Member Info for DerSack

And up again.... Hope they didn't catch too many.

Did anyone notice that messages are delayed this morning and that the LSE clock is 5 minutes ahead? Writing this at 07:03.

According to my Banking Interface, Tradegate (Germany) will open at 215p (2.5€).

Or better
https://www.tradegate.de/orderbuch.php?lang=en&isin=GB00BZ15CS02

https://www.tradegate.de/orderbuch.php?isin=GB00BZ15CS02

Better leave London open 5 minutes longer. I expect some 300+ last minute FOMO :-)

It helped and I could even work it up to 0,662. Now it's up to London.

I placed an order of 50k shares @0.655 @Tradegate. Should beware of a further stop-loss chain reaction.

Fortunately, February only has 28 days this year.

And today it continues exactly where it left off yesterday: Until now, all buys at 2.038. All sells except one larger one at 1.95x. Nevertheless, the spread is pulled down to 1.90 and the SP is accordingly below 2p.

Happysurfer:

I understand what you're trying to say, but I think if there is any short term money needed before the first financial close, they'll borrow it from Riverford in case of emergency.

The employee warrants that they generously divided among the directors last year are now starting to work. For one thing, the directors have a lot of skin in the game at current share prices. On the other hand, the disclosure of a part of those warrants in the Director Deals RNS caused outrage among some and helped to curb the careless handling of warrants. They will be very very careful when it comes to issuing more shares.

The AFC board is good. A lot of the people there have a clue and some even know the company better than the boss.
But many have been in there or stuck in there for more than a decade. There is a lot of heart and soul involved and that sometimes boils over.
It is tragic that it is actually a good board, but unfortunately it is so flooded with the moods of those present that you have to look for the really important things like a needle in a haystack.

They kept the spread at 1.90 / 2.05 for most of the day. Even though it only traded at 1.90 a couple of times, and then only for a few pounds. Almost always, when more than a hundred pounds went over the table, the price was from 1.95 upwards.

Today our support at 2p was tested to the utmost. It looks like we're on solid ground.

Was in the German radio news today. They also said that Ford are late in EV developement and buy parts / technology from or cooperate with Volkswagen. This explains, why they update their Factory in Cologne , which was already said to be dead as a dodo, and not elsewhere.

Looks like everyone has learned from yesterday's stop-loss avalanche.

Thanks for that one. Should be sticky for the first trading hour today :-)

Married ten years, but I figured that out in the first year. Just in case, I have four rooms in my basement. In one is a refrigerator and a stereo. And there are always tools to clean or screws to sort :-)

GBP2 is History:

https://www.tradegate.de/orderbuch.php?isin=GB00BZ15CS02

It is even better ... I found another one:
(11) RNS 03 July 2020: -20,000,000 @0.25p

So in the ideal case we are down to 845ml shares outstanding.

You are right Aandi, only a little more than 10%, and probably distributed over the next two or three years and not given away for free. Some of them are convertibles are @0.45p, but most should be warrants @0.25, corresponding to a total of aproximately 2,200,000 GBP

According to the latest RNS, "directors were issued with, in aggregate, 472,725,148 warrants to subscribe for new Ordinary Shares from a March 2020 warrant pool", it sounds like they are in hopefully sticky or at least responsible hands.

Sorry, should be pos. (08)

Hi Aandi,
the 191,000,000 are pos. (09) in my list. But neither these nor the surrendered warrants should be part of the"Dilutive and anti-dilutive potential ordinary shares" mentioned in the iterims because the number of the potential ordinary shares is dated 30 June 2020 which is after the exercise on 19. June 2020.

If I understand the last RNS correctly, DP and YA agreed to take the second half of there salary shares under the rules of the incentive shares this summer. One signal surely should be that they intend not to sell them and to stay in the company for longer. Bute the othe signal is that they wish to get their outstanding shares situation sorted out and to become more transparent.

A full overview of all warrants and similar would have been nice, but it seems it is up to us to find out.

I traced the warrants back to the end of 2019 using their RNS, and found the following:
(01) RNS 02 Dec 2019: +383.040.000 @ 0.25p latest 12/2021
(02) RNS 05 Jan 2020: -12,000,000 @ 0.25p
(03) RNS 05 Jan 2020: -30,773,543 @ 33p
(04) RNS 31 Mar 2020: +590,906,437 @ 0.25p employee warrant pool
(05) RNS 11 Jun 2020: -32,000,000 @ 0.25p
(06) RNS 12 Jun 2020: -53,000,000 @ 0.25p
(07) RNS 19 Jun 2020: -14,400,000 @ 0.25p
(08) RNS 19 Jun 2020: -191,000,000 @ 0.375p
(09) RNS 08 Dec 2020: -116,000,000 @ 0.25p
(10) RNS 28 Sept 2020: "Dilutive and anti-dilutive potential ordinary shares:
The following potential ordinary shares were excluded in the diluted earnings per share calculation as they were anti-dilutive. Share warrants in issue: 576,876,933 Convertible loans in issue: 235,991,940 Total anti-dilutive shares: 812,868,873"

I didn't go back further, because (10) gives a clear limit at a certain moment.

Since (10) "Dilutive and anti-dilutive potential ordinary shares" only lists anti-dilutive potential ordinary shares, one should assume that there are only "anti-dilutive potential ordinary shares". The warrants are probably the remainder of (01) and the part of (04) already issued to employees and maybe some older. So there shouldn't be any more surprises.

And then I started adding up:

(03) and (08) cannot be omitted from (01) or (04) due to the price. They come from older warrants and cannot be deducted here. I guess, they are the last of their kind. The worst case is limited by (10) minus the remainders of (01) and parts of (04).

Let us assume the ideal case: (02), (06), (06), (07), (09) come from (01), then from (01) there are only 155,640,000 warrants left. These must be executed latest by the end of the year. That is a calculable risk. In fact, it's so little that it's not even a risk. But it's just coming towards us.

So in the ideal case we are at:
709,291,703 employee-related dilutive instruments outstanding
155,640,000 warrants
= 865ml shares outstanding (good case, high probability in my eyes)

Anything else ? Until here, reading this makes me very very confident.