Mystic Blog

Here is the first blog prediction – that tomorrow, Thursday 19, the Herald and possibly the Express will carry a story about Michael Howard MP potentially striking it rich as the mining company he sits on the board for has announced finding one of the largest discovered gold and copper deposits in history.

How can I make this prediction? Because the story appeared in the Times on August 16, (http://www.timesonline.co.uk/tol/news/politics/article6797841.ece) and I don’t think the hard-pressed hacks at the local rags will pass up the chance to cut and paste another story (see comments on expenses stories below). Of course I am being unfair, and all news outlets surely lift others' stories. Not all papers found the 'funny squirrel in a holiday snap' story independently, but how many credited a source?

So is there a real story here? Well, no, not really. MPs are allowed to sit on boards and have remunerated positions. If Mr. Howard gains a windfall, it will come after he has left parliament, and there is no evidence of any foul play or any hint of him having acted outside of the rules (remember, it’s the rules that were wrong!). From the Entree Annual Information Form for the year ending December 31, 2008, Mr. Howard has 57,000 shares ($1.50 and presumably rising) and 760,000 stock options.

The real interest, if the hacks bother to dig, is finding what Mr. Howard has already earned. As noted in this blog already, the details of remunerated and other interests have always been 'freely' available in the Register of Members' of Interests, and Mr. Howard has consistently held several. The Amteus 2007 Annual Report (http://www.northcote.co.uk/company_links/by_sector.asp?SIT=1&SID=32&SDL=NI03744) shows that as an Amteus Plc board member Mr. Howard sat on the Remuneration and Audit Committees and received salaries and fees of £18K (paid in shares) and 250,000 shares from JC Morris (founder and main shareholder).

Amteus appears to have changed its name to imJack, yet although there seem to be documents ready for perusal, I cannot open any of the .pdf files on this http://www.imjack.com/investor_relations.html page. Mr. Howard does not now list Amteus in his entry in the Register of Members' Interests.

The real story, as noted before, is why was he claiming expenses for gardening when he has remunerated directorships, racehorses, speaking engagements and paid for cruises (http://www.publications.parliament.uk/pa/cm/cmregmem/memi02.htm)? Will this appear in the articles in the local press? Second prediction – no.

Really must publish now as it's almost 12 and the papers are out tomorrow (morning)!