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Argentex – this placing is looking messy: I did warn you all

By Tom Winnifrith | Thursday 2 May 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.

Back on October 26 last year after Argentex (AGFX) binned its long serving CEO Harry Adams (not that one) I warned you to avoid shares in the money broker like the plague at 78p. Today, despite announcing a planned £5.09 million fund raise at 45p the shares, as I write, languish at 35p, valuing the business at c£40 million. The retail offer which will follow looks unlikely to flourish even if the placing gets away.
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