It's not SMART!

It’s not magic, or even Smart, it’s just Fanning!

How Smart shareholders must enjoy watching the Keith Barry TV ads promoting Smart Telecom services. I wonder if they’ll be running next week after the company admitted that it has run out of cash and its day-to-day running costs are being funded by loans from a major shareholder.

The share price was halved in a single day on the London AIM and they now languish at an all time low of 4.25p. DO NOT TOUCH.

It was reported that Smart CEO Oisin Fanning resigned on health grounds, which was a smart move on his part as his life might well have been in danger if shareholders get hold of him.
This is his second high-profile business disaster in recent times. His MMI stock broking venture went belly-up a couple of years back, with more than a whiff of financial skull-duggery alleged. All denied by the company, of course. Suffice it to say that money was lost - other people’s money.

He and his partners in MMI liked to present themselves as unconventional Dublin stockbrokers - trendy suits, flash cars etc.. One of his compadres sported a long pony-tail and wore highly-tooled, high-heeled, very pointed cowboy boots. I couldn’t imagine that they were comfortable to wear - he probably kept a pair of tartan carpet-slippers in his desk drawer.

I’ve no doubt Mr Fanning will surface again in some new business guise within the next year or so. Keep an eye on him but keep your money in your wallet.