Member Info for DRB83

Yes indeed it has been extended to 17 Apr 2023. Knowe can convert from 17 Jul 2022 for 1p per share so my best guess is they are holding off to let Angs settle in cash. That way they get £1.4m cash and £1.4m in warrants at 1.3p.

If they convert now they just get £1.4m shares at 1p. It's best for them not to convert based on this. Now I understand.

Looks like the option to pay it off passed several months ago.

Alternatively, and at the Company’s option, the Loan Note is repayable in part or whole at any time
up to two months before maturity

Maturity being 2 years from April20. Does make you wonder why they haven't converted already. Are we sure they haven't?

Ive been in way too many SP crashes to know this is not a show me market. Wish it was.

Agreed Kaeren, whilst there may be some manipulation from MM's the market is driven by supply and demand with investors being the fuel.

Also, if Baits is bang on the money then we probably won't see any SP appreciation until at least January with the main uplift coming in April23. Really? I personally think if investors wait to see the revenue in black and white then they'll probably miss the rise. Investors/traders tend to anticipate the good news and a bunch of them sell on the news. Imo December will be a significant month for the SP unless we get some great news on Balcombe prior to that.

Mezz loan being replaced because it is not fit for purpose. Tranches needing to be paid back in 12 months was a bad deal. Unless GB is allowed to drawdown more funds before settling the first tranche then DVRG are in big financial trouble. It would be good for GB to clarify our options.

Baits, we might not see what the sales figures for the sidetrack and 2nd compressor are until April. The SP will rerate well before then. The rerate will come from the confirmation that the sidetrack is producing successfully at xmscf/D. We'll also get a nice mark up from the confirmation that the 2nd compressor is now up and running and producing xmscf/D. We'll then get a third markup in April when the actual sales figures for Q1 are published. I'd much prefer several small markups than one big one and that's what I think we'll get. GLA

Someone said it earlier. GB gambled that he'd be able to turn the business profitable with the £4m loan thereby expecting the SP to be around 15-20p. Then equity raise £10m to pay off the loan and top the coffers up. GB failed miserably due in large to macro economical events. His last mistake was to let it leak that a placing was on the cards and now instead of raising at 15p he faces raising at 2p. All in less than 6 months. We all pay the price.

The business is actually forecast to turnover £18m which if they can should deliver a close to break even. Not too shabby for a £4m mcap company. It's just that GB has completely fallen flat on his face at the last hurdle. The big mistake was agreeing to pay back each tranche in full after 12 months. Just not enough time to make the money work for you. Oh dear

Can anyone clarify where the €50m figure comes from. I understand the merger reserve figure is €14m. Thanks

Yes, still risks and for sure the sidetrack is not a foregone conclusion but even without it 7-8mscf is more than enough to meet the hedge, get debt free and start reinvesting funds into growth so that's a nice security to have should we get worse case on the sidetrack.

Also, the 2nd sidetrack next year will open up new reserves and increase gas flow so hopefully that will give us another win-win in a few months time.

If anything, the fact GL is starting the sidetrack now is because he is 100% the 2nd compressor is a given. Just a case of when not if. Imo

My understanding is that compressors take time to build and commission and the instruction to commence build may not have been given until we knew for 100% we would require it. Once the supplier starts building you're committed. Therefore Dec may have been the absolute earliest to get the 2nd compressor. Meanwhile, why wait to start the sidetrack. Just crack on and make the most of the high gas prices.

I trust you know what you're talking about Push. Very informative. Thanks

Surely at this price a equity raise is off the cards. We have the mezz loan still active. Not sure if further funds can de drawn down or do we have to settle the first tranche first. If that's the case then very poor management from GB

Stinks of a MBO but if that is the case then this definitely needs an investigation by the FCA.

Yep, December for confirmation of sidetrack and compressor. January for first quarterly update. Plenty of news to come.

Tygra, I think the gas flow figures have been pretty close and the really bad day we had last week was confirmed by GL to be a maintenance day so it seems to work if not at least for guidance.

Wiltshireman, you will learn that there are a few on here who do not err on the side of caution. In their eyes, the sidetrack will succeed and any mention of it not will be met with the full force of personal insults and defamatory statements so tread carefully. The rest of us appreciate that there are risks and nothing is guaranteed especially in small caps.

Yes it's going in the right direction Tom. December has the means to be a very festive month.

Phil, agreed, I read BV post the same way and thought, no we haven't. Good to clear it up though for everyone.

Whether it is hourly or daily. GL has shown that the plant has exceeded the 6 target. We thought 6 was the max for one compressor. Turns out it isn't. What is the max?

What we know is that 6 gives us a nice cash build into the new year. Let's face it. We weren't expecting 6 so exceeding it can only be a positive thing.

Condensate now more than covering the overheads. Exceeding 6 is a surprise to me but very welcome news.
The few days delay is out of Angs control as it's supply issues. These things happen so I'm not too concerned by this at this point.

Overall, great news. Not sure why the selling is happening other than another dose of warrant selling.

It will be good to see confirmation of the 6+ from the gas flow figures regularly posted on here.

£1.8m in cash start of year with £4m loan on top.

£18m sales at 60% GP margin giving £10.8m towards admin and finance costs. So £16.6m cash from 1st Jan spent. On what Gerry? Only 9 months into the year. £16.6m should have been more than enough to take us to profitability and cash generative.

Have you spread us too thin to the detriment of the entire company?

Are you manipulating the market for your own gain?

Are you just not very good at this?

I mean, it's clearly took that long to sort out financing that it's now leaked to the market (red flag). SP drops 50% over a few weeks on speculation. Then your forced to come clean and update the market that yes we are looking at a raise but because of the leak we may not be able to get what we want. So the SP drops another 50%. Then there's a leak about the raise being 3p. This ship has more leaks than a sieve.

I'm embarrassed for you Gerry. DVRG had great potential but through either greed or incompetence you've now put it on the brink of collapse. Criminal.

Not a share buy back in this case. It appears to be more of a reallocation of equity from merger reserve to share capital or share premium. Probably premium. No impact on cash just more of a clean up of equity. Correct me if I'm wrong anyone