ACHL – selling due to accounting uncertainty 70% loss

Selling Asian Citrus.

Recent announcement was

to allow time for completion of additional audit procedures to verify certain payments made by a subsidiary of the Company to one of its major suppliers, for which goods have been delivered to and received by the Group. Depending on the outcome of such audit procedures, the audit opinion for the audited financial statements of the Company for the year ended 30 June 2015 may or may not be modified.

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Review of 2014

End of year means time to review how I did.

Overall up c22%, given that the FTSE is slightly down for 2014 that isnt a bad result. As quite a few of my holdings are small cap AIM is down quite significantly about 20% so this makes performance even more positive. This was done with minimal leverage.

Portfolio Update

Thought I would post a brief update on many of my positions / performance.

Apoolgies if you have seen this before I think I may have published a draft by mistake…

Performance up until end September is 30% up since end December 2013 or 40% over the last 12 months.

Fyffes – as you may recall this tripled since my entry price – due to an offer from CQB up to a high of €1.30.  Unfortunately the deal was in CQB stock, which fell on bad results.  I had a bit of an analytical problem with this – do I value FFY as a standalone business – someone else could still come in and offer – if only to make CQB pay more.  Or do I look at it as a proxy for CQB – which I wouldn’t want to own.  Yet another thing to consider is whether CQB are paying in shares due to their own stock being overvalued.  Later there was a bid for CQB – pushing FFY as low as €0.90  I sold 75% at €1.05-1.10 for portfolio balance reasons and am holding the rest.  I am going to look into adding a bit more as the deal changed again on Friday – but I think this position is nearing its end.