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This is absolutely important for all of us ORDINARY shareholders :)
CLN Holders for once are doing a good thing!
https://twitter.com/DVH_Phoenix/status/1450833216747851776
waiting for our resident technical experts, to give their expert analysis on this one!
Brilliant news with minor 1% dilution as a thank you.
All those ADVFN derampers having kittens.
Now that gives plenty of room to make Saltfleeby a success!
https://twitter.com/DVH_Phoenix/status/1450833216747851776
A minimum of 3 months extension and £110k in shares; 7% interest for 3 months? Those 'in the knowe' might be rather pleased with the outcome.
nom i think you should read the RNS again. THE LOAN NOTE COULD BE CONVERTED ON 17 FEB, plus George Lucans comments are positive.
nom. where is the mass sell off with the so called OH DEAR bad news, what's the SP nom.
Nom, …. ….. …. …. … this is GOOD NEWS !!!!!
And just to celebrate, I had £320 spare cash and just put it in … 30,190 shares.
Hi Yanis. Some people should read the RNSs more slowly to pick out the detail, the mention of the SFB gear by GL is also great news IMO. GL is being prudent until SFB gets underway, you don't clip the birds wings to stop it from flying!
Yanis. You just carnt help yourself can you LOL!
BV, my friend I am now very confident that the SP will go up. The only hurdle, EA approval, should come soon IMO - GL is still confident that SFB will be up on time (was in the RNS).
Some people have blinkers on and are searching for negatives, struggling to read the full RNS. Now, as I was saying before, the CLN is confirmed as a non-issue.
Yanis. I've noticed nom no answer has gone quiet, more posters agree with us obviously.
BV, for some reason these guys are only happy when things are not going well for Angus - I don’t understand this.
As you know, I been with Angus for many years now. I was furious after the Brockham failure but quickly got over it and begun to average down. Currently about £50k under but I am confident that I will see a hefty profit. Is taken a very long time but we are almost there. Glad I averaged down, it will pay off.
It’s very much how you read it as normal. If you believe they are still on schedule as per the Q&A answer it seems a poor decision given the amount for the 2 months they calculated they would make!
If you read it as there is likely to be a further delay then it’s actually win-win for Knowe and Angus. Just a bigger win for Knowe. ….Just more dilution for shareholders as usual.
WG, 11.2 mil shares to secure the LCN extension is not bad at all. Also, Knowe will sit on these shares, they are not going to flog them in to the market. Watch for the TR-1, is coming soon.
The Knowe loan now will very likely be paid off with cash from the gas proceeds and avoid unnecessary dilution. All good.
balancedviewer,
I think most would agree that ANGS are pressed for cash, so the convertible loan could have been expected to be settled with shares, not cash, early next year. If you agree with that premise, then the noteholders have decided that getting the free share and 4% return on the loan is preferable to be being issued with shares at 1p. That does suggest that they may not be expecting the 2p or 3p that some are predicting.
It does remove some pressure on ANGS's cash resources, which is a positive if they are able to avoid doing a placing as soon as I expect.
It's exactly as GL states:
"This extension strengthens the Company's medium term capital base and in particular will relieve the Company of a possible cash outlflow in the early months of production at Saltfleetby and will be greatly beneficial to all shareholders.
nom. I'm not bothered about the back scratching as long as we all make money in the future.
It will allow the company to build up a cash reserve before they have to pay the loan. That's a better position than to be constantly in debt during early production.
Yanis
But they gave figures of £17.1 million for the field over 4 months in the Q&A . Half to Angus of course so if they actually expected it why take the deal?
Expect a first gas delay update. If so then yes this is a very good deal for them and shareholders.
Why take the deal?
Prudence.
C Boy
You mistake realism for negativity. And we both know you won’t filter me as you might miss something important!!
WG818. you may notice that GL uses the word conservative and caution for a reason. It's prudent being safe rather than sorry!
WG818. I'm not being funny mate but GL is a successful banker, are you?
BV, is all good now. There are two things that could possibly cause a delay (1) EA and (2) equipment delivery (drivers).
GL seems to be more concerned about (2) than (1) and this is a good think - it implies that he is not concerned about EA approval, is in the bag.
As far as (2) is concerned, we got Brexit to thank for it, and the whole country has the same problem, even the supermarket shelves are empty. In any case, any delay due to (2) should be minor.