The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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I think they always like to get the money back,but i hope it's not to our cost.
Mirasol. Yeh strange that, what could have possibly gone wrong.
head, I totally agree. I like the way George said nothings guaranteed, and iv'e left them to sort it between themselves to cover his a**e. Probably deciding who wants to take the most risk.
"Saltfleetby has its CPR, the other assets are not currently revenue-producing."
The second half of that statement is undoubtedly true. As to the Saltfleetby CPR, you're presumably referring to the one from last March? If so, that's the one which stated that it'd only cost £1.5m to get to first gas, and that this itself would be achieved by Q3 last year?
As things have turned out since, I'm not sure I personally would place an ongoing truckload of faith in that particular document...
ress. I thought the highlight of the interview was when George hinted Bognor was a d**p, but smirked about Balcombe being more tedious. I hope the Balcombe councillors are more well informed than the ukog fiasco and pass the plans. If so then the battle of Balcombe will begin. We will see the sewer rats from Hs2 finding a new mission, and be seen swinging from the trees like the sound of music. Or possibly when the lorries arrive there will be a limping person with a stone in their shoe crossing the road very slowly. I hope this doesn't happen, but you can bet your bottom dollar it will.
The share price should be trading much higher simply on the fact that the loan is oversubscribed and the terms are those disclosed some months ago. The AAAG is sprouting BS.
"Mirasol. Even Malcy said the 12% was high,George was pondering how to reply to that remark."
About 7 years ago, just before the oil price crashed I can remember some of the smaller Norwegian companies taking loans at 13.5% (!!) - funnily enough they are no longer with us.................
The lender needs to know he will get his interest paid and his money back.
Saltfleetby has its CPR, the other assets are not currently revenue-producing.
Yes i know,but if our other assets are so fantastic,you would think he would borrow against them instead of going back and forth.
GL needs to close the funding deal now, he has been working on it for a year already- He is from finance background after all.
If the deal doesn’t close and close soon the SP will crush
Current quotes (bid 0.9p - Ask 0.95p):
Buy 1,000,000 shares @ 0.9145p
Sell 1,000,000 shares @ 0.86p
As GL has explained, they originally sought Reserves Based Lending on the basis of the Saltfleetby CPR.
The £12m of the facility was (and still is) to be secured on Saltfleetby.
We don't know when they were in a position to define the debt requirement for their geothermal project which is quite apart from Saltfleetby.
Mirasol. Even Malcy said the 12% was high,George was pondering how to reply to that remark.
Hi Ocelot, I know that the loan was for Saltfleetby as you have pointed out. My point is George knew he was looking at geothermal,and also would require extra cash for Balcombe and Lidsey in the future. If a larger loan facility was in place at the 10% rate he mentioned, we wouldn't be going cap in hand to shareholders to tide us over. I think all this faffing about was highly unnecessary.
...and as with all things, the market decides. In this and every other case, debt pricing is evaluated and established on exactly how "junky" any lender considers such debt to be.
"12% above LIBOR seems a steep price to pay when ASDA can flog junk debt at under 3%."
But ASDA don't employ JTP................
Have they acted in some way to damage relationships that were forged in the past? if they need to build new ones? 12% above LIBOR seems a steep price to pay when ASDA can flog junk debt at under 3%.
Let's hope the protracted debt facility negotiations have enabled ANGS to establish relationships which will prove of benefit to the company in the future, too.
You've misunderstood what GL has said, balancedviewer.
The negotiations with the international bank were for the Saltfleetby debt facility of £12m alone.
There was, therefore, never any question "that the original loan company wanted to lend Angus £20m on better terms months ago. Angus at the time refused the amount offered, ...".
Ocelot. Investor question 30 sept 3rd one down. Min ticket size $20m or above, these are the institutions George said he was negotiating with since March.Please read the answer to the question, he said it not me.
gkb. No i don't believe what he said, but the excuse was the institution involved will only lend minimum amounts. The £12m what we required wasn't enough for them to bother.
... What is frustrating, is that the original loan company wanted to lend Angus £20m on better terms months ago. Angus at the time refused the amount offered, ...
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Can you cite your source of information, please, balancedviewer?
James. What is frustrating, is that the original loan company wanted to lend Angus £20m on better terms months ago. Angus at the time refused the amount offered, but now they are going back and forth between 2 lenders for the same amount. I'm sure they knew at the time it would be needed for all the new projects,but obviously it wouldn't be drawn down until necessary. If they accepted the offer,all the timelines wouldn't have been missed.
Is it just like that,ooh Betty or Rodders this time next year wew be miwionaires.
Have the impression Angus is on its way!
I am relieved after the interview. clarity on funding has been provided