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SP down. Chart changed from very bullish to bearish, the SP needs to close in positive territory to arrest the drop.
This excessive drop does not make sense - 91 million shares to be issued this coming Friday.
We had a single trade in excess of 91 million shares and another trade bigger than 80 million, total daily volume of more than 300 million shares, largest ever, record volume. Plus more than 30 million shares in after hours trades. Yet the Bid is sitting at 1.05p - WHY?
Can anybody explain this?
All ready for a takeover on the cheap - gas storage....
Tiptop, do you mean that the SP will go even lower to enable a cheap takeover? Is this what you are saying?
Yanis as per yesterday's RNS, there's a further 12% dilution coming (subject to shareholder approval). Another 273 million new shares to be issued and placed at 1.09p odd to raise the second £3 million ANGS clearly needs in order to meet the requirements of both the lenders and the regulatory authorities.
That's going to put the brakes on any near-term possibility of a significant SP increase.
Mid tier - Total, Equinor, or another producer who can store their own gas. Gas prices maybe low now but this is a result of no storage, wait until this winter - sparks are going to fly.
Ok Ocelot thanks for the clarification.
So Forum aren’t in the deal but used part of the £1.4 million to buy the controlling interest in AAOG. They took the CLN over from river fort to do that didn’t they? They then RNS,d an AAOG 25 % purchase of Saltfleetby? So won’t Forum be within a knots breath of the takeover thread hold now?
AAOG have never owned any part of Saltfleetby Energy Limited's 49% stake in Saltfleetby, have they? Otherwise Saltfleetby Energy Limited would not still be the owner of 49%!
Not too familiar with AAOG, which ceased to trade about a year ago (?).
Looks like a smart move.
Yes they have effectively diluted 50% (if everything goes through) but in exchange for buying 49% at a discount, which is a positive outcome. Most importantly they now have the cash resources and the motivation to get the plant up and running and funding to invest in other projects at a time that the government are motivated to look favourable at promoting UK production.
My gut feeling is that this puts Angus in a very strong position to 'prove' the plant fairly quickly and then a large acquirer will come in and buy the lot. We should get a decent premium and a nice exit.
HITS, are the additional 273 million shares to be issued at 1.09p or 1.20p? I read it as 1.20p - did I read wrong?
" Gas prices maybe low now but this is a result of no storage, "
The result of 15 years of head in teh sand by Tory and Labour Governments
Some of us remember people like Portland gas - all set to build a big storage operation offshore Dorset - funded, backing from the majors, £ 300 mm market cap IIRC - then the Govt decided it would put a 1p on everyone gas bills and it wasn't necessary - so the UK has less gas storage than anywhere else in Europe
Angus podcast - GL and Zak Mir
https://embeds.audioboom.com/posts/8089595/embed/v4
" Zak Mir"
:))))))))))))))))))))))))))))
So confident he "doesn't give advice"
Yanis, the acquisition part of the news released yesterday deals with newly issued ANGS shares valued at 1.2p. That's what SEL is getting as part of the deal to acquire it, lock, stock and barrel.
The cash raise part of the news deals with newly issued ANGS shares being placed with Aleph at 1.09p odd. 273,000,000 shares are being placed at that price, raising £3 million gross. ANGS intends to double that cash raise (i.e. placing another 273,000,000 shares with Aleph at a price of 1.09p odd to raise another £3 million gross), but needs shareholder approval to do so, because it has now reached its existing authority.
So the extra 273 million shares will be placed (with Aleph) at 1.09p, not 1.2p, if shareholder approval is granted.
Mirasol I hear you.
Geographically SFB is in the best possible location for gas storage, I remain convinced this is the way things will go. A number of years ago this was being looked at.
The UK has no contingency plan, totally reliant on supply chain topped up with home produced.
Looking for market cap "well North of £50m" on Saltfleetby alone, with Angus's other assets also emerging from the regulatory delays of the last few years.
"Very strong picture for retail investors": 2 strategic investors each with a substantial investment in Angus, big cash buffer, together mean the prospect of further placings has diminished as has that of disposals by principal shareholders.
No ocelot AAOG de-listed but is still trading.
Ceased to trade on the market is what I meant, WG818.
Angus remains grossly undervalued. Following yesterday's deal, we could quite easily be looking at a market cap in excess of £100m (imho).
HITS, I think these are issued at 1.20p. Here is the summary:
“T he total effective consideration payable pursuant to the SPA is the sum of £14,052,000, which comprises:
· £250,000 to be paid in cash at Completion;
· the issue of 91 million Ordinary Shares at 1.09896011 pence per share (the "Funding Price") at Completion (the "Initial Consideration Shares");
· the issue and allotment of the 546,000,000 Ordinary Shares at a price of 1.2 pence per Ordinary Share (the ("Acquisition Price") at Completion (the "Additional Consideration Shares") which are subject to lock-up provisions detailed below; and
· up to £6,250,000 deferred consideration to be paid in instalments from net cash payments to Angus Energy from the Project through to 31 March 2025 (and subject to an upward or downward net cash adjustment) as and when those payments would have been available to SEL under the Company's Senior Debt Facility of May 2021.”
Is only 91 million shares that are issued at 1.09p. The 273 million are part of the 546 million to be issued at 1.20p and locked.
There is not enough authority to issue the 91 mil @ 1.09p + the 546 mil @ 1.20p, hence the EGM to approve the additional 273 million.
So, I am concerned as to who is now selling large amounts at this relatively low SP level. The 91 mil shares no doubt they are gone after yesterday’s record volumes and large trades. Yet, we have MMs sitting at the Ask at 1.10p - does not make sense to me. For me is beginning to feel like deja vu.
Yanis, I am afraid you're wrong.
The new shares to be issued as part of SEL acquisition deal do not need shareholder approval. Yes, they're valued a 1.20p and yes various parts of them are locked in for up to 15 months.
Entirely separately...
Here's what yesterday's RNS had to say about the £6 million fundraising placing at 1.09p odd per share:-
"...the Company has concurrently arranged a direct subscription with affiliates of Aleph International Holdings (UK) Limited ("Aleph") pursuant to which Aleph has subscribed for a total of 546,000,000 Ordinary Shares in the Company at a price of 1.09896011 pence, being £6,000,000 (Direct Subscription) split into an initial unconditional tranche of £3,000,000 and a second tranche of £3,000,000 conditional on Shareholder approval."
Read that last bit carefully - it's the second half of the Aleph placing (at 1.09p odd) that's conditional upon shareholder approval. So if that is given, another 274 million shares (or 12% further dilution if you'd rather) will be issued with no "lock-in" period at 1.09p odd.
(another 273 million, not 274 million)
Let me break it down for you.
ANGS announced the issuing of 915 million new shares yesterday (unconditionally), increasing the shares in issue to 2,283 million. Here's where they went:-
91 million to SEL (at an assumed valuation of 1.2p). These can be sold immediately the deal is completed.
A further 546 million to SEL (again at an assumed valuation of 1.2p). These are locked-in for up to 15 months and with the above give SEL 28% of the entirety of ANGS.
5 million to the lenders (this is part of the loan arrangement - it happens on every anniversary),
273 million placed at 1.09p odd with Aleph to raise £3 million. These shares are not locked in.
Total of the above? 915 million.
Now, ANGS is seeking approval to issue anoter swathe of 273 million shares over and above what has been detailed above to place again with Aleph at 1.09p odd to raise a further £3 million. If approval is given, that would take shares in issue up to 2,556 million (and that would also reduce SEL's holding down to just under 25%, as stated in the RNS).
Hope that makes sense.
HITS, apologies.
I reread the RNS and looks like there are errors in the RNS - looks like no shares are being issued at 1.20p - they are ALL issued at 1.09p. The price of 1.20p stated in the summary MUST be wrong because it does not add up with anything else stated in the RNS.
This deserves an IQ to clarify.
But, in all likelihood all 673 million shares are issued at 1.09p. 546 million of these are meant to be locked.
Yet, apparently there are more than 91 million pumped in to the market - WHY? Deja vu alright.