OGX demands fresh capital from Batista, shares surge

Shares of OGX Petroleum (OGXPY.PK +26%) surge after the struggling company demands a $1B cash infusion from controlling shareholder Eike Batista, exercising an option provided earlier by Batista requiring $100M immediately and the remainder to be paid in as needed.

The move caught the Brazilian market by surprise, as several analysts believed the option wouldn't be exercised since it comes at a very high cost for Batista; he is committed to paying 6.3 reais/share, far above OGX's current market price.

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Comments (2)
  • taktak711
    , contributor
    Comment (1) | Send Message
    Dear Sirs,


    I found that many articles are not accurate as recommended by some financial reports on stock like OGXPY or AREO. They are like looking for people to die with the stocks they recommended.


    So how can we tell who is reliable?


    8 Sep 2013, 09:29 AM Reply Like
  • SA_member_1107427
    , contributor
    Comments (12) | Send Message
    taktak, if you buy OGXPY it's better you die with it. trust me
    8 Sep 2013, 10:38 AM Reply Like
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