23rd Sep 2014 13:07
LONDON (Alliance News) - VSA Capital has reiterated a Buy recommendation and 70 pence price target on Madagascar Oil after the company's interim results Tuesday, saying it is getting closer to its first phase of production expected for 2015.
VSA Capital said Madagascar Oil remains among its preferred stocks, and it will update its model once it gets more information about the company's fundraising.
Madagascar Oil is in advanced negotiations with some of its major shareholders with regard to a fundraising which is likely to be structured as a placing and a subsequent open offer.
The company is one of VSA Capital's clients.
Madagascar Oil shares were down 2.2% at 11.00 pence Tuesday afternoon.
By Steve McGrath; [email protected]; @stevemcgrath1
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