By Ben Turney | Friday 13 March 2015
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.
There is a slight chance that Afren (AFR) might prove to be a recovery gamble worth taking at some point. That time is most definitely not now. Careful reading of this morning’s complicated RNS from the company, concerning its proposed recapitalisation, confirms that whatever happens existing shareholders will be left with next to nothing. As unpalatable as some might find this, the numbers are categorical and at 5p (last seen) only widespread misinterpretation of today’s announcement sustains the current share price. Below I explain why.
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