I had a different lesson, in 08-09 I got annihilated in bank of Ireland and allied Irish, bank of Ireland had three rights issues! I entered all of them, the share collapsed each time, first at .80,then.55 finally ten to one at .10 by the end my entire portfolio was in reduced from 540000 to 70000 at .06 it then grew to .30...I got back on my feet and doubled that to 750,000 that is now 74,000 Hell. This is the devil I know, if I wanted to sell and had thought all the accounts were fixed I should have done the at .80... 12k is not worth the chance of missing it Survive.
Of course it may just vanish as so many before, but who could forgive themselves selling and losing in another share as this rose.
I didn't sell at the 4 pounds area because of the article where it stated it was understood Exxon were offering 8 pounds a share. And because 8 pounds a share would have been round 7 biliion market cap if I remember. I didn't think it was particularly far fetched for 12 Billion barrels oil in place at what I expected would be 20-30% recoverable over 40-50 years and with Sheik Adi , Ber Bahr and even Akri Bijeel all appearing to be connected as one structure ( hinted at in a GKP Investor presentation a year later I think ) . We were told by GKP that Shaikan would plateau at around 400k bopd . Mini Majors in the US or worldwide such as Anadarko were valued at 25-35 billion USD with production from fields at 200-250k bopd - fields that were scattered all over the globe. GKPs were all in one convenient package. I believed there would be 10 Billion plus mkt cap value for the aquirer PLUS the other 3 Licenses. That was my rationale for holding at 4 pounds. That a US Major would offer high so as to secure Shaikan before lets say the Chinese. I could write essays here. I don't believe for one minute the 3 year + smear campaign in multiple media sources and on these threads has been coincidence
I have been in here on day trading and that's it. I am only trying to put another perspective on things...when I started investing in 2008 I lost £70k that was not mine (a family member) and it went down to £5k in value...I learned, got out and started again. In 2 years I made the money back.
A friendly comment is to get out with what is left if u have £12k u have a chance of making it back in other shares at the sector low. I made a similar mistake on my very first investment and have bounced back and made a few quid in the process.
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