The word in the City is that the Xcite's CPR is due any day and its positive. No need to re do the flow test that's for certain. The directors aren't so stupid to sign for the Rowan Norway rig with that sort of scenario.
But the rumours of a placing to accompany this news is building. Somewhere in 350p region seems to be consensus, but i hear talk of less. I sold a little more on the spike up this morning, to diversify the portfolio more. Still love the Xcite story but no point taking a big hit. The institutions aren't handing out cash like they were and want a big discount. The number of commodity flotations pulled in the last 2 weeks underscores the weakness in the market for new listings and placings. I am hoping that the Bentley Alliance route is used rather than institional money but details are vague here. I'm taking a cautious approach and this may be nothing more than a "storm in a teacup".
But the rumours of a placing to accompany this news is building. Somewhere in 350p region seems to be consensus, but i hear talk of less. I sold a little more on the spike up this morning, to diversify the portfolio more. Still love the Xcite story but no point taking a big hit. The institutions aren't handing out cash like they were and want a big discount. The number of commodity flotations pulled in the last 2 weeks underscores the weakness in the market for new listings and placings. I am hoping that the Bentley Alliance route is used rather than institional money but details are vague here. I'm taking a cautious approach and this may be nothing more than a "storm in a teacup".
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