Member Info for fairdealer20

Below is the statement of the CFO, Sarah Macleod, on 22nd April. Hardly a company at that time in need of an urgent transfusion.
The statement is very clear...well funded for at least 12 months
.
Shareholders will form their own views of how well managed or otherwise, Deltic Energy is, by it's current execs.

Going concern

The Directors have assessed the Company's ability to continue as a going concern. Although the oil and gas industry faces a period of change under the current geopolitical environment, the Company does not anticipate any negative issues impacting its ability to operate as a going concern. Having taken the decision to raise funds in 2019 the Company is currently well funded with no debt. Based on the cash and cash equivalents balance at year end and the Company's commitments, the Directors are of the opinion that the Company has adequate financial resources to meet its committed Pensacola exploration programme, based upon anticipated drilling costs per the planned work schedule, and working capital requirements, and accordingly will be able to continue and meet its liabilities as they fall due for a minimum of 12 months from the date of signing these financial statements.

Investors coming in now do have an opportunity, which is not risk free. A predator will look at the assets and liabilities.
The company does have a huge debt burden that will be factored into any offer. The way the Brain's deal was undertaken, in a hurry, leaves particular unknowns ( how and if the management agreement can be terminated) which could present some tricky financial settlements. We just do not know the finer details of the Brain Lease agreement which is for 20 years. Another unknown, which would need to be disclosed to a buyer, is how many freehold properties has the company sold and indeed how many do we retain, remember the agreement with Carlsberg requires the retention of at least 50% of Pubs as at the date of the Brewery JV.
A predator would almost certainly be an Asset Stripper, who will need to consider the factors stated and more in their due diligence.
Finally current economic uncertainty is/will create even more downside to property values.

The current SP will have it's attractions to gamblers. Good luck

AIMO

snoop... MS is not worried, he knows the value of a dollar. Wait to be convinced by the concert gang that they will be doing PI's a favour to take the company private!!!

Noel you remind me of a guy, Mike, who was here 2 years ago and did exactly what you are doing.
You obviously want an argument. Don't push your luck, just read and understand my posts. Good to see you can count, it is helpful in this game.

It is a blow. Can recall Graham's videos during Covid when he was in isolation, but still working on the integration of the Canadian assets. We know he had the bulk of his assets invested here.There were times when he appeared highly stressed.
His brother is capable and has some large boots to fill.
Graham has a young family, let's hope his health issues are not permanent. I wish him well and God's speed towards good health.

Noel should a Martian arrive and read posts here, he/she would wonder why a human constantly criticise others, believing that poster has insecurities which manifest itself by constantly considering everyone is against him.
You even turn perfectly innocent comments into a sarcastic remark against you.
It is difficult to give opinions if you continually turn them into a personal challenge.
You need to take a deep breathe and consider why, in your mind, so many subscribers on this BB make comments, you consider against you?.
Make reasoned comments by all means and just ignore the flack they attract, unless of course you enjoy the ribaldry your posts receive!!.

Noel trying to give you friendly advice is clearly not respected.

As Harry S Truman once famously said, " if you can't stand the heat, get out of the kitchen"

Serif and there are those inveterate fibbers who cannot remember the last word they wrote. Wait long enough and they will be seen for what they are!!.

sam you are a very brave man having over half you PF in one company. The challenges facing all hospitality groups cannot be dismissed. They are formidable especially those with highly geared borrowings.

MAB are due to release their quarterly figures on thursday, usually MARS follows within a week.
Hope your gamble pays off Sam

Noel, you constantly complain about the debate being targeted and yet you post here more than anyone. That is fine but do'nt keep complaining, it only makes you look foolish.

Purdey, Cuckoo is right, we have seen it all before. If you research enough will discover how ordinary PI's are constantly taken for granted and now, we have less and less say in how the company is managed. I have hung on for the Shell drill. I regret to say we will probably be shafted again.
It is to be hoped some ordinary PI's will attend the GM this week and make the appropriate noises

As I understand Gas sits on top of an Oil reservoir. Gas is extracted first.
Can one of our experts confirm?

Serif the BOD should have been clearer when announcing the £1m facility, which would have prevented the scaremongering that has grown here. Now we are faced with catch-up (SP)

Suspect they (GS & co) are more concerned about the GM later this week, when further announcements will be made.

Update on what?

Exploration

Thanks as always for your expert knowledge. Hope others here are gaining useful and important knowledge!

Exploration, thanks as always for the technical link and your unexpired knowledge.

Is it right to conclude a bore hole must be capped and abandoned on conclusion of the drill whether the drill is successful or not?

Hotticket, read the company's Articles of Association. It is a very long and wordy document. However many times you read it, you will have a different opinion.
Any shareholder is entitled to make an application to the Chancery Division of the High Court, but must present cogent evidence of wrong doings that is neither frivilous or vexatious. The Court may allow an agrieved Shareholder to present a claim but is more likely to only hear from a Barrister whose usual fees exceed £1000/hr. You may of course claim cost if you win. You may of course have costs awarded against you if you lose.

In so far as Delt, be very sure any alleged misdemeanours will meet the wrath of people who are not so stupid to leave themselves wide open whatever we think here.

Jlosf , IPGL is the investment vehicle of Michael Spencer ( Lord Spencer) who has the ear of Government and is highly supportive of lifting Banker's Bonus Cap.
Depending on the Shareholder Agreement ( a Legally Worded document) which sets out the required voting (%) necessary to change/amend propositions put forward. In essence it is usually a simple majority.
A group of Major shareholders can work together and virtually do what they wish even buy out other shareholders at a lower SP. THat is extremely rare as it would attract widespread condemnation, but seeing how unfairly Shareholdings are being manipulated at Deltic, would it surprise you??
I was invested in SWP a few years ago, the Directors and Major shareholders there worked together, by taking the Company Private, offering minor share-holders a price based on the average SP over a previous period. Minor share holders in SWP were trapped they could not remain in the Private Company, ( the mechanism used basically made it impossible to retain shares) Shortly after the transaction completed ( SWP) it was announced an asset was sold for 10x it's book value.
In essence a majority of shareholders, working together, cn do as they wish.

Bridge....the fundamental point is shares in a company give holders a right to vote in a democratic way on propositions which may or not be in the interests of the company and it's Investors. The problem here is democratic control has shifted significantly away from ordinary PI's. When long term investors come into a company they expect to retain a given % of the equity always looking at the future prospects. When dilution occurs, as here, the anticipated return is much reduced.
In so far as Ordinary PI's putting up £17m, we have not been given the opportunity, just a paltry offering to keep us quiet.

A Funding issue offering 1 new share for every 3 held could achieve the funds required. That issue could be underwritten, thereby covering those Shareholders who do not wish to take up the offer.
It is all about fairness and not as 1 poster stated a few days ago, "snouts in the trough"

Do you realise the £2m raise from ordinary PI's is made up of just over £0.5million and the remaining £1.5m is offered to Ordinary PI's and, wait for it, Institutional investors . Do'nt hold your breathe if you apply for additional shares over and above the allocated number.
I am weighing up the offer and the additional shares on offer. I may be wrong but suspect once 500m new shares are issued, the SP may slip back. It's a guessing game.

boltok there are many on the Delt BB who have good memories. Also audit trails. Draft admitted days ago he did not know where his posts on Delt had gone, now comes up with a statement which is supposed to validate.

No doubt the Regulator will get to the bottom of it.

My memory is good as are my records.

I'll go into a room with anyone who is endeavouring to influence/mislead investors.

Readers, will form their own opinion of a subscriber who makes dozens of posts and opening declares to being a TRADER. .

Mathew, you have done well and would being doing much better if your share of the equity remained at the level when you bought in. The value you quote was at a time when Small shareholders had a 45% of the company. Completion of the current Fund raise reduces PI's share to 21%.

Bridge... why do you think MS and RS are keen to have a bigger slice of the company and too hell with the rest of us?