Member Info for fairdealer20

draft you know full well, when fund raises were mentioned on Delt you vermently defended to BOD. Your posts on Delt board have mysteriously disappeared. You sold out at 3.2p, another deception.

Here we go again. From a poster who catagorically rubbished, in July, any possibility of a Fund raise at Deltic Energy. Then September comes and Deltic do a fund raise causing a 25% dilution.
Now draft is predicting a Fund raise here. Take it with a large pinch of salt.

Hotchip where can we find the Director's statement you quote??

machoman post that link on the JOG board. Equinor had 1st refusal on the GBA field, but walked away.

Banbury cannot disagree. I held on after the 2019 raise, thinking follow the money ( MS). Not sure that was a wise decision, but who knows if we get to the digits being prophesied, may be eating my words

The Board have done a great job for a select few and themselves.

Before the Placing in 2019 Private /Public investors held 45% of the Equity
After this raise and assuming Private SH's take up the offer, they will have 21% of the equity

Conversely before the 19 rasie Michael Spencer held just over 10%
After this raise MS will hold 19.3% of the equity.

Richard Sneller will hold 9.9% of the equity on completion of this raise. He (RS) either had a minimal amout in 2019 or NO shares at all.

How that outcome is a great outcome for regular shareholders is quite absurd..

Banbury, the BOD have not given ALL shareholders a fair crack of the whip. I came in for a lot of criticism several weeks ago when relating how PI's were treated in the last Fund raise. One of GS's defenders those few weeks ago has disappeared from this Board as have his posts. I'll not say more on that as the Regulator may well be investigating.

The dilution you state will become real once the 485m new shares are issued. The illustration (10p) used as a guide reduces value to more or less 7.5p/share.. The cake is indeed getting smaller for us ordinary PI's.

In respect of the SP having remained relatively stable since the Placing announcement, there has been a slight reduction, some would say due to general market movements. OK, but normal share movements occur once additional shares hit the market. Here it will be remarkable if MS or RS sell any of their holding, thier vision remains focused on having greater share of the "money pit"
Hope many shareholders attend the GM and let Graham Swindells know our fury

VL to claim the concession do the drills and funding have to be completed first?

Taking the moral high ground is very commendable, but equity and fairness here is demonstrably lacking. I sincerely wish it were different. Having been here several years have observed a systematic shift of control, started in 2019 when ordinary PI's were quite deliberately blocked from acquiring any shares then issued as part of the placing. It is slightly different this time...we are being offered a paltry number of shares. The funding now has clearly been orchestrated well in advance of the Notification. Michael Spencer and Richard Sneller were party to the announcement for a few days as the RNS made it clear the Individual take up of the Placing.
On both occasions, 2019 and 2022 fund raise, GS and his band of merry men have had priority offer of shares on top of the many options they have outstanding.
In spite of Hottickets opinion, once major shareholders have the required majority, they can basically do what they wish. That is the way it works, unless some impropriety can be proved. I think these people are to shrewd to do anything unlawful.
I wish it were different.

Ripley, most Brokers sent out documentation yesterday. II did, got mine yesterday morning.

Michael Spencer(Lord Spencer) has an investment vehicle here, IPGL.
He has been invested here for quite sometime. In February 2019 Algy Cluff did a side deal with MS, selling a large chunk of options Algy held. Shortly after Algy Cluff stepped down from CLNR, stating he was retiring, seems to develope vineyards he was establishing in Kent. However within a month of stepping down Algy set up a new Company, Cluff Energy ( Africa) with a partner, Michael Spencer.
In June 2019 the company did a fund raise (Placing) MS was a major funder. Ordinary PI's were denied any participation i n the fund raise. This created a lot of anger, suspect the way this placing has been done does not want the BOD and chiefly CEO to be in the firing line.
The Option Offer now is, imo, just a token gesture to placify ordinary PI's.

Just think about this fund raise. any argument thats funds are required quickly is nonsense, there is adequate cash at bank. That dispells any need for an excelerated raise as was claimed in June 2019.
It is accepted a fund raise now is primarily for future developments as yet unknown, therefore based on equality to all investors would the following have been fair to everyone.

Company wants to raise £17m and is issuing more or less 485million new shares at 3.5p

A Rights Issue could have been arranged through an Underwriter on the basis for every 3 shares now held 1 new share is offered. to ALL existing shareholders.

IMO that is fair to everyone rather than allowing a select band of Investors to get a bigger and bigger slice of the cake.

Those LTH's are seeing the cream we have patiently waiting for being skimmed off . Is that right?

Vernet... is that speculation or have you heard a whisper?

ripley the RNS of 12th does state under Open offer of an additional £2m raise, 1 new share for every 24 held, available to Qualifying Shareholders.

As stated before, 1 existing investor ( Michael Spencer) is taking up 1 new share for every 1.6 shares currently held.
In view of the interest being shown by existing PI's, they will have views on the equality of this offer.
Incidentally MS has been in the news this week, he strongly supports the lifting of Banker's Bonus Caps.
Form your own opinions??

That is section 2 which is the number of shares you are entitled to buy ( 1 new for every 24 held)

Section 3 is, providing you have taken up offer in section 2, where you can apply for additional shares which may be scaled back if over subscribed.

Hope that helps

Tipaft check your II account now. The documents are there. Once logged in go to Document History and they will appear.

I have just downloaded mine.

Share.... it is an appraisal drill. They know there is oil and want to establish quantity.

The offer documents were supposed to be mailed out to qualifying Investors, yesterday. If held in a Trustee account, the docs will go to Broker and corporate team will then notify individual account holders. I am with II and having heard nothing have just called them. The Corporate team advises they are waiting for clarification on some points within the notification from Joint Book-runners and info should be out by 5.00pm today.

Keep your eyes open.

Heidleberg, I do not expect subscribers to agree with me, after all healthy debate is always good and useful whether agreeable or not. What I find objectionable are posters who pretend to be one thing and act another.
Everyone have views and opinons and will either react or just ignore.

Draft you have cut and pasted my post from the Delt BB here. Fair enough, but you are being economic with the truth. The words on that copy dated 12th August, in parenthesis " have done a cracking job and should not be criticised", were the sub-text of your post which along with your other posts on Delt have disappeared and which I answered as the pasted post shows. So it is wrong to claim you do not use such script, "cracking"
The audit trail relating those posts have been mysteriously deleted. You do not know why, so it is important, for transparency, to establish why those posts have been removed. They should be restored to clear the mystery and ultimately make you feel better.

A question to LSE is appropriate to solve the mystery.
You must surely agree it is very strange and likely to cast doubts on a posters integrity when posts disappear without the rules of LSE being compromised?.

Draft it's a simple question. Where have all your posts on Delt gone?