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Tribal has done well – as I anticipated in my earlier note here they are selling assets.  The price has doubled since I bought and I think there is more to come, they have hired a CEO known for selling off businesses…

They have announced a rights issue to shore up the balance sheet I will take up but am selling a bit – it has now risen to 21% of the portfolio (inc taken up rights)- so I am trimming it down to about 15/16%.  I will happily hold the rest and see what happens…  I generally dont let things get above 20% as anything can go to zero and loosing that much will sting….