Sefton Resources; shafted up the garden path

I have to admire the Dunkirk spirit of certain long term bulletin board supporters of Sefton Resources (SER). Surrounded on all sides, under constant bombardment from land, air and sea, this plucky little group of shareholders will never fail to see the silver lining in the storm clouds gathering over their heads, no matter how bleak or perilous they may be. I’ll write about the dire terms of Sefton’s refinancing deal tomorrow, but in the meantime the company’s results for last year are abysmal. Anyone considering buying into this revival story should have a long hard think about their nearest and dearest before throwing cash into this money pit of a company.

Which AIM Cesspit Companies will be suspended at 4.30 tomorrow …some runners and riders

By 4.30 PM tomorrow all companies listed on the AIM Cesspit with a December 31^st year end must have published their results or their shares will be suspended.  And here are a good few likely contenders as you can see below.

Has Sefton just admitted how close to death it really is?

Sefton Resources (SER) issued an “Update on Refinancing” forty five minutes ago. In it, the company says “the Inter-creditor Agreement provides for the Funder to advance additional subordinated loans to the Group in two instalments which will fund up to two 30 day extensions of the existing borrowing facilities with the Bank”. The “Bank” in question is Bank of the West (not specified by Sefton in its announcement) and these “two 30 day extensions” scream loud and clear what a desperate situation this company is in.

Sefton Resources - WTF is going on at Tapia, Tell us About (Up The) Sara Creek

Is there something in the DNA of AIM Cesspit listed Sefton Resources (SER) that makes it incapable of keeping its investors up to date with what is going on? That the AIM Regulation team has not ended the long running farce that is “Sefton and the lie machine” by kicking this POS off the market and publicly executing all current and historic directors defies belief. And so a few questions about Sara Creek. 

Sefton Resources: Three Predictions of Doom for July

Sefton Resources (SER) the posterboy of the AIM Cesspit limps on with rescue finance now provided by an un-named consortium. The shares are now 0.175p which is almost 0.1p but I will cover that later. They will fall below 0.1p and that is one of my three predictions of doom for July.

Sefton Resources: Abandon all hope

Yesterday’s refinancing announcement by Sefton Resources (SER) was the worst possible news for shareholders. It gave them hope; unfounded, unrealistic, naive hope. Rather than just put a bullet in this sick dog of a company and let its poor shareholders get on with their lives, the Sefton board has cobbled together a deal that keeps the show on the road for a few months. As ever with a Sefton RNS, there are critical gaps in the information provided, but what is clear is that the company is still in serious trouble and is likely to lose the rest of its Californian assets soon after July 18^th. 

Is Sefton Bust Yet and where are the (dismal) March output numbers? Target Price 0p

Give him his dues, old Jimmyliar Ellerton was always pretty quick to release data showing output in his California Tapia field to the DOGGR. But these days it seems to take an eon to get information. We are now in May and still data for March has not been published by Sefton Resources (SER). Why not? Take a guess.

Is Sefton in default?

It just gets worse and worse for Sefton Resources (SER). A few days ago I wrote that I thought the company was “circling the drain”. Today it looks like it is in default. It just hasn’t officially announced that yet. Instead it has (once again) left it to readers of its shambolic RNS statements to piece together just what the hell is going on.

Sefton Resources: circling the drain

It took a week of chasing, but on Friday I managed to get the Division of Oil, Gas & Geothermal Resources (DOGGR) of the California Department of Conservation to publish on its website the latest oil production figures for Sefton Resources’ (SER) wholly owned subsidiary TEG Oil & Gas. They were appalling.

Sefton - the Downfall Video: in case you missed it first time around

This spoof downfall video was made in 2013 by my colleague Tom Winnifrith. Looking back on this work it is not only hilariously funny but also very prescient. I see that the shares are now back at just 0.2p (90% down on when Tom started his campaign and way down on the 1.3p price when this video went out).

Another Shock Revelation: Sefton –Tapia field goes up on the SME version of eBay?

Yesterday I revealed the dire financial situation Sefton Resources (SER) faced due to its in-default debt - HERE. The company says it is trying to refinance it? Really? Please explain what follows!

Sefton Resources – what is the state of play with the Bank of the West?

Sefton Resources (SER) owes $4.7 million to the Bank of the West. What is the state of play on this loan and has this company been 100% upfront with its investors? Read on.

Bulletin Board Moron of the Week – NOT Tom Winnifrith on LSE Sefton Board

As ever, the competition to be the Bulletin Board Moron of the week is a fierce one. But the winner this week is a poster on the LSE Sefton Board called Tom Winnifrith. What a total moron and – for what it is worth – a law breaker to boot.

Sefton Resources: what do you expect?!

I made a mistake in my last piece on Sefton. The latest placement to repay the next instalment of the $210,000 Magna loan isn’t going to come tomorrow. It came this morning.

Over the last week, bulletin board speculation of a takeover has helped breathe a little life into this moribund stock. The timing of this death throw rally has been most fortunate for Sefton. Apparently unable to repay Magna in cash, the company has been forced to resort to a death slide funding arrangement (like a spiral just much more direct and faster and much more painful for shareholders).

Sefton Resources; death by 20 cuts

Despite the running battles I have had with certain bulletin board posters over the last eighteen months (and no, I really couldn’t give a damn if they know my name, because look, it’s at the top of this piece!!!!), I genuinely care for the plight of shareholders in Sefton Resources (SER). What has happened with this stock has exposed many of the systemic flaws, which afflict AIM and can be seriously detrimental to one’s wealth if ignored.

So farewell Jim Ellerton of Sefton infamy

... off you trot to your Hawaiian retirement home. Your time on the AIM gravy train with Sefton Resources (SER)is officially at an end. You too are now a mere shareholder in the business you have told us for years is so keen to build “shareholder value”. I wonder if your perspective on this might now change...

V is for Victory no longer for Vendetta – Sefton Settlement & Video

Sefton Resources has today issued a statement regarding the libel case it brought against myself and Dan Levi (Brokerman Dan).The statement and a video I recorded in anticipation of this outside the offices of uber expensive bully boy City lawyers Pinsent masons is below.

Snipers getting utterly smashed in celebration - Sefton

The emissary from Sefton Resources (SER) has arrived and left. All will emerge next week.

Sefton - The Sniper is off duty - 26 hour ceasefire agreed

With many thanks to St Gerry of Adams for the image, Dan Levi and I are happy to announce that the snipers are off duty for a 26 hour ceasefire following a more encouraging communication from the Old Enemy.

An acid Trip with Pinsent Masons Part 5

The old man with the circle on his jumper threw his papers up in the air leaving the floor strewn with images of sheep in various states of undress. I picked up one picture of a well shaven ewe from Caerphilly and handed it back to him suggesting that she had been well fleeced. “A bit like shareholders in Sefton” piped up the Dormouse. The old man looked pained again.