Jessops Share Discussion Threads

[dylan400d] 29/11/2009 10:40

anyone seen this?

[typo56] 24/11/2009 16:47

The penny has finally dropped!

[spectoacc] 18/11/2009 09:17

Agreed re suspension; the problem is that "long" ability is unlimited (anyone could buy), whereas "short" ability is next to zero. That's what makes a mockery of the mkt - there's no equality in demand/supply to create a "correct" price.

Personally I think that's true of most of the market, and pretty much all of AIM - so many co's go up 10x, 20x, 50x, before ultimately crashing. It makes for a huge misallocation of capital. JSP's a particularly good example because it already has a "final" price for us to reference: ie 0.097p.

But as you say - the net effect of not allowing freedom to short is that plenty of mugs will have bought/be buying over 1p. A look at the disclosable shareholdings in JSP shows:

Barclays Stockbrokers 16.85%
Selftrade 8.03%
TD Waterhouse 7.68%
Halifax Sharedealing 7.34%

That's a lot of PI's due a shock, and no doubt an "Action Group" at some stage..

(JSP far from the only example; the Pink Sheets in the US have a lot of bankrupt co's trading at high prices, eg the former GM is around 65c, yet "real GM" has already been moved to a different co, the old one being left with the liabilities. But old, non-GM went up 14% when New GM announced they were paying back some govnt cash early!).

[lobsterpotz] 18/11/2009 00:39

These recent arguments re shorts are crazy. The fact is that this company ceased to trade as a business some weeks ago when the shops were transferred to new ownership. JSP plc is a company that doesn't do/sell/distribute/produce/trade anything any more, so the shares should have been suspended/delisted from trading too. If they're shortly to be cancelled for .097 pence each then all/any premium over that means someone's getting shafted.

There are loads of little guys out there, ordinary retail long-term holder pi's, who've been terminally shafted over the past couple of years of the company's decline. This final sad scene of shorters and various kinds of market/instrument maker each desperately trying to outshaft each other seems about as financially dignified as placing bets on flies crawling up a wall.

[spectoacc] 17/11/2009 12:05

No, same via broker or s/better - they borrow the stock, allow you to short, then the person they've borrowed stock from asks for it back, and you have to buy back the short.

Not pleasant. The whole system's massively geared in favour of longers, in spite of what the media/MPs would have you believe. It's not shorters who distort markets - it's the longs, and JSP is the perfect example.

[typo56] 17/11/2009 08:49

I happen to know that it's becoming ever more difficult to borrow stock which means shorts are being called in. It's a pain to be forced to close now at 1.2p or more when you know you could have closed later at sub 0.1p.

[psps] 17/11/2009 08:20

I have no holding but I am surprised to see JSP still trading and guys are buying.

[psps] 16/11/2009 13:12

Whats going on now.Its moving up.
XMAS sales picking up ?????

[sbs] 11/11/2009 08:41

Well, there's the shorts being stopped out to consider too.

[adam] 11/11/2009 08:27

I looked into going short these, but decided against it. I am given to understand there is a chance of litigation from shareholders. I don't know if it will happen but it does then bring about the possibility of quite a serious short squeeze. Otherwise it looks hopeless and one wonders why anybody would buy these apart from shorts taking profits.

[pbracken] 06/11/2009 17:32

You were obviously stopped-out, sportbilly. Pity (and commiserations): those SHORTS would have made you a mint.

[sportbilly1976] 06/11/2009 16:00

25Ok at 1.44p and 1.23p and 500k at 1.17p (x2) and 1.23p (x2), all closed at 1.7p

total cost 42.9k, proceeds from sales 30.5k

simples :-(

and working in the sector I do it will be a p45 too!

[spectoacc] 06/11/2009 15:37

1.7p? Tell us next time, I'd have had a bit of that.. Sorry to hear, but you shouldn't take positions that could cause you problems - nothing to stop JSP printing at 2p+ before heading below 0.1p for eg.

[pbracken] 06/11/2009 15:21

How can you possibly lose £12.5k on a short on JSP sportbilly?

[sportbilly1976] 06/11/2009 15:14

well i wish you all well....

the 2.5mln buy was mine alst week...short closed at a loss of £12k which potentially could bankrupt me.

[lobsterpotz] 04/11/2009 16:32

Sorry last post exaggerated - I meant £13 not £130 a pop, but it's still a bad show

[lobsterpotz] 04/11/2009 16:30

It was quite wrong to allow a market in these shares once Jessops plc ceased to have an interest in the ongoing retail business, and the authorities should have suspended dealings at that point. All that's happened since is that tricksters have been allowed a fraudfest, selling mugs the equivalent of "lucky £1 lottery tickets" for £130 each, or thereabouts. Hopeless

[brando69] 04/11/2009 14:28

rossannan - 1 Nov'09 - 00:40 - 3407 of 3410

I was looking at the purchases on Friday - none appear to have been of more than 100,000 shares. The broker who was quoted as saying that

"Loads of retail buyers think they are buying Jessops, but in fact are buying a sort of cash shell worth 0.09p"

seems to have a point.



All the best

Ross


they should be collectively nominated for a Darwin Award