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They have changed the financing arrangements re the processing equipment:
"We believe this equity and prospective debt capital raise represents a more comprehensive, cost effective and simpler arrangement than a patchwork of leasing and hire purchase agreements with a multitude of suppliers.
They're, not there!
There not comparable figures, Yanis.
Those of this morning are at a discount rate of 0%, the figure cited by gkb47 from the CPR was at a discount rate of 10%.
Gkb, from the RNS
"Even allowing for the revised capex, the Company's reworking of the CPR calculations show the Company's share of the Field's post tax revenues net of costs would be of the order of £20m on P90, £33 m on P50 and £60m on a P10 valuation"
net of costs ... would be of the order of £20m on P90, £33 m on P50 and £60m on a P10 valuation" ... is the Company's share.
Lucan just said it this morning in the RNS.
Yanis i wouldn’t waste your time explaining this to him.
Lucan has now set the platform to fund us to make some big money out of SFB, especially in this poor current climate. I added more today and extremely happy with today’s rns.
Rastuss,
If that question is addressed to me, then the answer is ...
I am not looking for any dividends and I don't expect any.
My reward will come in the same form that nearly all other AIM shares reward investors and you know what that is ... SP appreciation.
In my view, the key step is whether the debt funders are willing to provide the £12m of finance. Frankly they will be much more financially savvy then anyone on this board and will only provide the funds if the numbers stack up with a sufficient cushion.
the placees today will
From the RNS "Even allowing for the revised capex, the Company's reworking of the CPR calculations show the Company's share of the Field's post tax revenues net of costs would be of the order of £20m on P90, £33 m on P50 and £60m on a P10 valuation".
I don't know where the £25mil mid case comes from, but anyway what matters is the market sentiment which IMO will improve in the coming days/weeks as we approach reconnection.
Added more today below 1p which I did not expect (was a bonus) and if the SP is down here in the next week or so I will be adding more.
PS: after the placing, at 0.975p, market cap is £6.97m.
So, re the gearing ratio, 51% of £12m is Angus's liability, ie. £6.12m.
But, agreed, it would be good to see the market cap rise.
gkb47,
Don't forget to compare 100% of the debt with 100% of the net present value:
The Company is seeking to raise up to GBP12m through the issue of a senior secured debt facility which will be secured, inter alia, on 100% of the Company's and SEL's working interest in the Field. It is the intention that the cash interest and repayments under the Proposed Debt Funding are expected to be serviced by net cash flows from 100% of the Field revenues generated immediately from the commencement of commercial gas sales, i.e. including those attributable to our partner Saltfleetby Energy Limited ...
Good to see this was filled quickly, hoped it would be.
This may see a floor here now at the placing level as progress continues (on several fronts).
Still expect to see some peaks and troughs as newsflow lands in the coming weeks - will be some trading opportunities here now in the run up to SF connection imo.
Still see November/December as a time for any real re-rate, but happy to have increased my holding, albeit a few days back at a slightly higher level than it could have been.
Next RNS should beconfirmation of the the penultimate monthly loan facility repayment, due tomorrow.
Investor confidence on the up, and some good sentiment here along with a sounder footing for the SF project with some high-profile backing all point to a greater likelihood of success.
gla
The downward revision to the CPR's mid-cast forecast of 9.1% is a disappointment, if of relatively modest proportions.
Equally, the likely delay to commissioning is a disappointment, again, of relatively modest proportions.
The plans to negotiate the debt facility is a major plus, it puts the company's finances on a much firmer footing for the long term and reduces the need for further calls on the market in the future.
gkb you're coming across very desperate.
Angus achieved a big milestone today. Raised 1 million pounds in under 2 hours, now 12 million in place to fund the SFB. great day
Agreed, it's a proposed debt facility, but I did speak of "the ability" to borrow money.
ocelot,
They have not borrowed the money yet - suggesting otherwise is questionable.
There is no confirmation 'that the project is bankable' yet.
Any more pearls of wisdom such as "The loan company are just in to make money on interest payments" you want to share with the board gkb?
It's been a nightmare day (again) for the AAAG, but a bloody good one for Angus Energy.
£1 million raised in less than 100 minutes, is good going by any standards. That's £10,000 per minute.
gkb47,
As others have said, the ability to borrow money on Saltfleetby's prospects does confirm that the project is bankable.
It's remarkably quiet trading for such a momentous RNS.
Has the placing gone into firm hands?
Something's going on with the MMs - no trades at all showing for last 20 mins
Even allowing for the revised capex, the Company's reworking of the CPR calculations show the Company's share of the Field's post tax revenues net of costs would be of the order of GBP20m on P90, GBP33 m on P50 and GBP60m on a P10 valuation.
If we look at the mid-case, P50 forecast, then the CPR's figure was £36.3m (with a 0% discount rate), so the downward revision to $33m is of £3.3m or 9.1%.
On the other hand, once the proposed debt facility is finalised, then Angus's balance sheet is of a size more in line with the size of, and the time-lines of, the Saltfleetby project.
Cminhinnet agreed but it will shift soon when they let it go up. Today is a BIG milestone.
It is a shame that the MMs are deliberately maintaining a spread and live prices so that all buys are showing as sells. Whilst the MMs would like you to believe differently, so far today there has been 5.4m buys and 2.6m sells.
Buys should be coming in soon IMHO
Rajbury I am buying now as we speak also. good opportunity before this moves up.