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By Tom Winnifrith, The Sheriff of AIM | Tuesday 9 January 2018
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.
Lube up morons, another £500,000 tranche death spiral loan has been converted into shares in UK Oil & Gas (UKOG). As time goes on this exercise is becoming ever more painful for the morons who own this stock.
The conversion price this time was 2.69p which means that the notice of conversion was issued at some stage last week. As we have noted many times before UK Oil & Gas and its boss Lyin' Steve Sanderson do not give a flying wotsit about AIM Casino rules on timely disclosure of price sensitive information. But what we can safely say is that death spiral provider Cuart Investments will already have sold all of the shares alloted to the morons keen to snap up yet more "golden tickets.
There is still £7 million of the £10 million death spiral loan notes still to convert so we will have to go through this charade of late disclosure and breaching of AIM Rules only another 14 times. Under the conversion formula the death spiral provider is sure to make gains whatever the share price so it really does not care if it continues to slide. The stock is now 3.25p-3.3p but remains at least 80% overvalued on fundamentals.
Meanwhile we are told that Lyin' Steve did not exercise his 0.4p options before they expired on December 31 as he had inside information. What information is that I wonder. On 27 December UK served a full - and dismal - statement on all its operations and said there was no drilling underway over Christmas. So what inside information could Lyin' Steve have had and why if it is such hot news as UK not RNS'sd it since. Anyhow the option deadline has now been extended to 10 days after whenever Lyin Steve is not an insider, whatever that means.
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