I'm reluctant to be here, having sold a few months ago. Nobody...

I'm reluctant to be here, having sold a few months ago. Nobody likes a down-ramper, or non-holder trashing his stock. I keep an eye on DEL hoping it will recover, but the news hasn't been good. I took my 75% loss like everyone else has -- either in real terms, or on paper. It's a quiet Sunday afternoon with no AFL on TV so I hope holders will excuse my customary long post.

I note the changes to the register which includes Merrill Lynch's 3.51% disappearing from the Top 20 Shareholders. Presumably they decided to exit DEL at some point during the past financial year, leaving no institutional shareholders remaining.

The amount of debt, low cashflow, constant spin of a "black swan event". For goodness sake DEL management, show some accountability and take responsibility for this mess. At least present the situation in an honest way without the B.S.

SourLemon's calculation of 24.3% per annum interest on the loan is shocking. That's credit card-type interest and it reflects the level of risk RoadNight perceive their investment to be. If you think about it, it would have to be this much. I don't know how Delorean will re-pay it, make interest payments, pay salaries, long-lead YVW items, rent, etc.

I note that based on the tone of the annual report, the QLD1 site now only goes ahead if a grant of $5m is received from the QLD state government. A grant should be nice to have, but not making or breaking the deal going ahead (pg. 20).

It was interesting to see sell orders on Friday morning (before the start of trade) 2/10ths lower than the buy orders. Investors wanting to make sure their sell orders were executed. Yet the share price stayed around 3 cents until the afternoon. That surprised me. Eventually it dropped to 2.1 cents. Still no directors buying shares at a 90% discount to the IPO. That doesn't surprise me. When you are paying yourself this type of money after gifting yourself controlling interest, there is no need to be buying speculative shares. You can just collect your salary each fortnight:



Under "Investment Highlights" on page 6, DEL has listed a "proven track record...", "A strong pipeline...", "Strong ESG credentials...", "Ideally positioned..." etc., etc. I wouldn't consider any of these points investment highlights. It really rubs salt in the wound of investors. I'm not interested in Hamish's "5 year track record of profitability prior to the IPO". More salt. More spin.

I was disappointed to learn that Palisade Impact and Delorean had arranged an exclusivity period ending in August. Surely this was arranged in October 2022 and shareholders could have been told of this at any time over the past ten months. It was never mentioned at any stage. After one year of waiting for Planum Partners to find finance, it's been virtually another year with Palisade. Now, shareholders are expected to believe Planum doesn't want to finance the plants itself.....but is happy to ask around and see if anyone else wants to fund it. It feels like being at the bar and an unattractive woman/man approaches you. You turn to your friend and say, "mate, she/he's not up to my standard at all.....but maybe you'd be interested." Ridiculous. Surely every financing organisation imaginable has kicked the tyres on these projects by now from the Planum to Palisade days, including the spare tyre in the boot. When a house has been for sale for more than a couple of months, or a mining project hasn't progressed to/past FID into construction after a decade, you assume everyone has looked at it and either: it's way too expensive, or there's something seriously wrong with the financial proposal.

It looks to me like Palisade's help is a last-ditch attempt to ensure Delorean is in a position to make good on the $5m convertible note at 12-odd cents conversion. However it doesn't want to pay the $50m itself -- presumably because it sees serious red flags with either the projects or Delorean management. This, despite DEL saying it met all the conditions in Palisade Impact's due diligence. If so, why won't Palisade fund it? That is never addressed.

Yarra Valley Water is listed as being "in build" on page 7, yet the project is "subject to final regulatory and planning approval" on page 14. Nothing is currently being built at Yarra Valley, and probably won't be until at least 2024.

The galling thing is, the SA1 and VIC1 sites were approved for construction by DEL over two years ago. The IPO was sold to investors as raising the funds to tackle the B.O.O.M. projects, the money from which would be recycled into more projects.

Early 2021:

5.7.2 of the IPO prospectus





We were told that SA1 and VIC 1 were both "near ready pending FID" (pages 45 and 46).

21st April 2021



10th May 2021:



24th May 2021



23rd August 2021 -- A little over two years ago. This is when everything started going pear-shaped and we were introduced to Planum Partners. What I described late last year as the "lost year of 2022 for DEL" began. Everything seemed to grind to a halt. The only recycling being done by DEL has been the announcements, which promise the same old stuff but with different dates.



In September 2021, investors were told about QLD1 : "FID in May 2022 with site works commenced for build". Now, in September 2023's Annual Report DEL advises: "The Company is currently preparing to progress the project from feasibility stage to development approval.The project is expected to be FID-ready early in CY2024". We are also told (pg. 18) that SA1 is "shovel ready" (a marketing term, not a financial term). "...currently shovel ready for full construction pending project finance". Ditto VIC1, on page 17.

At this stage, with less than $1m cash at hand, less than $100k in equity, and a warning from the auditor about DEL's risk of no longer being considered a going concern, the real question is whether one puts more faith in the auditor, or Hamish's Chairman's Address.

I feel sad reading the Annual Report. It's such a damn shame. Not sad for the financial loss I booked for my DEL shares, but for what could have been. The wonderful projects and the thematic of green gas and decarbonisation. Government grants, multiple revenue streams, rising gas prices. The positive announcements; until everything came to a grinding halt on 23rd August 2021 with the first mention of Planum Partners. EmptyTrolly asked, "Where did the IPO money go?". He is right. Presumably, as he astutely noted, it likely went into propping up the disastrous NZ EPC build and, to a lesser extent BLM, which seems to have been bleeding money each quarter -- long after construction was supposedly finalised and it was handed-over to the client.

None of these issues have ever been addressed. And no, I can't see the point in calling Delorean and asking for clarification on these points. The dates, and timeline speaks for itself. I was DEL's biggest supporter but they lost me a few months ago. I also watched Joe's recent video the day it was released. I thought, while watching it in real-time that he looked nervous, then saw someone here wrote the same thing. I didn't pick up on it being filmed over a couple of days and edited together. I might have to watch it again!

Hamish and Joe have to step aside, if it's not too late already. Maybe then, someone with deep pockets could take on these projects, if they truly are economically viable.

As I wrote, it's a matter now of whether you believe the auditor or Hamish. Please do your own research, and reach your own decision about the future of this company. All I have been doing today is presenting a timeline of sorts to what has transpired over the past two and a half years.