Angus Energy Share Discussion Threads

[jtidsbadly] 31/10/2023 14:25

1347: yes, I agree. It’s very easy for them isn’t it? Why small, inexperienced investors are encouraged to invest in AIM stocks, while they can’t use the listed options market, is a mystery to me. The AIM IS far dodgier and more likely to lead to large losses. The people in Kansas haven’t got an inkling of what may happen in spite of the strictures of WG818 and HITS. .

[1347] 31/10/2023 11:42

JT I'm not sure any of it matters now, the related parties and insiders will know the score and the other 'investors' have served their purpose and are now just a triffling irritation.

With the Nijmegen Bridge loan conversion at rock bottom price, which was below what they originally told market the floor price was (they might just as well have said 'can be converted at any price we like, because that's what's happened) Kemexon will have over 23%, if they haven't forward sold some shares, so not far from the 30% to trigger a bid with a little help from their friends.

Also if Aleph exercise their warrants, now priced at the same rock bottom give away and variable price they can get over 30% themselves, again if they haven't sold some (they disclose months later anyway so we'd never know). If they act in concert with Kemexon, which I think they are already, whether formally disclosed or not, they can get over 50%. Or they can flip some Warrants to mug punters for a quick profit and wait a while and get there even cheaper later by converting the Bridge Loan Too Far in January.

Either way I don't think Anguish Energy will be listed this time next year, having taken the golden eggs they can divvy up the golden goose anytime from now I reckon. We may be getting to the beginning of the end stretch of Snake Pass.

[jtidsbadly] 31/10/2023 10:43

.. and where are they with the permanent flowline?

[jtidsbadly] 31/10/2023 10:39

The investor questions are late again. You could understand it with the earlier pen holder, who had the distractions of the club, Wilton’s etc., but would have expected the grey, dull corporate type, the current custodian of the pen, to be more diligent, what? Why doesn’t he delegate it to the Non-Executive Chairman if he hasn’t got time to do it himself? I shouldn’t think Paddy is accompanying him to the regular update sessions with Mercuria, innit? The latter must be very keen indeed to get their loan repaid and the royalty started.

[1347] 28/10/2023 19:42

JT Exactament. I haven't bothered trying to calculate it but I expect they can get there with the authority they are going to get next week, especially if Kemexon and Aleph are acting in concert, which I rather think they are, and especially if FESL goes along with it, maybe even Knowe too, they are still a significant holder after all, despite filing no accounts for over two years.

Let's face it, once they get the: now you can borrow enough to get completely out of debt loan and don't need any more placings then why be listed? It's much easier to obfuscate things and move money around if there is no market regulation, ineffective though it is.

I used the word contrived many moons ago, maybe you believe me now? One thing is sure, I wouldn't want to be holding too many shares in this jam tomorrow company, I just have a token stake now, sold most on the spring tide, as I said I would.

Just my musings of course, I could be completely wrong but the share price is where it is that's a fact. Anyway, we'll see, a few more twists and turns yet to come on Snake Pass I expect and the roads will be quite dodgy this time of year, what?

[jtidsbadly] 28/10/2023 17:10

1347: this, below, is from Burlingtons’ exposition of the law on takeovers of quoted companies:

“The Takeover Panel may also grant a waiver of Rule 9 in certain other situations such as rescue operations where a company is in such a serious financial position that it can only be saved by an urgent issue of new shares or where shares or other securities are charged as security for a loan and, as a result of enforcement of the security, a lender would incur an obligation to make a general offer under Rule 9.1 and certain other limited circumstances.”;

Anguish has already said, in effect, that it was in such a parlous financial state that it had to agree a reduction in the floor price at which the £3mm. bridging loan could be converted. The £6mm. loan has a floor price as well, but that now appears not to be worth the paper it was written on. All those warrants similarly. It’s possible there could be a bid for this at a very low price indeed, and there would be no recourse for small shareholders. I suppose they’d need another EGM ahead of such a development, to approve the issue of even more huge numbers of shares.

[1347] 28/10/2023 08:27

JT Yes it suits their interests to have Anguish Energy borrow even more money at payday loan rates to pay off the previous loan(s). Each time one is taken out or rolled over they get 3% fees and cheap warrants on top of the high interest they've received. Hence the term a Bridge Loan Too Far. I wonder who those 'Investors' are that advanced the money to Aleph Saltfleetby?

However it also suits their interests to delay finalising the agreement for as long as possible to have the share price drift down so that they get maximum shares for their money and can then either flip them more easily at a profit or build a stake for a backdoor low ball take over, which is what seems to be happening and indeed is what I have been saying for a while now, all the way back to the Sound Energy stalking horse bid. Curious that those other entities in the 'data room' (allegedly) haven't come back with an offer now that the share price is rock bottom and gas is now flowing?

What they need is a chairman with experience of facilitating low ball take over deals, know anyone? Wonder why he's still there when the other Earl of Hazard was let go? I also note that Will Holland, the erstwhile Anguish Energy 'board observer', is a director of some of the Aleph pop ups and is also now MD at Europa Oil and Gas. Then of course Zielicki is also on the board of SDX, there are other links. All very incestuous isn't it?

Only remaining questions are, are Aleph and Kemexon acting in concert? I would say that they are as Kemexon also hold shares in Aleph International Holdings (UK) Ltd and were introducd by Aleph. Also, where does FESL stand in all this, I assume they will get paid off with the money from the 'Now you can borrow enough to get completely out of debt' loan and will take the money and run.

The journey along Snake Pass rumbles on...

[jtidsbadly] 27/10/2023 23:18

1347: yes, that’s clearly correct. It means that Aleph's interests would be best served by getting a Global Re-financing completed, so that they too can earn their royalty while the gas is still flowing at a reasonable rate. So another usurious loan coming, with further equity conversion options, and sufficient to repay the existing senior loan, leaving Mercuria with just their hedges and royalty. There won’t be much left for the other equity holders, will there? And the latter will have been disenfranchised by the ability of the Aleph group to exercise control. And in view of the difficult financial position Anguish will have found themselves in, with lower flows, the royalty, interest and fees on the new loan, etc., the Board will doubtless recommend a very low rescue bid from Aleph for the minorities.

[1347] 27/10/2023 22:30

JT No, I think the Royalty agreement was always with both lenders, see RNS of 13th May 2021. I think it was stated in one RNS that Mercuria were on the hook for £8m and Aleph for the other £4m of the loan they didn't need, until they did, so I assume the royalties are pro rata in the same ratio.

Of course Mercuria have made their money several times over on the hedges already and Aleph (and associates) likewise by discounted shares and warrants and pay day loan conversions and fees, at moveable prices being whatever price they want to name on the day it seems, as per recent RNS statemements.

Mind you, and as proven again recently, statements made in an Anguish Energy RNS carry as much credibility as those in a Conservative Party Manifesto or a statement in the house by the erzast PM Sunak. As the saying goes, bent as a nine bob note.

[jtidsbadly] 27/10/2023 19:56

...the quantum of the loan is £3.15mm as at 31 March this year. I can’t find a reference to loans to Anguish in the accounts of the other pop-ups so assume that this is the total lent by Aleph group companies to Anguish, of the £12mm. total.

[jtidsbadly] 27/10/2023 19:27

1347: my understanding has been that the 8% of turnover royalty was in Mercuria’s favour only. See this snippet, below, from the recently filed (13 October) March 2023 Report and Accounts of Aleph Saltfleetby:

“8. OTHER DISCLOSURES

The company entered into a Revenue Share Agreement with Angus Energy Plc in May 2021 where the company would receive overriding royalty as revenue share. As at year end, the revenue share is Nil and will be accounted when earned.”

So all the Lenders got the same terms.

[jtidsbadly] 26/10/2023 23:25

Goforgold1: give it a couple of months.

[goforgold1] 26/10/2023 22:27

Has this not gone bust yet like IOG so many loans and borrowing money total scam

[jtidsbadly] 25/10/2023 17:18

1347: agreed

[bionicdog] 25/10/2023 15:20

How terrible disingenuous.

[1347] 25/10/2023 15:10

JT This looks like another flat out piece of misleading market to me. Correct me if I'm wrong but there was NO mention in the 28th March 2023 RNS, to which they refer, that it "was conditional on a conversion being mutually agreed". What they actually stated was:

"The Company has the option to repay the junior loan in shares at a 25% discount to the 30 day VWAP, subject to a floor at 1p and this same option is also available to the lender but only in the event of default.".

I agree with you that it's effectively a backdoor, heavily discounted, subscription for which Anguish Energy paid both parties fees on top. In my opinion this has been done either so certain shareholders make a profit flipping discounted shares or to facilitate a back door takeover at rock bottom price.

[jtidsbadly] 25/10/2023 11:01

So, the £3mm bridging loan converts at 0.66p. This loan was negotiated to avoid the need for further placings/dilution of the shareholders’ interest in the company. What’s happened is that they’ve undertaken a really big placing at a really big discount to the price to the shares when the loan was announced. Add that to 20% p.a. interest and 3% rollover fees and it looks rather as if the poor shareholders here have been royally stuffed again, or that the management hasn’t got a clue. What?

[shareprofessor] 21/10/2023 15:56

Ditto my post for you too Bionicdog.

[bionicdog] 21/10/2023 15:29

How very disingenuous.

[shareprofessor] 21/10/2023 15:23

It's the weekend, have you chaps , who are clearly not invested, not got anything better to do? Volunteer work can be very rewarding, try it.

[ja51oiler] 21/10/2023 13:04

So the NSTA have updated their website.

I found this quite interesting



So carbon storage licences need to be bid on! So Angus could be outbid by a big boy?

Link to the production figures released each month.

[jtidsbadly] 21/10/2023 10:19

Well, yes, and it’s their operating company too. What I meant was that if they’ve sold or are planning to sell part or all of it, a renewal of their Confirmation Statement might well appear to be a waste even of 5 minutes of their time. There’s no penalty for late filing, apparently.

[1347] 21/10/2023 08:11

JT Stop making excuses for them, it's not for them to decide whether there is any point, it's a requirement of operating a Limited Company in the UK. It's also a 5 minute job, which means that even this lot could do it in less than 1 hour.

I'm afraid, like the several spelling mistakes in the recent RNS (not for the first time), it's indicative of the general slopiness of this company so it's no wonder they are having problems with getting things done in a timely manner and reliability issues at Poundland.

[jtidsbadly] 20/10/2023 19:19

1347: I was thinking more that they’re so busy with corporate and management issues that they may not think there’s much point - like painting the rails on the Titanic. That’s a poor simile but you know what I mean. Anything’s possible with this lot though. They would probably not think it merited an RNS if they had.