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Ruspetro – Farce Turns to Tragedy as refinancing “postponed”

Tom Winnifrith
Wednesday 6 February 2013

Russian Oil producer Ruspetro (RPO) has served up another shocking statement this morning – its habit of delivering nasty surprises does not change. Having advised a short at 83.5p on January 4th I suggested on 25th of January that having refinanced its debt it was “merely one to avoid.” The shock today is that it has decided not to refinance its debt or to undertake the partial debt for equity swap announced on January 25th. This leaves its cash position looking very tricky indeed and at 50.5p the shares are once again a sell.

The announcement today is brief but shocking none the less. It reads:

on TradingResearchPoint | Comments
About Tom Winnifrith
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Tom Winnifrith is the editor of TomWinnifrith.com. When he is not harvesting olives in Greece, he is (planning to) raise goats in Wales.
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