Good afternoon!

Something funny has happened with the formatting of today's article. Please bear with me, as I try to resolve this problem.

I'm walking wounded today, after a most convivial time was had last night - every 3 months I get together with my best investing friends, and we have a fascinating afternoon swapping share ideas & experiences, followed by a lovely meal, accompanied with copious wine. Not good on a school night. So I'm in the mood for a good rant, and won't be taking any prisoners.


Stanley Gibbons (LON:SGI)

Share price: 22.5p (down 39.6% today)
No. shares: 47.1m
Market cap: £ 10.6m (pre-dilution)

Funding update - delays in fundraisings are ALWAYS bad news. ALWAYS. It means they're struggling to raise fresh money, and the buyers will usually demand a deep discount. I've been involved in distressed fundraisings before, and the way they work is that the key Institutions just name their price. Existing holders get shafted.

SGI has been such a well-publicised train wreck, that there's really no excuse for PIs holding this share, other than obstinacy, or sheer stupidity.

As with any small cap, Institutions are high & dry, with (usually) inadequate liquidity to get out of a significant shareholding, but we small private investors have the wonderful advantage of being able to sell up at any point. So it stuns me that people refuse to admit to their mistakes, and continue holding a share that is very obviously in the process of collapsing in value.

Nobody likes a smart-arse, but I couldn't have been more stark in my warnings about this share here on 13 Jan 2016 when things were so bad that SGI went on the Bargepole List at 59.5p, again here on 23 Feb 2016 at 43.5p, and most recently here on 4 Mar 2016 when I speculated that a discounted fundraising as low as 20-25p was probably imminent.

It's even worse than that! There is so little appetite for a fundraising, that today the company announces that the emergency fundraising (to bail out the bank, again) will be at just 10p! That values the existing equity (47.1m shares) at just £4.7m. That's probably £4.7m too much. Personally I would only have put in fresh money for a pre-pack Administration.

Further to the announcement made on 4 March 2016, the Group confirms that it is…

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