Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. 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.

Petroceltic its a zero, a 0p - let the blame game get going

By Tom Winnifrith, The Sheriff of AIM

15 April 2016 05:31

More:

Oh dear. You cannot say that you were not warned by this website but those morons who were hoping that they would get at least 3p for their Petroceltic (PCI) shares must now brace themselves for 0p. It is a day of shame for certain City analysts, the board and the morons who, in many cases, were the architect of their own doom.Vindicated I laugh at my abusers...

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Comments

SCEPTIC

15 April 2016, 06:22

I’ve been following this and many other of your stories with interest.
One thing I would be interested to learn (genuinely!) is how do you close a short position when a company is bust?

Thanks in advance
KANGAROO

15 April 2016, 07:41

Congratulations Tom. Thanks to your excellent coverage of PCI, GKP, and Afren last year, I’ve made serious money spread -betting against those shares.

I’m hoping for a kill on IOF too, but worry that you may have been too bearish about their cash position by overlooking their inventory build-up in 2015 H1. (If they’d sold that down in H2 then although they couldn’t claim positive operational cashflow for that period wouldn’t it have nevertheless boosted their cash at year end ?)
Perhaps I should query that with you elsewhere though – for now let’s just rejoice dammit as I think Margaret Thatcher snapped at journalists after the Falklands war.
Rhambo

16 April 2016, 08:08

@sceptic you don’t need to, when you short you will borrow the shares and sell them, and you receive the funds from the sale. If it goes bust, then there are no shares to buy back so you just keep the original sale proceeds. With CFD providers they should credit your account with the funds when it delists to reflect this.