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What’s the Beef About the Cameron’s Tax Planning, and Tata?

Post Date: April 11, 2016

The attacks on David Cameron over his family's tax planning seem wildly excessive. His father set up an offshore investment fund to invest in dollar based shares without incurring the risk of double taxation. David did hold some of the units but subsequently sold them. His mother gave him £200,000 after his father died, with the probability (not certain) of that being outside inheritance tax if she lived for another 7 years. That is not exceptional tax planning, it's just common ...

Spreading Rumours About Stocks Is a Criminal Offence

Post Date: April 9, 2016

As a follow up to my last blog post on the case of Iraj Parvizi currently being heard in Southwark Crown Court, it has now transpired that he was not aware that spreading false rumours was a criminal offence. As Mark Bentley has commented on the last article, Mr Parvizi's comments on trading in Pacific Media appear to be an example of using “manipulating devices” [MAR 1.7.2] under the FCA Handbook regulations, which explicitly identifies “pump and dump” as a form of ...

Spreading Rumours About Stocks

Post Date: April 7, 2016

The Financial Times reported today on the curious case of Iraj Pavazi, a stock market trader currently on trial at Southwark Crown Court. In his defence testimony he apparently admitted that he once spread false rumours about a stock to push up the share price. The article reports that he bought all the shares in the stock of Pacific Media (a "penny" share listed on AIM) that were available and then spread a story that a Malaysian tycoon was going to reverse ...

Stock Spirits – A More Direct Approach

Post Date: April 6, 2016

I have commented on the affairs of Lakehouse recently where disgruntled major investors have requisitioned an EGM to replace all the non-executive directors. One commentator asked why the investors did not try to change the CEO also. A more direct approach is being taken at Stock Spirits (STCK) where concerned shareholder Western Gate Private Investment, who own 9% of the company, have submitted a requisition to remove the CEO, Chris Heath, and also appoint two new experienced non-executive directors. Stock Spirits is ...

Prime Minister Resigns

Post Date: April 5, 2016

PM resigns over disclosures from Panamian lawyers. Ah but that's not our David Cameron, but Iceland's Prime Minister Sigmundur Gunnlaugsson after previously denying in a televised interview that his family had any offshore investments. David Cameron spelled it out. He holds "no shares, no offshore trusts, no offshore funds, nothing like that" he said in a statement. My immediate reaction was "what a pity". The failure of politicians to hold shares in listed companies means that they end up with no understanding ...