Aminex Share Discussion Threads

[slepy] 18/4/2017 09:38

BTW it is 6 weeks tomorrow since flow rates RNS and we still don't know the size.

[slepy] 18/4/2017 08:45

Lol. Aminex has been recovering for the past 3 years.

LT - lucky us!

[last throw] 18/4/2017 08:45

slepy ....... and as you iterate your disappointment about the current share price UP goes the current sp!!

Nice one - keep up the good work eh?

LT

[tmmalik] 18/4/2017 08:44

Recovery week I guess Back to 5.50 before next update

[slepy] 18/4/2017 08:39

Skin - it can't be more disappointing than the current share price after flow test of 17mmscfd

[skinwalker] 18/4/2017 08:26

don't look forward to the next RNS - the news is bound to be disappointing

[edgar222] 17/4/2017 23:53

Yes. Big news week. Have gut feeling too but have ALWAYS been wrong.

[haggismchaggis] 17/4/2017 23:27

Big news week? I have that gut feeling, though I'm not sure if it's an AEX RNS feeling or wind from the curry I just had :-D

[blackgold00] 17/4/2017 06:03

yes peter, but the open offer was for only £2.6 m plus it was taken up in the end.

Results of Rump Placing

"Further to the announcement made on 1 August 2016 by Aminex regarding the results of the Open Offer, the Company confirms that Davy and Shore Capital have procured subscribers for the remaining 99,445,386 New Ordinary Shares not validly taken up in the Open Offer at the issue price of 1.3 pence per New Ordinary Share. Consequently the Company is pleased to announce that the Capital Raise of approximately StgGBP19.5m has been fully subscribed."

[haggismchaggis] 16/4/2017 16:54

I guess that explains it! Thanks guys.

[greyingsurfer] 16/4/2017 16:23

AEX were looking for more support from shareholders than they got at the time - the open offer was only 50% taken up, so they raised less than hoped. That will have restricted their ability to pay off the loan. Also further placing to Zubair would have put them over 30%.

Peter

[edgar222] 16/4/2017 16:14

More dilution when unnecessary?

Would have had to issue more shares to pay off the then $8m? debt.

That's a lot of dilution when they had an expectation of income to cover the debt.

Not sure Jay has put a foot wrong yet.

[haggismchaggis] 16/4/2017 12:30

Edgar,I wonder why they didn't cover paying off the debt in the fundraising with Zubair and the open offer, the debt would have been paid off last August and AEX would be operating profitably with the revenues from Kiliwani.

[edgar222] 15/4/2017 22:44

Haggis

We are not disagreeing. You are right they have said for ages the debt is a priority. Its one reason I trust Jay B so much.

Cheers

[haggismchaggis] 14/4/2017 10:30

Edgar, I was basing my prediction on these statements from the recent results RNS ;-) "Early repayment will reduce the interest burden from the loan and, by not refinancing the loan, the Company will not incur new loan and legal fees.""As previously advised, the repayment of the corporate loan is a priority for the Board."I hadn't included the interest charges and these are pushing out the payback date of the loan. It was $8.6m and we paid off $4.5m and $2.4m taking us down to $1.7m, but after interest was added there's still $3m left to pay."Included in finance costs for the period is an interest charge of US$1.26 million in respect of the US$8 million corporate loan facility""Under current liabilities, loans and borrowings of $4.93 million relate to the corporate loan (see commentary under Going Concern below) which had reduced from $8.56 million at the 31 December 2015 following repayments amounting to $4.5 million offset by additional interest.  The outstanding loan amount has been reduced by repayments of a further $2.4 million since the period end.""During the second half of 2016, Aminex repaid $4.5 million against the corporate loan from the receipt of gas revenues and the application of part of the Open Offer funds.  Since the year-end, a further $2.40 million has been repaid reducing the corporate debt to approximately $3.0 million at the date of this report."

[edgar222] 14/4/2017 09:53

Haggis

Agreed not much in it is all good news.

I think you are assuming that the company is applying all the revenues to the debt and that would surprise me given that they have until January 2018 to repay. I know it is a priority and rightly so but they must have other running/testing costs at the moment too.

[lfdkmp] 14/4/2017 04:47

4-5 weeks. A mere imminent blink of an eye.

[haggismchaggis] 14/4/2017 01:36

The Argus, Ok, thanks, I've got it now!

So the revenues suggest end of May or first week of June, whilst the company indicates a target of Q3.

Well Q3 starts July and, if the revenues are maintained with the minimal costs expected from wellhead prices, then early July looks on for repayment of the debt.

Maybe only 4-5 weeks away from what the revenues suggest is possible? Not much in it really, when you (or I) have been in AEX for years.

[the argus] 13/4/2017 23:31

Haggis,

From the 3rd paragraph of the Financial review in the Interims:

"targeting final repayment during the third quarter of 2017"

A.

[haggismchaggis] 13/4/2017 22:54

The Argus, where/when did they say that? I've not seen that?

[kryptonsnake] 13/4/2017 20:39

I see SOU has been dropping for the last month. I wonder if any holders might pile in here if/when we get some good news?

[the argus] 13/4/2017 19:29

haggis,

the company have already said it will be Q3 before the debt is paid off.

A.

[haggismchaggis] 13/4/2017 17:46

6 April RNS.

"Since the year-end, a further $2.40 million has been repaid reducing the corporate debt to approximately $3.0 million at the date of this report."

At 16mmcfd and an average price of $3.25/Mcf the debt should be paid off by the end of May or the first week of June.

[greyingsurfer] 13/4/2017 14:47

I guess the pressure depletion explains why Aminex didn't give any production guidance for 2017, in the last report. I guess they don't know at this point how the well will producing over the next year.

Alternatively, and most obviously - they can't because they don't know what TPDC will be able to take? Or possibly a combination of the two, if it does prove to be a big issue.

I also think Aminex decided to pay down the loans and is looking to pay back all loans in Q3 this year as a result of the unknown outlook for the Kiliwani North operation.

I think they decided to pay them down ASAP because that's what they've always intended to do, and because that's the sensible thing to do when you are making massive interest payments, and you are now in a position where you could almost certainly borrow at better rates if you needed to. Or equity raise at much better levels.

Peter