Member Info for troutisout

Erebus,
It certainly didn't make clear, it said they had taken steps,
"The board has taken steps to ensure that the financial position and prospects of the Company are maintained to facilitate a future reverse transaction. "
Never read an RNS without questioning everything said, there is far more to be read between the lines than in the wording.
Basically that RNS said they had got the lenders to extend the loan period and for that they would pay £75k in shares at nominal value (which is why they had to get the SP up above 0.1p). Those shares were issued and I suspect sold into the market.
It also got the loan repayment off the books for this coming year, it was an 18 month period from 15th September 2021.
They also said they had used the £50k advance to cover some accrued costs and that Directors would forego their accrued emoluments, this was to get these off the books for the current year.
Oh and the one that all the rampers used to suck everyone in, that Chesterfield would convert their loan into shares at 0.65p, that was used by many to ramp the price up. However they couldn't really get away with converting at any less as it was the Chairman and he sold the shares at 0.65p using a placing arranged by the Company Broker to loan the money in the first place. But also it could never happen unless they were able to issue more shares, they tried this and got it kicked back by the FCA because they needed to issue a Prospectus to issue any more shares as they had run out of headroom by issuing so many shares already.
If you look back at the funding agreement from 15th September 2021, you will see Chesterfield were going to convert at 0.65p back then and they were going to raise £1m in a placing, both of these required the publication of a Prospectus and so this has been ongoing for over a year and no Prospectus has been forthcoming? Why??
That's what the RNS said to me, others may have read it differently but I am not sure you can say they lied...
All these things were signs of how bad the financial situation was

Michael,
Not sure DKE have deliberately lied in their recent messages, they are all open ended, how the rampers took it was down to them and then others that followed in, got caught with greed.
The SP had to be raised up from 0.04p, from there they were well below nominal value and so the Company could not issue any new shares (this has to be done at a share price above the nominal value of the shares which was 0.1p), it also had to be done to try and rescue the accounts. The market read their RNSs and the rampers took hold, a great share for a pump and dump, well under £1m you could buy a huge chunk, as you know, for peanuts, ramp it up and then sell higher up as others were buying into the 'gold rush', there would have been a lot of long term holders use the rise to escape (see the Holdings RNS). So the Company haven't lied, new investors didn't look and understand the Company, they just saw blue day after day.
If I could offer you any advice it would be to change your financial adviser, as anyone qualified that knew you were making an investment of this size into a very small company dogged with problems, in danger of being suspended days after your purchases, should have stopped you. If of course, you didn't speak to him before your purchases then you must shoulder the responsibility.

Erebus,
I think this was the pertinent bit in last year's results statement and they survived that with the £1m loan after the accounting period but before the results were published, this year they haven't managed to sort anything out and the figures cannot be any better. They will need to source finance but in the position they are in and need for a Prospectus it will be hard.
"As a result of the loss made during the year, the net assets of the Company closed at less than 50% of the issued share capital, in breach of s142 of the Companies Act 2006. Subsequent to the year-end, the Company has raised significant funding, correcting the breach."

Sianna,
DKE don't and didn't own Arlington, it was a private Company, it will not have raise much money as such as they didn't seem to have funds to do any of their proposed projects anyway. The JV with DKE was just to use the DKE listing to raise funds, but they couldn't do that without a prospectus.
So DKE will have no money from the sale of Arlington to the UAE state owned company.
The money for the peakers that the JV sold was used to repay some of the loans taken out last September.

As for communicating with shareholders (showing them respect as some here are saying), they only RNS when they have to, have a look at the RNSs from last year's results and the start of their panic before this year's deadline.
29 October 2021 Results
4 January 2022 Holdings RNS
28 January Interim RNS
Then nothing about the progress of the Prospectus, senior debt, the two peaker projects, any other developments all until 5 october and the sale of the peaker plots.
They don't do updates....

Michael,
For your sake as well as some other holders here, I hope I am wrong, but everyone needs to temper the thought you are still onto a massive winner, damage limitation here is probably the best option.
What I would say is the vast majority of small cap investors end up losing fortunes, over the past decades I have been investing, I have seen many people lose fortunes on Companies where the BoD have said the right things and failed dismally at the business, I am firmly of the belief that many of these Directors know they are on a gravy train and they can stretch that out for years, earning salaries, pension, private medical, flying off here and there for trade conventions (jollies). I have got to know a few of these people and indeed have seen people I know rise up to CEO/Chairman jobs, they are all very wealthy on the back of it, but do very little for it. When it goes wrong it is amazing how they then find work on another BoD and start the process again, in the meantime small investors get wiped out. There are always another round of new investors that come along and feed the gravy train.
Whenever people offer advice, new investors will ignore it, until it happens to them and they have lost out. I suppose it is human nature?
I have lost 6 figure sums on a couple of occasions to companies that have gone bust or down to nearly there, one of which was no more than fraud, but in another continent and although some investors tried there was nothing we could do to get anything back. Creditors are ranked and shareholders are the last on the list.
I have had some success but again I could have got more out if I hadn't been so greedy.
Greed and Fear the two emotions you need to control when investing, I sometimes think we do more about ignoring fear and very little to temper our greed.

Guys you still don't seem to get it, the figures will have been done ages ago, they can't release them because of the financial situation they are in and that means the Auditors cannot sign the accounts off.
You saw them try and remedy this by selling off the 2 peaker plots and issuing shares to their lenders, I assume those shares and the shares for their payment for extending the loan were sold straight away in the market (anyone notice the 109,839,559 sell on the 26th October? Far bigger than any holder noted in accounts or website previously).
They needed to convert 128m of shares to get the loan down, they were not able to issue them because the FCA stopped them saying they needed to issue a prospectus (this is a very costly thing for a main listed company), they were unable to do this in time (remember they should have been working on issuing a Prospectus since January for the Peaker financing). Hence not being able to issue enough shares to reduce the loan.
The liabilities here far outweigh the value, Shell companies are best when they are clean and maybe even hod some cash, DKE is neither.
Since I have followed DKE, the Major holders including Geoffrey Dart and his family have reduced their holdings (although Chesterfield still hold the £500k loan) just look above at the LSE Director trades data. The Company will have you say that Dart took warrants to help finance the Company and did this at no profit, well he did exercise 27m shares at 0.5p but the following holdings RNS stated he sold them at 0.6p which is a 20% uplift on £135k.
He also sold 630k of shares in December 2020 and then through Chesterfield loaned the Company back £500k at the same 0.65p price, again taking the £130k out but trying to show it as a par exchange.
You can see by paul Gazzard's holding there is very little skin in the game for the Directors, they have milked this Company for a while now and I am not sure there is the need to do much more, they certainly won't be thinking about shareholders, if they can get an RTO through it would be to pay back the lenders which includes GD's Chesterfield loan. Shareholders will be left diluted into existence. I still hold shares in a Company taken over in the US the company is valued at $2bn now but my holdings are worth pennies, dilution is important to understand when investing.

No definitely a wet blanket....

Guys,
You do seem to be grasping at straws, listening to people on BB's is how you got here remember.
They will not come out of suspension until they publish their results in an RNS, that will need signing off by the Auditor.
You cannot do anything about it for the moment so try and forget about it for the weekend and concentrate on something more important Health, Family and Friends.

I posted a chart elsewhere, that shows a pennant pattern and a target of 9.9p.

Ha ha, To Be Continued Partners LTD

This is the HVO BB....

Chris, Don't always believe that the price drops because of selling, it often does as there are buyers, they say what they want to pay and the MMs then have to get the shares at below that price to fill the orders. MMs don't work by the day they even their book out over a period and they will always try and fill larger clients first.

Looks like someone was adding this afternoon 3 £10k lots (2 dressed up as sells) and a £20k lot all within 10 minutes of each other....

Swervington,
You don't want to see the facts, what pleasure have you derived from ramping other people to invest in this share, when it is clear you know very little about it?
I don't say it is doomed, but generally a suspension due to late accounts, when they have had 6 months to produce them and get them signed off, isn't trivial as some here seem to suggest. Just a look at last year's accounts would show how close to the mark they have been...

From last accounts,
"Performance of the Business during the Year and the Position at the End of the Year
The Group reported a loss of GBP913,827 (2020: GBP331,649) for the year ended 30 April 2021. The loss was primarily as a consequence of fees in relation to the maintenance of the Company's listing, costs incurred on completing our development projects and pursuing transactions.
Net liabilities of the Group as at the year end were GBP617,835 (2020: net assets GBP90,918). Cash balances as at the year end were GBP24,657 (2020: GBP408,411).
As a result of the loss made during the year, the net assets of the Company closed at less than 50% of the issued share capital, in breach of s142 of the Companies Act 2006. Subsequent to the year-end, the Company has raised significant funding, correcting the breach."

Are they in the same position this year but unable to clear enough liabilities due to inabaility to issue the equity they wanted to?

That was the double edged sword of Mo buying in, he had to have a window where there was no new news to report. I am sure there will be more contract news before Christmas, as the Biotech/pharma industry tends to work around the calender year and will want to spend budgets up before year end.

Erebus,
Not sure they have ever cared about shareholders, this has been a gravy train for Geoffrey Dart and at one point I am sure Paul Gazzard saw the DKE listing very much as a way to raise funds for Arlington and hence the JV was formed. However Arlington now seem to have sorted out any funding problems with their acquisition by Masdar, as DKE were clearly unable to raise further funds for those projects.

Erebus, I have said read the RNSs, have a look at the last published results the Interims for the period to end of October 2021.
They had a loss of £227k which they said,
"These losses are consistent with the Group's run rate and arose in the course of: pursuing transactions; maintaining the Company's listing on the Official List of the UK Listing Authority by way of a standard listing and include: consultancy fees, professional fees and directors' fees."
They had £40k in cash.
They had negative Net Assets of (£820k)
Now if you look at the recent RNSs from then and also refer to the RNS of 15th September 2021 you will see they drew down £1m and were going to raise further funds and Chesterfield were going to convert their loan at 0.65p, none of that happened as they were unable to get a Prospectus issued.
All the recent stuff was a last ditch effort to get the finances to a state that the accouts could be signed off as a going concern. However despite the sale of the peaker sites, which raised gross £350k (which went to pay back part of the £1m loan) and the further advance of £50k (which was used to settle accrued debts of the Company), the Directors waiving accrued fees and an extension for the loan, they weren't able to issue enough equity to do what they wanted. They won't be able to do that until they have a Prospectus issued, that requires money and with the listing suspended they are only able to borrow that. With lenders already extending loan periods, loaning more sums to bail out the accrued debt and the historic failure of the BoD to get a Prospectus issued and further the business. What exactly do you want them to say to you?

Two things, one, someone here was trying to imply I was Paul Steven Martin, which I am not.
The second was that when he went over 3% he got the Company to issue 4 RNSs for holdings, two of which were unnecessary as he hadn't gone through another full percentage point. He wasn't very good at understanding the rules back then and so why try and advise others now.

Shukan

Posted in: DKE

Posts: 2,726

Price: 0.16

No Opinion

RE: Director buys01 Apr 2022 13:15
they changed the way holdings are reported, apparently when they updated the website , if you note the holdings of Interactive Investor percentage wise that's where sit , if you scroll through the holdings RNS you will find me as Paul Steven Martin.

Shukan,
Why? Because it is suspended? If people have gone over the 3% mark they should disclose it as soon as is practically possible, not least as Michael has found out the Company will be more receptive to large holders.
I remember you when you started issuing lots of TR1s here last year, at least one was unnecessary and you trumpeted each one, why the advice not to bother now?