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Share Name Share Symbol Market Type Share ISIN Share Description
Angus Energy Plc LSE:ANGS London Ordinary Share GB00BYWKC989 ORD GBP0.002
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.048 5.99% 0.85 0.80 0.90 0.85 0.725 0.83 10,918,652 15:53:24
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.1 -2.5 -0.4 - 8

Angus Energy Share Discussion Threads

Showing 12626 to 12649 of 14750 messages
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DateSubjectAuthorDiscuss
21/10/2021
11:00
HITS: that’s not quite right. It doesn’t say that there is no mandatory repayment. It doesn’t say whether there is one or not. I think they’ve foolishly (considering they’re an AIM company with less experienced investors) neglected to spell out in terms that the loan is repayable after two years. Why would Anguish want to change the terms if all that would happen would be the issue of shares to an existing large holder? If it’s not repayable in cash, it’s merely deferred equity for which they’re paying 4% per year (so a lot cheaper than Riverfort). Why would its terms include stipulations restricting the issue of further debt instruments? How would it qualify for a charge? I think, as I’ve said, that they merely neglected to include a reference to repayment, because that’s what convertibles are, they’re loans which confer on the buyer of them the right to convert. If they don’t exercise that right, they get repaid their original investment. I admit it’s technically possible that this is a one off but I sincerely doubt it. 1347: there are much more interesting questions, mainly to do with the hedges, that should be asked but, as I’ve said before, I don't trust this lot with personal details.
jtidsbadly
21/10/2021
10:55
hits - you are clearly irritating jtisadly , you need to be more like uclot , blindly follow , except all is true and repeat ad nauseum .... uclot - i know you struggle with even basic english and now i have used some latin , i hope it doesn't hurt your brain too much ....
sincero1
21/10/2021
10:53
Hits is sounding positive, what has happened to him ?
3put
21/10/2021
10:50
They are professional Octopus whisperers
3put
21/10/2021
10:45
Gaffer73 , now now , don't be posting any common sense or positivity on here...the resident grey old window lickers won't like it ... they will turn on you in a heartbeat ..albeit a very slow laboured heartbeat due to their advancing years...
sincero1
21/10/2021
10:43
JTids, going by what ANGS has (reasonably clearly, for a change) stated in the Apr 2020 RNS, this CLN, if let by ANGS to run to its mandatory end point, would then be repaid by being converted into shares at 1.0p (or possibly 0.9p). According to what ANGS has said, there is no mandatory repayment of the £1.4 million in cash required. I'm not for one second saying that ANGS has got this right or stated this accurately - but as 1347 also points out, that's what ANGS has clearly publicly said.
headinthesand
21/10/2021
10:40
Thanks for the welcome. I wouldn't read too much into the charge, from my understanding it's a protection incase the company folds or is sold. Shareholders certainly should have been made aware of it though.
gaffer73
21/10/2021
10:18
1347: I’ve had a little experience in convertibles and have never seen one that converts automatically into shares, without the holder having the option. I think the author of your quotation has been a bit lazy in proof-reading. It should read “convertible” instead of “convertedR21;. You don’t get a charge on deferred equity. Still, I suppose this could be a one-off! If so, it shouldn't be called an unsecured loan stock, should it? It wouldn’t be a loan stock at all.
jtidsbadly
21/10/2021
10:17
hits - you are right on balance the extension is a positive , as mentioned in the rns its to potentially help with cashflow in the early months of production at Saltfleetby . Add to that the equipment is shipping or now in the uk...there is growing confidence in the scheduling. Obviously the resident grey old window lickers with their negative agenda are infuriated by this and are in negative overdrive , they were hoping for a massive placing or further delays.. they are hopping mad in their slippers and brown coloured living rooms ... uclot - feel free to google any words of 5 letters or more if you don't understand them ....
sincero1
21/10/2021
10:11
JA51: I don’t know if they held a charge before the one they signed at the time the Lenders’ charge was finalised. They did, however, have clause(s) in the convertible loan document stipulating that Anguish could only take further loans secured on a specific asset or resource. The charge seems to have replaced these stipulations and Knowe would have insisted on it as a condition for their acquiescing in the Lenders’ terms.
jtidsbadly
21/10/2021
10:09
JT - Well we'll have to agree to disagree on this point then but the definition I'm looking at states this: "A convertible loan note (also known as a convertible note, or CLN) is a type of short-term debt that is converted into equity shares at a later date. Making an investment into a startup via a convertible loan note typically allows the investor to receive a discounted share price based on the company's future valuation." No mention of the right to take cash as an option. Maybe you could contact Anguish IR and clarify it directly or put it on the Q&A?
1347
21/10/2021
10:03
JA51: I don’t think that Knowe’s security, as set out in the charge document, amounts to much in reality. Was it clear to you whether it ranked equally with the Lenders’ charge? It wasn't to me but I glazed over a bit after several pages. I suppose the value of the assets will depend on progress with the sidetrack. Though the Lenders must see some underlying value in it, to lend £12mm. to this lot.
jtidsbadly
21/10/2021
09:49
And if they didn't pay on the 17th April would Knowe have then been able to exercise the Charge Angus forgot to tell the market they held/hold over them?..... it's quite an important bit of info to forget really!
ja51oiler
21/10/2021
09:37
1347: no. It’s repayable in cash, that’s what convertibles do, they give you the right, but not the obligation, to convert your loan into shares. There’s no clause stipulating that the thing can run and run, Anguish would have to do another or change their terms again with an RNS to say they’re doing it. In practice, of course, it amounts to almost the same thing. Since Anguish won’t have the money to pay the thing back in April, they'd have to place some shares. So a similar number of shares would have been coming onto the market in April, whether the loan was repaid in cash or in shares. But the fact remains, convertible loans give the buyer of them the right to convert, not the obligation, and they’re for a set term. Anguish would have had to stump up the full £1.4mm, plus interest, on 17 April 2022.
jtidsbadly
21/10/2021
09:35
Wise words JA: When assessing "ANYTHING" to do with Angus Energy - ALWAYS READ THE FINE PRINT! In all my years investing on AIM that warning has NEVER been more appropriate! CQ ;-)
clottedq
21/10/2021
09:25
JT Yes, Thanks for the explanation. But what Gaffer73 has posted and what Angus said yesterday are at odds. Angus said yesterday " All other terms of the Note remain the same." The original quite clearly says "The New Loan Note is unsecured" It quite obviously is not now. Just pointing out to the new guy to do a LOT of research when it comes to Angus and the accuracy of the information they provide!
ja51oiler
21/10/2021
09:20
JT Got your specs on? Nowhere does it say they have to be paid in cash, yes they don't have the obligation to convert into shares in which case they can simply let it run and take the interest.
1347
21/10/2021
09:14
JA51: yes, but I think that the charge in favour of Knowe was also a condition put in place by Knowe to allow Anguish to take this kind of loan from the Lenders. The fact that a charge is appropriate proves that it’s a loan, not deferred equity. However, to prove to myself that I’m not going nuts, I looked it up. This is from Harper James Solicitors, and is clear and well written. See the final item. The failure of the published terms of the Anguish/Knowe Convertible to make this clear was probably the result of an assumption on their part that investors were familiar with the term: “What is a convertible loan note? A convertible loan note is a type of debt that is convertible into shares (equity) in a company. In the context of venture capital funding, convertible loan notes are typically issued as a short-term bridge facility ahead of a venture capital investment. A loan note represents a single debt and can be issued to a sole noteholder or multiple noteholders. In either case, a noteholder’s entitlement is evidenced by a loan note certificate. The loan note certificate describes a noteholder’s share of a company’s debt. For larger loan note programmes, a trustee will normally be appointed to hold the issuer’s covenant to repay on trust for the noteholders. Where a trustee is appointed, a single loan note is issued to the trustee and the issuer’s obligations will be owed to the trustee, who acts on behalf of the noteholders. Convertible loan notes may be secured or unsecured, publicly listed or unlisted. It is common to see convertible loan notes used as a form of deferred consideration (instead of cash) under a contract for the sale and purchase of a company. Convertible loan notes represent the right, but not the obligation, to convert the loan note into shares of the issuing company.”
jtidsbadly
21/10/2021
09:01
Welcome Gaffer73 This is Angus and nothing is ever clear!! Like having a charge over the company for an unsecured CLN! HTTPS://find-and-update.company-information.service.gov.uk/company/09616076/charges/dd9MCYiySSF4rGid2ZGzxZLAfQk
ja51oiler
21/10/2021
08:48
"Angus Energy plc (AIM: ANGS) is pleased to announce that it has today issued a 4% per annum GBP1,400,000 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) GBP0.01; 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 GBP250,000 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 GBP0.01 during the term of the New Loan Note." The terms are pretty clear to me.
gaffer73
21/10/2021
08:24
HITS - We'll have to disgree then, dilution that results in an equivalent payment of circa £110 k cannot be positive for any company unless what you get in return is an asset that is worth something. JT - Yes repayable after two years, but by the right to convert into shares. I agree with HITS on this one I don't think Knowe have the right to demand payment in cash. However we don't have the full details of the agreement, only what's published in the RNS.
1347
21/10/2021
08:11
HITS: I think there has been confusion over the terms of the Knowe Convertible since its issue. It’s a convertible. Knowe has the right to opt for shares or for repayment at par on the second anniversary of its issue. Convertibles are never convertible solely at the issuer’s option. It doesn’t work that way. The Interim MD realised that Anguish wouldn’t have the money to repay it in April. So he’s found it advisable to pay up now with a small share issue so that he has at least some chance of fluking a successful sidetrack, which could get him out of the fix he’ll be in come the date when he needs to pay back the first interest and instalments to the Lenders. He’s Mr. Micawber. This is what this share issue is telling us.
jtidsbadly
21/10/2021
08:04
1347, I still state on balance that it is positive - but only in as much as one looks at the other options. Yes, as you and I have both said, it's effectively £110k for a three month pushback - and that's a huge amount (£110k on £1.4 million for three months = an equivalent annual rate of interest of over 30%). But it has avoided the need for what would have been a 12%ish dilution one way or the other by April next year. ANGS has (very expensively) bought itself another three months in which to see how much they can get out of Poundland. I suspect that George is praying that he'll show sufficient gas production levels by end Q2 next year to cause a substantive rise in the SP, so he can then place and pay Knowe off before it has the option to convert at 1.0p in July 2022. What this does show IMO is that ANGS itself is clearly not expecting the share price to be appreciably higher by April next year.
headinthesand
21/10/2021
07:57
It's like someone riding a motor scooter across my screen: put... put put put put put put put put put put put... Filter bin is cool - wish I'd discovered it sooner. CQ ;-)
clottedq
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