Seeking Alpha

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.
Comments (2)
  • 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?

     

    Regards
    james
    8 Sep 2013, 09:29 AM Reply Like
  • 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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