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Fusionex shares up 55% at 61p - WTF? Fear not

By Tom Winnifrith | Monday 19 June 2017

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 seven days time shares in Fusionex (FXI) the drowning in red flags tech company from the Norfolk province of Malaysia will be delisted from the AIM Casino. Yet the shares are up by 55% today at 61.5p. WTF?

Peel Hunt is on the bid and, it appears, had a small short position on its book. The market is illiquid and my sources say that this is merely the market maker trying to close its position ahead of delisting. As soon as that is closed then the only buyer - other than the off Bulletin Board Moron sensing a momentum play - will be gone while anyone daft enough to own the shares will be heading for the exit.

So are we at peak share price madness yet? Probably we are close. as soon as Peel Hunt squares its book it will be an almighty collapseroonie. Fair value for this worthless piece of junk is where the shares will trend towards by next Monday, that is to say 0p.

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