Deltex Medical Share Discussion Threads

[supernumerary] 08/2/2016 12:08

Arf - one sometimes wonders if highly paid lawyers are paid to make mistakes. Have you followed the Lloyds ECN saga? That hinges on Lloyds claim that the highly paid lawyers made a mistake in the drafting of the ECN prospectus and what it really should have said was something quite different. So far they've got away with it, and the bondholders, who cleave to the original wording, have been screwed.

[arf dysg] 08/2/2016 10:20

"Deltex Medical Group plc (AIM: DEMG), the global leader in oesophageal Doppler monitoring ("ODM"), announces that further to the announcement made on 3 February 2016, the Company will post a circular to its shareholders today in connection with the Placing, the issue of Loan Notes and the Open Offer (the "Circular"). A copy of the Circular will be available on the Company's website shortly. Please note that all terms in this announcement have the same meaning as in the Circular.

The General Meeting of the Company to approve, inter alia, the Placing and Open Offer will be held at 10.00 a.m. on Monday 25 February 2016 at Laytons, 2 More London Riverside, London, SE1 2AP."

1) "the Company will post a circular"

I thought they had to give a minimum of three weeks' notice, so if they _will_ post a circular, it will arrive in shareholders' letterboxes in a day or two, meaning they will have less than the statutory minimum notice.

Do they really absolutely HAVE to give the bare minimum of notice? That's a bit like saying they want to get it over with and shareholders aren't relevant.

2) "Monday 25 February 2016"

This really is very poor management. Didn't anybody check this? C'mon guys, you can do better than this. At least, I HOPE you can do better.

I don't know if it's the responsibility of management, their brokers, the NOMAD, their lawyers, or some other entity, but all of them are paid vastly more than me to get details like this right!




I am reminded of Corac's extraordinary general meeting (probably December 2010) to approve a vast dilution (new stock issued = about 4 or 5 times existing stock at the time) so shareholders were a bit peeved, to say the least. The notice said "General Meeting" and when people got to the actual meeting, the company tried to insist that they had the word "extraordinary" on their letters of acreditation so that they could attend the meeting. HOWEVER... Corac's notice calling the meeting didn't say "extraordinary" as they'd accidentally left off that detail. All lawyers would tell you that this kind of omission can render contracts null and void. That's a bit slapdash for highly-paid lawyers who are paid to make sure that every word is correct.


Dorothy Parker, upon reviewing a book:

"This is not a book to be tossed aside lightly. It should be thrown with great force."

[bigt20] 08/2/2016 09:23

I thought the 25th February 2016 was a Thursday........the RNS is stating Monday, so if its a Monday are we talking the 29th February 2016?

[arf dysg] 05/2/2016 16:38

Jolly good :)

More Dorothy Parker:

I like to have a Martini,
Two at the very most.
After three I'm under the table;
After four I'm under the host.

[gavapentin] 05/2/2016 14:08

18 hours to pen that, but the content was much improved
I did actually smirk

B+ for attainment
A- for effort

Keep it up
;)

[arf dysg] 05/2/2016 11:37

gavapentin (7769) "Hello Arf I see it took you about an hour to pen that"

You seem to assume that I am hanging on every character the internet emits, so I saw your posting immediately.

In fact, it took me about an hour to see your posting and a few minutes to shoe-horn some medical terms into a side-splittingly gut-achingly floor-rollingly hilarious posting. Hilarity being the sister of Beauty, they are both in the eye of the beholder, so you are entitled not to find any of this funny. Perhaps their close relative Brevity could now get a word in:

Brevity is the soul of wit. On the other hand, some commentators believe that if something's worth doing, it's worth overdoing. OK, let's have a go...


I agree with you about cliches.


I regard cliches with deep suspicion.
If I see a cliche, I give it a wide berth.
I watch it like a hawk.
If I see a cliche, I steer well clear.


Cliches? They bring me out in a rash.
I wouldn't use a cliche if you paid me!

Me and cliches are like chalk and cheese.
We're worlds apart.

Ask me about cliches and I'll say "Over my dead body!"
I need cliches like a hole in the head.
I wouldn't be seen dead with a cliche.

I'm fed up with cliches.
I'm sick to the back teeth with them.
Cliches? I avoid them like the plague.
I wouldn't touch them with a barge pole.



...and that thing about brevity: as Dorothy Parker said, brevity is the soul of lingerie.

[yump] 04/2/2016 23:57

I'm sure most small shareholders will have totally grasped the process and logic of selling 1/11th of their shares at 5p in order to buy them back at 4p.

That must be edge of the seat stuff.
:-/

[gnnmartin] 04/2/2016 17:18

I found it hard to understand the spike up to 6p with the need to repay the Amati loan note. I find it hard to understand why the share price should give up all that gain and more now the terms of the repayment are spelled out. What on earth were people expecting? The terms are better than I thought possible!

Perhaps it is the result of an open offer. Small shareholders are likely to sell shares that they can replace in the open offer, unless they are enthusiastic enough and have the money necessary to take up the extra shares and hold for the long term.

[arf dysg] 04/2/2016 16:49

It appears that gavapentin has discovered a humerus.

I suppose I would have a minor bone to pick with him, i.e. that he doesn't identify exactly what's causing his mirth.

You've got to hand it to him, though, he's certainly put his finger on it.

I guess this kind of understanding goes arm-in-arm with his other medical knowledge.

I wish he could distal his wisdom into a form which we could all absorb.

[trotterstrading] 03/2/2016 22:57

Bought back in today.. Strong vote of confidence from the chairman and blossoming US business, fantastic prospects for the next 12-18 months

[bigt20] 29/1/2016 16:03

Well if I am reading the RNS's correctly thats another 60.4m shares on a fully dilluted basis, if all the shares are taken up.

If its a case of the Convertible having new terms, ie the shares are issued at 6p not 12p then the increase is 52.4m (not 60.4m) on a fully dilluted basis. As 8m shares (at 12p) are already in the calculation of the number of shares on a fully dilluted basis.

[yump] 29/1/2016 14:39

Probably, seeing as he's Chairman ;-)

[ramnik007] 29/1/2016 13:30

Certainly a fair chunk......does he know something we dont?

[bigt20] 29/1/2016 11:56

I think it says alot that the Chairman is prepared to put in £1m of his own money.

[arf dysg] 27/1/2016 17:03

zho,

I have read that RNS item on Investegate dated 6th of May 2015.

"Following the issue of these new shares the Company will have a total of 214,608,390 ordinary shares of 1p each in issue."

OK, so far, so good. So I went to the London stock exchange again...

I searched for RNS items from 1st April 2015 to 1st of June 2015 and I got:



Medical Group PLC- DEMG Result of AGM
13:01 12-May-2015 RNS

Deltex Medical Group PLC- DEMG First US 'remote training' account
07:02 06-May-2015 RNS-R

Deltex Medical Group PLC- DEMG Chairman's Statement to Annual General Meeting
07:01 06-May-2015 RNS

Deltex Medical Group PLC- DEMG Board Changes
07:00 24-Apr-2015 RNS

Deltex Medical Group PLC- DEMG New US dedicated trainer account
07:00 22-Apr-2015 RNS-R

Deltex Medical Group PLC- DEMG Additional Listing
11:40 20-Apr-2015 RNS

Deltex Medical Group PLC- DEMG New US dedicated trainer account
07:00 01-Apr-2015 RNS-R


...which includes 2 items on the 6th of May, but NOT the one from Investegate. This is crazy: surely an RNS item should go to all channels, including LSE and Investegate. Instead, we see one item on Investegate and other items on LSE.



On the other hand, if you go to Deltex Medical's web site, investor relations --> share information, you get:

"Number of shares in issue

The company’s issued share capital comprises 219,584,986 ordinary shares of 1p each. All of the shares are fully paid; no shares are held as treasury shares. The percentage of shares not held in public hands is 8.03%.

Identity and percentage holdings of significant shareholders
...."

...and that does seem to be the most recent number of shares.

[gnnmartin] 27/1/2016 16:56

I was very relieved to read today's RNS. Although the deal isn't yet done, it looks as thought the company is not dead yet, in spite of the need to repay the £1m loan in February. I don't know if they can make it even with the new money, but things are looking better for the RNS.

[zho] 27/1/2016 12:22

Hi Arf,



"6 May 2015 Deltex Medical Group plc ("Deltex Medical" or the "Company"), the global leader in oesophageal Doppler monitoring ("ODM"), announces that it has issued a total of 706,244 new ordinary shares ... Admission to trading on AIM and dealings in the New Ordinary Shares and Option Shares are expected to commence on 12 May 2015. Following the issue of these new shares the Company will have a total of 214,608,390 ordinary shares of 1p each in issue."

Any help?

Edit: this leaves 100,893 shares unaccounted for.

See

In addition to the above, the Company also announce
s that it was notified on 30 April 2015 that a
number of former employees have acquired 100,893 or
dinary shares of 1p each (“Option Shares”),
as the result of the exercise of options under
the Company's 2003 and 2013 Enterprise Management
Incentive Schemes.

[arf dysg] 27/1/2016 12:12

zho, thank you, but in that case the London stock exchange has a problem.


From their web site (Deltex regulatory announcements; search by date):



... I select the 12th of May announcement:




...which says:


Deltex Medical Group plc
Result of Annual General Meeting
12 May 2015 - Deltex Medical Group plc, the global leader in oesophageal Doppler monitoring, announces that all the resolutions proposed at the AGM held on 6 May 2015 were duly passed.



Surely, for the issue-of-shares announcement to be of any use, it should be accessible by typing "DEMG" into the stock exchange's search tool?

[arf dysg] 27/1/2016 12:01

One for the technology boys in Deltex?

[zho] 27/1/2016 11:51

Hi Arf,

If I google "Deltex 807,137 shares" I get this which says that 807,137 shares were admitted to trading on the 12th May.

[yump] 27/1/2016 08:33

Its the first half this coming year that's going to be 'interesting'... can't imagine the share price doing much until then, although at finals there may be more news on outlook and growth.

[yump] 27/1/2016 07:19

Pretty much spot on Feb.

Although the NHS is supposed to be one of the best healthcare services in the world, its shameful how long they take to get up and running with anything.

The new US account: evaluated in December, decision now and to be implemented in April.
The US is not messing about.

Fortunately the NHS is not where reliable growth is being relied upon any more.
Other areas are growing fast.