Wednesday November 26, 2014
Logistics Issue No 2 at the Greek Hovel – Smoking Myself Out but feeling Macho
Video Postcard #90 - The Rochester fallout, UKIP, immigration and the despised political classes
Off to Ireland for the Weekend – Ballymaloe beckons

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Gotcha! Sefton Resources – The Grim Truth starts to emerge

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- Tom Winnifrith

IM listed oil producing penny share dreadful Sefton Resources (LSE: SER) has today issued an RNS which is (by its standards) half way to being accurate. Even so, it is pretty grim. The shares have plunged by 14.5% to a new all time low of 1.325p but I remain of the view that they are worth no more than a fraction of that. They are now 99% down from the IPO price a decade ago, during which time chairman Jim Ellerton has made millions of pounds from excessive boardroom fees. But the stock will fall again and again over the coming years as Sefton’s true predicament emerges. I shall explain below why this is a conviction sell.

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