Shares in Gulf Keystone (GKP) have slumped by 9% to just 90p today amid ongoing concerns about the company’s rescue $250 million bond offering which has to succeed if Gulf is to avoid going tits up in May.
Infamous bear raider Evil Knievil has revealed to Shareprophets today that he is now short of 200,000 shares. While declining to set a short term target price, Knievil says that the see through value of Gulf’s equity based on the 15% yield to redemption on Gulf’s existing $325 million of bonds is c30p.
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