It would appear Reabold Resources (RBD) is looking to take over Deltic Energy (DELT) with an all share deal that values Deltic at less than the cash on the balance sheet. My response to Reabold as a shareholder of Deltic is simple – sod off at any share conversion valuation.
I commented previously about Reabold (RBD) and the undisclosed recipient of 420 million shares handed over as consideration for the acquisition of Gaelic Resources Ltd and the large share transactions on 31st January. Yesterday’s TR1 confirmed that Miton was not the seller. So that only appears to leave one option – the recipient of the 420 million shares. With no appropriate disclosures it’s time to write to the FCA – so I have.
Every time I look at Reabold Resources (RBD) I find more questions and reasons to dislike the Californian operations the company has, regardless of how often it shouts that they are great assets. I remain with no answers to questions I have raised with respect who sold these assets to the company and gained the benefit of the £3.1M million consideration. Yesterday the company outlined 2019 H2 production numbers from these assets. That raises even more questions.
I commented on Reabold Resources (RBD) in September, and in particular highlighted the company had some serious questions to answer related to the Gaelic Resources Ltd transaction. I note some 520 million shares being declared as sold in large transactions (over 15 million per declaration) on Friday. What’s going on?
As Andrew Monk of VSA, rightly, says in his morning email, Shareprophets and I do not need defending but he does so anyway. Punters are pissed off that we reveal placings such as that of Reabold (RBD) last week. Would they honestly prefer that companies just ramped shares via ramptastic RNS's and podcasts with Justin the Clown so they overpaid in the secondary market ahead of a discounted placing to City insiders and spivs? Really? Do my critcs really enjoy such financial flaggelation so others can prosper? Anyhow Monk goes on thus:
Thanks to the Winnileaks service I have in my possession the presentation Reabold Resources (RBD) is serving up as it endeavours to raise up to £30 million. I gather it is tough going. The deal will come as a shock to joint brokers Turner Pope and Whitman Howard as it is Stifel Europe that is acting as broker. The presentation says the deal will be announced October 8. Ho Ho.