Member Info for Delphinium

Full year results due to be published in March next year. According to RNS trading update due 8th November which will shine a light on all relevant matters.

Capital raise as predicted last month. Doubled up this morning and raised again. Time to get serious, we hold a very good hand.

Anyone else had a phone call today from Turner Pope (supposedly) about registering an interest in future share issues at a discount? They were keen to know my feelings on the Webinar just released. I got the feeling that they were looking at sounding out a few holders as to how they would go for a fund raise. Whilst we had US$3.7m at the end of June and cash burn has been modest we cannot run the tank down to empty. I feel that we will shortly be asked for £3m-£5m which will allow all options and planned work to continue in play to next summer. Hopefully the share price will creep over a 1p before they hand the hat around. Any comments?

Having sold out on the spike on the 9th I'm now back in. The price seems to be bubbling up as I type and with the results next month the board will be under pressure to come clean on the background events.

Boom.boom I don't think you have seen the last published 2019 accounts. On page 10 of the report they say credits owed are A$27.3m against debt of A$22.7m. It has been a constant minor irritation to me that the Alaskan authorities have not paid up as the interest payments keep reducing our cash and hence ever more credit raises!

With Quindell we had Directors shares sold off as loan security, inflated asset values, hidden debt and chief executive sacked.
And then to cap it all several in depth enquires over a whole heap of issues with various authorities together with the collapse of the share price for long term holders. However during the share price rollercoaster several trading opportunities did present themselves.

After some considerable thought I have decided to double up my shareholding. The risk/reward potential just cannot be ignored. For those of you older trading hands this recent trading news and background shenanigans has many similarities with Quindell . Profits can be made if you have the time to spend in front of a trading screen.

I have been very fortunate in my timing of trades in this share (more by luck than judgement!) . Please put me down for £11.78.

Just as a thought does anyone think that when the deal is completed Galliford might have a tilt at Costain? The combined businesses have worked on a number of recent contracts and anyone driving up and down the M1 may have noticed the jointly livered vehicles on site.

Given todays bad news I believe that the door has been well and truly opened for a opportunistic bid for our company.

How many of us would be willing to accept 2.5p / 3p for our shares?

RMR1969 you are over optimistic in your dividend expectations. With the heavy Rights Issue dilution and the stated aim of a dividend covered twice by earnings, next years dividend is likely to total only about 7p. It may of course not even total this if a new CEO decides to reduce debt or reinvest more capital in the business.

As a aside comment I went to my local Frankie and Bennys on Tuesday for lunch, food was ok but my party of three were the only customers in the 120 cover unit.The 5 staff were pleased to see us and said trade had been very quiet. One restaurant doesn't mean a lot but I will not be looking to buy any further shares at this time.

Given the steady fall in the share price it is certainly time to step back and review why we are invested in this share. I originally invested a couple of years ago when a presentation showed a series of beakers of oil on a table with a accompanying report saying that they had found something but not sure what. Since that time I have traded the share hard (certainly not timing the highs) and have followed the company closely.

Moving up to date I was at the Forge presentation in September when DW said he was looking for a few hundred million (Dollars) for a 70% farmout for the potential icewine conventional resource. He also made it plain that he would not trade away the unconventional for free. We don't however know the value that Big Oil ascribes to the conventional resource or if indeed a tier one company will come on board. My problem with current share price is that if Big Oil was interested why doesn't a bid come in for the whole company? A bid of 3p a share would be a £200m spend, small change for a oil major. They would then have our full interest in both conventional and unconventional with Winks and Yukon thrown in. DW has advised previously that our shareholder register is mainly made up of private individuals and that several corporates had sold down/out after previous capital raisings. How many present holders would take 3p?

I have brought more today to bring my average down and consider that we are still a fair bet if and when either a farm out is announced or a bid comes in from a major. As usual always do your own research before any investing.

Funnily enough I brought back into these yesterday. After further consideration on the interims the net debt figure increase was my only minor concern. However if they do raise the £70M-£80m from pub sales and the Christmas season is as strong as they expect everything should point to a re-rate to around 800p. Whilst faramog may categorise this as a poodle type of dog I would say more like a Labrador, but certainly not a Greyhound.