By Tom Winnifrith | Friday 19 May 2017
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.
As we predicted here, the UK Oil & Gas (UKOG) placing to raise £6.5 million has finally limped over the line at 0.8p. Lagos Securities had tried to raise the cash at 1p but we outed them and the price had to be slashed. The shares were 1.4p before the roadshow started. So how would you describe a placing that has seen the market cap slashed from £36 million to £22 million pre-new money as the shares tumbled. Over to odious prig "little" Steve Sanderson.
The CEO of UK Oil & Gas describes this as a "successful placing." Hmm, yes the shares have cratered, the placing price has had to be slashed and punters who bought on May 1, after the pre-roadshow ramp, paying up to 1.45p are - at 0.9p odd - 33% down in less than three weeks.
If that is a successful placing I am a banana. Steve - are you a liar or just deluded you odious little prig? How about you, with your £607,000 pay package in calendar 2016, & Lagos Securities apologise to shareholders for this botched placing and someone falls upon their sword?
How about Steve apologising for how the shares are more than 60% down since his appointment? Or does the odious little prig think that humility is for other people and that he deserves to be rewarded for failure.
Never miss a story.
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