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This morning the piss-take that was AIM listed Max Petroleum (MXP) announced the last rites had been conducted on its listing as the company slunk off into oblivion as of 7am this morning. Quite why the company decided it would be a good idea to try to spin the fact that it is insolvent is beyond me. Just say it fellas: All the money’s gone.
How much longer will the London Stock Exchange and Financial Conduct Authority throw British private investors to foreign wolves? Yesterday, the latest Kazakh wipeout hit the market, as Max Petroleum (MXP) all too predictably blew up, taking with it tens of millions of pounds worth of savings. This company should have been suspended months ago. Instead it was allowed to continue to trade, sacrificing the savings of one last batch of mug punters, sucked into the false promise of salvation.
Hot on the heels of the Sunkar Resources (SKR) shareholder wipeout, another Kazakh tale of woe on AIM is reaching its pitiful conclusion. Max Petroleum (MXP) really hasn’t received the attention it deserves from this site. This is yet another story from AIM’s resource sector of wanton value destruction and lost shareholder fortunes, amounting to many millions of pounds. By any measure, this company has been an unmitigated disaster, culminating in a crescendo of dire news.
AIM is an incredible source of guaranteed wealth generation, no matter how appalling your performance is. You can watch your share price dive over 75% in the space of twelve months, safe in the knowledge your next windfall is just around the corner. Of course, these rules don’t apply to the poor saps who buy AIM stocks, but rather the boards of directors who reward themselves come what may. Tom has been on the warpath about option awards recently, but in his absence today it is my turn to take up the banner. Step forward now the directors of Max Petroleum (MXP), if you can drag yourself away from the sickbag!
The currently charting position of Max Petroleum (MXP) is certainly not “Max” in any sense unless this refers to the level of the downside the stock has delivered in recent months.
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