Distil Share Discussion Threads

[thepopeofchillitown] 12/12/2023 12:32

No problem for me, but at the full ask price

[solardave] 12/12/2023 12:22

Petersinthemarket; give it a try; Id be interested if you can...

[solardave] 12/12/2023 12:21

Just tried to buy again, cant get a quote...

[petersinthemarket] 12/12/2023 12:15

solar ... If that is actually the case, then supply is tight indeed - let's hope so.
pete

[thepopeofchillitown] 12/12/2023 12:12

I did a dummy trade and was offered 0.5p to sell.

[lr2] 12/12/2023 12:02

That explains the 33.33% spread.

[solardave] 12/12/2023 11:57

Cant buy a single share online!
MMs are totally out of stock

[jimmygeeee] 06/12/2023 18:49

Same here, Peter. I’ve held my nose and voted in favour of both resolutions.

[petersinthemarket] 06/12/2023 18:24

The Subscription GM is at Temple Chambers, 10am, Tuesday, 12 December. I note that Grain and BERO have been allowed to subscribe for enough shares to roughly maintain their current holdings, post admission, which, in combination amounts to a total of just below 40%. FWIW I have sent my positive votes for the resolutions via the Shareregistrars.uk.co service. I saw no other viable option as the Notice made it appear that we might be deciding between adoption and extinction. If anyone is attending in person, brief notes on anything of interest would be most welcome.
pete

[jimmygeeee] 05/12/2023 06:24

I doubt they have realised any profit on this "annual giveaway". They must be painfully in the red on this one!

...no bank will lend large amounts of money to a firm that has an operating loss. A rights issue was the only real non-dilutive alternative.

Make no mistake, the share price is where it is because people have seen the dwindling cash pile and were anticipating bankruptcy. This new issue should draw a line under the share price (for now), but only if shareholders approve both resolutions.

[tommyjnewton] 04/12/2023 11:29

The problem with this annual dilution is that it undermines confidence of current and prospective holders. We see the result in the low price and the paucity of trade.

[tommyjnewton] 04/12/2023 10:25

I'm not at all convinced any real effort has been made to find stop-gap funds for Christmas trade. No creativity or imagination is in evidence.
It's the usual giveaway to Rothschild and Grain. Even in this case, 10% gets frittered away on 'administrative expenses'.
Obviously Don Goulding has an appalling / non-existent relationship with the bank manager. It's times like this when a boss is supposed to add value to the company with contacts and tricks.

[jimmygeeee] 03/12/2023 16:37

I asked Don by email why he didn't just do a rights issue or some other non-dilutive option. He said:

"With regard to your specific points:
On the rights issue, this fund raise was not being underwritten and we needed certainty of minimum funds - and a rights issue would be more costly and speed of execution was important.

In terms of other expensive alternatives – Interest rate environment means cost of non-equity financing has increased. Bank finance was not available for the amount involved, invoice factoring alone would be sufficient. Ultimately, given losses, equity financing was only realistic route available."

This really is about survival.

[jimmygeeee] 03/12/2023 16:32

There is definitely some truth to all of that. But it is also true that the stock is trading below book value because investors fear bankruptcy, and that fear will be removed if shareholders approve both resolutions so that Distil receives the cash that they need to survive. I would definitely like to receive back the funds I invested (or most of it), and hence I will be voting in favour. The new funds will give the firm time and space to try to make something happen, and it should definitely put a floor in under the share price immediately.

[tommyjnewton] 02/12/2023 09:48

Don Goulding's judgement and leadership has severely damaged market confidence in this company. Numerous major errors and failures. 1) Wasting half a million on a silly TV ad that virtually nobody noticed 2) Changing distribution just before last Christmas without checking all was going to be in place 3) Failing to engender any institutional interest in the company 4) Running off to major shareholders, Grain and Rothschild and offering discounted shares to them whenever funds are required, so creating persistent dilution and destroying market confidence in the shares. There is now virtually no daily trade in the shares. Almost a BILLION shares will exist in a few days. Currently valued at half net asset value. 5) The failure of Trove 6) The foolhardy £3 million invested in just 15% of Ardgowan.
It really is a miserable failure.

[petersinthemarket] 30/11/2023 17:24

#10471 - Fishy - I accept that I'm being a bit pedantic here, but I assume everyone realises that Captain Morgan is legally not a rum? It's understrength and can only claim to be a rum-flavoured spirit drink. To be fair, that's what is marked on the bottle, but the pirate stuff on the front label is a huge draw for rum drinkers. I speak to our local shelf stackers and have yet to meet one who understands the 37.5%ABV law and the supermarket managers compound the misunderstanding by agreeing to place CM front and centre in the middle of the rum shelves.

[tommyjnewton] 30/11/2023 12:59

Rather rubbish that Baron Rothschild or Herr Grain couldn't even be offered 10% interest for a 4 month loan.

[gipps] 30/11/2023 12:07

Unfortunatley Tommy i totally agree.

[petersinthemarket] 30/11/2023 11:51

Thanks pareden

[tommyjnewton] 30/11/2023 11:19

Currently shares trading at half the price of net assets yet they place new shares at a further discount of over 20%. This company doesn't seem geared to interests of currents holders at all. There has never been a dividend in 20 years. Absolute disgrace. If company really was going anywhere surely £700,000 could have been borrowed from elsewhere or even in-house from rich holders for a few months?

[pareden] 29/11/2023 16:56

Turner Pope note:

[petersinthemarket] 29/11/2023 15:09

Can't find it - please place a copy or a link?

[fishyneck] 29/11/2023 13:44

Turner Pope research note out today.