The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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Ja51,
If you look at the graph in the presentation on page 7, you can see the price was about 35-40p at the time.
If you have doubts about the average price they have retained, how would you suggest establishing an average natural gas price for the coming 10 years?
"how would you suggest establishing an average natural gas price for the coming 10 years?"
Well... if Labour get elected in the next couple of days... I won't really matter now will it, Ocelot. And maybe that was ONE of many reasons why the previous owner was keen to get rid of The pound Land Gas Field!
At the time the presentation was published Gas prices: Day-ahead contracts – monthly average was 27.96.
Angus have made their calculations @ 50.5
The last price supplied on the chart they have based the calculations on is 24.87
When Saltfleetby last produced in December 2017 the price was 58.29............more than twice that of today and they obviously weren't making a PROFIT AT THAT LEVEL!!!
All the figures are here.
https://www.ofgem.gov.uk/data-portal/all-charts/policy-area/gas-wholesale-markets
£1 for a reason
Ja51,
Are you suggesting that the most recent day-ahead price available should be assumed to remain unchanged over the coming 10 years?
Don't the graphs demonstrate the volatility of the price?
No, I'm suggesting that it was uncommercial at 58.29 otherwise they would have continued producing.
I'm guaranteeing its uncommercial at the rates from the presentation date in June 27.96 to that of the last reported figures 24.87..........even with the talented highly skilled management at Anguish......LOL
But, even in the conservative scenario, we are talking about production over 10 years, so, for myself, I consider an average natural gas price calculated over the last 10 years to be appropriate.
Please.... a big multi-national with bottomless pockets couldn't warrant the volatility.
Angus are forced to go to the market for funds to change the executive toilet roll FFS.....simply no finance or likely further finance to warrant this!
Again £1 for a reason
Very foolish of Lucan to enter a Riverfort convertible deal to provide funds for abandonment when it wasn't required at this time. Could have been converting at a much higher price later IMO.
New shares are now on the registar!
http://www.angusenergy.co.uk/investors/share-structure-significant-shareholders/
The above information was accurate as at 4 December 2019.
More of that attention to detail GL has transformed the company with...lol
Adjusting for the enlarged share capital, JT-P has slipped below the 5% threshold, to 4.90%.
To be fair the RNS says on or around the 12th so they could be on the market today?
The total percentage of shares not in public hands is 15.0% defined as being beneficial holdings of shares held by shareholders holding above 10% and the directors holdings.
-----------
How is that 15.0% arrived at, given that none of the significant shareholders hold above 10%?
It's odd, isn't it?
Have they identified a "concert party" involving a significant shareholder?
Not that foolish, if you have to keep the lights on, pay off Lenigas and have non performing loans to the fmr. Chairman who brought you into the job...just not good for RIs....
I know the company's run like an episode of "it aint half hot mum" but I have a feeling you're not talking about gunner Sugden, Gloria and Windsor Davies conspiring together....lol
Ja51,
You're the one who brought to our attention the Labrum family interests in Primorus Investments.
Could this have anything to do with the 15.0% of ANGS's share capital not in public hands?
My comment follows your post, Ja51, of 16:37 last Friday:
"So a family takeover at prim?
Stephen Labrum - 7,500,000
Rupert Labrum - 7,454,588
Janine Labrum - 4,250,000
And Rupert owns 7.5% of Angus also.........mmmmm wonder if the others are holding under the radar?".
Ocelot
Concert party Definition
"Ostensibly unconnected investors working in concert to make discreet purchase of a firm's shares. Each investor buys just enough shares to remain below the statutory level above which he or she must declare his or her interest. Their usual objective is to jointly accumulate enough number of voting shares to (1) manipulate share prices, (2) influence a firm's management, or (3) initiate a takeover bid. This practice is officially disapproved by securities watchdog organizations."
Well, we know now that they are hardly "Ostensibly unconnected" as Angus Prim, Dor, UKOG, Horse Hill developments and many more were listed in the same building. Directors of all these companies have direct involvement with each other including intimate Knowledge of Toxics 1st loan being written off when Angus sold HH as some were party to the deal!! He also received Dor shares for another deal, I can't recall which it was. Angus Also received many many multiples for the isle of white concession from Dor which Angus only paid £5,000 for?. (Some may wonder about the nearly £0.5 Million to Dor for Lidsey earlier in the year being connected but I couldn't possibly comment)
Now Given Prims directors are well known to the Angus Board and the Labrums own 19 % of Prim And Rupert 7.4% of Angus....................... The question again is what makes you think they are Ostensibly unconnected?
All information is available in previous company accounts and in NEX-Exchange-Bond-IM.pdf below
http://www.angusenergy.co.uk/wp-content/uploads/2017/02/Angus-Energy-NEX-Exchange-Bond-IM.pdf
http://www.angusenergy.co.uk/media/news/
P.S.
The rest of the definition makes perfect sense though!!
"A 'concert party' is a group of people acting in concert in a takeover bid. In the UK, there are rules for such bids, regulated by regulators such as the Takeover Panel ...". (Wikipedia).
Obviously, there is no takeover bid, so "concert party" may not strictly be applicable, but I meant it in the sense of "a group of people acting in concert".
Do you think the Labrums may have anything to do with the 15.0% of ANGS's share capital not in public hands (given that no significant shareholder holds above 10% of ANGS's share capital)?
http://www.angusenergy.co.uk/investors/share-structure-significant-shareholders/
SHARES NOT IN PUBLIC HANDS
The total percentage of shares not in public hands is 15.0% defined as being beneficial holdings of shares held by shareholders holding above 10% and the directors holdings.
Forget it: was thinking "beneficial holdings of shares held by shareholders holding above 10%" referred to an individual shareholder, but it'll simply refer to the combined holdings of Knowe Properties and JDA Consulting.
Apologies.
Ocelot following on from last night
From http://www.angusenergy.co.uk/wp-content/uploads/2017/02/Angus-Energy-NEX-Exchange-Bond-IM.pdf
9.10 JonathanTidswell-Pretorius was a director or partner of the following companies and partnerships which were put into liquidation, either at the time he was a director or within 12 months of him ceasing to act:9.10.1Angus Energy Eakring Development Limited was dissolved on 12September2014owing £78,059.31 to creditors;
9.10.2 Angus Energy Kirklington Development Limited was dissolved on 2 January 2015 owing £24,850.51 to creditors
;9.10.3JonathanTidswell-Pretorius was adirector of, and held 50 percent .of the issued share capital of Grafton Petroleum Limited(Grafton),from 6October 2004 until it was dissolved.On17 August 2011, the court made a winding up order under the law sof Scotlandandthe SheriffappointedDavidMalcolmMenziesofAthollExchange,6CanningStreet,Edinburgh EH38EG as the interim liquidator.Grafton was dissolved on 26June2013. The estimated total deficiency as regards creditors was £272,791.61.
............................................................................................................
WHICH LEADS YOU TO THIS........................
https://www.ukogplc.com/ul/Annual%20Report%20&%20Accounts%202013.pdf
Bottom of page 4 into page 5.
The whole thing is quite illuminating!
Mmmmm....... Egdon Resources plc....arnt they doing something with Union jack right next door to Saltfleetby????
Ja51,
That's UKOG formerly Sarantel Group's annual report for the year ending 30/09/13, ie. 6 years ago.
Sorry, but I don't really see how that helps in assessing ANGS's prospects today.