Angus Energy Share Discussion Threads

[jtidsbadly] 30/3/2021 11:40

And here’s something nice for the interim MD to get Cook to make for the children for Easter:

hxxps://www.wickeduncle.co.uk/childrens-presents/unicorn-cake-baking-kit

[jtidsbadly] 30/3/2021 11:20

HITS: I think most of what the interim MD says now is a smokescreen but if you take yesterday’s RNS seriously, £8-9mm. is being invested by a biggish bank. The balance is the new boys’ clients. It’s not surprising that the “Mandate”; lender would want superior security. So even if the text of the RNS is factually correct, there’s a bit of negotiating still to be done. Though I don’t know what security is available. The CPR is not worth the paper it’s written on. What else is there? It would be ironic if the deal fails, and Angus with it, over the issue of who shares what in non-existent collateral.

[jtidsbadly] 30/3/2021 10:27

Am I correct in re-reading the RNS yesterday as saying that the bulk of the loan discussed is the £8-9mm. referred to in February as the “Mandate”; and that Aleph’s contribution to the total is just a £3-4mm. top-up? Has Aleph’s £11mm.-odd dematerialised? I'm still at a loss to understand what the lenders are considering accepting as collateral. It doesn’t seem to me to matter how they plan to share it out, 100% of 0 is still 0.,

Knowe will be very generous if they don’t require early repayment of their convertible.

Meanwhile, I see that Master Baits has returned to the deck of the Black Pig, which is now listing heavily to port, what, what? If Master Baits is there, can Roger the cabin boy be far behind? They’ll both be in the scuppers soon.

[ja51oiler] 30/3/2021 09:40

I see "the one with many names has returned"

[chickndinner] 30/3/2021 09:34

TICK TOCK! ⏰

[sincero1] 29/3/2021 17:04

jtdsbadly - well there's irony in a post for you

[jtidsbadly] 29/3/2021 16:50

..I should think the Press should also be interested in the part played by some posters, in case they may have links with any professional firms receiving fees.. Though it’s very simple, it seems, to clear your whole posting history, so it may be an idea to photoshoot some of these dodgy-looking contributions for future reference.

[headinthesand] 29/3/2021 16:40

Sincero, I'm not buying the pandemic as anywhere near enough of an excuse for the ANGS BoD's continual mismanagement and repeatedly missed promises and assurances.

For example, George's pronouncements on finance schedules have all been made during the pandemic and so in full foreknowledge.

I'm not particularly upset at being underwater to the extent that I am - that's sharedealing, as you say. However, I am not happy at George and the current board's knowing "economy with the truth" when it comes to literally any public statement made, whether via RNS, in some softball Malcy love-in or through any other medium.

And as for the self-awarded average 52% payrise that the current board gave themselves last year... I'd be fascinated to hear anything advanced as the slightest possible justification for that.

[sincero1] 29/3/2021 16:19

HITS , i get it , you are pi55ed with Angs .I sense you are underwater with your investment , unlike jtis/rastuss whose motives for posting here are questionable . We are in a pandemic, missed deadlines and financial uncertainty are the norm. you are only making yourself more upset expecting everything to occur as if we were in normal times . I am optimistic but i can be as i de risked and now I'm on a free ride with my shares. now before you get all uppity i understand not all will be like that but that is sharedealing .

[jtidsbadly] 29/3/2021 16:16

Wolf: I agree with you, seriously misled. With the connivance of a raft of supporting acts, including LSE. In view of the odd colourful aspect to two of the Directors (at least) and one of the senior employees, it will be surprising if the Press is not all over this if it collapses.

Even if they meet the medium case estimate in the CPR, and that’s a big “if”, bearing in mind that the estimates are based on figures provided by Angus - they’re not the Competent Person’s - I can’t see a profit in it. Gas production starts to decline sharply after year 4, as I recall. They’ll have trouble then covering their office costs etc, never mind building an abandonment reserve. If you factor in the suggested hedging strategy, there’s little upside in the case of higher gas prices. Let’s hope for Saltfleetby’s sake that the OGA/HSE have their wits about them when they consider permitting it.

If I were Forum, I’d offer the lending consortium my 49% at a discount. The lenders might see some upside if they can get it for 49p and don’t know about the abandonment liability.

[wolfofthewoods] 29/3/2021 15:49

I think they can see it - thats why postalot is struggling to get the price up.

There only needs to be a few hundred people in the market interested. If you burn 200 people then of course there will be some noise that remains. To "move on" is "allowing" the charade to continue. This isnt simply disgruntled investors, it is people that have been misled all the way through.

[headinthesand] 29/3/2021 15:45

Sincero, presuming you're capable of taking the briefest look at company issued statements to date, that's where you'll find flexibility. With the truth, as it has repeatedly turned out.

As I said...

£2.5m cost to get to first gas? Sorry, ANGS got that wrong. By a factor of 5.

First gas by Q2 2020? Sorry, ANGS got that wrong too. By nine months and counting.

Financing arrangements concluding "in the coming two to three weeks" following Jan 25th? Sorry, ANGS was wrong again. Delays ongoing and unknown.

However, feel free to point to something... anything... that the company has promised or otherwise assured the market of which has actually turned out to be real?

JTids, indeed. One of the many problems that I am sure that ANGS has in terms of raising the £12 million apparently needed is the lack of any surety anywhere near valuable enough against which to secure said sizeable loan. When a company only has assets of limited and very doubtful realisable value, of course you're not going to find lenders queuing round the block.

[jtidsbadly] 29/3/2021 15:23

HITS: I agree with you about charges! Presumably the first call would be Knowe’s. If I were them, I’d want to be paid out upfront from the loan proceeds. Combined with the 3% loan arrangement fee that would be £1.8mm. out of the initial proceeds. The loan will be an amortising one, so another £4mm. paid back by the end of the first year, plus at least 12% interest on the total, which = £1.44mm. A conservative estimate of Angus’s running expense for nine months, say £2.5mm. How much to be spent on the kit? Two thirds of the £12mm. before first gas, according to the September presentation. That’s £8mm. So they will need more loans or big equity placings before first gas, even if for the first time in their history they manage it within budget and schedule. This all assumes OGA approval of their FDP, etc. as a condition of getting a loan. Who’s going to lend to it? Am I double counting? Why can’t people see it?

[sincero1] 29/3/2021 15:10

HITS , i didn't ignore your "facts " i read them and have made my judgement . You like to be flexible with your word definitions, a classic sign of an unintelligent mind .

[kwizza] 29/3/2021 15:05

"New Angus Charts and News"

What happened to the Charts please ?

[sincero1] 29/3/2021 15:02

jtids - you asked me 2 questions and graciously i answered. If you wanted more you should have phrased your questions a little better, good try though .
I have a question for you , what is your " credible argument " for criticising a share whilst it doubles in price from 0.6 to 1.30 dec - jan ?

[headinthesand] 29/3/2021 14:35

Sincero, I note with no surprise that you have chosen to ignore the four quick facts to which I drew attention as at least partial underpinning for my take on ANGS.

It seems that your sole recourse is to go down the tired and frankly trite ad hominem route. Your choice, needless to say. However. if you're going to attempt to play a self-awarded intellectual superiority card, perhaps avoid confirming your belief that the phrase "any more" should be written as a single word.

[jtidsbadly] 29/3/2021 14:28

Sincero1: well, the “no” is an opinion. Not so much the “once received”!

You’re not so much a “ramper” as someone who’s been sent over here to muddy the water by postingalot. But it’s so clear what’s going on here, you haven’t got a chance. You can carry on with your impolite suppositions but until you can offer a credible argument in favour of investing in this crock, I think you’re likely to be ignored. I shan’t respond again unless you express an opinion worth commenting on.

[sincero1] 29/3/2021 14:14

jtidsbadly "and not a single one containing an opinion" and still you have already decided i am ramper and/or someone else posting under a different name . you are rivalling HITS for arrogance and stupidity .. are you, hits and rastuss the same person?

placing next 2 weeks - no

loan proceeds to be disbursed - once received

[wolfofthewoods] 29/3/2021 14:09

How do you know about Rastuss at all? Or simply someone with a history in this and new id?

Regarding share price up and down, it is the aim casino. No one said you cant lose or win money trading, that has nothing to do with this being a poorly run and incompetent company. No one sane would look at the sheer amount of failure and think "winner" . But you know all this as a previous incarnation.

[jtidsbadly] 29/3/2021 14:03

sincero1: you've postedalot of impertinent posts commenting on other posters and not a single one containing an opinion.

Do you think there will be yet another placing within the next two weeks? When would you expect the loan proceeds to be disbursed to Anguish?

[jtidsbadly] 29/3/2021 13:57

Are the below, from the 2 December 2019 announcement, still “conditions precedent”?

“There are still quite a few hoops to get through, most particularly OGA approval of our Field Development Plan (which will also remove the Abandonment Notice on the Field put in place as a holding measure following the change in ownership), EA, HSE and NLCC approval of changes to the site..“

The CPR in March last year stated that the Field Development Plan had been submitted to the OGA for approval.

If the above are pre-conditions for a loan, along with Knowe’s approval etc., there’s still a lot to be done. But they need more money very soon, in my opinion. Yet another placing. It doesn’t seem right, does it? They’re kicking the can ever further down the road with no prospect of making a return on the money that shareholders donate on the basis of misleading news releases. All in the interest of drawing quite decent salaries, whose size is revealed a year in arrears.

[sincero1] 29/3/2021 13:49

HITS thanks for confirming what i already knew ... you are both .

[sincero1] 29/3/2021 13:46

jtisdsbadly, you should have stopped writing at "you’re fully entitled to your opinion and to express..."

a brief read of your posts here and your posts as rastuss on the other board tells me everything i need to know.

you were critical of this share at 0.60 in dec and continued to be critical of this share all the way up to 1.30ish in jan .... i really don't need to say anymore on that.

you perhaps are entitled to criticise the fall in price since Jan but the fact that you criticise irrespective of price increases and falls makes your comments and opinions completely irrelevant.