Member Info for TerryM1

I contacted both the phone numbers on the ADIG site last week, Computer Share were completely useless but I got a call back from the other number which seems is the liquidators. While the liquidators have very little to do with the payments they did have a very good idea of what is happening and were very helpful. Computer Share did not switch off trading until 24 Apr well after the delisting date when they should have, some trades were made and this has caused issues with who now owns the shares and therefore the payment, Computer Share have been reaching out to the brokers to clear this up and this has caused the delay. As far as II is concerned they are planning to pay all shareholders who did not trade these shares after delisting by end of the week but may well be by end of day if everything goes well. For HL they are in the process of setting up the same arrangement so will probably be after II timescales, I do not have information for other brokers.

From the look of it the fault mostly lies with Computer Share but the brokers have some blame as they were aware of the delisting but still allowed trading because Computer Share had not switched off trading and not informed them to stop trading.

Just for the record the payment has not changed and is 14.5p.

Liquidation is expected to complete early to mid 2027.

Worya

"Im currently out of dec, but if the opportunity arises I might jump back in."

From what I recall you did well getting out of DEC and tend to think you will have opportunities to get back in lower than your exit point which I think is already the case. Trade this share, make money, hold too long and lose.

"the main weigh on the sp is likely the level of debt this company has, nobody is comfortable with this level"

This is very true, but add in dividend cut, share dilution and an ever increasing ARO liabilities.

"If rusty what to improve the look he's going to have to reduce the debt, far easier said then done mind you"

Rusty does not care he just added another $210m and it looks likely along with future decent reports will come more acquisitions to try to hide the effect on the SP of another Trusty Rusty deal, Rusty will not stop, he has to be stopped to reduce the debt and for the SP to properly recover which is far easier said then done.

"Rusty is confident as he has one very steady income stream"

Then he should be able to restore the dividends or at least go some way,, be able to reduce the debt instead of constantly increasing it at higher rates and restart the BB program to reduce some of the huge recent dilution.

DEC shares are owned mostly by IIs with all the research and info at their hands I doubt they are misunderstanding DEC, add in they have to pay almost 10% to get the debt away to IIs due to risk, they do not believe DEC is undervalued.

The issues is Rusty will not stop (as he stated recently) with acquisitions all of which have reduced DEC's SP and added huge amounts of debt and dilution, it is very simple markets do not like companies with high debt especially companies where this debt is at high rates. This is why DEC has performed multiple times worse than it peers and as far as EQT is concerned, DEC buys assets from EQT, DEC SP goes down EQT SP goes up, what does that tell you about how good the deal was, Maverick had to take shares to unload their unwanted assets to DEC, puts someone on the board then sells all the shares ASAP, shows you what a company with expertise in the same area think of DEC's acquisition strategy.

Contacted II no sign of payment and they informed me it would be put into my account as soon as it arrives and they are getting calls from other investors.

Phoned a couple of numbers from the website, one no answer left a message but not returned, other very vague, only information was some cheques have been sent out but not certain I believe this. No RMS or message to brokers we are being kept in the dark by the people who's salary we pay, very poor situation is an understatement.

AceofClubs

To add to your comparison I have not done the total returns but just on share price comparing DEC to it's closest peers in the last 5 years.

DEC down 57%

EQT up 177%

Comstock Resources up 161%

Antero Resources up 241%

Or to put it another way

EQT performed 310% better than DEC

Comstock Resources performed 282% better than DEC

Antero Resources performed 422% better than DEC

It takes some doing to under perform like DEC in what is a rising market but for Rusty it is easy, just find a failing strategy and test it to destruction and beyond. It is working so well if your aim is the trash the SP, trash the dividend, dilute shareholders, put massive debts on the company and increase the ARO liabilities by a large amount. Well done Trusty Rusty could not have done this without you.

Jim800

"Terry, why would they include the debt from a deal anticipated to conclude in Q3 in Q1 results?"

It is true this is not for these results but when you have misleading statements

"$92 million of systematic debt reduction"

When the debt is rising this is not good especially as these announcements are now timed to give a different picture to what is happening and hide bad news of acquisitions by good news in results, unfortunately DEC may take it's investors for fools by judging by the SP they are certainly not taken in by this now or in the past.

There is $92 million debt reduction from the lower interest paying debit to be replaced by multiple times more debit at much higher interest rate, where do DEC tell investors about this, it is left as an exercise for investors. DEC do not tell the interest rate of the debt paid off but new debt is just below 10%.

EyesOfBlue

"Terry, don't ever change"

I do change quite a bit with my investments, trade DEC a lot, have not not considered DEC as a good long term investment for a time, I also and move on to companies who value shareholder value and shareholders (including not responding to question to investors services unlike other companies I own), it is DEC that does not change pursuing a failed (as far as shareholder value is concerned) strategy which leaves them multiple times behind their peers. It is those investors who think this strategy will someday magically work after it has been tested to destruction with 5 years of proven failure that can't and won't change. The investors that trade this company are making good money, long term investors just lose.

"headline results, look strong would you not say?"

Yes but the problem is just like the last report any good effect it can have on the SP is part if not all taken away by more debt. In the report it mentions debt reduction but of course the debt for this deal is not in these figures so add the 2 together and a significant rise in debt.

It would seem (now 2 out of 2) that good reports will be accompanied by more acquisitions and more debt (but not included in the report), I was very suspicious this was the case the last time round as I noted on here, now more evidence, if this caries on any expected good financial news will be preceded by a sell off of the SP in anticipation of anther deal and debt increase. DEC seemed determined to keep ploughing on adding more and more debt with total disregard to the damage it does to the SP down, dividends and therefore shareholder value, deja vu all over again.

Correction

Should be

same time as the Financial report

We know now why the SP has been dropping in the last few days.

This is the new strategy, announce new acquisition at the same Financial report so Investors can't tell what is the cause of the SP drop, they are now trying to hide the effect of acquisitions on the SP.

Https://www.ii.co.uk/analysis-commentary/high-yielding-shares-and-looking-outside-ftse-100-income-ii538949

Then in the middle, we’ve got a company like Energean

ENOG which is mainly gas, but a bit of oil, company in the Mediterranean. That has very long-term contracts to sell its product at favourable prices and so it’s got a very secure earning stream and that also has a very high dividend yield.

Https://www.ii.co.uk/analysis-commentary/high-yielding-shares-and-looking-outside-ftse-100-income-ii538949

At the other end, we’ve a very small company called Duke Capital Ltd DUKE, which provides finance to small businesses - that actually pays a 10% yield.

Https://www.tipranks.com/news/company-announcements/abingdon-health-advances-co-developed-companion-diagnostic-with-4teen4

Delayed again, now 7 May

https://www.londonstockexchange.com/news-article/ADIG/update-on-first-distribution/17574058

Can't this lot get anything right, perhaps 3rd time lucky and we will get out cash.

TREK

W e seem to have a number of the same stocks.

"I am in ENRG at 59.67. Been there a while and tipped them - "TerryM on the DEC bb was grateful for my tip.""

I certainly still am, bought in at 66p less than a year ago, 11.5% gain, 18% up if you include dividends.

I mentioned ADIG to you a few weeks before delisting, I topped up at 13.69p (including costs) was expecting 14.5p on 13 Apr but delayed to 5 May which was disappointing but still a 5.9% gain for 7 weeks, maybe another 0.5p to come around year end.

"I sold DEC now was a cracking run and great trading stock!"

Great move, DEC has always been good for me trading but as long term investment disaster.

I am still holding SDLF for the dividends, Sold my Aviva to buy LGEN, up around 5% on the move.

Looking to increase DUKE if it goes much lower, Cant decide on IAG, traded out before the war but lack of jet fuel could cause problems but still may be some be good trading opportunities before it all settles.

TopFCA

I think ENOG is a good investment, was looking to top up it it went below £8 but just missed out.

For a gamble I am looking at REalloys, it is producing Rare Earth minerals using AI, very interesting company with huge potential but still at a very early stage.

Another less risky gamble is SRT, great product, large order book, been topping up on the dips.

Can't decide on topping up Intertek, IMO a great steady company not liked by the market but has a had a couple of recent rejected bids at well above current SP but SP has been higher than the Bid price in the past.

Https://www.tipranks.com/news/company-announcements/diversified-energy-sets-date-for-first-quarter-2026-results-and-investor-call

May 5th Results

Matt Peltz, son of activist investor Nelson Peltz, has built a more than 1% stake (valued at approximately £87–88 million or $117.4 million) in UK product testing firm Intertek through his hedge fund, Lost Coast Collective. This investment, reported by the Financial Times on April 23, 2026, marks the first public position disclosed by Lost Coast since its launch last year.

The stake was acquired amid a takeover bid from Swedish private equity group EQT AB, which recently sweetened its offer to 54 pounds per share after Intertek rejected an initial 51.50-pound bid. Lost Coast Collective has commended Intertek’s management for rejecting the initial offer as "way below intrinsic value" and has previously urged the company to consider a potential break-up into separate energy/infrastructure and testing/assurance businesses.

Borchardt

There was no clear announcement of the delay as it was contained in an RNS "Result of General Meeting" which was the for the result of the voluntary liquidation vote, unless you reads the whole RNS you would not find out about the delay and why would you be looking for a payment delay in a message stated as "Result of General Meeting" as this was a vote for the liquidation not an update on sales/payments.

"Broker not obliged to update retail cliwnrs with this update."

The message from the broker was probably not generated by the broker but passed from the company to the Broker for distribution to shareholders, IMO the Broker is not at fault but ADIG were not as good as could be expected in their communications.

RNS

"As previously announced, Derek Hyslop and Richard Barker of Ernst & Young LLP were appointed as joint liquidators of the Company (the "Liquidators") at a general meeting of the Company held on 30 March 2026.

The Liquidators are pleased to confirm that the sale of the Company's remaining limited partnership interest in Andean Social Infrastructure Fund I LP has now completed. Accordingly, the Liquidators confirm that an initial distribution during the Liquidation of 14.5 pence per share is expected to be paid on 5 May 2026 to Shareholders (who are not Sanctions Restricted Persons) whose names appeared on the Company's register of members 6.00 p.m. on 27 March 2026."

So unless more hiccups will get money soon.

Offer upped to £54, anything below £60 is far too low.

I would prefer it not to go through as I believe this company will produce will produced increased profits each year for a long time to come and I am not looking for quick profits here.

I bought in at one of these fund raises a time ago, after the abysmal performance where I have lost 97% of my money, I have not and will not put a single penny more into this shambles of this company. Fool me once shame on you, fool me twice shame on me.

The only thing this company is good for is capital looses to use against other shares in companies with capital gains which are not solely run for the good of the BOD.

This company should be wound up and all funds returned to the shareholders as the BOD have proved time and time again the only thing they are good at is losing money and giving themselves a great lifestyle as they do it.