Sindy column...

August 15, 2010

IG GROUP – the granddaddy of the spread betting world – has appointed accountants PricewaterhouseCoopers to sell its sports betting arm, Extrabet.

This will come as no surprise to readers of this column - which has repeatedly stated that the FTSE 250 company has been hawking its sports business around – although it may come as a shock to Extrabet boss Arman Tahmassebi who insisted earlier this year that there was “no talk of a sale”.

Still, news of the appointment follows a rationalisation of the division plus a decent World Cup. The price tag, however, remains a thorny issue and betting industry sources question whether the business, which saw revenues drop by almost 31% last year, is worth much.

IG Group and PWC both decline to comment. Developing.

JAMIE Waller – “undoubtedly Britain’s most famous bailiff” according to his own publicity – makes his living collecting from those who’ve not paid their debts. Somebody’s got to, I suppose, but I wonder if the star of the BBC’s Beat the Bailiff sees any irony regarding his chosen vocation and his own debt – owed to his company JBW Group?

According to the company’s latest accounts, Waller’s borrowed £185,197 from the firm, while two companies of which he is a director – JBW Investments and JBW High Court Enforcement – owe £22,025 and £24,605 respectively. He also trousered a £120,000 dividend last year.

“Er, er, what’s that based on?” asks Waller’s stuttering spokesman before returning to say that the debt is being paid back on time (so our man won’t be getting a visit from himself). “It’s a shame you’re planning to run a negative story,” he continues, “because he’s a really lovely chap.” Yes, bailiffs usually are.

SOMETIMES you have to be brave enough to back one view. Stockbrokers Panmure Gordon became sellers of shares in property group Rok in November 2008, according to share monitoring site Digital Look, and watched as the price almost doubled over the next eight months. Despite the shares then edging down slightly, the broker suddenly turned bullish – only for the price to maintain its downward trend before slumping last week on news of Rok’s accounting failings. Panmure has now reverted to its sell stance. Time to buy?

I READ that interdealer broker BGC is in talks to buy smaller rival Mint Partners, which requires further investment after its rapid expansion.

Mint - founded six years ago by Richard Barnett and one-time white collar boxer, Tim “Raging” Bullman - has since opened offices in New York, Paris and Dubai, as well as moving to a new London HQ and sponsoring the Polo in the Park. All of which has been pretty expensive.

BGC is one option while, I learn, the company has also been exploring tapping the co-founders’ family and friends for a cash call. Mint parries: “It is inappropriate to talk about individual discussions”. Quite so.

Odds on a dark horse?

With John Waples leaving Wapping for a career in spinning, here are the runners and riders on his replacement as City Editor of the Sunday Times - at least according to David Buik, BGC Partners' genial odds caller. Let's hope Buik has better luck than last time he created such a market, when the Sunday Telegraph was desperately seeking a new City Ed to replace Mark Kleinman. Back then, not one of Buik's selections even made the short-list!

DOMINIC O’CONNELL – 7/4

RICHARD FLETCHER – 9/4

CHRIS BLACKHURST – 3/1

DAN ROBERTS – 7/2

IAN KING – 4/1

ROBERT WINNETT - 9/2

PETER THAL LARSEN - 9/2

PHILIP COGGAN – 5/1

ALISTAIR OSBORNE – 7/1

ALLISTER HEATH - 7/1

JENNY DAVEY – 9/1

RUTH SUNDERLAND - 9/1

MARK KLEINMAN – 12/1

IAIN DEY – 14/1

DAVID ROBERTSON - 14/1

NICK GOODWAY – 16/1

JAMES MOORE – 25/1 (really, David?)

BGC calls City hacks to lay

Here are the runners and riders for the (still) vacant City editorship at the Sunday Telegraph - at least according to David Buik, BGC Partners' genial odds caller.

Maggie Pagano - Independent on Sunday 4/1
Louise Armitstead – Daily Telegraph 4/1
Danny Fortson – Sunday Times 5/1
Jenny Davey – Sunday Times 6/1
Richard Wachman – Observer 7/1

I'd lay the lot (in a betting sense). Not one has made the Telegraph's short list.

Wouldn't you really rather have a Buik?

David Buik, the genial media star and market commentator at money broker BGC, is in his usual entertaining form during his daily email dispatch to the City today. "Judy Wallman, a professional genealogical researcher, discovered that Hillary Clinton's great-great uncle, Remus Rodham, was hanged for horse stealing and train robbery in Montana in 1889," Buik confidently begins.

"The only known photograph of Remus shows him standing on the gallows. On the back of the picture is this inscription: 'Remus Rodham; horse thief, sent to Montana Territorial Prison 1885, escaped 1887, robbed the Montana Flyer six times. Caught by Pinkerton detectives, convicted and hanged in 1889'."

"Judy e-mailed Hillary Clinton for information about her great-great uncle. Hillary's staff sent back the following biographical account: 'Remus Rodham was a famous cowboy in the Montana Territory. His business empire grew to include acquisition of valuable equestrian assets and intimate dealings with the Montana railroad. Beginning in 1883, he devoted several years of his life to government service, finally taking leave to resume his dealings with the railroad."

"In 1887, he was a key player in a vital investigation run by the renowned Pinkerton Detective Agency. In 1889, Remus passed away during an important civic function held in his honour when the platform upon which he was standing collapsed'."

"NOW THAT is how it's done folks!" says Buik. "THAT is SPIN."

Really? Others seem to believe it's a very old urban myth.