COMPANY COMMENT
Beware that you are not Viceroyed in 2018
2018 could turn out to be the year when Viceroy becomes a verb
It is still early days, but 2018 could turn out to be the year when Viceroy becomes a verb — as in "to Viceroy" someone or, more appropriately, some listed company. For the benefit of those who spent the past month in a far-flung place without Wi-Fi, Viceroy Research is the research/investment company that in December published a report on Steinhoff’s controversial accounting policies. The publication of the report, which coincided with news that Deloitte did not want to sign off on Steinhoff’s 2017 accounts, was considered to be a major factor in the collapse of the Steinhoff share price. Not only did it help to ensure the share price would fall sharply, it is also thought to have played a role in ensuring that any significant recovery was short lived.The fellows at Viceroy have made no secret of the fact they scored a hefty profit from shorting Steinhoff, but have also made the very important point that their report relied on information that was in the public domain and available...
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