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They’ve basically told the ESL BoD and their auditors to stop messing about and to get the figures released. Questions need to be asked why DBAY are obviously confident enough to make a decision but Wincanton are not.
auditors once again proving their worth.
There must start being accountability for these firms.
Surely there is better value for existing shareholders to stump up the cash via a rights issue?
DBAY have offered a £55m loan but in return for 51% of the company. If £55m was raised via a rights issue then it would be the roughly 20% of the company based on current market cap.
Seems crazy that DBAY’s offer is being entertained. We need those accounts released in order to determine the current financial position.
That’s my biggest concern in this. Be interesting to access where shareholders stand from a legal perspective if the BoD aren’t sharing information with potential suitors.
I’d be astonished if DBAY have made that bid without having some sight of the numbers.
I note that Wincanton have stated in their reports that the auditor still hasn’t completed the review of ESL accounts. I presume then DBAY are making this bid blind or have they viewed something else?
From today’s announcement it appears that DBAY the company need £55m in liquidity. Will the BoD actually bother to publish accounts so that us small investors can verify this? Seems strange that the board haven’t updated as to when the accounts will be released.
Quick google search is telling me it will be launched in May.
https://www.just-drinks.com/news/distils-redleg-caramelised-pineapple-spiced-rum-product-launch_id128134.aspx
This is great news, get it advertised Distil!
Looks like we’ve launched a new flavour of Rum, which is great. However, surely the business could have promoted this via their own social media sites, which isn’t so great.
https://www.instagram.com/p/Bv3uxuVBgOF/
Looks like revenue will be around 2.6m for year end.
Total advertising around 700k for year end
If CoS and other admin expenses are kept on par with the H1 rates of growth, I’d expect profit to be around 350k.
Depends on the impact of a late Easter.
Gives a Forward looking PE of 36, which is reasonably attractive for a high growth company.
No Blackwoods Gift pack at my local Tesco but, as I said on Wednesday, Redleg gift park is there. It’s sold theee bottles since then. Slightly obsessive that I’m counting these things, I know, but great to see it selling so well.
Should see the PE of the company half. Earnings last year were £157k but we’ve already made £101k in the first half of year. I’m hopeful of earnings in region of £300k. I’ve been here since the sub 1p days and really excited about this company.
Best part of the results for me is the following statement: Following an encouraging start to the financial year the Group will seek to continue to expand sales of its existing brands both in the UK and internationally
1. My local Tesco has changed the shelf display for all rum. Redleg now has two columns on the shelf, rather than the previous one. 2. Redleg is the first rum listed on the menu in the local wetherspoons, which is great positioning. Hopefully this is a standard menu that is replicated across the country. Looking forward to the next update. Been here over 2 years now and really enjoying watching the brands develop.
Indeed, this is fantastic news. Blackwoods is already sold in my local Spoons, so it will be great to see RedLeg alongside it. I guess this answers the question I posted last night. Thanks for sharing Tony. I would expect an official announcement from the company, as they announced each supermarket agreement,
I'm actually disappointed with the article. It's doesn't really provide much information on the brands and the only photo in the article is of Jago, the only brand brand that isn't marketed or sold in any of the supermarkets. Right now I'd much rather people bought our brands than bought our shares!