I don't think DEL cares about anything special or rewarding for shareholders. After its initial enthusiasm in the first few months after listing, DEL seems to view shareholder engagement as an unfortunate obligation which it must fulfill every quarter. Although you can be sure that if a capital raising is required, there will be a short, sharp deluge of information and presentations, with a thin veneer of fully informing shareholders in a prudent and professional manner.
They have broken so many promises and self-made timeframes that the stated dates are meaningless. I lost faith in what was being told and no longer trusted the company. The fact DEL has said work is in progress, which in fact wasn't, and that IPO funds would go to building the pipeline sites are red flags enough. Let alone the 12 months of "nearly there" of Planum, and now 7 months of "nearly there" with Palisade. They've burned through all possible goodwill and making allowances for being a new industry, Covid, etc. in my book. If the directors aren't buying shares at 3¢ and have seemingly gone into hiding for the past 18 months (aside from a flurry of activity last October) I question why I should hold.
Palisade Partners are not idiots. They won't be putting $50 million in unless they are absolutely certain *their* shareholders (not DEL's) will be rewarded -- above and beyond any opportunity cost for that money elsewhere, and taking into account a premium for the risk they are taking. The fact they haven't signed off after 7 months is telling. If these projects were "shovel ready" as the IPO claimed two years ago, it wouldn't require 9 months of so-called due diligence now.
A company which was genuinely interested in informing shareholders would release a joint statement with/from Palisade Impact. It would at least update its website once in 2023.The founders have no skin in the game aside from the $30k worth of shares they bought at 17¢. Companies (FTX -- the coin company) often get superstar athletes to endorse it, and small companies often pay for someone with a well known name to join the board for a nice free payday. It adds legitimacy. Steve is getting $60k a year plus another $20k in benefits. Nice work if you can get it. I'd ask why NONE of them have spent their own money to buy these ridiculously cheap, bargain 3¢ shares. Not a single share.
As Emptytrolly said, Hamish is a serial entrepreneur. Another term for someone who has tried to run a number of different businesses in various industries and is hoping to strike gold somewhere. I don't doubt Joe's knowledge or passion for bio energy. But Hamish seems to be the guy with the business focus. Someone who has latched onto this as a seemingly hot industry. Where are these guys while their company is floundering? Are they still alive? I wonder if Hamish still runs his ice cream and coffee shop?
