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"Slashing costs is simple: reduce rents by 90%."

Cutting rents is a demand which is gaining traction within the Commercial sector. It may seem simple but how will Landlords survive who have significant overheads?
How would such a move benefit MARS who have a considerable estate of Tenanted Properties?

Thanks Exploration. Some interesting metrics required by OGA......economics and costs is a good one!!!

Increased supermarket sales are producing a level of cash flow, but at what margin?
The SP may be below NAV, the concern going forwards is how will the Company discharge the debt pile? Some of us had the nerve to talk about it many many months ago. The company did bring forward plans to reduce debt faster than initially planned. Increased asset sales have speeded the programme, then we are hit by Covid-19.
Even though HMG have put several support mechanisms in place, these are unlikely to address the hard-core debt in place pre CV. We are in turbulent waters which will present a considerable challenge for our BOD to navigate.

Exploration

Did find it hard to understand the impairment ( basically write-off) of £800K for 2248 caused, it seems, by the inability of a proposed partner to show adequate funding. I do wonder if proper due diligence had taken place before Cluff got into that position...…..good management???
My comment (BOGOF) was a comedic one aimed to lighten the gloom which has descended upon us generally.

Your insightful and knowledgeable post is as always gratefully received.
Many thanks

or could it be BOGOF??
Exploration is the expert for sure

you think OGA will pay us to take it off their hands, a bit like negative Oil prices??

mike that is quite probably correct. It does seem an expensive exercise!!

That would be ironic having written off £880k when the licnce was relinquished.
Name change on basis of drilling Licences....mmm that's a conundrum especially considering the name change was pencilled in last summer and if I am correct new Licence apps were in during November!!
That's a puzzle mike

mike pretty certain your first 2 requirements are 90%, not sure about pensicola

Freedom it may be undervalued now, the problem is the Market fears the future

Thanks Scooby. I'll say no more.

Not exactly Mike, what it indicates to me why go too so much trouble just to change the name to Deltic. Company's change name all the time and it does not require all of this without there is an agenda!!

Your shares are still worth what the market is prepared to pay...supply and demand.

As a private company, for instance, if is to happen, we might get a generous offer from whoever controls Deltic or our shares are transferred to the Private company, where there is NO share market and if you find a Private buyer the Directors reserve the right to Vet the transaction.
Ok someone will say Cluff controls Deltic, but who has the controlling holding of Cluff???

Mike considering these are the articles of a PRIVATE company, it is quite elaborate. Share transactions require the prior approval of the Directors. They wish to know who the buyer is and can take up to 2 months to give a decision and can ultimately determine who buys.
There are far more details, but these are, as I see it, the important points and give a flavour of the thinking..

These are common conditions for a PRIVATE company, not a PLC.

It is a hell of a lot of trouble to change Company name.

I do suggest readers look at the Articles specified and make your conclusions.

DYOR

Deltic Energy, Articles of Association, if interested read articles 47-51.

Sorry Mike,

Scooby good on you. Hope you get a reply, whether is open and fair is another question. From past experience GS is not very responsive.
Mike sorry to keep discovering issues, unfortuneately I am like a dog with a bone and won't let go until the truth is revealed.
The timelines of events paint a suspicious picture.

Pot it was found days ago, however the point appears to have been missed.

I try too ignore sarcasm.

…."name change intention NOT mentioned in the interim report....."

Pot I am a patient investor who likes to be treated with respect. Events with Cluff these last 12months are challenging my expectations of open information. You learnt of the Deltic creation in November, I discovered 2 days ago basically researching what other Company's our Execs are involved with.
We may disagree but some important questions need answers. If as the CEO states in his report 15th April. the intention too change the company name as of the date of the AGM providing Shareholders agree, clearly a foregone conclusion. Why was the name change intention mentioned in the interim report last September only days before Deltic Energy was registered at Company's House? Aware of Executive powers and the need for confidentiality, there are certain issues which should be brought to the attention of investors at the earliest opportunity.
Many company's change name but few if any do it in the way this is being done.
Do wonder when and how MS was consulted? He takes a very intense interest in his investments as is seen now by his approach to Boris regarding the lockdown and how it is effecting his businesses ( he contributed £5m to Con party Election funds)

Pot the problem is why were SH not told of proposals last Autumn? As is recognised Cluff were connected with the setting up of Deltic but general Investors were only informed of an intended name change 2 weeks ago.
Is this an exceptable way to manage a Company?

mike not sure that is correct. They will pay whatever they can get away with.
I was in Gomme Holdings( G Plan) a few years ago and stuck with them at the time when housing was bad in the 1980's. I saw the SP crash to less than 10p. The housing market began to recover and people were buying furniture. The BOD supported by Prudential decided to take the Company private. I attended the EGM but it was useless we were outnumbered and were not allowed to retain an interest in the Private Co.