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By Tom Winnifrith, The Sheriff of AIM | Wednesday 20 April 2016
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.
In the land where most people are descended from convicts and where culture is something that grows on top of yogurt (I refer to Australia not the slums around Liverpool), shares in 88 Energy (88E) have been suspended as it is placing ahoy. Whatever next? Rolf Harris again denying the's a nonce?
We have been warning you of this for ages but morons carried on buying in the secondary market none the less as they knew better. Whatever. The shares are off a bit to 2p today in London on the AIM casino where they still trade.
I flagged in bearcast yesterday that the placing was underway with 88 Energy looking to raise $15-20 million dollars at 1.5p to 2p. It admits that the confetti issue is now ongoing but says terms have not been finalised. Given where the shares are now and that this is a bucket shop placement I'd reckon that it will be done at a lot closer to 1.5p than to 2p. The flippers need to flip don't you know?
As for those folk who paid up to 4p in the secondary during the recent weeks of ramping and who attacked those of us urging caution...lube up fellows you know what's coming don't you? But console yourself that not everything to do with Australians and oil is over-ramped and costly
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