Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Align.... ‘Ref Anglo Africa O&G #AAOG - Full investigation now asked for ref Ms Cope and her cohorts. We offered 0.65p per share and they have sold the stock for 0.5p. This is incredible on every measure’
Great work by the board.
Surely they have to RNS today the offers received?
Very interesting. So the board are looking to sell off the RiverFort shares, presumably at a premium to Aligns 0.65...?
If the AAOG directors current and past have personal liability insurance cover , this would be an "asset" that Aligns group could go for - big target.
https://www.insurancebusinessmag.com/uk/guides/what-is-directors-and-officers-liability-insurance-118410.aspx
typical cover includes for:
"Breach of fiduciary duty resulting in financial losses or bankruptcy"
as always shareholders will be the ones to get kicked in the balls again and again, if nomad or directors are forced to leave or are investigated the share will be suspended so its only us who loose while thats going on, and shareholders are the only ones who have lost in the past. All take take take for the other swine.
"Marcus Stuttard Appointed Head of AIM"
https://www.lseg.com/media-centre/news/corporate-press-releases/marcus-stuttard-appointed-head-aim
Sorry not sure who Mr Stuttard is. Maybe someone else knows here?
Just seen the letter to the boss of AIM on Twitter #aaog
AdrianUK, who is Mr Stuttard?
I’m glad some are able to keep track of most of what is going on, Most goes over my head, way to many parts to keep track of.
"I still dont know why SNPC didn't just buy the stake, its cheaper than the debt owed to them and would give them the controlling interest, they can drill mengo or whatever as they please"
But that isn't the "Master Plan".
The Master Plan is to secure 56% Tilapia ultimately for Sefton and Berwick.
Hiving it off out of Anglo is just the first stage.
How do you do that?
Well, in easy steps.... -
1. Bankrupt the company.
2. Have 20% of the shares under the control of the Board so as to swing all votes your way.
3. Sell off 80% of the asset to some dodgy Italians for £500K, whilst retaining 20% for "future upside" just to persuade any wavering pi's that there is some hope (there isn't - at least not with SC, JC and PB in charge).
4. Do it over Christmas so there aren't any competing offers - bash any opposition as much as you can, if, and when they get involved for example Align.
5. Mortgage the remaining 20% of Tilapia for a quick £250K advance from the dodgy Italians , supposedly to be repaid from the £500K purchase price.
6. Just to make sure you can never pay the £250K back, produce a claim from your previously very dodgy Tunisia deal for £1.7M (NB. got to make sure Anglo doesn't get the Tunisia assets, but sure does get the "success fee" bill from the brokers of the deal)
7. The brokers intercept the £500K for Tilapia - Anglo can then never pay the £250K back, so the 20% is added to the 80% and Zenith sure fire does get 100% of the Tilapia interest.
8. Just to make absolutely 100% sure - enter into some really weird put and call option just in case, heaven forbid, Anglo can pay back the £250K.
9. Use your 20% shareholding to get the deal through.
10. Whoops! Zenith get 100% of the 56% - after all you don't want to end up with a divided share, and having your ex company sticking their noses in for years and years down the line.
11. Get Zenith to muse enthusiastically about 4000bpd and the Djeno, and Berwick's drilling master plan all of which will wind up SNPC no end and make drilling TLP-103C-ST go nowhere fast.
12. Get Zenith to bung SNPC a few million dollars to renew the licence
13. All the while having done some dodgy option deal with Zenith allowing some obscure BVI or Cayman Islands company (or some such) with an opaque ownership structure to buy the Tilapia asset several years down the line.
14. Whilst at all times making sure that you have all the directors do your bidding, that they don't give up the 20% shareholding, and refuse all other offers, no matter how much better they are than the Zenith deal.
15. Make sure no other directors such as Alex MacDonald ever get on the board as they know where all the skeletons are buried and will forensically examine the accounts.
16. Voila! Promising company and asset to basket case in under 12 months.
17. Asset snaffled a couple of years down the line.
If they did allow them to be sold for less than 0.65p there is only one reason for it FRAUD.
Who would they want to sell to?
someone who wants to cover all their shorts?
(eg whoever is selling through JBER, who how the hell can they have been selling at ask and lowering the ask every day for aslong as ive been watched L2 here)
Or to a connected party.
Defiantly needs intervention to stop any further selling of assets, capital raises or other behind the scene deals without actual shareholder authorisation.
I still dont know why SNPC didnt just buy the stake, its cheaper than the debt owed to them and would give them the controlling interest, they can drill mengo or whatever as they please.
So more of the truth comes spilling out.
So even now Align are willing to put up £520,000 to buy the remaining 80 million ISA shares from Riverfort and Yorkville @ .65p and that offer has been rejected by the Board as they have "another bidder".
Bearing in mind that .65p is around 80% more than the current mid price, it would be interesting to see what the "other bidder" was offering for circa 20% of the company.
And, even following the EGM, Align are willing to put in other monies as well to stabilise matters, notwithstanding all the various financial difficulties surrounding Anglo. And have warrants at around 3 times the current sp?
And if Align are willing to put in £520,000 for 20% of the company, that values the whole of the company at around £2.6M.
Our current market cap is £1.4M
But this board have just sold 80% of our only asset for £500,000! And mortgaged it for even less, £250,000!
Let us see who the "other buyer" is for those 80 million shares and what they are offering.
I'm not going to hold my breath though on another RNS "explaining" the situation.
One thing is for sure, the board appear determined to keep hold of those 80 million shares until the bitter end, as without them they lose the power to direct the company and run roughshod over the interests of the many other shareholders in this company.
Those 80 million shares, which are not paid for, and whilst issued are not in the market, control the voting, and had they not been in the hands of Sarah Cope at the recent meeting, the sale to Zenith would have been overwhelmingly defeated.
http://www.aaog.com/archive/circulars/GM-proxy-votes-130120.pdf?v=b
The 80 million keep control of the company in the hands of this crooked board, even though they themselves have never spent a penny on a single Anglo share, and they are desperate to hang onto them to keep the truth from coming out.
The truth about such matters as -
1. How come we have a £1.7M bill from Askells?
2. How come DS and JB insisted on going for the Djeno when -
a. our state partner SNPC wanted the Mengo?
b. and SNPC said they wouldn't pay the £5.3M if we went for the Djeno?
c. why were shareholders never told SNPC's view?
3. Where did the £2.6 million from Miton go?
4. Why were all "our" engineers transferred to the Tunisian company - and why were we never told?
5. Why are the Tunisian companies all shown as resident at 12 Berkeley Street, Mayfair when that is the office address of Anglo?
6. Why were we told there was no money left, only when there was literally no money - at all - left?
7. Is James Cane really on £240K per annum plus perks when our market cap is only £1.4 million?
8. Why were directors of the company trolling on bulletin boards - and ex directors continue to do so?
And that is just for starters.
Dear Mr Stuttard
I write to you in this open format and as a regulated entity and market professional in the expectation that Ms Sarah Cope and her fellow BoD cohorts at Anglo African Oil & Gas Plc– Mr James Cane & Philip Beck are investigated fully with regards to their actions in the sale of the so called ESA stock block that they have the power to direct pursuant to a specific term of their agreement with Riverfort/Yorkville.
The Nomad Mr Christopher Raggett has correspondence records in relation to the clear and concise offer that we presented to the BoD to purchase this stock (approx 80m shares) from Riverfort & Yorkville. Our offer was to purchase that stock at 0.65p and AAOG management were in the position of ultimate direction as to their approval or otherwise of the sale. Late on Friday afternoon we received confirmation after our chasing the company due to non response in the preceding 18 hours from them that they were not to accept our offer and that they had another bidder.
Should this stock be sold at a discount to our offer and so depriving AAOG shareholders of incremental and much needed cash then this looks to be a slam dunk breach of fiduciary duty by Cope and her cohorts. I can also confirm that our offer made available £250,000 of cash to the company at a nominal interest with fixed warrant cover at 1p per share – the very opposite of so called “death spiral” financing aka convertible loans. There was de minimis engagement once again in this regard with no questions at all asked by the company in this respect.
I note from the Company’s website – “It is AAOG’s intention to conduct its activities in a professional and responsible manner for the benefit of its shareholders, its employees, and the national and local communities where it operates.” My own belief this last month in attempting to rescue value within the company is that this statement is a fallacy, in particular the shareholder element. Indeed at the GM last week which I attended, the clear and overt message that was given to all shareholders there was that no answers in relation to difficult questions regarding the company actions and historic finance issues would and were given. I personally have never known a GM like it.
This issue is very live and the AIM arena has become known as a joke in many quarters. I am determined to bring Cope and her current and past BoD members to task on many counts and thus implore you to look closely at her actions in this simple issue this last few days that is plain to me was to avoid our removing the current BoD and investigating fully what has happened in the company. In essence shareholders pushing for this are now seen as the enemy – a quite preposterous situation.
Yours sincerely
R Jennings