benwootton wrote:
Good week !
Stocks held
JJB Down 9% PROFIT
MEC 8% down today, interesting day with board resigns etc. I view it as good news. PROFIT
ORE Up 3.3% PROFIT.
RBS down 13% was up 10% before banks had a turn LOSS
VGM drop 2.86% no real movement LOSS
SOLG FLAT LOSS
RIFT Down 2.7% looked like a retrace was on cards SOLD. Will get back in at some point freeing cash up Sale at 4.5p PROFIT BANKED
watchlist
APH Alliance Pharma down 5% waiting for an entry point
KAZ and RIO TINTO up but think i missed boat here on RIO. May buy KAZ monday
IFL up 2.5%
Venue Solutions Holdings PLC added to watchlist - up today
Finally on a positive note, first thing this am i bought small stake in UEN at 2.5p - saw a rise of 39% today, closed at 3.13 so please with that.
Moves to stock held above. Considering a quick out on Monday to bank some cash. Potential for 10p?? so if it rockets i may sell half and hold. A Risky one
In conclusion, RBS crashing pissed me right off but long term hold if needed. Nationalised or Profit
Close eye on KAZ Monday
Looks like RBS is blowing you out of the water mate, last around 10p last time i looked.
Dont worry i know many people who are in on them up to £18
fortuantely i aint one fo them although many collegues in my room bought thousands from £2 down and are not happy bunnies.
You'll have to keep your eyes on this in future.
Dot Post subject: Re: Credit Crunch (RBS particularly affected)Posted: Mon Jan 19, 2009 4:27 pm
FISO Knight
Joined: Fri Jan 06 2006
Posts: 13302 uncsi wrote:
Knulpuk wrote:
RBS shares were down 62% a few mins ago at 13.7p - surely a full Northern Rock esque nationalisation cannot be far away.
Must be horrendous to work for a Bank like this (assuming you never caused the problem!) when all this is going on.
I know someone who's got almost his whole retirement based around the shares that he's built up whilst working for RBS. He's not a happy bunny at the moment
THIS COULD SET A PRECEDENT.
Famous Scots QC sues RBS for ‘fraud’ over share issue, bank was insolvent, claims man
A flamboyant 83-year-old QC is taking the Royal Bank of Scotland to court, claiming it was insolvent when it “fraudulently” sold him shares.
Ian Hamilton plans to call the company’s directors as witnesses and other investors will be watching keenly as he battles with one of the world’s biggest finance institutions.
The retired lawyer’s case rests on whether the bank – given a multibillion-pound bailout by the UK Government this year – was technically insolvent when he bought stock worth £1,282.
Mr Hamilton, who famously helped remove the Stone of Destiny from Westminster Abbey in 1950, raised his small claims action at Oban Sheriff Court.
It states that the bank invited shareholders, including his wife Jeannette, to invest in a rights issue, and he took up the offer on her behalf.
He claims RBS “were at all material times insolvent”, but concealed this from him.
A spokesman for the bank said last night: “We are aware of this action and will defend it vigorously.”
The bank said it would be “inappropriate to comment further at this early stage".
Victory for Mr Hamilton would not set a legal precedent, but could lead to many shareholders who subscribed to the £12billion rights offer attempting to take similar action – and the potential implications are enormous.
Argyll and Bute Liberal Democrat MP Alan Reid said: “This case could have very serious ramifications. If Mr Hamilton is successful, RBS would have to pay out millions of pounds to investors.
“Since the UK Government has a majority stake in the bank, the taxpayer would end up picking up the bill.”
Cameron Fyfe, of leading Edinburgh solicitors Ross Harper, cautioned that, while costs in the small claims courts are limited to £200, the sheriff could decide the case was so important it must be dealt with in a higher court where Mr Hamilton would face “extremely high” costs if he lost.
The veteran QC said if that happened he would have to abandon the case.
But he insisted: “I would argue very strongly that would be a denial of justice.
“What I am hoping is that big people will take up my case and run with it.”
Mr Hamilton gained fame as one of four nationalist students who seized the Stone of Destiny Scone in a daring raid on Christmas Day 58 years ago and brought it from London to Scotland.
He now lives at North Connel, Argyll, and said: “This is very far from being a stunt. I want my money back.”
He alleges in his court claim that RBS induced him to invest his money “by concealing the true state of their finances”.
Alternatively, he alleges the bank was “negligent in repr-esenting themselves as solv-ent at all material times when in fact they were insolvent”.
Mr Hamilton bought around 640 shares at £2 a share. Last night, RBS shares were worth just under 35p.
He said the directors should have known the state the bank was in, adding: “Had I borrowed £1,282 from RBS by fraud or without disclosing that I was very nearly broke or broke, they would be suing me for the money and I see no reason why I shouldn’t sue them.
“In order to pursue my case it will be necessary for me to call witnesses to establish the position when I invested this money.”
He added: “It is my intention to call the directors of RBS themselves to Oban Sheriff Court. People forget the power of the law of Scotland to protect tiny individuals like myself against the great and the mighty.
“Someone should take them to account and if no one else will do it, I’m going to have a crack at it.”
Last February, RBS declared profits of £10.3billion, despite credit crunch losses of £1.16billion, and later took a further credit crunch hit of £2.5billion.
The rights issue was supposed to enable the bank to weather the storm, but failed to achieve this and, after a run on its shares, RBS had to be bailed out by Chancellor Alistair Darling with a “significant” taxpayer stake.
Aberdeen North Labour MP Frank Doran, a former lawyer, said: “If it appears that at the time of the rights issue the bank was technically trading illegally, this would put the RBS in a very difficult position. But I fear that the way the courts will deal with it may not help Mr Hamilton’s case.”
RBS SHARES AT 10 P NOW I BELIEVE.
i KNOW PEOPLE WHO BOUGHT THEM At £18.50
need to read up much more before i do much else there
Thankfully something doing ok esp in mining, again in profit awaiting announcement re POG offer.
best result today and hopefully trending to 5p now
) that I was getting Red Alerts on, and I intend to stick the whole 5k into that fund as the guy seems to have a great track record. Any thoughts?
