Member Info for Candlestick

Just to confirm, you sold half your shares at 1.2p and declined the open offer at 1p.

Good shout on selling at 1.5p but if you’re gonna boast, at least give the full picture

No worries, it’s great to see some positivity!

Just remember to add in all of the new shares when you’re talking about the MCAP, as it’s significantly more than the £3 million you’ve mentioned.

Some nice buys towards the end of the day, funny how they didn’t move the price 🤷‍♂️

11-Jun-24 16:36:59 1.1999 2,500,000 Unknown* 30.00k O

11-Jun-24 16:15:12 1.20 2,500,000 Unknown* 30.00k O

11-Jun-24 16:26:46 1.197 150,000 Buy* 1,796 O

11-Jun-24 14:08:48 1.185 1,700,000 Buy* 20.15k O

“Although we have been unable to secure Deltic's future involvement in the Pensacola project, it does not detract from the achievements of the team in identifying the opportunity, attracting a partner like Shell and raising the necessary capital to drill the initial discovery well.”

I think you’ll find it really does detract, Graham.

Wow. Today will not be a good day 😢

Https://x.com/candlesticks18/status/1798717758416605688?s=46&t=ipW7IMp6GVgCsYSTs_Wd3g

We have an mcap of under £15m, pretty much on a par with January this year - except we have an extra £9m+ in the bank!

Deals are being sought, just need a few of them to start trickling in and we’ll be catching up to previous market cap numbers. Even if you consider where we were just a year ago, we should be sitting at c4.3p for an equivalent level.

Worst case is the price doesn’t drop from here and you get locked out or lose cash/shares buying back in. Already have to pay 1.25p right now.

Appreciate the honesty up front, let’s see how it goes for you. I’d say good luck, but that costs me money if your luck comes in so I won’t.

Sorry, who lost out? And 2.1 times what price?

Neurotherm were a privately-owned company.

Xenon, please read the RNSs carefully…

The 231m shares are for Placees (and not the general public / PIs). You can’t possibly say they’re NEW investors, they’re more likely to be existing IIs.

Let’s wait and see what TR1s come out as this is about 20% of the issued shares once the dust settles.

Thanks for your concern but I didn’t say I was. I was merely suggesting what may happen if they want to keep Pensacola

Can you please clarify where you get 530m shares from? Only 200m are going via the Open Offer, all General Placing shares (231m) are going into the hands of Placees. So, that makes 431m.

What makes you certain they will be flipped? You’ve just said yourself that you’ll be buying on the open market!

I can see a big fundraise, with an Open Offer attached.

Sadly, I can also see the strike price being well below 10p, as is the way these days in terms of discount to current price. My lowest expectation is 5p, with the sweetener being current holders being able to participate so they can reduce their average significantly.

That’s true. They have gone to Placees, not just “private investors” - yes, they might be HNW PIs, but it wasn’t just a free-for-all.

I find it encouraging that almost half were taken up by investors happy to lock their investment in for 3 years - even with a 30% discount that’s still a risk.

This is the breakdown of issued shares:

196,718,731 NUKEM Placing Shares

157,374,985 BRACCO Placing Shares

25,258,678 Director Placing Shares

179,590,124 EIS/VCT Placing Shares

231,826,014 General Placing Shares

200,000,000 Open Offer Shares

This is on the RNS from 22nd May, it’s been clear since then. Also, 46% + 56% doesn’t add up to 100% 🤔

Yes they are going to get shafted like other companies recently (SCE, POLX) then it really won’t be pretty.

You never know they might pull something out of the bag, but most placings seem to go straight for the jugular at the moment

I wonder what might be coming, funds needed for working capital.

“Further to the Company's announcement of 4 January 2024 and Circular dated 12 January 2024, management continues to progress discussions in respect of suitable funding options to enable the Company to, inter alia, satisfy its ongoing general working capital requirements and advance its flagship BAM Gold Project at the Junior Lake property in Northwestern Ontario. “

I’ve set up a TG group, check it out via X

https://x.com/candlesticks18/status/1792801997638533326?s=46&t=ipW7IMp6GVgCsYSTs_Wd3g

If Deltic let Pensacola go, there won’t be a company to invest in.

Look at the highlights on the 2023 Final Results, almost all of them relate to Pensacola. Look at the business on that very RNS - “the AIM-quoted natural resources investing company with a high impact exploration and appraisal portfolio focused on the Southern North Sea ("SNS")”.

Give Pensacola back and there’s nothing left beyond Selene. Except an acknowledgment that the business plan doesn’t exist anymore.

They’ll find the funds, one way or another. It just may not be pretty for current PIs 😬

I agree.

If you look at the sales volume it looks really exciting as we head through Q2-Q4 2024:

2023 - sales total £8m vs capacity £8m (100%)

Q1 - sales total £3m vs capacity £3m (100%)

Q2e - sales £4m vs capacity £7m (57%)

Q3e - sales £4.8m vs capacity £7m (69%)

Q4e - sales £5.8 vs capacity £9m (64%)

If they can manage to get sales to 100% capacity level (and bear in mind we’ve been told before that they can sell as many as they can make), then we’re at £26m for 2024.

If capacity levels are also at the lower end, who knows what we can get to?

I think we’ll see April’s sales at £2m, with stronger yield numbers, over 80%.

I also believe we’ll see a good reduction in scrappage.

Any sign of green shoots of positive progress and we’ll see 1.5-2p in a shot.