Sometimes reality becomes a parody of humour. In my recent spoof downfall video of AIM listed penny dreadful oil producer Sefton Resources I ended with Chairman Jim Ellerton suggesting that he had a cunning plan: buy a worthless Kansas oilfield for peanuts, spend millions on it and claim that suddenly he had an asset of value in order to get away another fundraising. Knock me down with a feather, Sefton has today announced details of just such a plan. And its statement is, as ever, grossly misleading. This company is running out of cash fast and my target price remains 0.01p ( at best). The shares today are off again at 1.225p valuing the company at £4.87 million. Now to today’s news and why the statement is so misleading.
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