Angus Energy Share Discussion Threads

[jtidsbadly] 04/12/2021 16:04

JA51: funny how the placing came as no surprise to the shills and camp followers! No mention of the LadyofAIM now either, oddly. Buyers for Poundland can offer whatever they like for it, it can’t be sold unless the Debenture holders say so. These people should get themselves informed and stop leading the gullible by the nose. At least there’s little chance that cudswallop will be a long term holder of this.

[davemarn] 04/12/2021 15:52

Lol love you to ja51

[ja51oiler] 04/12/2021 15:28

Lol........" I'm sanguine.".....is that another new user name to add to your long list "Moron"?

[davemarn] 04/12/2021 15:11

This placing was essential as they were running out of cash. The Saltfleeby funding is STRICTLY in pursuit of that project and debt shared between Angus Energy and the owner of SEL (1x man band if I recall).So we have been anticipating an equity event.Everyone needs to remind themselves;This is AIM and dirty brokers and some placement individuals sold around 40m of the 115.4m in my opinion as we never could break and sustain 1p. So these funding activities don't take place overnight. It's been going on for months IMO.This isn't a savings account this is high risk and high reward.I have not traded or sold a single share to date. Also, there was no further future dilution via warrants (a good thing).Unlike other placements, like WRES down 15% below it's November placement I'm hopeful of a HZM and OXB placement reaction... Propelling and breaking 1p properly.If you are surprised of dilutions well clearly you don't understand the AIM market. It's primary purpose to extract capital cash from markets and the shares are an advertising shop for many.I suspect Lucan had his hands tied by certain institutions wanting this steep discount from 1p because of no warrants. So it's cancelled that type of capital injection anyway. Also there was nothing stopping him providing an open offer since many of us would have taken it up. However the risk is people may have not stumped up.I don't believe this placing was massive, £750k vs. £800k, so £50K less and 7.6m less shares extra too.First GasLidsey (littered with issues) but again IGas next door?All in all, this was essential.Rather it out the way and done.Can see many upset, I'm sanguine.As for long term holders your all shafted that's the markets and it's time to swallow the acceptance pill.Any long term holders need to consider their own position.Only a fool sells now, as they have £700K+ in the bank and new or old institutions in the game some more.

[jtidsbadly] 04/12/2021 15:06

CQ: excellent, thanks, I’ll put it in my diary..

[clottedq] 04/12/2021 13:25

JA... thanks :-)

JT,

I have the next discount placing pencilled in for 1st March at the VERY latest. The numbers just don't stack up for me (as they rarely do with Anguish). It could be that they are in further discussions with lenders and this placing gives them some wriggle room until alternative finance is agreed?

Either way... shareholders expecting a lift in share price before April are going to be sorely disappointed IMHO.

Read the last paragraph of George's RNS statement:

"there is a risk that these will exceed budget and as a prudential measure we will be increasing the contingency reserve in order to remain at all times within debt covenants..."

This is a "BIG CLUE" to where we are headed here over the coming months.

Although a step in the right direction towards full disclosure, this news is nevertheless another nail in the coffin for the share price IMHO.

Don't forget, George "always" over eggs his pudding... so if that last statement is considered positive... I dread to think where the end result will lead us!

CQ ;-)

[jtidsbadly] 04/12/2021 11:52

JA51: it’s a different pace of life up there!

[ja51oiler] 04/12/2021 11:34

JT
I doubt Rick Howell is too worried! Possibly a bit confused as to why his plant is sitting on-site doing nothing!

[jtidsbadly] 04/12/2021 11:23

CQ: have you got a date pencilled in for the next placing!?

[jtidsbadly] 04/12/2021 11:08

chickbait: I presume you’re referring to Jonny? No, I don’t know where he’s got to. I could speculate but it would be mere supposition, what? Possibly gone somewhere to dob someone in?

Yes, they wanted £800,000. Or rather, that’s what their advisers told them was the likely maximum they could find buyers for. Yes, they got £750,000, gross. But they’ve got a lot of expenses and fees to come out of that - and Ocelot appears to be working full-time now, what? She may even get some overtime in the new year.

[jtidsbadly] 04/12/2021 11:00

JA51: the second placing was late January this year, after the December 2020 one, wasn’t it? With a smaller issue, to satisfy excess demand(!) announced a few days later. I agree with you, as you know. I don’t think the net proceeds of this issue will do much more than pay the g&a expenses this month (possibly last month’s as well) and for the next one or two. It won’t pay for work at Lidsey or provide a penny for an overspend at Poundland. As for geothermal..!

It’s shocking, to me, that he can get away with this constant flow of misleading statements. I’ve looked back over a few, and can only assume that they’re deliberately obfuscatory. A man with a Cambridge degree in English might be expected to write proper sentences in clear English.

I agree with all you say in this post. If there are good reasons why none of the work was done according to the schedules they announced in June-August, they should say what they were. To say now that they didn’t know the dimensions of the respective skids seems a bit odd. They’ve got a Member of the Society of Petroleum Engineers on the Board. Why didn’t he make a phone call or two and ask the suppliers? Someone could have gone out with a tape measure, what? Or make an educated guess and allow an additional margin. The opportunity cost of being late to first gas must dwarf any additional cost they would have incurred in over-engineering a pad or two. As for the contractors, they’re “multiple local” ones. I’d be a bit worried about that too, wouldn’t you?

[chickbait] 04/12/2021 10:47

So I assume they tried to raise 800k but could only get 750k. Is that right?

[chickbait] 04/12/2021 10:42

Anyone heard from the filthy rotten scumbag that went AWOL just before yesterday's placing. 🐕 💩

[ja51oiler] 04/12/2021 10:30

CQ
Sorry, I should have congratulated you on your spot on prediction yesterday.

[ja51oiler] 04/12/2021 10:28

gaffer/JT

Why would they possibly give them permission and risk losing 40% of the investment, or if it all goes to plan (give me a minute while I compose myself) risk double-bagging?........ The only reason I could see them granting it is if the lenders of the £12 million were turning hostile and the CLN looked in jeopardy without them granting it!

"Moron" Think about this answer for a minute.....It's total BS!

"Incidentally the civil engineering works are relatively minor, as the site already benefits from good foundations, hardcore, a geotextile membrane and thorough ground investigations from previous piling operations. However work could not be commenced until each of the fabricators had finalised dimensions of each skid. We have ample time to complete these works."

The Skids were ordered designed and paid for months ago! AND SHOULD HAVE BEEN ON SITE BY NOW The foundations for the Flare that is now ON SITE could and should have been in place so that highley expensive crane could have lifted it straight into place, and they will have known the dimensions for the tanks, HGV condensate, and water loading points for over a year. The Double level pipe rack that they said was underway has been designed and no reason the foundations shouldn't have been started either! There may be 1 or 2 bits of small kit they don't have dimensions for. but the rest of that statement is Bolxxx!.......... They seem to be waiting on the EA permission, don't they?........ Don't hold your breath on that coming through by the 17th of this month if Brockham is anything to go by.

Civils out for tender?... But is relatively minor George! The plant is already on-site FFS! If it's not the same diggers and crew that took well over a year and counting on that "3 weeks 750-metre pipeline extension" I will stop calling you a "moron"!.. Little chance of being wrong on either count!

Finally, the undersubscribed raise is only going to last 2.5 months tops, They won't be anywhere near 1st gas by then so expect another around mid-Feb!

[terminator101] 04/12/2021 10:14

Morning mindless rampers. Placing huh. How many shares did Lucan take in that placing ? Would it be zero perchance? #lifestyleCompany

[clottedq] 04/12/2021 09:50

rmart: "I see all the Angus haters will be busy here all weekend."

Well you're nearly correct:

You just need to substitute "Angus Haters" for "long Term Shareholders"... or "Men From Mars"... or "Stale Bulls" - as our CEO likes to call us.

That's right, we're the folk still stupidly paying his salary every month despite his catalogue of ineptitude and failure!

CQ ;-)

[jtidsbadly] 04/12/2021 09:35

Yes, gaffer, this has been the subject of earlier comment. Knowe would have been very ill-advised to grant written approval for this issue, wouldn’t they? What are the chances, do you think?

[rmart] 04/12/2021 09:15

I see all the Angus haters will be busy here all weekend. What a sad old bunch.

[gaffer73] 04/12/2021 08:24

So here is something to ponder over. In the CLN conditions it has the following:

"(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")."

In the Bookbuilding RNS it has the following passage:

"No public offering of the Placing Shares is being made in the United States, United Kingdom or elsewhere."

My interpretation of that means the exercise price won't change if they have written approval.

[3put] 04/12/2021 00:02

Will Angus be updating the Saltfleeby build and delivery schedule due in November? Asked on 25 November 2021
Done. Incidentally the civil engineering works are relatively minor, as the site already benefits from good foundations, hardcore, a geotextile membrane and thorough ground investigations from previous piling operations. However work could not be commenced until each of the fabricators had finalised dimensions of each skid. We have ample time to complete these works.

[1347] 03/12/2021 21:30

JT I thought they might stagger through to January and do a bigger one on the back of some PR guff, complete with twitter photos and videos about equipment arriving and a powder puff Malcy interview, plus deploying the ocebot with support etc. This placing was quite similar to the one a year ago that was almost like emergency funding to ensure that the wine cabinet was re-stocked. I suspect something, or someone, forced, their hand somewhat. Maybe compiling the Annual Report focussed a few minds.

However, yes the recent market activity was highly suspicious so it didn't come as a surprise. As we've discussed, we don't know the intentions of the debenture holders, other than heads we win, tails you lose. No, I don't think we need someone with an MBA, need someone who's smart and good at lego and can fit all those parts together. No I have no confidence in this bunch at all, a bunch of dipsticks as far as I'm concerned.

Anyway, the American markets are now closed so I'm going on standby.

[jtidsbadly] 03/12/2021 20:55

1347: yes, I thought it would be before Christmas and probably next week, but CQ was spot on.

I think it all depends on the intentions of the Debenture holders towards Poundland. They can see by now that these bozos are useless. They’ve nailed them down with the Debenture terms and the hedges. If they just want to fund the thing to get usurious interest and a potentially large return on their hedges, they could leave this lot to run it. It they want to maximise their revenues from it and if they have a nice cerebral young MBA to spare, they’ll turf them out the first chance they get and take the lot. I think Anguish will struggle to stay out of their clutches if these people want Poundland. People aren’t queueing to shove money their way, are they?

Re Joule-Thomson valve and skid, the latest I can recall was in the 11 August update: re-scheduled for January, yes, but the cause of the delay in commissioning until late February. I can’t attach the main part of the text, for some reason, but the second part, copied below, doesn’t fill one with confidence, what? And that was August, when most of the plant was predicted to be on site (pre-prepared) in October/December.
·
“ it should be noted that detailed design of these items was dependant on comple􏰀on of detailed design of the other equipment already procured on an integrated approach. The Company had planned on a 16‐18 week lead time on these items, however due to the recent up􏰀ck in gas prices and activity, combined with COVID restric􏰀ons, have led to delays with a number of contractors.”

[1347] 03/12/2021 20:31

JT It'll be here in January 2021/2022 with the Condensate stabilisation unit. Lucan's informed market of that, he couldn't be wrong again could he?

On the funding, actually today's placing came earlier than I thought, which tells me a few things: 1. They are burnming through cash fairly quickly; 2. The lenders are being careful in what else they can spend money on out of the loan; and 3. The wine cabinet needs stocking up by Christmas.

Yes I think there is a possibility, some might even say probability, that they'll need to raise further funds by March, I'd say it depends on progress and how much slack the lenders cut them. More twists and turns than Snake Pass and more snakes too.