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Has Sefton just admitted how close to death it really is?

By Ben Turney | Wednesday 4 June 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.


Sefton Resources (SER) issued an “Update on Refinancing” forty five minutes ago. In it, the company says “the Inter-creditor Agreement provides for the Funder to advance additional subordinated loans to the Group in two instalments which will fund up to two 30 day extensions of the existing borrowing facilities with the Bank”. The “Bank” in question is Bank of the West (not specified by Sefton in its announcement) and these “two 30 day extensions” scream loud and clear what a desperate situation this company is in.


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