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88 Energy shares suspended in Oz its Placing ahoy (as we said)

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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More on 88E


Comments

4 comments

  1. Ok so you called it..but quite a premium to where 88e was trading. Further, correct me if I am wrong, they seem to have struck oil. Oil may not be the most stable/reliable of commodities, but it is, and will remain necessary. Given what is happening within Saudi, and outwith it (geographically near, close and far), expect a shock in oil prices…dont know when….but its going to happen (I dont know whether that will be tomorrow/next week (al-quaida etc attack), next few months (change of policy), next year or two (Iran/saudi conflict esp. if current 30 year old is playing games), shale and us finaciers in big `poo’ (shit)…oil seems a good bet for the longs

  2. TW did not call it, he echoed it. The ceo already called it and advised it in podcasts, no news here move on..

  3. MadMike

    So to get this straight. As the shares raced towards 4p when I said hang on theres a placing sell & the BB morons said TW is talking cock again and bought & are thus c50% down, what they meant to say was “TW is just copying the CEO ( who BTW made no public statements on this at all – see my article re the recent presentation) who has told some folks selectively the same thing”

    I refer you to the most recent Investor presentation and also RNS;s there was no mention on a placing in H1. Those are public statements if the CEO has said something different in unofficial fora please flag it up so I can report him to the FCA as that is illegal

    Thanks for clarifying this all and sorry you did not sell at near 4p. Use extra vaseline and it will get less sore soon

    t

  4. TW

    If you had at any time undertaken the most basic of DYOR before letting your numbness have free reign.

    1 / You would have known that the CEO has gone on record advising that a placing was an option.

    2/ I have an average of .043 and holding so no lube needed here, but thanks for your concern

    3/ Before you start calling people mad you should remember about glass houses and throwing stones. I have never had the need for mental health support, you uyuou can stay safe and sane too.

    4/ The sp on 88e may drift, who cares I am not a day trder or a ‘‘short’‘. the investment is in the potential of an asset that is de risked. and continues in that vein.

    stay safe sane and well


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