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"We began approaching lenders during lockdown shortly after the publication of our CPR as we regarded this asset as eminently well suited to debt finance, in particular so-called Reserves Based Lending. "
I don't know how you reconcile that response and later interviews etc. with the mid July interviews and the RNS announcements from the CPR one on 5th March 2020 to the Debt funding one on 23rd September 2020. 'Investors' may well have bought shares during that March to September 2020 period based on what, in my opinion, were somewhat misleading RNS announcements and interviews.
gkb47 - the Reserves, Resources and Valuation report carried out and dated 4th March 2020 also backs up your very valid points about the real numbers not being reported. The company brought in to do a financial audit regarding the SF project could not justify the costs being stated by Angus. I wonder if the folk who were doing the due diligence for the equipment purchase / rental are still bing employed by Angus with a now annual wage bill of over £1 million plus. Nobody seems to be accountable within that company?
Page 46-47 "The Process Plant costs were supplied by AEWB based on confidential negotiations that it is holding with a supplier of second-hand process and metering skids; and a hookup and commissioning contractor. OIL is not able to verify the accuracy of AEWB’s range of costs for the Process Plant."
@Dorothy - Yes I am aware of the 15th July 2020 interview which, inter alia, stated:
And in terms of total CAPEX for all the works, "We are aiming for about £2.5M" said George. "The processing kit will done by lease financing, that's always been the plan, so not a CAPEX cost as such, it will be done through the JOA (Joint Operating Agreement) and has been agreed by our partners."
Similar things were said to Malcolm Graham-Wood (aka Malcy) of Core Finace on 16th July 2020.
Of course mid July is also around the mid point between the CPR being issued in March 2020 and the market being informed of the need for £12 funding to complete Poundland in September 2020. So at that time Lucan would have known that those statements were somewhat at variance with his later statements (e.g. in the Malcy interview of 21st Februray 2021) that they had “Started looking at funding in March last year”.
It's shame the FCA & AIM regulators are asleep on the job or doing their impression of Nelson.
@Dorothy - Yes, again I know, but they don't give the net placing figures, unlike better governed companies. Not sure it's a ball that's rolling but rather a can bouncing down the road. All that's needed is a Rainbow, some gullible punters and some 'marketing', that's the way betting companies make their money. It's a trading game not an investment. Much of the UK is the same, all smoke and mirrors nowadays, probably always was. You'll see the same game play out at UKOG, classic pre-placing pump and dump going on over there I'd say.
The moral of the story? Don't touch such companies other than to trade and don't let Etonians and their ilk anywhere near power or control, their only attributes appear to be the ability to enrich themselves and friends and family and being economical with the actualité, I see Dodgy Dave is in the news again, no surprise there, like father, like son. Oh and don't argue with idiots, they have more experience at it than you and onlookers might not be able to tell the difference.
"unless they've taken out an insurance policy against that, "
I heard someone was touting a scheme like that for the offshore about 20 years ago but no insurance company would touch it - you might find yourself on the line if it was screwed up - and who could believe that that might happen at ANGS?
Yes, that's why I put 'max £3m, less depending on what equipment they've paid for'. As you say liabilities within 3 months in the AR is shown as £1,464,000, so unless they've managed to defer any of that it's likely they'll have less than half that £3 m available at best. I've allowed for 6 months Opex cash burn which is running around £130 k per month. They've also taken on extra staff recently and given themselves a pay rise so Opex is probably increasing if anything.
Bottom line is that I don't see how can they cover abandonment without the loan, unless they've taken out an insurance policy against that, they mentioned looking at that at one point but but nothing said on that point in he last AR. Also £56k interest to pay shortly I believe on the Knowe CLN I believe.
Maybe your latest 'friend' on the other side can explain it rather than resorting to ageist ad-hominem attacks?
Even taking into account Paddy C's slight salary drop, the salaries of all remaining directors were increased by over 52% in 2020.
That is a matter of stated fact as per ANGS's own issued accounts relating to last year. To maintain anything else - such as "Hey! We spent less on directors in 2020 than 2019!" but then conveniently forget to mention that 2019's figures included Vonk's £300k severance payment - is to be shamelessly and deliberately misleading.
Yes Dorothy - that would have been the only meaning from about XXVII Ante Christum natum to CDLXXVI Anno Domini, however as documented in the OED, the meaning has evolved somewhat as it's now MMXXI Anno Domini.