Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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HeadInTheSand........Wrong.....Try again.....re read the RNS.....
And no I am not saying there's going to be another placing per se...
Just that to raise the second £43 million of the £6 million that ANGS says it needs, ANGS requires shareholder approval, which if it gets it, will result in the issuing of another 273 million new shares to Aleph at 1.09p odd, on top of the 273 million just issued to the same party at the same placing price.
It's all in the RNS... the confusion is caused (probably deliberately) by there being two completely separate lots of 546 million shares being mentioned. One lot's going (with 91 million others) to SEL and the other lot's going to Aleph, with the second half of that needing shareholder approval to happen.
HITS, apologies again. I reread the RNS paying a bit more attention.
The way I read it now, we have the following share issues:
Acquisition:
- 91 mil @ 1.09p (unlocked)
- 546 mil @ 1.20p (LOCKED)
Subscription:
- 546 mil @ 1.09p (unlocked)
Lender shares:
- 5 mil (unlocked)
Total share issue:
- 546 mil - LOCKED
- 91 mil + 546 mil + 5 mil = 642 mil unlocked
This is a total share issue of 1,188 million = 1.188. BILLION
and out of these 642 million can be sold anytime.
Hence the explanation of why the SP is where it is.
HITS, thanks for helping me clarify this - appreciated.
https://www.**********.co.uk/articles/traders-cafe-with-zak-mir-george-lucan-managing-director-angus-energy-9c7931f/
IQ level here has increased recently, at least until Adrian sorts a new IP address...
Yanis, while full production of gas and perhaps more oil will create the first revenues of any consequence for ANGS, and that is very positive, the massive change in share structure and especially the huge number of new shares will be enough for some to sell out and move on; of the 1,300,000,000 existing shareholders from last week we know the largest holder announced they were out on Friday,; there is no reason to think some hundreds of millions of others will not reach the same conclusion.
The good news is we have help so far at the placing pricing of 1.09, clearly new buyers are stepping in at this level. If we trade much below today's lows we will see a lots of stop losses, and the market may go looking for them at some point this week.
ANGS has a good chance to become a profit making company soon. However complex share restructuring has made near term share price appreciation more challenging. My concern is as WG raised, we now have two share holders that are not far off 50%, and a usually bad AIM outcome is if they team up to take us private, unless there is lots of cash on the table this is unlikely to be good for current share holders. Gas storage could ultimately be a big payoff for SF's owners, but there are complex technical issues that make that component a very different play than flowing from an old gas field and may or may not be as good a risk for investors, but in any event is a different type of exposure.
I am watching with interest but have not bought back in, whole lot to digest and wait for the dust to settle at present.
Yanis, I proke it down for you.
Prior to yesterday, there were 1,368 million shares in issue (see 10th May RNS for confirmation).
Yesterday's RNS announces 2,283 million shares in issue. That's a difference of 915 million shares which are being newly issued.
637 million to SEL as part of the acquisition (nominally valued at 1.2p within that deal).
5 million to the lenders as part of the loan anniversary conditions
273 million placing with Aleph to raise £3 million at a palcing price of 1.09p.
There's your 915 million new shares all accounted for.
On top of all that, ANGS needs (apparently) to raise ANOTHER £3 million, so wants approval to place a SECOND LOT lot of 273 million new shares with Aleph, AGAIN at 1.09p odd.
In HITS opinion, there is going to be another placing, 'there is't going to be one'....
The rest of the debt is to be paid out of cash flow!!!!!!
HITS, your last post lost me completely.
How do you get 915 million. There are 546 million 91 million (637 total) issued to Aleph. Where are the other 278 million coming from?
As I see it, the SPA sum of £14,052,000 for fully purchasing their 49% stake relies on ANGS being able to fulfil the entire cash raise with Aleph. Part of this consists of the 2nd tranche of shares that definitely require shareholder approval.
I personally don't believe ANGS had to take this 100% purchase at this time as it raises too many concerns/disruptions etc. It represents an unacceptable risk of taking on 100% of the hedge at a time when flow rates and sidetrack results are thus far unknown.
So, I have every intention of declining approval. ANGS is better served short-term in maintaining its current position. Instead, GL and the BOD have taken an unnecessary risk and devestated the SP with unnecessary dilution.
I'm not happy with their decisions nor a MINIMUM 2 week slip... so much for any hope of GL redeeming himself.
P.S. I find it HIGHLY irregular that GPS, a major shareholder, should somehow know to sell up just prior to a major dilution event. Sounds utterly back-handed to me and I intend to vote against the additional 2nd tranche.
You can all make your own decisions, but GL deserves a smack in the face!!!
HITS, apologies.
I reread the RNS and looks like there are errors in the RNS - looks like no shares are being issued at 1.20p - they are ALL issued at 1.09p. The price of 1.20p stated in the summary MUST be wrong because it does not add up with anything else stated in the RNS.
This deserves an IQ to clarify.
But, in all likelihood all 673 million shares are issued at 1.09p. 546 million of these are meant to be locked.
Yet, apparently there are more than 91 million pumped in to the market - WHY? Deja vu alright.
Let me break it down for you.
ANGS announced the issuing of 915 million new shares yesterday (unconditionally), increasing the shares in issue to 2,283 million. Here's where they went:-
91 million to SEL (at an assumed valuation of 1.2p). These can be sold immediately the deal is completed.
A further 546 million to SEL (again at an assumed valuation of 1.2p). These are locked-in for up to 15 months and with the above give SEL 28% of the entirety of ANGS.
5 million to the lenders (this is part of the loan arrangement - it happens on every anniversary),
273 million placed at 1.09p odd with Aleph to raise £3 million. These shares are not locked in.
Total of the above? 915 million.
Now, ANGS is seeking approval to issue anoter swathe of 273 million shares over and above what has been detailed above to place again with Aleph at 1.09p odd to raise a further £3 million. If approval is given, that would take shares in issue up to 2,556 million (and that would also reduce SEL's holding down to just under 25%, as stated in the RNS).
Hope that makes sense.
(another 273 million, not 274 million)
Yanis, I am afraid you're wrong.
The new shares to be issued as part of SEL acquisition deal do not need shareholder approval. Yes, they're valued a 1.20p and yes various parts of them are locked in for up to 15 months.
Entirely separately...
Here's what yesterday's RNS had to say about the £6 million fundraising placing at 1.09p odd per share:-
"...the Company has concurrently arranged a direct subscription with affiliates of Aleph International Holdings (UK) Limited ("Aleph") pursuant to which Aleph has subscribed for a total of 546,000,000 Ordinary Shares in the Company at a price of 1.09896011 pence, being £6,000,000 (Direct Subscription) split into an initial unconditional tranche of £3,000,000 and a second tranche of £3,000,000 conditional on Shareholder approval."
Read that last bit carefully - it's the second half of the Aleph placing (at 1.09p odd) that's conditional upon shareholder approval. So if that is given, another 274 million shares (or 12% further dilution if you'd rather) will be issued with no "lock-in" period at 1.09p odd.
HITS, I think these are issued at 1.20p. Here is the summary:
“T he total effective consideration payable pursuant to the SPA is the sum of £14,052,000, which comprises:
· £250,000 to be paid in cash at Completion;
· the issue of 91 million Ordinary Shares at 1.09896011 pence per share (the "Funding Price") at Completion (the "Initial Consideration Shares");
· the issue and allotment of the 546,000,000 Ordinary Shares at a price of 1.2 pence per Ordinary Share (the ("Acquisition Price") at Completion (the "Additional Consideration Shares") which are subject to lock-up provisions detailed below; and
· up to £6,250,000 deferred consideration to be paid in instalments from net cash payments to Angus Energy from the Project through to 31 March 2025 (and subject to an upward or downward net cash adjustment) as and when those payments would have been available to SEL under the Company's Senior Debt Facility of May 2021.”
Is only 91 million shares that are issued at 1.09p. The 273 million are part of the 546 million to be issued at 1.20p and locked.
There is not enough authority to issue the 91 mil @ 1.09p + the 546 mil @ 1.20p, hence the EGM to approve the additional 273 million.
So, I am concerned as to who is now selling large amounts at this relatively low SP level. The 91 mil shares no doubt they are gone after yesterday’s record volumes and large trades. Yet, we have MMs sitting at the Ask at 1.10p - does not make sense to me. For me is beginning to feel like deja vu.
Angus remains grossly undervalued. Following yesterday's deal, we could quite easily be looking at a market cap in excess of £100m (imho).
Ceased to trade on the market is what I meant, WG818.
No ocelot AAOG de-listed but is still trading.
Looking for market cap "well North of £50m" on Saltfleetby alone, with Angus's other assets also emerging from the regulatory delays of the last few years.
"Very strong picture for retail investors": 2 strategic investors each with a substantial investment in Angus, big cash buffer, together mean the prospect of further placings has diminished as has that of disposals by principal shareholders.
Mirasol I hear you.
Geographically SFB is in the best possible location for gas storage, I remain convinced this is the way things will go. A number of years ago this was being looked at.
The UK has no contingency plan, totally reliant on supply chain topped up with home produced.
Yanis, the acquisition part of the news released yesterday deals with newly issued ANGS shares valued at 1.2p. That's what SEL is getting as part of the deal to acquire it, lock, stock and barrel.
The cash raise part of the news deals with newly issued ANGS shares being placed with Aleph at 1.09p odd. 273,000,000 shares are being placed at that price, raising £3 million gross. ANGS intends to double that cash raise (i.e. placing another 273,000,000 shares with Aleph at a price of 1.09p odd to raise another £3 million gross), but needs shareholder approval to do so, because it has now reached its existing authority.
So the extra 273 million shares will be placed (with Aleph) at 1.09p, not 1.2p, if shareholder approval is granted.
" Zak Mir"
:))))))))))))))))))))))))))))
So confident he "doesn't give advice"
Angus podcast - GL and Zak Mir
https://embeds.audioboom.com/posts/8089595/embed/v4
" Gas prices maybe low now but this is a result of no storage, "
The result of 15 years of head in teh sand by Tory and Labour Governments
Some of us remember people like Portland gas - all set to build a big storage operation offshore Dorset - funded, backing from the majors, £ 300 mm market cap IIRC - then the Govt decided it would put a 1p on everyone gas bills and it wasn't necessary - so the UK has less gas storage than anywhere else in Europe
HITS, are the additional 273 million shares to be issued at 1.09p or 1.20p? I read it as 1.20p - did I read wrong?