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By Tom Winnifrith, The Sheriff of AIM | Friday 9 August 2019
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.
ShareProphets earns a small commission any time a reader who registered with Primary Bid via ourselves subscribes for one of its offers. For that reason we urge you all to sign up HERE. But today's offer, ADM Energy (ADME) is a total dog so. though it hurts us in the pocket book to say so, we urge you to pass. The emails sent out by ADVFN and others urging folks to pony up fail to mention one significant fact...
ADM was until recently the AIM Casino howler MX Oil (MXO). New name, new board, some oil Sheikh backing it but once a dawg always a dawg.
We are told:
ADM Energy PLC , an oil and gas investing company quoted on AIM, is pleased to announce its intention to conduct a fundraising by the issue and allotment of new ordinary shares of 1 pence each in the Company at an issue price of 16 pence per New Ordinary Share, being a discount of 15.8 per cent to the closing mid-price on 8 August 2019.
The funds raised will be used for general working capital purposes, to allow the Company to appraise further investment opportunities and to provide funds for investment.
Put another way ADM wants your cash to repair its tattered balance sheet and fund ongoing losses. What is not to like?
The flippers will forward sell the placing so the shares will slump on Monday so do not even buy to make a turn like a spiv, as you will not.
So A) Sign up for Primary Bid HERE and B)_Avoid the ADM Energy offer, which closes at 5PM Sunday, like the plague.
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