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Canadian Overseas: death postponed is still death and the guy with the scythe arrives next week

By Tom Winnifrith | Friday 1 March 2024


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.


Yesterday Canadian Overseas Petroleum (COPL) announced that its senior debt providers, which were due to pull the plug on 29 February had agreed not to pull the plug until March 8. Natch the shares rallied. It is like the guy on death row given a temporary stay of execution while Joe Biden considers a plea for clemency. A week later Joe will not remember what he was considering and the poor chap will be tied down on the gurney anyway.
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