Oh dear, oh dear, today’s trading statement from Gulf Keystone (GKP) is a bit of a dog’s doo doo. I fear that the bears will enjoy it and having suggested that the stock might be a trading buy on the basis that grossly overpaid CEO Todd Kozel might be about to get his P45, I now revert to my normal sell stance – so far utterly vindicated with the stock having dived today to 91p.
What are the bad points in today’s statement?
Well Todd might not be universally loved by his shareholders anymore and might even have a few “non-fans” on the board but he is clearly not going. That is, on balance, bad news.
Of rather more fundamental concern is the cash position.
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