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Nice to see the directors all snuffling at the trough at PIs expense! Was rather hoping that the share price might dip below 35p so I could recoup some of my book losses (at the directors and their buddies' expense) resulting from buying additional shares in February/April. Registered my protest vote at the EGM. Hopefully I'll be able to recoup my losses later this year; at which time I'll probably disappear to pastures new. Don't want to be investing in a company that is being run solely for the benefit of the directors and their buddies.
Might be of some interest
Shore Capital is organising the following Seminar for the following company(s): H&T Group plc | Provident Financial PLC | Secure Trust Bank Plc | Duke Royalty Limited
Click here to learn more and register interest
Details
Event: Specialist Banks & Lenders
Description: Serving the Underserved
Date: 15/6/2022
Event Type: Seminar
Location : Online
Speakers : Neil Johnson, Executive Director & CEO - Duke Royalty Ltd (DUKE:LON)
Chris Gillespie, Chief Executive Officer - H&T Group plc (HAT:LON)
Malcolm Le May, Chief Executive Officer - Provident Financial plc (PFG:LON)
David McCreadie, Chief Executive Officer - Secure Trust Bank plc (STB:LON)
Click here to learn more and register interest
Thanks,
The Research Tree team
We know that DEC produce 119,000 boepd but I also remember reading that it costs them under $7 to produce every barrel.
Hugh Trotsky are you talking about Tom Cross from Dana He went on to create Parkmead ....Thats never gone anywhere .. I remember Dana from the old days when we had paper shares.. I cant understand how the nomads let these companies get away with such underhand dealings but they do
Olderandwiser link below is from March 22.
As with all things there is risk but Dec is currently in an uptrend like nearly all oil and gas produces. Dec tends to loosely follow the gas and oil price and whilst they are both in demand Dec should do reasonably ok ( In my opinion )
The SP goes up and down like all shares but currently whilst the US dollar is so high we are getting a brilliant exchange rate hence the super dividends. The US dollar being the reserve currency has been the go to currency during these recent ugly events . Also gas and oil prices don't look like they will be coming down any time soon.
https://www.investorschronicle.co.uk/news/2022/03/22/diversified-energy-hedges-hit-profits/
My beef Nomlungu, as CJ66 has correctly pointed out, is not about the placing per se but the timing, the discount and the ability of existing shareholders to participate. The share price was 42p on 3 May. Okay, market conditions have worsened but I think the 10% discount was unwarranted. It seems to me that the directors know a good deal when they see one and have taken the opportunity to increase their shareholdings on the cheap at the cost of those of us who weren't able to participate. I'll bide my time and probably sell in due course because it's been my long experience that directors who run businesses simply to line their own pockets at small PIs expense don't generate the best returns (for the rest of us) over the long term.
Years ago I used to own Dana Petroleum and the CEO was forever awarding himself more free share options that meant the share price barely rose; he did very nicely when the company was eventually sold, the rest of us less so.
Thank you, optimus, for the suggestion. I did look at it a long time ago but isn't the issue there about the longevity of their asset base, because of the inevitable reserve decay of frakked wells?
Duke didn't contact platforms re:placing. Obviously didn't want existing shareholders involved and expect you to buy another 16% (with costs) for holding parity.
Optimus is correct. I hold DEC giving +10%. I will be increasing this equity not Duke.
Oldbutwiser.... look at Diversified oil and gas DEC 10% plus yield divi paid quarterly been paid since 2019 ... paid in US dollars converted to Gbp. Dyor etc
Check divi on www.dividendmax.com
PB do a lot of short-notice placings. Suspect it is to minimize protests from existing shareholders at firms who lose out. By the time most find out, it's too late, it's done.
I don't think the beef is about the placing, it's about the unreasonable way they have carried it out...
Hi nomlungu .
Yes i recall you did mention you thought a placing was coming and i said if you want to pick up some shares on the cheap you could have got some on the 7th of March as they were 33p . Ive been in Duke since 2019 and I paid around 35p for them then they did go up to nearly 50 P but my TP price was 55 p
In 2020 they crashed down to around 20 p and i held on through covid etc
I added some on the 21 Jan 2022 at 37 p and have a TP price of 45 p but didn't get there.
I just see this share as a dividend income share..
As you may recall I'm not a fan of placings as it dilutes the share price.
Also not a fan of primary bid as i see them as a self serving disruptor.
Its a pity that DUKE didn't give its own share holders the option to buy shares at a discount.,that would have been the morally correct behaviour ... (but this is the stock market!) So now as we enter a more bearish stock market I hang on for the continued divis... Good luck to all holders
I do not get shareholder moans about the placing... if you follow the info the company provides it was clear that resources were running low and that more funding would be sought. And if you are not happy with dilution then you will be even less happy with the next placing(s) as you cannot grow this type of investment company without a steady stream of funds to invest with especially if the company is distributing around 60% of free cash flow as dividends.
#caveat_emptor
Personally, I don't sit around on the off chance that I might get an RNS after hours to say that there is going to be a fund raising and that I've got literally a couple of hours to make a decision before bidding closes, whilst Johnson & his cronies have probably know about this for weeks and are sitting comfortable. Totally unacceptable.
I for one will be voting to sack Neil Johnson and/or vote down his remuneration package the first opportunity I get. I am so ****ed off about this; words fail me. Should have done this fundraising immediately after the Q4 update not in the teeth of the current market turmoil. Fcuk you Neil Johnson.
Thank you. Will look now.
Olderandwiser, if you are looking for high yielding dividend shares, this is a good site to start:
https://www.dividenddata.co.uk/dividendyield.py?market=ftse100
You can look at FTSE 100, FTSE 250 and Investment Trusts, and sort from highest to lowest etc. Be aware that some of the data may be out of date and that special dividends can sometimes skew the yields. I'd always doublde check the stated dividends on (say) the Hargreaves Lansdown site:
https://www.hl.co.uk/shares/shares-search-results/d/duke-royalty-ltd-ordinary-shares-npv
My SIPP portfolio, on which I live, is up 20% this year to date. Last year I made 16%, after paying myself the max standard rate income tax pension. I'm in my comfort zone taking extra risks for capital gains, but only now looking for yield to supplement my pension. Honestly, I don't know of any UK listed share with a 8%+ well covered dividend, but I will now start looking.
It's a good dividend share, but management are not small shareholder friendly with a ridiculous timescale whilst they pick up 1m cheaply themselves. They have already done this a couple of times before. I will still hold but for what it's worth start voting against resolutions whenever possible. It easy to vote on ii...
'The share price has collapsed a staggering -97% from its peak'
Are we looking at the same share?
From getting the PB email to offer-closure gave about 20mins to decide on a yes or no.
It quickly became a no.
The share price has collapsed a staggering -97% from its peak. Momentum is poor.
A quick scan of RNSs shows a fondness for dilution. That never ends well.
A profitable business making a huge £20m placing looks excessive. A healthy firm making unhealthy dilution.
The stock has a wide spread and low liquidity.
One concludes the company is not shareholder-friendly.
Ahm oot.
As to where you kind find other shares offering a 7+% dividend yield, I suggest you actually do some research. There are actually quite a few (good quality) shares offering that sort of yield and more at present and they are not difficult to find.
Olderandwiser, my issue is that you shouldn't have been able to pick up DUKE on the cheap in a discounted fundraising in the middle of a market crash. Less than a month ago this was trading at 42p+. Why didn't they do the fundraising then? Why such a steep discount to the mid-markt price on 9 May? This is not a sellers market. So, forgive me if I'm not amused.
Where else on AIM or the Lse would you invest, then, to pick up a 7%+ dividend yield, well covered?
Given where the share price was only a month or two ago, doing a cash raise now at 35p in the midst of a market crash to (supposedly) fund further expansion is unacceptable. You have to question what the directors are thinking and whether they are competent to remain in role.