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.
He is still selling over at Angus, I wonder why .
Irishmouse: I wonder what price he paid for his Angus shares. He owns 49% of the Saltfleetby project and shares offices with Angus’s FD and with Tidswell, (see my post 2 before this one) and the Earl of Lucan. Not an insider at all though, would you say?
seeing this share on the board brings back bad memories!!
Oofy would he be raising cash for some reason ? Would he be trying to depress the Angus share price for some reason ? Is Angus the golden goose we thought it may be ?
Answers on a post card please.
Sounds offer is a non starter, but no other offers have been declared are there any ?
Irishmouse: I should think that with 49% of the Saltfleetby gas field, he probably thinks he’s got enough and needs to de-risk/diversify his investments a bit. Presumably he bought these shares in the first place with part of the money left to him by Wingas for a pipeline decommissioning reserve. I doubt there’s anything more sinister than that, though his timing may be influenced by certain short term considerations after a big rise in the Angus share price (as there was a month earlier in the Sound Energy price). I agree that as it stands the Sound Energy bid is a non-starter - if it was ever a starter. It’s already worth nowhere near 1.5p in any case at the current Sound share price. And think what would happen in the event of a successful bid to a combined Sound/Angus share price with nearly 40% of the shares in the hands of fed-up ex-Angus shareholders.
I don’t think Mr. Forrest would have an interest in beating down the Angus share price. As for goose and golden egg, there’s a chance they may make it across the line in time to gas production, and at the necessary scale, but there’s some pretty high hurdles to clear before June. I think you need to have a pretty high risk tolerance to invest in Angus. It’s more like a roulette chip than a stock market investment. Who knows, though?
SEL is in the same boat as Angus: the gas plant needs to be operating at forecast output levels by July or the ownership of their assets may change hands. And Angus are short of the money they need to finish it. It’s been suggested on another chat site that the most likely resolution to the requirements of all the parties in the £12mm. loan may be the provision of some more short-term finance by the Lenders to tide Angus over to full-scale production - though at a price.
Oofy, maybe some Russian roubles will come in to refinance the loan and give the time needed.
You never know! Though Wingas may have sold Saltfleetby in the first place on consideration,of the Interets of the Russian State. I’m sure President Putin would prefer Europe to take peak gas from his new pipeline rather than from massive storage facilities under Lincolnshire.
Paul Forrest selling at Angus - now we know why. £1.4m placing @ 0.8p at Angus.
I don’t really understand the level of interest expressed here in Mr.
Forrest’s activities. There’s precious little in assets or cash in any of SEL, Forum or Orwell - other than, presumably, the Saltfleetby-Theddlethorpe pipeline, which is mortgaged to the Lenders. I’m not aware of his doing anything very impressive in any of these companies (though if Angus had managed the Saltfleetby project competently, the huge rise in gas prices would have given him a massive windfall). Can someone tell me why he’s taken so seriously here?
RNS 20 Jan 2020
Paul Forrest, Chief Executive of Forum, commented, "Forum is pleased to have taken a strategic stake in the Company and we are looking forward to working with the Board to create shareholder value. Forum has, through its investors and network, access to sources of funding as well as exciting and viable projects in the natural resources sector that could be suitable as acquisition targets for AAOG."
RNS 20 Jan 2020
Forum : notification of major holding
94,041,011 23.71%
Yes, MrEMC2, I understand that but his taking a stake in AAOG is not really a positive endorsement of his financial acumen, is it? You’d have to believe he still had the backing of a Filipino entity to impute to him any financial capability, surely?
Hi OofyProsser I had a gamble on AAOG because (and after) Forum put in £500k. Looked like a good bet at the time. AIM and shell company; I knew I was playing at highest risk. Cheers
MrEMC2: I wasn’t trying to criticise. It just seems to me that people like Mr. Forrest are given too much credit on these sites.
Most of the time it seems to me they make it up as they go along. He hasn't got much money, at least he hasn’t in his quoted companies. If he is a front man for rich Filipino interests, that’s a different matter but where’s the evidence of it and what’s the plan? I hope your investment here will come good for you in due course.
Oofy, Re Paul Forrest, we don’t know what he has or his intentions for the company, but he and forum are the only chance we have at this moment in time.
irishmouse: yes, I understand. I only butted in here to share my view on developments at Angus but it hasn’t helped anyone invested in this, I appreciate that. I hope it will come good for you here, somehow.
Oofy, I don’t feel that you butted in, I welcome any one who posts their views on any board as long as it is rational and has some bearing on the company. If we ever do get resisted the umpa lumpa’s will invade the board so let’s enjoy our time here for as long as it lasts.
OofyProsser
In short , the way I see it is that AAOG has £42m in tax benefit and this is alot of many for any company. This had made the company to be taken away and hidden for two years so that it can be used now. RMP in the same situation and I recovered one third of my investment so far. I am still waiting to recover my investment from AAOG. Apart from hedge restriction I see this is a better investment than that of RMP.
Also I am going to watch the situation after first gas and see whether I should increase my investment in AAOG. I have already averaged down 4 times in the past and final average is 2.2p.
But the share has already been suspended from trading for some time, hasn't it?
And if it is revived, it will certainly be in a new company. AAOG will probably no longer exist under this name. Actually, shortly before the suspension of trading, you should have buy more (which I did).
mmafr
RMP was an oil and gas small cap co in Greenland. After it went bust due to drilling a dry hole It relisted as FME, a miner in Australia after 2 yrs suspension.
I know that some on here do not seem to rate Paul Forrest much in terms of financial acumen, and he does seem to present as as something of a provincial accountant of likely modest means, however it appears to me that he may have hidden talents.
For example, on 17-6-2019 he acquired the stranded Saltfleetby Gas Field via ownership of Saltfleetby Energy Limited (SEL) from Gazprom. We have never been told how much he paid (bearing in mind his limited means), but I'd hazard it was £1.00.
Whatever he paid, SEL was the recipient of not only the gas field but also £14M in cash inherited from Gazprom as "decommissioning costs", as at that time it was apparently intended the field would never be brought back into operation; and also £61M in tax losses.
On 19-6-2019 SEL sells, for £1.00, 51% of the gas field to ANGS, paying them £2.5M in decommissioning costs for the liability they were now taking on - in the short space of 48 hours the field is now viable once more.
ANGS is co-opted to resurrect the Saltfleetby field, tapping its own shareholders as required.
So over the space of two days (17-9-2019 to 19-9-2019) Mr Forrest turns a £9M profit, via the suddenly reduced decommissioning costs - and later ANGS says that even the £2.5M was too high! And SEL's 49% share of such decommissioning costs is now shown as £700K in their accounts.
Not only that, but SEL's latest accounts (1-1-2019 to 31-5-2020) show that it made £12M profit - we don't have access to the P&L, just the balance sheet showing accumulated losses falling from £61M to £49M - probably by shifting the worthless "abandoned assets" into the valuable "soon to be producing assets" column.
He then uses some of the £14M given on the sale by Gazprom to buy up 25% of AAOG for £500K and acquire effective control of a company which has a further £42M of accumulated losses against with future profits can be written off. Not satisfied with that, SEL grants AAOG an option for a mere £8M in shares to buy 25% of the previously worthless Saltfleetby. Last week he was sufficiently influential to be appointed a director of AAOG.
So, in the space of 3 years Mr Forrest, with no visible major means of support,
acquires a stranded gas field,
achieves control of SEL and AAOG, is appointed a director to both
co-opts ANGS into resurrecting Saltfleetby,
"pockets" (not personally) £9M+ from Gazprom which is then used to pay for SEL's share of the resurrection,
grants AAOG an £8M option to acquire 25% of the previously worthless Saltflletby
makes a £12M profit in the SEL accounts,
and acquires effective control of company losses to be set against otherwise taxable profits, totalling £103M.
For someone with little financial acumen, he doesn't appear to be doing so bad.
He must think he's won the Lotto.
And I don't think his backers are Filipino.
And I wonder who bought some of the 175M new shares ANGS issued last week?
Skittish, did you spot that he was made a director of AAOG last week ?
Sorry just read your post in full, of course you were aware of it.