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.
This morning, San Leon Energy (SLE) announced a conditional placing to raise £29million. The proposed price of this fundraising is the equivalent of 0.8p in current money, but San Leon also plans to push through a 100-1 consolidation so the real price will be 80p. Based on the miserable track record of this company, about the only thing it looks like this move could achieve is to open the door to is further future catastrophic dilution.
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