By Tom Winnifrith | Wednesday 6 February 2013
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.
Russian Oil producer Ruspetro (RPO) has served up another shocking statement this morning – its habit of delivering nasty surprises does not change. Having advised a short at 83.5p on January 4th I suggested on 25th of January that having refinanced its debt it was “merely one to avoid.” The shock today is that it has decided not to refinance its debt or to undertake the partial debt for equity swap announced on January 25th. This leaves its cash position looking very tricky indeed and at 50.5p the shares are once again a sell.
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