Angus Energy Share Discussion Threads

[1347] 12/8/2021 16:00

JT In general yes such debts are re-payable on maturity, or on demand in some cases, however it doesn't actually say that in the RNS, only that it's convertible. The second part indicates it's repayable, but at the Company's option (i.e. the company being Anguish Energy). The thing is it can be whatever the parties have agreed to and we don't have the full terms do we. As to why, well I guess it may have looked attractive to Knowe at the time, maybe not so much now?

[ultimatejustice9] 12/8/2021 15:51

uj9 , hits is correct ... 0.7..... not likely . that said you seem to have been suckered in by the resident window lickers ... so jtisdaly's predictions 21.5.21 "poor angus 0.20 soon" 11+ weeks ago and " 0.15 by end of year".. will give you hope no doubt.... completely misguided and naïve hope .... you will learn ,no doubt, in time--------The chatter here did make me sell but ultimately that's my decision. I'd like the same people to get me a decent entry.

[sincero1] 12/8/2021 15:01

1324,jtisadly , ja51"contractvoid"oiler ... you all seem to be getting yourselves all contradicted & confused .... clueless or senility could be either considering your advanced ages ?

[sincero1] 12/8/2021 14:49

uclot - you know as well as i do things are more positive now ... the increase of posts from the worried negative silver brigade trying to spin negatives from the most insignificant thing confirms that. Mercuria, Shell, hires, equipment, funding, planning ...... its undeniable ... stop living in the past ....... maybe buy a few shares ....

[jtidsbadly] 12/8/2021 14:45

Thanks, JA51 and gkb, but a convertible is a convertible. It may be converted into shares if the holder wants to, otherwise it’s repayable in cash. That’s always been my experience of them, anyway. Otherwise, it’s just deferred shares. I know they’ve been getting (or I assume they have) 4% interest on it but if the conversion dictates 1p or 0.9p, no matter what the prevailing share price is at conversion date, 4% is insufficient reward, surely? Why would anyone buy such an instrument?

[ja51oiler] 12/8/2021 14:25

JT.

This is what the RNS said. Im sure he would love to get it in cash...but they haven't got the money to pay him have they? The £12 million is solely for Saltfleetby I believe.

"Angus Energy plc (AIM: ANGS) is pleased to announce that it has today issued a 4% per annum £1,400,000 Convertible Loan Note (the "New Loan Note") to Knowe Properties Limited, a significant shareholder in the Company. The New Loan Note is unsecured and is convertible at maturity after two years at the lower of (a) £0.01; or (b) if there is an issue of Shares or options in respect of Shares (excluding options granted to directors, managers or employees) by way of a single or directly related offer to the public with an aggregate subscription amount of £250,000 or more made without the prior written approval of the Noteholder then the price attaching to the lowest of those issues (the "Conversion Price").

Alternatively, and at the Company's option, the Loan Note is repayable in part or whole at any time up to two months before maturity with an accompanying grant of warrants equal to the face value of the amount repaid. The warrants are exercisable at the lower of 1.3 pence or a 30% premium to the Conversion Price. Additionally, the Company has undertaken not to issue options to directors or staff at an exercise price below £0.01 during the term of the New Loan Note."

[1347] 12/8/2021 14:24

JT - Yes my reading of the terms is that Knowe have to convert, they can't elect to take the cash. Anguish can elect to pay it off in cash (plus warrants) up to 2 months before maturity, but if they don't have the cash they won't do that will they? I'm sure it can all be sorted out over a wee dram or two of some of Scotlands finest malt, what?

[clottedq] 12/8/2021 14:17

(in)Sincerio...

Hardly blinkered and bitter... simply a realist and well aware of the facts as I'm sure are you.

If you think your investment is in safe hands here with George & chum(p)s... then more fool you! IMHO, Either you've learnt NOTHING and are beyond help, or you're secretly wearing one of Lucan's cheerleader costumes (it doesn't suit you by the way).

CQ ;-)

[jtidsbadly] 12/8/2021 14:11

Re Knowe, they’re not required to convert the loan into shares, are they? If I were them I’d take the cash.

I’m no lawyer or accountant but when I leafed through the respective charge documents when they were lodged on the CH site, it seemed to me that the Lenders had the superior security. If Anguish blows up, it seemed to me Lenders would get what’s left, not Knowe. I’d want my money back on the loan before the hedges kick in, if I were them.

[sincero1] 12/8/2021 13:38

uclot - you are blinkered and bitter as you bought in much higher ... that is your fault completely .... fact is price is the same today as it was at the start of the year ... and over 40% higher today than it was in dec 2020. delay or no delays ..they are a matter of fact ..... i appreciate the humiliation you feel of losing money and the need to blame someone but you chose to buy , you were not forced to .... have some self respect....

[clottedq] 12/8/2021 13:03

I see the resident cheerleaders are STILL calling it wrong... dear oh dear, when will they learn that NOTHING ever promised by the management of Anguish has ever come to pass to date - and is NEVER likely to IMHO.

Should we be surprised to learn that first gas has been delayed AGAIN or that delivery of equipment has been DELAYED AGAIN? Well... of course not... this has proven to be standard practice for the serially inept management of Anguish Energy (in all its guises) for as long as I have been invested.

High risk... high debt & p*ss Poor management sums up the situation here for me. The only worse company also currently dragging its heels on AIM is U-Dog (IMHO)and they are simply a law unto themselves!

BUYER BEWARE!!!

CQ :-)

[sincero1] 12/8/2021 10:56

uj9 , hits is correct ... 0.7..... not likely . that said you seem to have been suckered in by the resident window lickers ... so jtisdaly's predictions 21.5.21 "poor angus 0.20 soon" 11+ weeks ago and " 0.15 by end of year".. will give you hope no doubt.... completely misguided and naïve hope .... you will learn ,no doubt, in time ...

[ja51oiler] 12/8/2021 10:43

1347

My point about the 0.9 p placing is he is hardly likely to have consented to it if it was going to lose/make him money. In fact, if it's only convertible at 1p he won't be a happy "Scottish Richard Branson" will he? The £1,4 million can be converted at 0.9 in my opinion. I get that the second placing was just £10 under the £250k agreement so yes probably unlikely that he could convert at that (but this is Angus we are talking about).

My point about the charge is that the £1.4m CLN was "unsecured". Does placing a charge on it not move it into senior debt territory? Is it still even a CLN now?

Good point about the Knowe stake. Took my eye off the ball around then as I lost interest for a while after being suspended on the other site (ironically for pointing out Mr. Forrest was involved i believe)

With regards to Riverfort not supplying the last Tranch of that CLN, the fees were paid upfront for the loan if memory serves me correctly. Of course, we don't know the full details but they didn't choose to lend the last £500k whatever the reason!

[sincero1] 12/8/2021 10:28

oh dear ja51"contractvoid"oiler getting slapped down again...... you old duffers really need to get on the same page .. all looks very disjointed .... disingenuous ...

[ultimatejustice9] 12/8/2021 10:01

I'd like a 0.7 entry here

[1347] 12/8/2021 09:54

JA - You've lost me on the first point. There was a placing at 0.9 p, Knowe may or may not have agreed to it, as per the original loan agreement. I suspect they may have been persuaded to agree. I have no idea of the relevance of selling at 0.6 p, yes it would be an advantage to Knowe to be able to convert at the lower price but they can't as the 0.6 p placing was below the £250k limit.

The charge would be to protect Knowe, maybe they thought it unecessary until others were putting charges on but then wanted some protection, seems reasonable to me, though I don't see that the underlying assets have much value if the gas and oil doesn't flow. Doubt it needed a specific RNS just for the Knowe charge as not price sensitive.

You've also lost me on Knowe selling that 2.5% stake, I'm not aware they have sold any shares, the RNS indicates they increased their holding doesn't it?

We don't know Riverfort used any caveats they just agreed to change the terms, of course we don't know the full details of the discussions, only what's in the RNS.

[sincero1] 12/8/2021 08:41

lets not forget Jtisadly's recent posts... dear oh dear .... clueless.... disingenuous...
5.7.21 "placing this week or next"
8.7.21"another placing or two in the next few months"
9.7.21 "" placing is in the queue and will come once the latest UKOG issue has been digested"
14.7.21 ""I'm expecting two placings this year"
"I'm expecting two placings this year"
21.5.21 "poor angus 0.20 soon" 11+ weeks ago.
" share price into the sixties shortly " 11+ weeks ago.
"oga approval doubt" .
" financing doubt" .
" running out of money " weekly prediction for last 6 months.
" 0.15 by end of year".
" placing soon " daily prediction for last 6 months.
"its a pump & dump" - it wasn't.
and now my personal favourite rambling from this loon : "They did run out of money towards the end of March, as we predicted" - And from the interim : As at 31 March 2021 the Group had cash of £591,000. As at 31 March 2021 the Group had net current assets of £1,351,000".
Here are a few of jtisadly's comment regarding mercuria:
"If Mercuria has written the hedge contracts, Anguish may fall into their hands"
"it's going to cost Mercuria lots of money"
"Maybe they can use Anguish's tax losses"
"I expect Mercuria to want Anguish to have more placings"
"I dare say Mercuria will be getting all its original demands met"
"I expect the loan terms to stipulate release of funds as and when needed and subject to Mercuria's specific approval"
"Id be surprised if we don't see the appointment of a Mercuria person as a Director there very shortly."
"The proposed loan terms are unaffordable. Mercuria must have something else in mind"
"For someone like Mercuria, this is a no-brainer. Tax losses that make pulling the plug on Anguish pretty well risk-free if they can't make money on the gas"

[jtidsbadly] 12/8/2021 08:29

It’s all a bit desperate on the other site. Jamesll with 3 contradictory posts, ends up buying another half million, thereby putting his money where His Lordship’s mouth is. Ocelot offering some very well ground tripe. They haven’t got a clue what that small dot of light at the end of the tunnel means.

[1347] 11/8/2021 22:20

JA - Note this sub clause: "...of £250,000 or more made without the prior written approval of the Noteholder" So, it may be that Knowe agreed to the first placing at a lower price but not the subsquent ones.

The reason is that I think the intention was that the September 2020 placing was thought to be sufficient to bridge them to the loan drawdown, so maybe Knowe went along with it, or maybe they didn't and Anguish just had to accept the 10% haircut.

However we now know that Gneiss, for whatever reason, didn't come up with the Lenders which explains the delays and the second placing in December 2020, pretty much emergency funding I'd say, which was kept below the £250 k limit to avoid an even bigger 'haircut', suggesting no agreemnent from Knowe.

However as the loan was still not forthcoming and with some sustained ramping in the New Year they then managed to do a further placing in January 2021 at 1.0 p (note exactly 1,0 p which to me tends to suggest Knowe had agreed to the first 0.9p placing as they could have done the January 2021 one at 0.98 p or something, but no it was exactly 1.0 p).

Well just my musings but I'll bet it's not too far from the truth.

[sincero1] 11/8/2021 21:59

pahahaha... jtisadly "The quality of the research and analysis is what matters. Concentrate on that, is my advice.
jtisadly :
5.7.21 "placing this week or next" 8.7.21"another placing or two in the next few months" 9.7.21 "" placing is in the queue and will come once the latest UKOG issue has been digested" 14.7.21 ""I'm expecting two placings this year" "I'm expecting two placings this year" 21.5.21 "poor angus 0.20 soon" 11+ weeks ago. " share price into the sixties shortly " 11+ weeks ago. "oga approval doubt" . " financing doubt" . " running out of money " weekly prediction for last 6 months. " 0.15 by end of year". " placing soon " daily prediction for last 6 months. "its a pump & dump" - it wasn't. and now my personal favourite rambling from this loon : "They did run out of money towards the end of March, as we predicted" - And from the interim : As at 31 March 2021 the Group had cash of £591,000. As at 31 March 2021 the Group had net current assets of £1,351,000". Here are a few of jtisadly's comment regarding mercuria: "If Mercuria has written the hedge contracts, Anguish may fall into their hands" "it's going to cost Mercuria lots of money" "Maybe they can use Anguish's tax losses" "I expect Mercuria to want Anguish to have more placings" "I dare say Mercuria will be getting all its original demands met" "I expect the loan terms to stipulate release of funds as and when needed and subject to Mercuria's specific approval" "Id be surprised if we don't see the appointment of a Mercuria person as a Director there very shortly." "The proposed loan terms are unaffordable. Mercuria must have something else in mind" "For someone like Mercuria, this is a no-brainer. Tax losses that make pulling the plug on Anguish pretty well risk-free if they can't make money on the gas"
Ja51"contractvoid"oiler:
JA51OILER - 31 Mar 2021 -" As JT has pointed out, if there was a contract still in place with Shell as you maintain, Angus would be in breach for non-delivery and it would now be void. "JA51OILER - 29th Jul 2021 " It's the only reason the lenders have rescued the company from going down the pan." ... pahahahaha...both totally deranged...

[ja51oiler] 11/8/2021 21:51

UJ9. I'm here on behalf of all the" mug punters" like myself who get caught out by lifestyle BODs,s and unscrupulous BBposters such as your buddy Deepvaluehunter... Aka cuddothisnow and dozzens of other monikers! . Many have lost fortunes in SIPPS and ISA,s assuming that the likes of Angus and AAOG and many more on AIM are properly regulated. It's quite clear they are not.

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1347. There have been a couple of placings since the Knowe CLN in April last year.

"Angus Energy plc (AIM: ANGS) is pleased to announce that it has today issued a 4% per annum £1,400,000 Convertible Loan Note (the "New Loan Note") to Knowe Properties Limited, a significant shareholder in the Company. The New Loan Note is unsecured and is convertible at maturity after two years at the lower of (a) £0.01; or (b) if there is an issue of Shares or options in respect of Shares (excluding options granted to directors, managers or employees) by way of a single or directly related offer to the public with an aggregate subscription amount of £250,000 or more made without the prior written approval of the Noteholder then the price attaching to the lowest of those issues (the "Conversion Price")."

2 placings since then below 1p


The first on 23rd September 20 at 0.9p for £900k
The second on 16th December 20 at 0.6p for A £249,990

So definitely able to convert at 0.9p but is the 0.6p possible Maybee if they gave them permission?
Both were raised with the reason as being for "WORKING CAPITAL" and only 3 months apart. Does this count as "directly related"?


----------------

P.S. following my earlier post regarding the Sidetrack starting in March. From today RNS.....So incompetent they can't remember they told the market they were starting in October in last weeks RNS!! (with the caveats of course)

"The additional weeks will however allow for a more manageable and measured commissioning timeline, and will give more latitude to the Company should Angus and partners decide to advance the sidetrack prior to First Gas. Tendering for the side track is complete and bids are presently being evaluated."

[jtidsbadly] 11/8/2021 21:18

UJ9: I think it’s a mistake constantly to obsess over the presumed motives of other posters. The quality of the research and analysis is what matters. Concentrate on that, is my advice.