Member Info for fairdealer20

On the verge of drilling by Shell, it is to be expected GS is ebullient.
Cash burn is a concern and as others have stated a fund raise is not far away. We had this debate a few days ago when I raised serious concerns after experiencing the methods used previously when ordinary PI's bar one, were denied participation in the Fund raise.

A predator hostile or otherwise will take into account the net debt where Loan Notes are now held by BNP Paribas, whose position on transfer was fairly clear. They were adamant NO further waivers would be considered.
Net Debt stands at £1.25Billion , equivalent to almost £2 a share. Do the maths, is a bidder going to pay more than 250p/share?

The reported increase in the Preference shares need to be validated. Preference share prices tend to trade in a very narrow price band, unless particular fiscal conditions are in play, i.e a General change in INterest rates or a notion a company is going bust. In the former scenario all Preference stocks will change accordingly, is such a movement been observed? The latter situation comes into play ( pref. stock increase suddenly) if there is suspicion a Company is going bust. Preference holders by the very term are to some extent protected as they are at the front of Creditors and will get the Preference repayed at Par value, in Mars case £1/share.

Investors in the sector should take on board the Association of Brewers report just released. Brewers are facing exceptional cost increases, from Energy even to the supply of Hops, where the quality and harvest yeilds is poor. Add too this the report states many Pub outlets are proving a bad credit risk and Brewers will only supply on a payment on delivery basis.
Just be careful in what you do do with your money.

DYOR

It is the date of Sale or when the Company is declared Insolvent, struck off the Comapy House Register.
Date of suspension is no good.

Check with accountant as I beleive a Capital Loss can be set against a Capital Gain and even carried forward.

Some points to remember regarding sale of assets.
The JV agreement with Carlsberg requires Marstons to retain at least 50% of the Freehold Properties.
Marstons have sold a number of un-profitable Pubs. These Pubs are in locations which are/have been easy to convert given the appropriate Planning Consents ( Change of Use etc)
Other pubs may be redundant and capable of conversion to Residential use. A few will be subject to Historic protection and although not impossible to overcome would present expensive solutions. Marstons have a considerable number of purpose built pubs/hostelries which may prove difficult to change use.

The property market, like many other sectors is going into territory not experienced since the 1980's. Large House builders/developers have made a halt to any further property purchases. RF as Exec of a major House builder will be fully aware or should be?

The emergence of a cash rich predator will weigh up all factors. Asset-strippers want to turn a buck quickly and will not wish to be exposed to the uncertainties that are stacking up, exchange rates and otherwise.
If the SP continues to fall, as seems likely, shares will be picked up by a predator. Talk of 120-140 is for the fairies. The company is still, and will for a period of time, suffer from the baggage left behind by Ralph Findlay. His successors have their work cut out to get the company back on to a level where Shareholders will again recieve a dividend.

Taverham, well done on your enquiries.
I have been convinced for many weeks, there are/is evidence to support serious Maladministration. Some of this evidence maybe relatively easy to discover, there is also confidential documentation that DP and Co have not released. They may have disclosed to the Administrators, under duress.
Providing information to the Administrators is all very well but ultimately this matter will need to be referred to the SFO who have powers of entry and extraction of documents and tangible evidence, something the Administrator do not have as a tool. The Administrators basic concerns are to retrieve funds to satisfy Creditors, any Law breaking will be for other Agencies to investigate.
An action on the Corporate level, rather than Individuals, will drag on for possibly a year or 2. Meanwhile some shareholders will be hanging on to the hope there will be a distribution.

Platinum made 3 increased offers in December. the last being 105p. Shareholders were not consulted, RF had other fish to fry ( Brains). That must sound like a man who was a hybrid Fishmonger and handled offal.

Property values are going into the unknown with the coming recession. Maybe the Glazier Family would be interested once they have sold Man U?

Sorry for the joviality but this share could make some cry.

The company is considering how to distribute excess profits, special dividend, retain for future opportunities or a combination of both. Either way news will arrive soon.

Historically in periods of Economic down-turn/Recession, Food and Drink sectors have been resilient to financial drag. We seem to be coming into a different climate where those essentials are being significantly reduced. Time was when the younger generation spent on drink without a care. Reports that under 25's are and have become more health conscious turning to Non-alcoholic beverages is not what retail pubs want to hear.
According to Barclays consummers are restricting eating out, many are patronising the high end eateries.
As Barchid states the increasing cost of a pint does little or nothing for Landlords whose fixed costs are increasing exponentially, margins being squeezed into negative territory for some Beer-houses.
The one small glimmer of hope, no doubt enhanced by the fabulous weather, supermarkets are moving large quantities of drink. This is fine to a point however the margins allowed Brewers by the big retailers, are small.

Like our weather, hospitality businesses will have been enjoying the relative sunshine, financially, and now should be prepared for the storms ahead.

AIMO

Interesting report from Barclay today. The spending profiles on credit shows a definite change in consumer habits now the consumer is becoming cautious because of the cost living issue.
Consumers are viewing bank account more frequently.
Consumers are returning to in-store shopping, reducing online.
Consumers are spending less on Socialising, particularly eating out. This,Barclaycard, observe is significant when viewed against the unusually good Summer.

Exploration

I do'nt often follow where subscribers post as it can show a character with behavoural issues, and Lord knows there are any number on these BBs.

It is interesting you mentioned GBA and yet I got out of Jersey when Equinor did a runner. Am not convinced that field can be made to produce in Economic terms considering the engineering commitment needed.

Am sure PI's here will be waiting with baited breathe the news to which you elude.

As always thanks for your valued input

Maybe some were keeping in the shade last weekend. Were you in the sun which seems to have had some effect?
Unless you are God, the posts on Sunday were very informative which gives the uninformed clearer knowledge of this company, it's history, it's potential created by a Pioneer of NS O&G and now how it is being unlocked. Is that drivel??

Noel you need to reflect long and hard before making such disparaging comments.
Every BB has it's Rampers and De-rampers, who do need to be corrected, at times, as they only seek to influence the inexperienced investors.
There are Posters here ( a few) who everyone, including you, can learn from their knowledge of the Industry and in particular Deltic.

To blanket rubbish posters, says more about your tolerance of useful knowledge and real interest you have in open debate.

The reaction of Interpath is not surprising. They have NO interest in protecting SH's interests as when pressed they have made it pretty clear there is unlikely to be any distribution to PI's.
Interpath already know the value of assets and cash at bank and so long as sufficient funds are available to satisfy Creditors, they (Interpath) have a residual amount to absorb into their coffers.
They are being obstructive in regards claims aginst Individuals probably due to co-operation of Directors is required.

Claims against the Board as an entity will fail whereas directed against the Individual named Directors has a greater chance of success, providing details of maladministration, possible deceit in a public office, are factually supported.
As sunnyca as already stated, and others, the object of the excerise is to ensure named Directors are barred from holding such positions in the future.

I am firmly of the view the Directors either knowing or otherwise Breached the Loan Agreement with Oxford Finance, which then led to the appointment of Adminsitrators. There must be ample documentary evidence to be unc0vered regarding Oxford's warnings of Loan recovery action. Documents which were not rightly released to the Market and Shareholders.

AIMO

Oilriches

Value was added when the Shell deal was announced, however as with most E&P Companys the market is only just catching up. The Shell deal was engineered by Algy Cluff and completed just as he retired from CLNR. Cluff has/had his critics as you well demonstrate, however showering praise on his successors, who were quick to treat ordinary shareholders with disdain when dilution took place in 2019. betrays the duties of Directors. My investment here is showing a healthy profit, your suspicion is wrong again. There is nothing to get over.

Anyone who claims a potential Fund raise for an AIM company with No income, and a declining reserve, as an irrelevance, either hasn't got a clue or more likely a hidden agenda.

Time will tell how much further funding is needed (once the drill results have been fully considered).and how it is raised. Shareholders will have every right to be aggrieved should a similar situation emerge as engineered in 2019.



Bubbles do a bit of research; a Leopard does not change its spots. Make the time and review posts in June 2019, particularly 1 high net worth shareholder who had/has a greater knowledge of NS Oilers and their funding, than the vast majority of posters now.

I can only lead you to water but if you don't want to drink, so be it, but don't start crying if PI’s get shafted.

"Have done a cracking job and cannot be criticised"
Really?
Directors are Elected by Shareholders and have a fudicial duty towards those SH's.
The way the Fund Raise(Placing) was engineered and implemented in 2019 hardly discharged those duties in a fair and equitable manner. The need for the Fund raise was severely criticised by Algy Cluff who had only stepped down from the Board a little over 1 month before the Placing. A Placing, which the documentation indicated, had been in the mind of the CEO for many days, ultimately implemented at speed due to a leak.
Apart from New Investors(instituions) and Michael Spencer, 4 Directors allowed themselves to be part of the Placing issue, each taking up 570K new shares at 1.75p.
The Board have done a "cracking job" for themselves and were criticised by the company Founder who had retired just prior to the Raise.

j1osf. the scenario you suggest already exists as devised in June 2019 by the increase in shares taken up by MS and New Investors. If you have the time and inclination, and posts have not been archived, suggest you read various comments made in June/July 2019, when it was considered the Company could be taken Private by a Group acting in concert, ordinary being powerless to stop it..

Exploration.

That's quite right, in fact GS had to fast track the fund raise as insider knowledge had led to some potential unscrupulous trading. Should add Directors and certain staff had priority in the Placing.
A bit of a contradiction as still invested I have suspicion on whatever Swindells says.

88EE that may be true, however Shareholders should be given the opportunity.

So far as Delt( formerly Cluff) is concerned £15m was raised on 6th June 2019 by way of an excellerated bookbuild.
5th June at 16.45 company RNS announcing Excelerated Bookbuild of £15m by way of a placing at 1.75p/share.
The placing was handled by Stifel and involved NEW Investors ( all Institutions) and IPGL ( Michael Spencer's investment vehicle) Michael Spencer was the only existing Shareholder who was allowed to take up the offer.
The Offer Closed before 8.00am on 6th June. Other existing shareholders who may have aware of what was going on were virtually barred from the offer. I phone my Broker just before 5.00pm on 5th and was told the offer was not open to Ordinary Shareholders. This was a disgrace and several other Investors decided to sell up. They were fed up with how the issue had been covertly handled.
The GM to approve the Fund raise was held on 25th June 2019 almost 3 weeks after the event. So fait accompli.

If history repeats itself just be aware.

Check out previous fund raises.
The last one cut out Ordinary PI's and literally gave Funders including Michael Spencer an overwhelming majority which some of us at the time could lead to the company being taken private with PI's having no say.

Check it out

The problem being Administrators know how much free cash they have to play with and providing they recover funds owed OF and other creditors, Job done. PI's will be left with nowt.