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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.
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.
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.
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.
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
BV, know who your asking that's all I'm saying. Read a few posts. He's the biggest wind up merchant in LSE. Johnnyy may have been created in August but I assure you he's had many aliases this year alone. We do have much much history. He was a troll on the ncyt board under MrDribbles alias and use to torment the board every day. I took him on one time and almost destroyed my reputation on that board as a result. He has never been able to let it lie and now follows me round UFO, ANGS, DVRG and a few others harassing me. Water off a ducks back for me but he gets some enjoyment from it which should tell you everything you need to know. Don't take my word for it, check out his history.
I thought even children grew up eventually Johnnyy but I guess you're a Neverland lost boy. Certainly lost. Wasn't it you who thought the vaccines were a one way ticket to I am Legend. Still no zombies. Oh and given you're pro Putin I suspect most people on LSE just ignore anything you say so just toot along.
Mostly you BV. I was having a decent debate with HITS before you came along and yet again banded me in as a deramper, despite me supporting GL's actions. I'm probably the worst deramper on here.
For some reason you're lost on this whole DRB is a deramper BS and a few others on here unfortunately believe you instead of actually read what I say and make their own mind up.
It's really no skin off my nose. I actually find you hilarious.
Baits, I see what you're referring to. Apologies, i was trying to say it wasn't ready to be delivered yet (because of the commissioning) that is why GL is cracking on with the sidetrack. I was just responding to HITS querying why GL is doing the sidetrack first.