Member Info for Dartron

Sold 70% of my holding last week, only because I can tell this is selling off. I suspect the placing is a done deal, much like Jadestone energy which sold off to the placing price before the placing was announced. Question is, what price is the placing? I thought 50p, but we have just dropped below that.

Does anyone know if there is stamp duty when you participate in an open offer?

I would say the shares were purchased on market, prior to the placing shares being admitted, so the 9.63% is pre-dilution. You normally see the holding RNS due to dilution or placing, after shares have been admitted.

9.29% - Date on which the threshold was crossed or reached 07-Jun-2023

9.63% - Date on which the threshold was crossed or reached 08-Jun-2023

Application has been be made to the London Stock Exchange for Admission of the Placing Shares and Subscription Shares to trading on AIM. It is expected that Admission will take place at 8.00 am on 9 June 2023

I was talking about the re-release, cryptic tenuous nonsense for someone else well versed in such things.

Have a good weekend.

"Rock The Boat" by Forrest Thomas reached No.4 in the UK singles chart in February 1983. It was originally a hit for Hues Corporation in 1974.

The boat has been well and truly rocked - (80's disco hit, slightly before his time). Totally familiar. FWIW I bought the dip heavy. Until next time.

Tyrus will lend JSE working capital money at loan shark rates. The $8 from the open offer will reduce this loan, from $35M to what ever. They dont need it per say, and you could argue it is better to have less dilution and worse rates short term, probably both not ideal.

Right decision. Me too for a loss (but in 2021). Good dip to buy here, its not going to stay in 30's long. I have loaded up.

Long term, it may be in everyone's interest if the open offer fails, as there will be less dilution. Counter that with the BOD are going to want the free money, so I wouldn't rule out some bullish RNS before the OO closes? I doubt this one, but it would really help if Tyrus would agree to lock out those warrants for 24 months, which I think would fit with their strategy.

Ctrl123, still in NCYT. Why If you understand markets so well?

I doubt that there will still be stock available at 38p on the 28th June, when the offer closes. Question is whether this rises above 45p by then (almost 3 weeks). I have no idea, but I cannot see the logic in selling at these prices, so I am assuming it may rise a little. If an II steps in, the stock could disappear quite quickly.

Regarding your idea Roxi, I dont think that would look good either, the board need to start sticking with what they say, which is an open offer at 45p. Perhaps they could buy in the market, you never know.

Sometimes those prints above the ask are worked sells, which print at VWAP so appear above the ask. On level 2 every MM is selling below the placing. What does that tell you?

I think management will be concerned at the share price. They are hoping to offset some of the awful equity backing deal with the $8M proceeds from the open offer. This would be much better for them, than the terms of the said deal. It will also reflect badly if they cant fill the open offer. There may be some takers, of high net worth or family offices, if they want a large quantity (which I doubt is available at 42p). Although I haven't read the terms of the OO as I am not interested.

The bigger equity fund manager running his slide rule is called Tyrus, and he has already done this, having put Blakeley in a position of check mate, over the last few months.

I did a rough calc pre placing, that to see 75p would be roughly double the mcap it was pre placing. I cant see this happening, before the 3 years to exercise the warrants run out, and then Tyrus will take this private. The price will depend on the price of oil and gas, but I can tell you the discount to value will not recover in that time.

I am glad the price has dropped to 40p, means I can get out when this inevitably hits 45p. What a pile of sh*t this is.

Ahh, couldn't resist the whole penny of profit in a few hours (4%). Out again.

Back in EKF. Not as many as I used to have, prior to the price crash, but enough for some upside. Might be about to break out?

Just thinking about the warrants, which equate to 6.7% currently, Scale that back a third after the placing = 4.42%.

Bear in mind, Tyrus will hold 26.45% equity, so that added to warrants takes us to 30.8%. Obviously, I have used approximations. The point is, It is not necessarily so that they would want to flip those warrants. They could use it to take them to 29.9% or even beyond if they wanted to. Either way, with a man on the board and as majority holder they already have significant controlling interest.

I think it is too much of a coincidence that it adds up to 30%.

I also think the placing price will be 45p, as that is obvious from the chart and forward selling.

Sold off since 10th March. Bet that is when the phone calls went out.

I suspect every II and his dog knew this was coming judging by the share price. 45p placing?

They wouldn't be able to get it done in 2 hours if nobody knew. FFS.

May buyback summary..

3/5 - 45000, 92.5 - (£41625)

9/5 - 9000, 92 - (£8280)

15/5 - 7000, 92.5 - (£6475)

16/5 - 25000, 92.5 - (£23125)

18/5 - 32000, 91 - (£29120)

24/5 - 10000, 92.5 - (£9250)

25/5 - 10000, 92.5 - (£9250)

26/5 - 14000, 92.4 - (£12936)

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May - 152000 (£140061)

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Terms: commencing on 29 March 2023 and ending no later than 30 June 2023, of Ordinary Shares for an aggregate consideration (excluding expenses) of no greater than £2.8 million.

Still seems very underwhelming.

There was (Allegedly - I have not seen it), a broker note out from Liberium, highlighting how close to the debt covenant DWF was, and the note even forecast a placing [See extract posted on other site]. The fact that DWF did not inform the market on profit, was a red flag. I am inclined to agree with the broker note. While, they may not need a placing, its not sounding great over at DWF. The free broker note from Zeus talks several times about cost savings providing upside, so again not a great proposition currently. I hold a fair chunk of DWF, and for me it is now a hold, rather than a buy. I will wait and see. I have also reduced my trust in the company due to the lack of transparency from the TU, which was deliberately vague, and did possibly more harm than had the truth been stated. DWF really need to get the debt under control, by possibly reducing the dividend or suspending it, hopefully not resorting to a raise at this level!

I shall focus on other stocks for the time being. Thought, it is crazy to think how much this was tipped at the beginning of the year, with £1+ targets.

There was a broker note out from Liberium, highlighting how close to the debt covenant DWF was, and the note even forecast a placing. The fact that DWF did not inform the market on profit, was a red flag. I am inclined to agree with the broker note. While, they may not need a placing, its not sounding great over at DWF. The free broker note from Zeus talks several times about cost savings providing upside, so again not a great proposition currently. I hold a fair chunk of DWF, and for me it is now a hold, rather than a buy. I will wait and see. I have also reduced my trust in the company due to the lack of transparency from the TU, which was deliberately vague, and did possibly more harm than had the truth been stated.

The situation does remind me of Knights back in February, with the SP selling off mainly due to debt and lack or organic earnings growth. However, Knights were not close to the debt covenant IIRC. DWF really need to get the debt under control, by possibly reduce the dividend or suspend it. Another slight pain over at DWF is that it incurs stamp duty as well, so makes it more expensive to buy.

Thought this was good. Doesn't mention I3, but very relevant.

https://www.bnnbloomberg.ca/market-call/full-episode-market-call-for-wednesday-may-31-2023~2695078

Grabbed 20k shares at end of day for 17.67. Think it was a good deal for the company today.