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Possibly because the Langs support it? It's possible that it would have been rejected but they didn't because a family who own more than a tenth of the company support it. They don't intend accepting it at any point but it keeps them onside, so to speak. All guess work of course. Without wishing to cast aspersions, are there any links between the Langs and Southern? Or they could view this as a means to get a cheap foothold in the expanded group .
I'm mildly surprised to find myself agreeing with VHB, but what the Hell... as so often with ANGS, these are strange times.
The "confetti only" possible offer from a company as geared and as precarious as SOU seems to all intents and purposes utterly farcical and a complete waste of time.
The only surprising thing is that ANGS didn't reject the 4th indicative proposal instantly and with the same rapidity and unequivocality that they did the three previous SOU approaches. One cannot help but wonder why not?
Apologies accepted, WG818, we all make mistakes.
Ocelot. Apologies. He would have got the warrants from the placing he was left out off. I added an extra 0.
If they exercise warrants, then, of course, the number of issued shares increases.
If you want to pursue that line of thinking, then please show your calculations.
For myself, while SOU's remains a "possible" offer, I will wait to see how things develop elsewhere.
Lol….ok…..they are all backing the “possible offer”
Where do you think they got all those warrants from then?…… that would take them pretty close to 30% if converted wouldn’t it?
I didn't post the whole thing because I didn't need to in order to make the points I wanted to make.
Fair enough Ocelot. But why didn’t you post the whole thing then?
n accordance with Rule 2.10 of the Code, the Company announces that G.P. (Jersey) Limited has entered into a hard irrevocable undertaking in favour of the Company in respect of a total of 94,496,666 Angus shares, representing a shareholding of approximately 8.64 per cent. in Angus (excluding treasury shares) on 17 January 2022 (being the last business day immediately prior to the date of this announcement) to vote in favour of or accept any offer which is made by the Company pursuant to the terms of the Possible Offer, including at the Exchange Ratio, subject to Sound Energy's rights that are reserved in this announcement (the "Irrevocable Undertaking"). Further details regarding the Irrevocable Undertaking are set out below.
In addition, the Company has received non-binding letters of intent from each of Sebastian Marr, Niall Roberts, Clive Roberts, Martin Lang and Jacqueline Lang in favour of the Company supporting the Possible Offer, including at the Exchange Ratio, subject to Sound Energy's rights that are reserved in this announcement, in respect of a total of 57,706,960 Angus shares, representing approximately 5.28 per cent. of the share capital of Angus in issue (excluding treasury shares) on 17 January 2022 (being the last business day immediately prior to the date of this announcement).
The Irrevocable Undertaking and the letters of intent in favour of the Company represent total shareholdings of approximately 13.92 per cent. in support of the Possible Offer.
WG818,
Imho, given current circumstances, it's quite important to employ terms with precision:
there is no offer from SOU, there is a "possible" offer:
At present, "Sound Energy is currently only minded to proceed with the Possible Offer on the pre-condition that a recommendation from the Angus Board is ultimately forthcoming. This pre-condition can be waived by Sound Energy, ...".
The Langs have backed SOU's possible offer as follows:
G.P. (Jersey) Limited has entered into a hard irrevocable undertaking in favour of the Company ...
In addition, the Company has received non-binding letters of intent from ... Martin Lang and Jacqueline Lang in favour of the Company supporting the Possible Offer, ...
Correction 13.92%……and 150 million warrants available!
Are you sure about that Yanis?
They haven’t increased the stake. It just includes what presumably are his parents shares of.
Martin Lang 1.89%
Jaqueline Lang1.06%
G P Jersey 8.64%
You do realise it’s them that have backed the Sound offer I take it.
They also have.
Sebastian Marr
Niall Roberts
Clive Roberts
Total 13.8%
As I have been saying expect warrants to kick in very soon. No placing required . AAAG eat your heart out. And Since the sellers are all dried up, this is up and UP till the bid emerges.
Ocelot, this is great news … what I been waiting for! The vote of confidence … they are now back up to over 10%.
Fasten seat belts time.
Disclosure from GP (Jersey) Ltd at 6:33pm:
they hold 11.59%
Very true BV, all it takes is a bit of FOMO. One good RNS and we could more than bag in one go.
That tank is for condensate which comes out of the 3-phase separator. Not the main product but yes, is worth a bit of money. Every little helps, but the real money is out of the gas sales.
Yanis, If Alba can move 56% today with 6.4 billion shares whats to stop us. I mentioned earlier that the tank looks to hold 30,000 gallons according to the Transtech website, it's more than 3 petrol tankers.
Nice one BV, 1.1 mil at 1.24p. I think tomorrow we are going to concur 1.2p, maybe higher. Attack on 1.5p is imminent.
@ 15:49:49 there's a sell for 95 shares worth £1.09. What on earth. How does anyone make money with that kind of trade??
Another late trade
Not bad for starters Yanis.
BV, all we need is somebody to put an offer of 5p or more lol.
PP & EA approvals will be great, maybe in a week or so.
Yanis. That 2p comes with the PP and EA, hopefully getting your Wonga back mate!
Good call BV. Are you predicting 2p tomorrow? :)
As i predicted the late reported trade after 5pm, I don't know how i do it for the money LOL!!