Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Rose Petroleum’s (ROSE) £6.5million placement on Friday has a distinct whiff about it. It is true that Rose’s share price has performed admirably over the last twelve months, so I doubt many longer term shareholders will be concerned about what’s happened. Even so, the rationale for the 1.5p price of the placement and the exclusion of existing shareholders from the deal doesn’t feel right. The nosedive Rose’s share price took in the fortnight before the placement just stinks outright.
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