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The placing was not unexpected, and as gkb states "how much and at what price."?
Suppose it was inevitable in order to get us to where we need to be.
So long as Rastus, Wealdnopwr and the gang don’t show up we can at least have some evenly balance discussion about it?
GLA
dude i think you are tripping yourself out... GKb makes the most prominent point that in 6 years or whatever, the company have raised £26m and done absolutely nothing of value... the bloke at the help is clearly a con artist.
“The placing was not unexpected” - can somebody tell me why it wasn’t unexpected?
To me it was unexpected 100% in view of the finance deal.
We had a placing at 0.9p in relation to the finance deal (at least that is what the RNS said at the time).
We then had a small placing at 0.6p to tie things over.
Now this one at 1p? (And at such a huge discount to the previous close?)
Yes, the placing was unexpected.
Well the SP was 1p only 8 days ago.... So maybe some swing and day traders have been caught out by this... but those who are long... I don't see much difference. Its not like it won't hit today's high again in the near future.
Camkite, I'm waiting to see what's said in mid February. They can't be far off getting SFB into production, so to the extent this is a final placing to get it over the line then I can live with it. However, they equally cannot carry on with placings forever - it's getting close to put up or shut up time .
What worries me is that there is NO mention of the £ 12mm financing in that RNS -
You wouldn't do this raise if that was anywhere near - it seems clear that they are having trouble with it
Probably because the £12m funding was covered in the RNS of this Monday morning.
I have a similar suspicion Mirasol. Wouldn't be surprised to see a combo of the £1.5m raise, HP and/or some form of convertible debt to get this over the line. Don't know where that will leave the 49% holder though in terms of funding their side of things.
Gallifreyan,
If anything had changed since Monday's RNS, GL would have needed to inform the placees before they subscribed to the placing, so would have needed to release another RNS re the debt facility.
Ocelot, you have a point there. So, if the £12 mil funding is still available, why the placing? To run for a Geo at this time it would not be prudent.
Good point ocelot. Equally placing could be linked to new opportunity. Time will tell...
"If anything had changed since Monday's RNS,"
True - on Monday morning they were talking to people about raising £12mm - they're probably still talking to them - but things are clearly not going to happen soon - otherwise why do a £ 1.5 mm raise? Why pay a second set of fees???
This is not good
The Placing monies will be used by the Company to advance the Company's current assets and for general working capital purposes.
We can all read into that sentence what we want to read in it!
My reading (as so often) is the opposite of Mirasol's, ie. it is precisely because all is looking good for the debt facility that ANGS seized the opportunity to raise some equity.
The debt facility concerns Saltfleetby, but ANGS's "current assets" include more than Saltfleetby.
Ocelot, what do you mean by “seized the opportunity”? - What opportunity? The SP finally re-rating? Yesterday we closed at circa 1.4p and today we were close to 1.60p before the placing at 1p was announced. Why now? Where is the opportunity?
If they waited one more week, they could have raised much higher.
Seized the opportunity in that the share price was rising on the back of favourable news.
It was looking so good that they could raise the funding needed that they diluted shareholders at a discount? And that is a good thing?
That just does not make sense.
Yanis- The urgency of the placing may due to the urgency of Geothermal stuff. How will the market react if £20 million is secured in the next few days taking care of all future funding. The £12 million is meant to sort out SF,Balcombe and brockham etc. The only asset left is the potential new project and for that he lender may have asked to bring equity to the table. After swallowing my anger with the placing and reviewing all recent updates I am expecting some BIG news are imminent. Just my 2 cents worth.
Jamesthesecond,
The £12m debt facility only concerns Saltfleetby, it does not concern Balcombe and Brockham etc.
Ocelot - they've diluted from 1.3 p to 1.0 p
How can that make sense?????
Mirasol, they've raised £1.5m today and will raise almost another £2m via warrants exercisable between 1.20p and 1.50p.
PS: if all the warrants at 1.20p are exercised, they would bring in £900k.
PPS: the share price is very close to 1.20p, so the placing is very close to being one of £2.4m.
PPPS: if all warrants are exercised, I make the average price of the total raise to be 1.15625p