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It's an AIM doozy, biggit up and leave.
Proffit
I do not see the difficulty of finding a product or services that make money and reverse AAOG into it. But I think the existing management do not want do that. They want reverse AAOG tax losses into an entity of their own making to keep all the profit for themselves.
I’m afraid it doesn’t quite work like that, the £42m , might be used to offset profit that a company makes , or to offset costs ect!
But to get the benefit we would have to have a product or service that made money !
In my opinion £42m of tax allowance is almost like money in the bank. This will be useful
for any company with production . Why non of these companies had not engaged with AAOG I do not know. Look at other trading AIM listed oil minnows with market capitalisation of less £10m. There are plenty of them. They absolutely have no assets and no money and they are trading on hopes. AAOG have £42m.
Voice of doom on this board lol
Its AAOG there is nothing but doom
Rose tinted glasses ? I would suggest you read my past posts before you make a comment like that. I generally don’t filter posters as I respect most people’s point of view.
gbb47. For someone who was never invested here you sure spend a lot of time being the voice of doom on this board.
OofyProsser:The share price prior to trading was 0.3p. For £8m value the number of shares
required will be 2.7 billions. I thought it was in every body interest to keep AAOG
alive to use its tax losses.
petroleum1: the share issue to SEL will precede the re-admission to trading of the AAOG shares and is dependent on, among other things, a successful share issue by AAOG to raise £1mm. I should expect the number of AAOG shares to be issued to SEL to be eye-watering as far as existing AAOG shareholders are concerned. A really massive dilution, giving SEL total control of it.
It all looks like a re-arrangement of the deckchairs though, doesn’t it?
Shares in issue now is 439,958,935. If the share price rise to 2p my calculation showed
the above shares in issue will double for the £8m value.
petroleum1: dilution is the result of any issue of shares, whether to existing shareholders (specifically, shareholders who choose not to take up their entitlements) or to other parties. In this case, see the final sentence in this extract from the 5 May RNS:
“The Company will enter into an option agreement (the "Option") with Saltfleetby Energy Limited ("SEL") to acquire a 25% interest in in the Saltfleetby gas field, East Lincolnshire. SEL holds a 49% legal and beneficial interest in Petroleum Exploration and Development Licence 005 (the "Licence") and is a party to a joint operating agreement regulating the operations under the Licence (the "JOA") . On exercise of the Option AAOG would also become a party to the JOA. The consideration for the exercise of the Option shall be the issue and allotment to SEL of such number of ordinary shares in the capital of AAOG as is equal in value to £8m.“
So, assuming this deal were to go ahead, AAOG shares to the value of £8mm. would represent a truly massive dilution of existing shareholders’ interest in the company.
OofyProsser
"All this assumes the Poundland deal between SEL and AAOG will go ahead, in which event AAOG shareholders will see a massive dilution."
As I understand it dilution involve placing shares on the market for someone else to buy. For a buyer willing to pay money for the share he must know that the company will not fold anytime soon and in fact hoping to make profit in the long run.
My comments were an attempt to simplify our currant situation!
But basically we are dead in the water!
Proffit: have a look at my 21 July post. The only thing that’s happened since then, as far as I’m aware, was the lodging of the latest Forum Energy Services accounts, which show very little in assets and a small bank loan. In my view, shareholders’ best hope is that the deal with Forum will go ahead and Mr.Forrest will sell the tax losses to someone or other, or keep them against the possibility that Poundland will make a profit one day. That's if they can be used in this way. Mr. Forrest’s Poundland loan guarantor, Saltfleetby Energy Limited, has filed its accounts but they’re not available to view online yet. All this assumes the Poundland deal between SEL and AAOG will go ahead, in which event AAOG shareholders will see a massive dilution.
That is the million dollar question.
However if you do some research on two of our directors you will see that they are experts on corporate financial funding.
Where do we get the money from?
Profit.
If you take the time to read the last few RNS’s or the last end of year report you will note that we are not looking for an investor but are infact looking for an asset to invest in our self. As a shell company we need an asset so we can trade again on the AIM market.
Nothings!
We are are waiting to see if they can get someone or anyone to invest in the company!
At the moment our shares are worthless, we are living on borrowed money!
Wtf is happening with aaog
Please