Member Info for DrPatience

Getafgrip:/all: At a glance the Articles look pretty standard and reasonable. There is nothing giving specific shareholders special voting rights. I will double check everything over the coming days.

Name: The name was changed to Deltic, but the original company number stayed (that's normal). There is no requirement to go back and chance the name within the Articles. It's irrelevant basically, as the company is identified by the company number. The name change followed the required process (see entry in Companies House public records 23 June 2020). Everything is in good order.

Delisting: there is nothing giving special powers to delist in the Articles. In any case, Aim Rule 41 sits on top of this, i.e. governs this:

"Cancellation

41. An AIM company which wishes the Exchange to cancel admission of its AIM securities must notify such intended cancellation and must separately inform the Exchange of its preferred cancellation date at least twenty business days prior to such date and save where the Exchange otherwise agrees, the cancellation shall be conditional upon the consent of not less than 75% of votes cast by its shareholders given in a general meeting."

It always good to keep an eye on any events indicating potential for delisting. At the moment, I don't see any such threat or movements. The biggest risk is a low ball takeover bid, but I am very confident it will be rejected. Spencer et al will for sure not sell out below what they have put in and would indeed ask for reasonable multiple given the confirmed assets under Delt's control; being derisked on an ongoing basis (ie value up)

Getafgrip, indeed!

The Articles are freely available on their website actually. If I have time, I may study a bit more in detail, although I am not really overwhelmed by any concerns around hostile takeovers or exsisting shareholders/insiders trying to take it private.

Got it getafgrip! We are on the same page, basically.

If I get concerned about a potential takeover or going private, I might spend a bit of time on the Articles. Should be available from Companies House or possibly even on the Delt website. I am not concerned right now. I think the setup is just right for all stakeholders and the message from the CEO via BadA ( thanks BadA!) just confirms good things are brewing. No guarantees obviously, but I am happy to add more whenever I can.

Getafgrip, yes you are right of course re Articles. I have not drilled that deep; for me it's a watching brief rather than an imminent concern, tbh. If Spencer suddenly started building through the open market, then I would definitely revisit.

I really feel this company is geared towards creating value and then exit opportunities for all stakeholders. Then it's better to have it listed.

All,

I think it is very fair to raise this risk factor and we should all stay alert. It's of course always a risk wherever you invest, not least on AIM. And yes, it's not always beneficial for small investors unless there is an opportunity to cash in (which could equally happen if a third party turns up).

I am not so sure there is an imminent risk here, it would require several of the large shareholder + others to club together. None of them on their own pose an imminent risk, although M Spencer does have the means to buy the whole company. He is not building in the open market though, at least not currently.

Going private will make the shares illiquid, I am doubtful that's in most shareholders interest including the CEO. If I were in his shoes, I would work hard to get the share price up then cash in, fully or partially. More difficult if private.

I very much doubt we see another funding round (monetisation is the game), but it's technically possible.

Taking a company private also requires 75% votes at AGM, as I recall. Although the exec team has had overwhelming support for their past Resolutions put to vote, I cannot see the same support for taking it private, unless we are talking about a very different price level.

Cookoo, it's fundraise 101. No one got a cut price deal, everything was paid for at the going rate. You could have added to your holding at the same price (or less actually) by buying in the open market.

The money raised is being INVESTED in our future; derisking as we move forward. There is really nothing mysterious about it. Most small companies do it this way for speed and certainty. Look up "accelerated bookbuilding process".

But a happy dog today!!

CJ39, I thought shares like Aviva trade using LSE's SETS...with limited involvement of MMs?!

Falling again...just wondering?!

The bank is solid, doing good business, so not really sure why the share price is so weak vs net assets etc.

I have been adding several imes recently, but often they come up as "sells" here on LSE. I guess it is because the agreed price landed below mid point, hence considered a "sell" rather than a "buy", even if I entered the market as a buyer.

Just feels slightly misleading somehow. Interested to hear other people's experience with this.

Thanks for sharing B@xter!

Based on this a deal is not so likely, but it depends how one interprets:

"Deutsche Bank has also spoken with Aviva, who informed that if it had been formally approached it would need to release a statement per the UK Takeover Code.

“Given that there has been no statement from Aviva, and nor from any potential bidders, we can at least say that no formal approach has been made for Aviva,” notes Deutsche Bank.

It is saying no formal approach has been made - fact. Whether it is being worked on or not, is a different matter. I am still not convinced about the statements that a deal for the entire firm is nearly impossible. That's for buyer to judge, not analysts...who are not exactly known for good predictions! Just look at target prices.

Getafgrip, yes...

I also understand Iran has been "allowed" to increase production and export in recent years, under the radar stuff, probably because it suitsus (the West) to keep the oil price under control. If Iran is seen as being directly complicit in the current attacks, then that will change and sanctions will be looked at in a different light... and the oil price will move up very quickly (a fine balance also keeping in mind the global inflation issues, fears of recessions etc).

Geopolitics at play big time.

PS: Could turn out to be a professional pump and dump, of course!

For such a large cap it needs more than a few small private investors like us to move the share 10%. Just my view.

AllAtSea: Why? Beacuse of the Takeover Code. See several posts by myself and others over the weekend on this.

Aviva should update in my view.

Sorry meant ofd = onefineday...

Off: Takeover Code sits on top of (ie overrides) any NDA as far as I know.

Aviva needs to update the market. If not true, they really should have been updating the market immediately. It may still be untrue, I am not sure we can read too much into the silence.

W4: you posted this on 14:44, do you mean this or another post?!

Sounds very strange, I have seen openly fake and conspiracy news/links being allowed to remain despite one complaining about it.

Normally they are virtually off on weekends so this seems very odd!!

"14:44

The small article in "The Telegraph" on Saturday quoted another City source as saying "... the reports appeared to have questionable origins" and that a takeover seemed implausible in view of the unattractive wider economic environment.

If proven to have been false then some august names who were propagating the "rumour" should be called to account (but won't, of course)."

Gingy, conflicts normally push up the oil price, so "positive" for BP.

Not much going on in Levant in terms of oil&gas, refining etc, so any spike will be short lived and only be sustained if there are signs of the war spreading in the region. Seems rather unlikely.

Paul, see my post 12:23, that's why. 2nd clause in particular.

Also, Takeover Code or not, most large companies would go to the market to deny or confirm, especially if not true, then you want to close down the unwarranted volatility and what effectively is market manipulation!

I have no strong opinion on whether it's true or not, but do expect an update. I lean towards bids may be forthcoming; the company is finally in a great shape.

Sunshine: I disagree completely.

The Takeover Code is very clear:

Take over code mandates communication to the market in a number of cases, including:

- when, following an approach by or on behalf of a potential bidder to the target board, there is rumor and speculation or an untoward (generally 5% or more) movement in the target's share price;

- when, after a potential bidder first actively considers a bid but before an approach has been made to the target board, the target is the subject of rumor and speculation or there is an untoward movement in its share price and there are reasonable grounds for concluding that it is the potential bidder's actions (whether through inadequate security or otherwise) which have led to the situation;

Update needed! The question is when!?