Scentrics is still worth half a billion quid, and other fiction

Suppose that you were a UK company with a real valuation of £500M. Would you - or indeed, your shareholders - tolerate you teetering on the edge of being de-listed as a UK company?

If your company name is Scentrics, it appears that you would:

Date: 04/06/2019
Ref: DEF6/06539484

Companies Act 2006 (Section 1000(3))

The Registrar of Companies gives notice that, unless cause is shown to the contrary, at the expiration of 2 months from the above date the name of
will be struck off the register and the company will be dissolved

Apparently Scentrics, as a nominal £500M valuation company, finds it too expensive to employ a £20K/year admin to ensure that their basic legal obligations to their national legal authority are covered.

But they are totally still worth half a billion quid, if you're a prospective investor. Swear it, cross my heart.

Scentrics did actually fix the problem - at least, for now:

Date: 06/07/2019

Cause has been shown why the above company should not be struck off the register and accordingly the Registrar is taking no further action under section 1000 of the Companies Act 2006 pursuant to the Notice dated 03/07/2019
Presumably, the previous notice scared the cr*p out of the Scentrics directors and got them to scramble to address the cause of the proposed strike-off. I'd give a good few quid to know that cause, by the way.

The Scentrics accounts for year end June 2018 still assert that Scentrics is worth a bit short of half a billion quid, but the directors certainly aren't acting like this is actually true; per the doctrine of revealed preference, one is left with the conclusion that those owning the shares believe that it's worth, on the balance of probabilities, only a small multiple of the employment costs of a part-time admin assistant with UK company law knowledge.

Sure, it's totally worth £500M. Practically all of its assets are intangible, it has £90M of liabilities, and no-one has taken a good hard look at its accounts. I have £100 that says it will not have more than £10K of tangible assets in 5 years time. Anyone like to take the other side of that bet?


Diplomatic leak - USA ambassador to the UK

Followuing the leak of messages from the UK ambassador to the USA Sir Kim Darroch, your humble correspondent is pleased to report a rare coup [I'm totally making this up] of message intercepts from the USA's ambassador to the UK.

Let me repeat for the benefit of intelligence agencies, this is totally made up. If it turns out to be mostly correct, that's not my problem.

From: UKAMB Matthew W. Barzun Date: June 23 2016 Subject: Brexit OK, I totally didn't see that coming. Are USA diplomatic personnel strictly liable for debts to UK bookmakers? Asking for a friend.
From: UKAMB Matthew W. Barzun Date: July 10 2016 Subject: UK Conservative party leadership contest Met with one of the Conservative leadership contenders, one Treesa May. Polite, inoffensive, educated, terrible poker player. No chance she'll win unless the Conservative party members have lost their senses. Mind, they picked D Cameron previously, so who knows...
From: UKAMB Matthew W. Barzun Date: July 12 2016 Subject: Welcome to the new UK Prime Minister Tell Barack to brush up a bit on the rules of poker, but he can take the UK to the cleaners whenever he wants.
From: UKAMB Matthew W. Barzun Date: November 7 2016 Subject: Future diplomatic assignments Everything's looking good from my end. Theresa is available for the ritual congrats call whenever HRC wants. Thinking about a public leak of the convo - female Pres to female PM, looks good to the voters both side. Brooke's getting a bit tired of London and worried about the kids' accents. I hear rumors that Janie H has had enough of Paris - any chance we could swap? Just a thought.
From: UKAMB Matthew W. Barzun Date: November 9 2016 Subject: Fuck Fuck fuck fuckity fuck. Fuck. Any chance of a judicial review? How's HRC taking it?
From: DCM Lewis Lukens Date: January 18 2017 Subject: Testing Is this thing on? Any suggestions on format of messaging that DJT likes to hear? Current assessment on the ground is that Theresa will spring an election on the country in the next few months - and she'll cruise to victory, because the Opposition Leader is a less hygienic and more socialist version of B Sanders. Going to put a few $$ on a 50+ seat win at William Hill, anyone who wants in on the action pls send money in the next diplomatic bag.
From: DCM Lewis Lukens Date: June 9 2017 Subject: Predicting the future is hard I don't have access to replies to UKAMB Barzun, what was the advice re his query on UK bookmaker liability?
From: UMKAMB Robert Wood Johnson Date: August 22 2017 Subject: UK catch-up Anyone who says that they know what's happening with Brexit is a liar. This is the shit-show of all shit-shows. Theresa managed to lose her majority to a guy who would be pushed to win a minor role in Seattle politics. Say hi to Melania!
From: UMKAMB Robert Wood Johnson Date: Jan 15 2019 Subject: Clean-up Had a friendly poker game with Theresa May (alleged national leader), Olly Robbins (head of Brexit negotiations), and Philip Hammond (does something with the UK Treasury, I hear). Cleaned up nicely. . Hearing rumors about a leadership challenge if things go screwy before the March deadline. Frankly, this lot couldn't score in a brothel if they had $100 bills jammed in their orifices, so who knows what they'll do.
From: Woody Johnson Date: May 24 2019 Subject: Thank fuck for that Theresa has finally thrown in the towel. Only about three Goddamn years overdue but she was never a quick learner. I had $1000 on Boris J as Brexit PM back in 2016, and intend to roll this over to 2019. Anyone else wants a piece of the action, you know the drill - cash up front. Suzanne and kids are enjoying the increased buying power of the $. Tell DJT that now is a great time to visit, if he can stand the weather....