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DKL Dekel Agri-vision Plc

1.325
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Dekel Agri-vision Plc LSE:DKL London Ordinary Share CY0106502111 ORD EUR0.0003367 (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 1.325 1.25 1.40 1.325 1.325 1.33 1,249,396 07:43:32
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Veg Oil Mills,ex Corn & Oth 31.21M -833k -0.0015 -8.80 7.38M
Dekel Agri-vision Plc is listed in the Veg Oil Mills,ex Corn & Oth sector of the London Stock Exchange with ticker DKL. The last closing price for Dekel Agri-vision was 1.33p. Over the last year, Dekel Agri-vision shares have traded in a share price range of 1.125p to 3.90p.

Dekel Agri-vision currently has 559,404,153 shares in issue. The market capitalisation of Dekel Agri-vision is £7.38 million. Dekel Agri-vision has a price to earnings ratio (PE ratio) of -8.80.

Dekel Agri-vision Share Discussion Threads

Showing 4001 to 4024 of 4025 messages
Chat Pages: 161  160  159  158  157  156  155  154  153  152  151  150  Older
DateSubjectAuthorDiscuss
27/3/2024
12:21
Up 15% - this is just the start. Well, hopefully.....
rivaldo
27/3/2024
09:30
Buys of 362,903 and 250,000 this morning appear to have had an impact. Hallelujah!
rivaldo
26/3/2024
12:02
Oh, that was a buy?

That must be why the share price has started sliding.

2magpies
26/3/2024
09:26
400000 was actually a buy this morning - not a sell!
rightnellie
22/3/2024
22:22
So is smithie wrong ??
harry the haddock
22/3/2024
10:42
The CPO price has surged upwards to $1,070 as of Wednesday:



Hard to believe that local prices can remain disconnected from this for too long.

rivaldo
19/3/2024
11:21
Btw
Looks to me like the 2 Israeli directors have 2 nice luxury cars, bought by the company, for ~170k€ for the 2.
....for use in the Ivory coast ?

No, no, in Israel !

...it's in the depths of the accounts.

-----
Part 10 of note 10 of the AR for 2022, page 50.
"In August ((2022) and in October 2022 a subsidiary of the Company signed two loan agreements for two vehicles in the amount of €148 thousand (denominated in NIS). The loan is for 5 years with annual interest of 4.2% which is linked to the prime interest rate in Israel."

NIS is the abbreviation for the currency of Israel.

The costs of the CEO are charged to the group via an Israeli company. The costs of the CFO are probably also charged via an Israeli company. Surely the same subsidiary, in Israel, that took out the loan.

------

The accounts state that vehicles are depreciated over 5 years, so after 5 years these 2 luxury cars will be on the company books with a value of 0€.
Hence these 2 luxury vehicles could then be given away to these 2 execs for 0€ since they will be in the audited accounts with a value of 0€.
Most of us would be very happy to get a 5 year luxury car for free.

smithie6
19/3/2024
10:47
Armstrong & Milton & any other independent holder of >3% imo need to call an EGM to vote

1) to sack Mr Raisin the CEO (but that he serves out his notice of 2 years located in the Ivory Coast (. ;-). ) as an operations/site manager/assistant & not as CEO or accepts a pay off of 1 year) since he seems to be located in Israel when the company operations are all in the Ivory coast !! & he seems to devote very little time to DKL work. The active exec. for the co. appears to be Lincoln Moore.

And for the dubious process of creating ventures to then sell them to DKL, to enrich himself rather than to enrich/benefit DKL shareholders (as required by the Company Act 2006).

2) require that all execs must work at least 5 days/week (>37.5 hours/week, 5 weeks annual holiday ) for DKL & to be located in Ivory Coast for >=90% of the year.

3) remove/replace the non-exec chairman for being a completely ineffective yes man, a pawn of the exec dirs & he has co-operated with the dubious actions of the Israeli exec dirs.
And due to having been the chairman for many years & the rules for good company governance imo require the chairman to be replaced every X years.

4) put a representative of the independent shareholders on the board as a non-exec to try to safeguard the interests of the normal shareholders. This could be from First Equity Limited (which holds ~10% of the co.) or someone nominated by them.

5) if Lincoln Moore has in reality been doing the functions of CEO for the X years then perhaps appoint him as CEO on a trial basis, to be confirmed as CEO if ok performance.
He has been interacting with the stock market via RNSs, financial PR companies & shareholders & has been interacting/directing the operations/managers in Ivory coast, so there he looks to have in reality been the CEO for some years already.

smithie6
19/3/2024
10:32
But please think of it from their perspective. Where else could they earn that kind of money to do so little? (whilst doing it so ineptly)
cousinit
19/3/2024
10:27
I challenge you to name any other UK listed company where the exec. directors have a 2 year notice period. The norm. is 12 months (which personally I think is excessive)
smithie6
18/3/2024
08:50
I am confident that there are many companies on AIM with "2 year rollover" contracts for their directors. Not saying they are justifiable, but you asked for people to point out mistakes! I can't provide the names of any, however, because I don't have time to look.
Smithie spends an awful lot of time on this company for no position, but I do agree that the management of this company has been appalling.

tradertrev
17/3/2024
18:58
If anyone doesn't like my posts just hit the filter button.

Or point out any mistakes in any of the data that I have posted & I will correct any errors.

And perhaps note that other people have posted negative data about this company & the directors, not just me.
And message boards are debate/discussion & not only for posting bull points about a company.

If someone wants to post some bull points to balance the bear points in most of my recent posts that would be good, to have some balance.

smithie6
17/3/2024
18:57
Btw

Value of the cashew nut venture.

Based on the price paid to buy 30% of it in Jan. 2023 for ~650k it is only worth about 2 million. While it's selling value at this moment is perhaps zero or negative because it made a loss of ~2m€ last year, so you perhaps couldn't even give it away !

smithie6
17/3/2024
18:53
Looking at dirs. options.

35.5 million share options, 29 million exercisable at 3.3p. ~5.6 m of them need the share price to be >=6.0 before the options can be exercised.

Almost all share issues to investors have been at notably higher share prices such as 13.25p, imo it is not morally correct for the bod to raise money from investors at 13.25p but issue large amounts of options to themselves at 3.3p; but hey, these ditectors only score 0/10 on almost everything (as highlighted by many different posters on this msg board) & they sell their own ideas to Dekel at any inflated price so it would be a surprise if they acted correctly for share options.

In return for cumulated losses of ~18 million € ....and shareholder assets of ~13-15 million€ after raising 40-50million€. !!

And shareholders don't complain or take any action against the bod !.

smithie6
17/3/2024
18:35
He did the same at HSP. Bombarding the BB until everyone left.
rimau1
17/3/2024
16:47
Surely you would have sold out by now given all your negative posts. No point holding onto something that makes you that unhappy.
xow98
17/3/2024
10:03
Looking back

Fund raise of £10m in 2016 via new shares at 13.25p

Giving a total number of shares as 236 million, for a cap value of £31m.

With the current number of ~550 m shares the corresponding cap value would be £73million !

While the mkt cap is £8m ! 10% if it was still valued at the price of that notable cash raise in 2016.

Raised £10m in 2016 & about 300m new shares issued since, hopefully some of them for cash & not just given free to the directors!....& despite such massive issuing of shares the company still has massive debts !! ~26 million€ or more.
Where has the money gone guys ?
A lot of it in paying excessive directors' pay and to an army of directors and managers ?

Hey, directors, you guys sure have screwed up this company "big time" !
Why are you still there ?
Why have not all left in shame or been voted out ?
Do AGMs not include a vote to re-elect, or not, some directors each year ?
Why do shareholders vote yes to re-elect these disastrous directors ?

smithie6
17/3/2024
09:58
Looking back

Fund raise of £10m in 2016 via new shares at 13.25p

Giving a total number of shares as 236 million, for a cap value of £31m.

With the current number of ~550 m shares the corresponding cap value would be £73million !

Hey, directors, you guys sure have screwed up this company "big time" !
Why are you still there ?
Why have not all left in shame or been voted out ?
Do AGMs not include a vote to re-elect, or not, some directors each year ?
Why do shareholders vote yes to re-elect these disastrous directors ?

smithie6
16/3/2024
23:48
From the accounts for 2020

Information about the pay for the CEO & CFO. (Note that the built up losses of the company are ~40-45 million € !, investors have lost a lot of money

But if you read this info you can see that these 2 directors, and they are very careful not to give their names in the 2020 accounts !!, very opaque, they are intentionally hiding the full info from shareholders.

Note, they have awarded themselves a notice period, if they are sacked, with full pay for 2 years !!

These guys really are abusing the company & the shareholders.
I don't know any other listed company where any directors gets full pay for 2 years after being sacked. NONE, only Dekel.
And !!.....the CEO seems to have vanished X years ago....& seems to take little part in the operation of the company, yet is still drawing full pay !, Lincoln Moore seems the only director lumbered with being the representative for the company, in RNSs, interviews etc
Personally I think this company needs a severe shake up, remove the useless yes man chairman, and some of the directors especially the one(s) that have vanished & bring in a director with a good track record in agricultural crop processing, this team have proven they are completely incompetent (summed losses of ~40-45million €, >=26 million € of debt; cap. value way below the money raised from investors. Complete train wreck !, while the directors get rich ! & have sold their cashew nut "idea" to the company for millions !, & have given themselves lots of shares & options )

"Under the employment agreement, the CEO is entitled to a monthly salary of € 20,000 per month. The agreement is terminable by the Company with 24 months' notice. The total annual salary, social benefits, bonuses and management fee paid to the CEO during 2020 and 2019 was approximately €162 thousand and € 252 thousand, respectively. 2. In March 2008, DekelOil Consulting Limited signed an employment agreement with a shareholder, who is a director of the Company, its Deputy CEO and Chief Financial Officer. The agreement was amended on 11 July 2014 by the board of the subsidiary to reflect the same salary terms as those of the CEO described in c (1) above. The total annual salary and social benefits paid to the employee during 2020 and 2019 was approximately €146 thousand and € 194 thousand, respectively."

smithie6
16/3/2024
19:21
...the following text for the cashew nut processing facility might produce a few wry smiles, or tears

"CAPRO has developed and commissioned the world’s most advanced Cashew nut processing plant..."

When in reality they have been developing it for 4-5years & it is still not working correctly !
Je je !

------

Why has the cashew nut project been a never ending disaster ?

imo because Dekel is full of qualified accountants !!....with no visibility of anyone that has experience or qualifications in the subject of agricultural processing machines

..imo 99% of accountants would be completely useless to manage & direct a project to building a cashew nut extraction facility from scratch.
Been trained in deferred revenue, accrued revenue, tax rebate for R& D investment, new treatment of property lease costs in accounts, .....is useless for making decisions about which cashew nut machines to buy & which options to order.

Lincoln Moore's background is as finance chap. His background is not for running/directing a project such as a new cashew nut processing plant.

The CEO has investments in shipping, rubber & cocoa production etc etc.
As different posters have mentioned he appears to have vanished, despite still taking his COE pay & benefits. Imo that needs to change & shareholders need to vote through his removal. The board also needs a shakeup & at least 1 person needs to be added who is experienced/qualified in processing plant for cashew nuts & the overweight situation in chartered accountants needs to be fixed. The 3 main execs are all accountants, that is a mistake, as proven by the cashew nut fiasco over 4-5 years.

smithie6
15/3/2024
22:13
Did PKF Littlejohn LLP (intentionally ) break the law ?
By preparing a valuation of the project idea (!!) based on the forecast cashflows, a project which did not yet exist & had no sales !! FFS !

I could try to sell the idea/project of a car factory making electric cars, 5million cars /year, and 3000€ profit per car. 15,000 million€ profit per year.
Should my project be valued at 5 X the profit, = 75,000 million€ ?
(Of course not, the real value forsuch an idea/project is not 75000 million euros, nor 75million euros, the real value is of course zero, unless of course you are the seller of the idea & also the buyer of the idea, (as in the DKL case) then you can put any value you want on the idea !

If anyone wants to buy my car production project/idea for 75,000 million euros, please send me a direct message !!
(Or send it to DKL, they like to pay millions just for ideas !)

"an independent valuation report prepared by PKF Littlejohn LLP on Pearlside, and in particular the forecast cashflows of the Capro project."

smithie6
15/3/2024
21:35
Cashew nuts

Let's recall the initial deal for buying a stake in the project

June 2018

"The exercise price will be calculated by reference to the higher of (i) 4.5x reported EBITDA of Pearlside in its last published audited annual accounts prior to exercise of the option and (ii) the valuation of EUR18 million for the entire issued share capital of Pearlside"

Pearlside owned/owns the company that had the idea to do the cashew nut project.


"Related Parties
Youval Rasin, CEO and 16.0% shareholder of DekelOil, presently has an indirect interest of 13.8% in Pearlside. In addition, Yehoshua Shai Kol, CFO and 3.6% shareholder of DekelOil, and Lincoln Moore, Executive Director and 0.5% shareholder of DekelOil, both of whom are indirect investors in Pearlside with interests of 13.8% and 3.0% respectively, will join the board of Pearlside. Accordingly, the Acquisition constitutes a related party transaction in accordance with AIM Rule 13. Therefore, Andrew Tillery and Bernard Francois, Non-Executive Chairman and Non-Executive Director respectively at DekelOil, and who are independent of the Transaction, and having consulted with the Company's Nominated Adviser, consider the terms of the Option to be fair and reasonable insofar as DekelOil's shareholders are concerned. In forming this opinion, Mr Tillery and Mr Francois have taken into account the conclusions of an independent valuation report prepared by PKF Littlejohn LLP on Pearlside, and in particular the forecast cashflows of the Capro project."

Some people might argue it was an intentional scam .....with the directors of lse/dkl buying in to a project where they were the sellers !
And arguably using a wildly bloated unreal valuation after almost no prior cash investment by the sellers & a project that had no turnover at the time of the investment but the sellers and the buyers agreed that it was worth 18m€ ! (At that moment, ref. the RNS).

Note that the buyers and the sellers included many of the same people, Youval Rasin, Yehoshua Shai Kol, and Lincoln Moore.

I note that an investment in to the project was made from Singapore....a well know tax haven.

The cashew nut project has been a complete disaster so far, and started in 2018, it is now 2024 & is still not fully operating...& as always, it is waiting for new items, to make changes to the processing machinery. Every year the same story.

If the Israeli directors could be found & started taking part, in Africa, rather than doing financial games to sell non-existing projects to DKL for ridiculously high prices, arguably just to enrich themselves & the use of distant tax havens..... perhaps DKL would be much better off. Or if all the exec dirs departed & new directors took over, directors willing to be based in the country of operations & who have experience & skills in the sectors of palm oil extraction & cashew nut extraction.

Who knows, perhaps the new 9-10% shareholder might be willing to demand some changes or threaten to call an EGM to vote to remove all exec dirs. who are not located 'in-country' near the operations & fully devoted only to their DKL responsibilities. Having any directors located in Israel or wherever they are has clearly been a complete disaster. (Some posts claim that Lincoln Moore was based in Lisbon ! I don't know if that is/was true).

smithie6
14/3/2024
23:45
Btw
At one time DKL had bought 70% of the cashew nut operation (I perhaps shouldn't go in to the murky waters of that deal !, ok,just a little bit, the 2 Israeli exec. dirs were shareholders in the cashew venture that was bought,.... interesting that it cost X million (6-9m€ ?, ; for 70% ?, but it appears it had no processing machines because DKL had to then order those, so, what was bought for the investment ?!, essentially nothing perhaps since there was not even a building at the site !!

Does DKL still own 70% or is it now 100% ?
And if it is 70%, is the remaining 30% still owned by the 2 Israeli dirs of DKL ?
(One easy way to check would be to look at the DKL accounts, there would need to be a disclosure as "minority interests" for the profit/loss for that 30%).

----

Did DKL pay ____€ millions for that but it didn't have any machines to process cashew nuts !!?? & DKL then had to order some from Italy...which cost a lot, took forever to arrive & then..... didn't work at all well ?!
Obvious question then is what did DKL pay for originally, just an idea ?!!!

smithie6
14/3/2024
23:40
Rimau

..someone else posted this text

"It is fair to say that the company management are rubbish that they cannot get the cashew machines to work".

Not just me giving some negative views.

----

(Btw I don't blame the unique exec. director that seems to be visible in videos...
...I just get the feeling that he has had the work thrown on his desk by the CEO, who then turned around & ran away, & despite in theory being the CEO does not seem imo to be doing the CEO job.

You propose to ban all negative posts ?

smithie6
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