Angus Energy Share Discussion Threads

[jtidsbadly] 29/3/2021 11:01

“Historically, applications from Angus Energy have demonstrated a high degree of wishful thinking based on only a modicum of evidence and questionable statements presented as fact.”

No, it’s not one of mine. It’s from the preamble to Balcombe Council’s rejection of the planning application, which Alan2017 has attached elsewhere this morning.

[johncasey] 29/3/2021 10:56

rerate imminent

[jtidsbadly] 29/3/2021 10:53

I think this “new” person has found her way to the wrong Board. She’d be more comfortable sharing her insights with Ocelot. Mind you, her concluding sentence is sound advice! They’d better hope at Anguish that people don’t follow it until the placing is out of the way. There will be more and more from contributors like this until it is. Unless the share price falls hard and the NomAd bales out.

[sincero1] 29/3/2021 10:45

wow HITS how underwater are you on your investment here ?

never let your poor investment decisions cloud your current views

[headinthesand] 29/3/2021 10:26

The only people struggling are the ANGS BoD.

"Oversubscribed"? And yet they can't find one single entity willing to even issue a "soft commitment" or "indication" for the £12 million financing?

Instead we get today's rushed RNS referring to a hastily stitched together multi-participant series of what are still mere "soft commitments"... truly laughable. It's only been issued in the hope that George and his BoD get a little less crucified at next week's AGM.

It strikes me as very obvious that the security offered by ANGS and Poundland Gas doesn't come anywhere close to justifying a funding amount of £12 million. (Hardly surprising, given the best estimate of the realisable value of Poundland is minus £2.5 million.

Which is why even the still utterly uncommitted motley collection of two-bit lenders that ANGS and "hey it's a new month - let me incorporate yet another microcompany" Jason have assembled are set to have massive arguments about who gets first dibs on assets in the ever more likely event of the wheels falling off.

Not that it will ever come to this, because they're not going to get the financing. Can anyone say "can kick"? Yet again?

[sincero1] 29/3/2021 09:58

gibbon you have these guys sussed out , they are struggling ...

[sincero1] 29/3/2021 09:54

jtidsbadly - a non shareholder posting negative comments ... hmmmmm ????

[jtidsbadly] 29/3/2021 09:47

...I should have added, we may shortly (after the shareholders have kindly approved all the resolutions at the upcoming AGM) expect Anguish to be pleased to announce a placing, to raise as much as possible. For general working capital purposes, don’tyaknow, as normally required by lenders at this stage in negotiations, what, what? Excellent work. Bung that port down, old chap. We’ll have to get another case of this in pronto, what? Now where’s that Spanish chappie? My membership at the old club is up for renewal. The memsahib opened a letter from the secretary the other day. What?

[jtidsbadly] 29/3/2021 09:36

Well, he’s put his English skills to work on this one! But if you read it in conjunction with the update on 22 February, there’s been no apparent advance. Except that the single big “Mandate”; lender offering the £8mm. seems to have exited stage left, pursued by bears. Even the bit at the end about the kit is nebulous. It doesn't say they've ordered any. In fact, if you read this in conjunction with note 3:3 to the accounts, they’d probably better not order any until the cash, if any, hits the bank account.

Most of the documentation is in the stage of preparation described in February, it seems to me. Apart from the exceptions, which appear to be a step back from where they were then. Who’d want Poundland as security though? It was worth £1 and the £2.5mm. is spent - on an unconnected pipeline.

In addition, what’s happened about a loan being conditional on the OGA’s approval of their FDP? Has anyone seen that yet? Would failure to produce it constitute a “material adverse change”. And what about Knowe’s approval?

Yes, it’s another can kick. There must be another salary payment in April that they can get their mitts on. At least the geothermal fairytale has not had another airing. I dare say that’s been consigned to the floor-mounted out basket.

[ja51oiler] 29/3/2021 08:49

The link didn't appear to work so here it is again

Released March 9th

hxxps://www.angusenergy.co.uk/wp-content/uploads/2021/03/Annual-Report-and-Accounts-and-Notice-of-Annual-General-Meeting.pdf

imminent..........coming or likely to happen very soon:

Near-term..........A month to never in #thewonderfulWorldofAngus

[kinggibbon] 29/3/2021 08:47

You used the words "NOT" when it's clear to see it does not say that...

[markbarker] 29/3/2021 08:42

Repeat rerate

[kinggibbon] 29/3/2021 08:26

You've not answer my question. You laughable creatures

[chickndinner] 29/3/2021 08:21

Is buffoonery a real word?
Buffoonery means acting like a clown. Notice how buffoon sounds like puff? Well, they're related. Buffare is an Italian word meaning "puff out the cheeks," which is apparently something that Italian court jesters, or buffoons, liked to do in the 1700s.

[chickndinner] 29/3/2021 08:13

He seriously is a Buffoon!

[kinggibbon] 29/3/2021 08:11

JA51, may you point out where it says the words "not imminent"?

[ja51oiler] 29/3/2021 08:06

If anyone thinks this is good news they are as "SOFT" as those commitments are.
Even the wording should be worrying you lot. Funding now not Imminent but... Near Term!!!

& sorting out who is left holding all those De-comm costs will be interesting...........its just a can kick as normal!!

[kinggibbon] 29/3/2021 08:03

I think we missed that news mate so thanks for copying and pasting it... you demic

[chickndinner] 29/3/2021 07:53

29 March 2021

Angus Energy Plc

("Angus Energy", "Angus" or the "Company")

Update re Saltfleetby Finance Facility



Angus Energy plc (AIM: ANGS) is pleased to announce that, further to the commitments of between £8 and £9 million communicated on 22 February 2021, it has been advised by Aleph Energy Limited that they have received additional commitments of £3 million on the same terms as those advised in that earlier RNS which would, in total, now meet the £12 million funding amount sought.

The commitments are conditional upon there being no material adverse change and the satisfactory execution of all legal and security documents, which are, for the most part, in near final form. The exception being an Intercreditor Agreement and Security Agency Agreement governing the relationship between all of the Lenders. Further soft commitments and expressions of strong interest advised mean that the Facility is oversubscribed and a short period of agreeing allocations will also be needed.

The Loan Facility terms remain substantially unchanged from those advised in our RNS of 30 November 2020. Angus is preparing charges to be registered and working to satisfy the conditions precedent set out in the Loan Facility Agreement in view of signing the Agreements and receiving the funds in the near term.

In the interim we have progressed the procurement of further elements of the gas processing package and continue our development programme in order to achieve first gas later this year.

So lets go through the jam:
The commitments are conditional upon there being no material adverse change and the satisfactory execution of all legal and security documents, which are, for the most part, in near final form. The exception being an Intercreditor Agreement and Security Agency Agreement governing the relationship between all of the Lenders.

Now lets take it on board!!!

Further soft commitments and expressions?

Ponder on that! SOFT COMMITMENTS!

Enough said!!!

END.

[chickndinner] 29/3/2021 07:38

I hope all of you Anguish Lethargy investors are hungry because George has just given you a big dollop of jam to spread on your morning toast. We should all chip in and buy the BOD new trainers as they surely must be worn out from kicking all of these cans!

[johncasey] 29/3/2021 07:12

yes not a word from them..chick lost his cluck