Angus Energy Share Discussion Threads

[kinggibbon] 12/3/2021 10:24

Yawn yawn Mr poet. Now run along and read another book

[ja51oiler] 12/3/2021 08:38

Mug Punter question here,
Is the trade one party selling directly to another party, or has this gone through the Market makers?

[sue999] 12/3/2021 07:32

May be this was part of a bigger sale. we have seen sales of over one million recently..

[jtidsbadly] 11/3/2021 15:50

The Articles of Assocation allows the company to buy its own shares. At this moment, if it were a choice between watching the sale of 24mm. shares force the price lower or spending part of the company’s meagre remaining cash supporting the price, one might be tempted, if allowed at a GM.

My much earlier verbal caricatures of the company paying Directors’ club fees were intended to be comic. Not so funny now that I see the Articles specifically permit it. What, what? Good show. Absolutely. I mean to say..

[wolfofthewoods] 11/3/2021 15:20

Gibbon,

Other than being here hoping someone will fling you a banana, you do realise ignoring facts just makes you look stupid. Do you crave pity or is it another famous told you so sarnie? Its adding cajun that makes them so appealing you know.

[kinggibbon] 11/3/2021 15:05

Yawn yawn yawn

[jtidsbadly] 11/3/2021 14:58

Wolfofthewoods: I doubt the part-time interim MD looked at all the permissions required to get Saltfleetby going again. I had a long look last evening at the OGA’s requirements. If the EA and the HSE are anything like that, it’s a bit of a nightmare. Fine if you’re Shell, with a department full of people who’ve done it all before. Not so good if you’ve got no oil or gas experience. Reading the OGA bumf, Anguish seems to come up short in a number of areas. Maybe the interim MD sees another big problem looming with that. That would be enough to scupper a loan.

As you know, I agree with you, it looks like it won’t last much longer. Who bought these shares though?

[wolfofthewoods] 11/3/2021 14:30

I think it has been milked so much I will refer to this as a cow called Gertrude.

I really dont understand who would buy this. In the old days the lies were believable, but we dont even get treated to class leading whoppers anymore. And I prefer whoppers to say big macs.

I think we are in the process of winding up as I cant see any inherent value in whatever they claim. They are greedy sods so if there was money to be made getting it out, they would have. I dont know if they knowingly mislead people or whether it was simply too complicated for them to do. Paperwork is consistently wrong, laws broken, maths incorrect - how can you miss out 12million is nothing short of gross negligence.

And they decided to start a war with me. I will give them one.

[clottedq] 11/3/2021 14:25

Looks like Tidswell has sold out his shareholding in Anguish.

That large reported sell today looks suspiciously close to his remaining holding doesn't it?

Let's see how long it takes for the TR1 to land.

Rather unfortunate to "let the cat out of the bag" when the cheerleaders are still desperately promoting Anguish as an excellent investment prospect isn't it?

You really couldn't make this up!

CQ ;-)

[kinggibbon] 11/3/2021 13:44

Just sent them a cheque your welcome lads xoxoxo

[jtidsbadly] 11/3/2021 13:20

gkb47: JamesII had 3%, he said, before the December placing, if I recall rightly. So about 18mm. shares. That leaves Knowe, Frazer Lang, the Australians, whoever’s behind the HSBC position and Jonathan. But who bought them? Why would he know less than the seller?

[jtidsbadly] 11/3/2021 13:11

HITS: someone’s bought them though, that’s the odd thing, and the price hasn’t collapsed, so it’s gone into safe hands, presumably.

The tone has changed a bit on the other site, though I see no one’s asking what the interim MD is paid now. £120,000 was last year’s award. It’s only the smooth Ocelot defending the indefensible now.

[headinthesand] 11/3/2021 13:02

Someone's bailed out. I don't think it's Tidswell (why would he not sell them all?).

I imagine that a TR-1 is in the offing. But of course as anyone with a scintilla of objectivity already realises, isn't this a decidedly odd action since, according to the company and its shills, "£20 million" of finance funding is on the very cusp of being obtained from all those eager parties queuing round the block and beating the ANGS door down to give George mountains of cash? It makes no sense at all... much.

It'll be wryly amusing to see the attempts to spin this obvious piece of "voting with one's feet" positively. I fear the cheerleaders next door are going to have their work cut out there.

Remind me... what is it - proverbially speaking - that one cannot ever manage to polish?

[jtidsbadly] 11/3/2021 12:48

As Alan2017 points out elsewhere, it’s a little less than Jonathan’s total shareholding. Perhaps JamesII has pulled the plug. Or the chain.

The more important question is, who’s bought them?

[sue999] 11/3/2021 12:36

So finally you decides to sell your 24,612,000

[jtidsbadly] 11/3/2021 12:25

JA51: I think the main point is, if the management knows something of which the market is unaware and which would be expected to affect the share price, they’re required to make it public promptly. His economy with the actualité last year merely makes it worse. Much worse, actually.

[ja51oiler] 11/3/2021 12:19

JT. Those were paid for interviews though.......They don't count in the"Wonderful World of Angus". A bit like telling your shareholders you have given notice on your Registered Public Company address, yet still using it on RNS releases etc....etc...etc...etc

[jtidsbadly] 11/3/2021 11:36

JA51: I’d be very concerned if I were the interim MD. His reassurances in those interviews through last Spring and Summer, while all the time he was trying to negotiate a £12mm. loan to complete the work that he was telling everyone was within budget and close to schedule, clearly contravened AIM rules. A disgruntled shareholder may be inclined to pick up the cudgels over it in due course. It’s too much, of course, to expect AIM to intervene on shareholders’ behalf.

[ja51oiler] 11/3/2021 11:11

So had a look at the INVESTOR MEET PRESENTATION from a week ago today.
Looks, like they are actually supposed to answer any questions asked, but its showing

"We are processing the questions, we'll notify you once they become available".

Seems to me a week is more than enough time. Wonder if they just don't want to answer some tricky ones that were asked.......Like if they now share that £12.8 million Saltfleetby DE-COM cost shown in Saltfleetby Energys last accounts?

[jtidsbadly] 11/3/2021 08:01

chickndinner: If they don’t get a loan, I suppose it may be possible for them to carry on for a while but it will depend on continuing shareholder support - more placings. The share price is likely to be much lower and the discount offered in any placing will need to be bigger - there will be no cash flow and none coming. I doubt in these circumstances that there would be an appetite from investors. They’d be lucky to raise £500,000 in a single issue, which would finance them for another two months. After that, I can’t see any more placings being available to them.

Most of the above is implied in the going concern statement.

What do you think the Directors are now paying themselves?

[jtidsbadly] 11/3/2021 01:02

HITS: Ocelot seems to be a PR person, Flagstaff or the NomAd, or someone. A bit naughty, in my opinion. I agree, the latest funding update talked about a soft Mandate for £8-9mm., conditional upon the balance of the £12mm. being made up by someone else and with conditions including the use of hedging strategies to guarantee a minimum price for up to 70% of production. The alternative is a similarly soft proposal from Aleph for £11mm., with possible further interest in funding the geothermal proposition. You’re right, neither is a firm offer and they both seem conditional on prior approval for the gas field development from the OGA - though there is confusion as to whether OGA approval would come before or after the loan. The deadline for the Mandate is 5 April. Oddly, the 24 February presentation says the planned timetable is dependent on getting the Aleph funding during March. It doesn’t mention the £8-9mm. Mandate. All very confusing, but in short, they’ve got no loan yet and documentation is still going on, with no definite commitment on the part of either proposed lender. Meanwhile, the auditors have questioned Anguish’s going concern status and the share price has weakened. It doesn’t look good to me.

[headinthesand] 10/3/2021 23:59

JTids, I agree with you entirely about highroller - I was just trying to be gentle with him. He sets store by the utterly non-binding comments in the Malcy love-in interview, which is his first error. He then as you say seems to think that solely because the auditors have signed off the accounts, that must mean all is well with the house of Anguish. Nothing could be further from the truth.

He's not looked at the much more concerning and strongly expressed caveats used in the auditors' language this year as opposed to last.

I'm getting more irritated at the "oversubscribed funding" myth being repeatedly foisted on the unwary next door. That's utter cobblers - as we all know, there are no confirmed offers of funding. Even the two nebulous and highly suspect "non-binding indications" are each seven figures short of what's needed - and they are mutually exclusive.

[jtidsbadly] 10/3/2021 23:41

HITS: Highroller’s post is wrong virtually from soup to nuts. The auditors don’t proof read the report and accounts! They've spelt out specifically their own responsibilities and those of the Directors. They’re not liable for any of the things that Highroller claims they are. They wouldn’t be able to get liability insurance if they were. They’ve clearly pointed to the risks and have probably in fact told the Directors that they must make the going concern statement. They’ve pointed to the key audit matters and that appears to be the limit of their responsibility. You can’t protect people from themselves, the risks pointed out in the going concern statement and the key audit matters are pretty clear. Highroller’s concluding paragraph appears to me to be just wrong. There’s no comfort whatever to be taken by shareholders from the auditor’s signing of these accounts.

I’m moving on next to have a look at the OGA’s conditions for allowing the operation of oil and gas fields. In particular, the applicant’s financial situation. Even if Anguish were to secure a £12mm. loan, they've got a big job filling in the forms and persuading the OGA that they have the financial capacity/capability to operate the plant properly and de-commission it eventually. One of the OGA’s specific listed responsibilities is to prevent the taxpayer having to pay for these things. Then there are the EA and HSE permissions. The CPR ought to be re-done, I think, to take properly into account the real financing cost and the de-commissioning liability. No bank is going to lend them the money until these things have been sorted out. At best they’ll get a provisional offer which they may be able to take to the OGA, but if so, it’s more delays, isn’t it? The banks won’t allow them to draw on a loan until all regulatory approvals are in place. That means they can’t order the kit - even if they can find somewhere they can buy it. How can they produce any gas in 2021?

The big increases LAST YEAR in the Directors’ salaries would worry me if I held the shares. They’re basically saying they’re not going to make any money in options (the Knowe loan agreement forbids the issue of new options to Directors at under 1p, doesn’t it?)and they think there may not be a long term future in the business, so grab what you can. I wonder what they’re paying themselves now. That must be worth a Q&A question?

[jtidsbadly] 10/3/2021 21:49

chickndinner: you can easily justify it. They have their establishments to maintain and all their options are worthless, through no fault of their own. They did their best. What? What??