habit of delivering nasty surprises does not change. Having advised a short at 83.5p on January 4th I suggested on 25th of January that having refinanced its debt it was “merely one to avoid.” The shock today is that it has decided not to refinance its debt or to undertake the partial debt for equity swap announced on January 25th. This leaves its cash position looking very tricky indeed and at 50.5p the shares are once again a sell.
The announcement today is brief but shocking none the less. It reads:
3408 days ago
It is not often that I comment on broker’s notes as most are pretty worthless. Normally I post comment if I disagree violently or agree strongly. Which brings me to the VSA Resources note out today on Russian gold producer Highland Gold (LSE:HGM). The problem with gold is that it is usually found in dodgy places, Africa or Russia. Neither is exactly East Surrey in terms of political stability. VSA engaged in this debate. It writes:
3493 days ago
Is this the last episode of Downton Abbey series three tonight? Maybe it is the penultimate one. But it is hard to see what shocks we could have left. After all it is 1920 so unless the IRA man takes time off from grieving to join the Irish Civil War or Lady Edith heads off to fight for Greece against Turkey it is hard to see what can go wrong. Bates is on his way out of prison. The ex prostitute is settling in well at the Crawley household. Predatory homosexual Thomas really must get his long awaited come uppance downstairs while simple but honest Mary the under-cook looks set to be handed the keys to a farm by the father of the man she married but did not love just before he died.
Non Downton lovers – in this show someone important has to die at least once a series. The pompous prig Matthew Crawley is trying to make himself more exciting by picking a fight with thicko Aristocrat the Earl of Grantham but he is failing. He and Lady Mary really need to emigrate.
In Dallas, the younger generation of John Ross, Chris, Elena and the mad wife of Chris are growing on me. News that Bobby/Patrick Duffy/The Man from Atlantis
3573 days ago
Like most celebs, when she offers up her opinion on world affairs Madonna can usually be guaranteed to get it completely wrong. She usually proposes the wrong solution to a problem to be fixed with other folks cash. But just occasionally she gets it right. I am not sure about her motives but following my new resolution to be more positive about life, well done to Madonna, the scrawny old bag has excelled herself in Russia.
Her outburst in Putin’s paradise is a twinned pronged attack. Performing in St Petersburg, a City where until 1999 homosexuality was classed as a mental disease, and where homophobia is a very real issue, she has spoken up in favour of gay rights. I suspect that there are more repressed minorities in Russia but they are perhaps less fashionable minorities to support but so what everyone deserves equal rights under the law and basic respect.
3640 days ago
AIM listed Zoltav Resources (ZOL) is a company hyped on the back of supposed involvement by Roman Abramovich’s son. At 2.58p it is capitalised at £9.7 million. In early 2011 it raised £2.25 million. It has – as far as we can tell – made six investments in large liquid Russian oil companies and sold three of them. Its PLC costs (not least some very expensive advisers) make me suspect that net current assets are now way below £2.5 million. Even at June 30th 2011 net assets were down to c$2.5 million ( shall we call it £1.6 million). My money is on net assets/cash being well below £1 million by now – hence the recent sale of shares in 3 of the 6 companies it has backed.