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Would like S&S to withdraw the offer now, it's causing uncertainty with the RBD share price.
Lets see where we are after WN flow test, if all good we will have no problem raising cash at a much higher share price.

Yes micgill, the ongoing week oil price must be a big concern for them, the low deltic share price in comparison to their cash pile would suggest the more nimble share holders are/have jumped ship. Big holders are stuck in an illiquid stock, they have to take the gamble, selling up would destroy the share price even further

I would say holding Delt stock is a big gamble on the oil price, if it remains week, It's very likely Shell will cut back/put on hold any new north sea exploration.

it could all just be part of the game, the first offer is just below cash, so a second offer could now go in around or just above cash just to keep everyone happy. There is always the possibility that IPGL have played RBD to highlight the Delt cash position and hope someone comes in with a good offer.
Personally I would rather wait now and see what comes out of WN before we make an improved offer.

Rathlin owners/operators reluctance to convert their remaining shares/ownership into RBD shares speaks volumes, they know what they have and they know it flows!

Have just read your post Rubey, (20.19) yep that kind of makes sense

The RNS
https://www.lse.co.uk/rns/DELT/form-83-reabold-resources-plc-9qy8t9fc1eaq8gl.html

Looking at Deltic RNS number 3 (time 11.44) it implies RBD have acquired 4% of Deltic stock, but only have a controlling interest of 3% at this present time, not sure how that works out or why! maybe someone else has bought them and not in RBD name yet, or could be a different class of share that has no voting rights, not sure even if iv'e understood it correctly. Maybe someone with better knowledge could enlighten me, thanks in advance

Yep, what would happen after two years and things are still the same with the oil price? suppose just keep paying the management salaries until the money runs out, then have another fund raise and keep going!

Also look at Deltic RNS

Interesting RNS, If i'm reading it right, RBD have taken a 3% position of Deltic stock

With the low oil price it's a real possibility north sea (offshore) oil projects will be shelved.
It's clear the Big shareholders of Deltic think so or they wouldn't be selling up and crashing It's share price, RBD could offer the big shareholders an option to do something with the cash and a means of exit with RBD being more liquid

RBD fully funded for the exploration of WN via it's stake in Rathlin, but not to commercialise it

Deltic are cash rich at about the equivalent to their M-cap, the RBD take over offer is like a cash raise at current share price level

Reading between the lines, it would seem the larger Deltic shareholders want to out the current management, going by their share-price it might not be bad thing, got to be better than paying them wages for doing nowt

With the low oil price, north sea exploration is being cut back. RBD might offer Deltic shareholders some near-term inshore gains for their cash, certainly some near term action anyhow

"Following initial conversations with a number of Deltic's largest shareholders"
Looks like the big shareholders want it to happen, could already be a done deal

Well, if the brakes have been holding this back, tomorrow they will be lifted!
Should think Deltic will gap up tomorrow, It's now in play, they might get another bid from someone else

Yeah Rubey, it might sit better with the smaller Deltic shareholders, don't think they would be happy not being be able to buy RBD shares, although I think they will be allowed to sell

Could we name change and reverse into Deltic, so as to keep their listing? Would open up trading again with all brokers!