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Contango – from no plans to raise to a raise in just four months

By Tom Winnifrith | Monday 8 April 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.

Contango (CGO) is the sort of POS that gives the Standard List such a bad name. Operating a coal mine in Zimbabwe you might have thought that it was profitable . More fool you. Today it has raised £940,000 at just 1p, as I predicted it would last week,. However, if one goes back to December 8 with the shares having slumped from well over 5p to just over 4p the company announced that despite its shares sliding there was nothing wrong, indeed it continued to attract corporate interest in its mine. And…
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