Angus Energy Share Discussion Threads

[iceagefarmer] 03/10/2023 07:53

Work on the previously announced global refinance of the Company's debt is well advanced, with a new reservoir model and production forecasts in the process of being finalized for lenders.

That sounds like serious progress is being made.

[iceagefarmer] 03/10/2023 07:32

Rome wasnt built in a day you numpty

[1347] 03/10/2023 07:25

So all that money they spent and the Compressors are clapped out and breaking down in the first year. Second breakdown already.

As for the 'permanent' flowline they never mentioned was needed, well it's the same old inability to meet their own targets, even for a straight forward job:

2nd May 2023 "Construction of a permanent flowline will commence this month, with anticipated completion in late-summer."

3rd July 2023 "Construction of the permanent flowline from the well is underway, with a target of end August for commissioning."

3rd October 2023 "Construction of the permanent flowline from the well continues, with civil works complete and the fabrication of the pipework largely finished. Installation of the flowline will take place in the coming weeks, with commissioning planned for the second half of October."

Oh also I notice how this comes out just after the conversion of the Nijmegen loan was announced, at a rock bottom price below the floor price they'd previously notified to market?

[1347] 02/10/2023 11:53

JT Yes disingenuous statements, raising funds, shareholder dilution, year on year losses are all hallmarks of jam tommorow, lifestyle companies such as these. The FCA obviously condones such behaviour.

[jtidsbadly] 02/10/2023 10:47

1347: I had a look back at earlier Anguish announcements and found this, which just shows - meet the new boss etc. The new boss then was Lord Lucan:

“On 5 November 2018, the Group announced a £2m private placement at 9p per share. The primary reason for this placing was to increase capitalisation and financial flexibility.

On 9 January 2019, the Group entered into a 2-year £3m convertible loan facility of which £1.5m was immediately drawn down. The intended use of this facility is for the future development of the Balcombe and Brockham fields and for general working capital.

On 15 Feburary 2019, following a review of the £3m loan facility by new management, the capital provided by this facility was not considered to be appropriate financing for the challenges the Company faced and accordingly on 15 February 2019 the Company placed 55,000,000 new Ordinary Shares with existing, new and institutional shareholders at a price of 4 pence per share to raise gross proceeds of £2,200,000. The bulk of this was immediately used to repay the £1.5m of loan which had been drawn down on 9 January 2019.”

[idriveajag] 02/10/2023 09:21

UKOG share price about to blow ahead of larger perf guns arriving in site.

[jtidsbadly] 02/10/2023 08:49

1347: it seems that a consensus of the better-informed has formed round your long-held view on developments at Anguish.

I see that the jayhawker onetomany has written a wildly misleading post in which he misrepresents the answers to the latest Investor Questions. The answers are obfuscatory and non-committal, in my view. The pleasure the new CEO seems to take in converting expensive debt into free money in the form of 500mm+ new shares overturns their commitments expressed in February/March this year about equity issues - not to mention the outrageous abandonment of the agreed conversion terms, against the interests of small shareholders. I don’t think he understands capital markets.

It seems that the permanent flowline is hitting problems and the date now is “in October”. It was “early October” last time and August/September before that. The comments on a booster compressor don’t read too well either, what? Are they going to install one or not? Can they afford it? The New Penholder has tried to dodge the variations in the flow rate and what they mean for future production but even the reply he’s given itself looks pretty dodgy. Re substantial shareholdings, Anguish clearly ought to look into these and update investors properly. If Wolfy wants in due course to initiate a complaint to the FCA re the probable course of events from here, I shall happily support him to the extent that I can.

[ja51oiler] 02/10/2023 08:30

1347

I expect a shix sandwich RNS in the near future. Probably relating to the southern "assets" and disposal/de-comm, some rainbows chase new project/geothermal announcement and possibly another share issue to Mr Forrest for part of that £5.5 million probably 20% below the price we are at now, again dropping the price of those 300 million warrants and the resulting drop in the share price down to the figure discussed.

Those in the know can send this any way they please in reality.....

[1347] 02/10/2023 07:28

JA51 In my view that doesn't tell the full story, remember this 'smoke and mirrors' RNS on 11th July 2023?

"Further to the announcement of 3 July 2023, the Company has received the following TR-1 notification which is set out below without amendment and results in a holding by Aleph Fin C Ltd of 4.31%. This TR1 replaces the incorrect resulting holding disclosure made by Aleph Fin C Ltd as notified by the Company on 3 July 2023. The Company understands that this TR1 is the result of a number of Ultimate Beneficial Owners' who held their shares via Aleph Fin C Ltd as a nominee, taking the shares into their own accounts."

So as they only disclosed those held by Aleph Fin C Ltd we are not really sure how many shares the individual Aleph affifiliates or UBCs are holding below the disclosure threshold are we and, being affifilates, they would also be part of any concert party that was formed (whether notified to market or not). There may also be non Aleph affiliated shareholders involved holding below the disclosure level.

I'm just pleased that I sold out most of my holdings on the spring tide (which has proven to have been the high tide) to make the best of a bad deal with this company. I'd be quite concerned if I was one of the non 'insiders' and still holding a lot of shares, as some over in Kansas purport to do.

[ja51oiler] 02/10/2023 07:09

And if they were to convert the next £6 million at the 0.4p minus the 25% as the RNS says they can, wouldn't that take them over 50% combined?

[ja51oiler] 02/10/2023 07:06

1347

This is what is showing on the Angus site Today.

Shares not in Public Hands

The total percentage of shares not in public hands is 10.69% defined as being beneficial holdings of shares held by shareholders holding above 10% and the directors holdings.

Shareholdings in Angus Energy of greater than 3% are as follows:
Name Percentage of Enlarged Share Capital
Kemexon Ltd 12.34%
Forum Energy Services Limited 10.35%
Knowe Properties 6.66%
Aleph Fin C Limited 4.26%

The above information was accurate as at 20 September 2023 and is based on TR1 notifications received by the Company.

And this from last weeks RNS

" This will bring Kemexon's shareholding to 963,795,515 Ordinary Shares representing 23.26% of the Company's total issued share capital."

It's awfully close to 30% When Aleph and Kemexons shares are combined!!....and if you add the 300 million warrants available to Kemexon, doesn't it take it over that figure????


It would be interesting knowing whats going on in Mr Forrests (Forrum Energy Services) And Mr Manclarks (Knowe Property) the two other major shareholders heads this morning!!

[1347] 02/10/2023 06:44

I'm not sure given the fact they are quite closely intertwined (Kemexon hold shares in Aleph International Holdings Ltd), and Aleph have been named as an advisor to Anguish Energy and arranged the Nijmegen Bridge Loan with Kemexon that they are individual shareholders. The issue of whether they are acting in concert is something very relevant and something that Anguish ought to comment on. In my view this fall in share price has been engineered to facilitate a lower conversion price and potentially a low ball take over down the line.

[ja51oiler] 02/10/2023 06:20

Well, this isn't going to please some!!

Recently answered questions

Hello, are Aleph and Kemexon engineering a take-over at this level?

Thanks

Simon Asked on 2 October 2023

We cannot comment on the plans of individual shareholders.

[jtidsbadly] 29/9/2023 21:48

1347: well, shareholders are overdue the end-September Investor Questions and the answers to them. Perhaps we’ll get some discussion of the flow rates when these are published early next week. I don’t suppose anyone will ask a question about the pricing of the conversion of the £3mm. bridging loan. If they do, Mr. ‘Erbert may feel entitled to point out that the original convertibility terms were described last March by the previous Pen Holder, for whom he has little respect, not by him. He wasn’t even on the Board.

There’s a lot of poorly informed comment in Kansas about yesterday's RNS. I’m at a loss to understand how the lower conversion price can be given a bullish interpretation. Still, look at Vast over the past two days. Anything can happen in these AIM companies, for a while at least.

[jtidsbadly] 29/9/2023 11:12

JA51: yes, Carlos will be neither here nor there to Mercuria, in my view. They’re sitting reasonably pretty. They’d like their loan money (which Angus didn’t need) back as soon as possible and get their 8% of turnover royalty. The rest is noise.

I think Lucan was pushed out. I’m not sure the new Pen Holder realised that he’d have to make certain compromises with his amour propre in order to keep the share price even reasonably stable. His performance appears to have been pretty poor so far. He’s been like a Trappist novice selected by his superiors to defend the indefensible at whatever cost to his own reputation. Mostly silent, and obfuscatory when he has to communicate. And it hasn’t worked.

[ja51oiler] 29/9/2023 10:40

Actually thinking about it, he is probably very popular with Mercuria!!,,,, Not sure if they would want him in the team moving forward though!

[ja51oiler] 29/9/2023 10:37

JT
I dont think Carlos being replaced as company secretary is coincidental to the £3 million being converted. He and Lord "Seven Fingers" (Apologies) are very much the old guard and probably aren't very popular wth, Mercuria, or Kemexon. After all pretty much everyone is underwater now.

Was "Lord Melton Mowbrey" pushed, or did he leave of his own accord?

I think a wholesale clean out of the dross is inevitable, whatever the outcome.

[jtidsbadly] 29/9/2023 10:25

JA51: I’m not sure about the Carlos bit or Mercuria. Carlos is in this deep, in my view. And Mercuria would, I’m sure, like to retain their royalty, so any deal would need to accommodate them.

Also, I don’t agree about “Lord Nine-Fingers”. It’s seven fingers, surely? He still has a pair of opposing digits, or thumbs, what?

[jtidsbadly] 29/9/2023 10:14

1347: I’m not arguing that they’re innocent victims of circumstance. I’m actually in full agreement with you on this. None of stupidity, inexperience, greed or dishonesty is an excuse for a company Director who transgresses the laws and regulations nor would any of these constitute a valid legal defence. I think Angus is AIM in microcosm and would therefore make a useful test case, if the FCA could be bothered to pursue them.