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Sefton Resources: Abandon all hope

By Ben Turney | Wednesday 7 May 2014

Disclosure: I own shares in one or more of the stocks mentioned. 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.

Yesterday’s refinancing announcement by Sefton Resources (SER) was the worst possible news for shareholders. It gave them hope; unfounded, unrealistic, naive hope. Rather than just put a bullet in this sick dog of a company and let its poor shareholders get on with their lives, the Sefton board has cobbled together a deal that keeps the show on the road for a few months. As ever with a Sefton RNS, there are critical gaps in the information provided, but what is clear is that the company is still in serious trouble and is likely to lose the rest of its Californian assets soon after July 18th

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