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What is amusing is "SteakBake's" pity party (while of course continuing to avoid the issue raised).
Separately, it's blindingly obvious that, when it comes to posters having seething abuse hurled in their direction and being targets of issue-dodging trite insult, it's really not those of a cheerleading disposition who have to put up with that.
You seem to be losing the plot...
(And of course "SteakBake" very obviously cannot provide any answer...)
I'm genuinely interested in your answer to the reasonable question I posed, SteakBake?
Or of course, if you'd rather, you can avoid it and just resort to the "green activist" myth, while bemoaning the fact that certain opinions are not censored here...
Definitely Adrian... you are not even trying to pretend otherwise
SteakBake, George has very recently publicly stated more than once that the loan would be paid back by the end of the year, leaving the company debt free (his assurances, not mine).
So if he's been telling the truth, but needs £6 million to develop Brockham and Lidsey (which is quite possible), why not let the loan run for a few months longer and use some of the promised field- generated revenues as funding for B & L, instead of completing the loan payback? Surely that'd be more reasonable than an unnecessary (going by George's statements anyway) and significant dilution?
You will probably be cancelled for being suspected of being Adrian...
Silverlight, thank you for the posts..
pity you wont stay to debate and back up & discuss your statements.. maybe even provide a few answers to counter what hits is saying..
But then again debate seems to be last thing most want to do on here.. if you can counter the point made just insult, knock and discredit the poster, that seems to be the modus operandi!
You can knock HITS and i know they are no cheerleader for the company but at least they show a thought process and back it up their claims with figures.. most of the posts on here are sniping at other posters, nonsense statements such as " the herd is coming"etc or posting extracts from RNS & interviews such as the 7.2million nonsense, paying down debt by xmas & the other head line statements of GL and stating they are gospel!
i too have asked the questions as to why are the company raising 6 million through a big dillution now even though they are supposedly going to be able to pay off 12 million by xmas? why could they not use the GAS & Oil revenue to pay for it or wait for an increase in SP to minimise the dilluton?
Why would SEL sell and give such a "good" deal to angus?
Why do shareholders get to vote on giving the board permission to issue more shares for working captial and meet the conditons of the loan instead of using the initial placement for those pruposes and allow shareholders vote on the second placement for the Deal?
Why were shareholders not notified this discussion was going on or in progress? this deal wasnt put togehter over the last week?
Because from my understanding , we are on the brink of generating significant revenue, going to be able to pay back 12 million by year end, yet 2 placements already this year for 2 million, GM for additonal shares back in April, GP selling out their significant share holding, a behind closed door deal done which has used up the additional shares and given 25% of the company to our previous partner and now shareholders get to vote on whether or not we give them more to allow them meet the conditions of the their loan agreement and keep the show on the road and will have doubled the number of shares in the company this year!
In return we own 100% of SFB, get another 2 weeks to wait for gas, take on all SFB liabilities & debts, get 3 more directors salaries & expense accounts and have to fund & execute a successful sidetrack in order to make any significant profit from SFB ovet the next 3 years..
I dont see why they did this now, the neccessity for dilution and not giving shareholders a vote on it..shareholders get value from increasing SP and regardless of all the claims of HITS and other deramp on this board, the bod have done more to keep the SP suppressed than anyone else!"
Multiple IDs all posting minutes apart on a Thursday night, surely not the same person, no way :) and agreeing instantly with each other’s posts, what a coincidence. How old school :) (and that is my last post, enjoy the £3.5 you made tonight whoever you really are, dole day not til next Tuesday so make it last xx
HITS - something isn't right here.
None of the numbers make sense - I 'm starting to suspect they've been told by the HSE they have to shut the field in to drill the sidetrack (!!)
I mean, if paying off c. £14 million in the next 7 months was ever realistically true, why not let the loan run on for another say six months and use the £6 million saved for whatever purpose, rather than dilute existing holders by such a large amount?
@SteakBake I have no idea - perhaps asking an IQ of the company would be a good idea?
I'm just very surprised at the apparent need for £6 million of cash right now, given that the CEO only 11 weeks ago was talking continuously about £7.2 million of revenue in June and even more recently than that about paying off the entire c. £14 million's worth of loan out of proceeds from the gas field by the end of this year.
Silverlight, spot on mate!
For "incessant deramping", read "asking difficult fact-based questions and mentioning inconvenient truths."
I note with zero surprise that there's no criticism levelled at those many who trumpeted "First gas by end March! Guaranteed!" or kept repeating "£7.2 million revenue in June! George said so!"
Sadly it seems that for whatever reason, some people can only tolerate opinions if those mesh entirely with their own confirmation bias, even if said opinions clearly have no relationship whatsoever with the actual reality of things...
My last post, not going to get into a debate but I think you and everyone else gets my drift. Good luck genuine holders. SL
You are either invested so why post negative comments all day, just sell if that’s the way you feel. Or you’re not invested so again why post negative comments all day, it’s just odd either way!
He’s mentioned acquisitions so many, just maybe, it’s for that. Hmmm
I haven’t commented on lse for years but feel compelled to after reading incessant deramping 24/7 from this walley HITS. For f@cks sake get a life or a hobby you absolute tool. What is your actual game here, your being talked about everywhere in every group you sad little man.
Again, why does George need an extra £6 million of cash right now? He's been banging on and on about repaying the loan this year out of Saltfleetby revenues - so why all of a sudden does the company seem so desperately short of a very large amount of cash?
And on top of that, why does he specifically mention "...to maintain covenants of the Saltfleetby Debt Facility or in the context of the prospective Saltfleetby Equipment Procurement" as a core part of his justification for seeking approval to issue up to yet another 682 million shares?
Where's all the expected and promised revenue from the gas field going, then? Or is George now thinking it may well be less than he's been hoping for and assuring of? Or has the company realised it cannot attempt the sidetrack without suspending production and so now needs the funds to make good on the hedges while production is paused?
Something seems even less right than usual here. Answers from the company are obligatory.
BP said: "Today's announcement is not for a one-off tax – it is a multi-year proposal. Naturally we will now need to look at the impact of both the new levy and the tax relief on our North Sea investment plans." (Daily Telegraph).
WG dear me, Angus are buying up assets rather than going bust wich you would prefer, tuff!
Dear me. For someone who posts so frequently it’s amazing how little you realise.
Page 47. Page 52,53,and 54 may explain what it means……probably not though.
https://www.angusenergy.co.uk/wp-content/uploads/2021/10/Angus-Energy-Saltfleetby-Reserves-Valuation-Report.pdf
"Angus is an expanding company needing authority to buy future assets. "
Seems to be mainly expanding the amount of shares in circulation BV - something is starting to smell around these smoke and mirror deals IMHO
LOL, anyone who isn't satisfied knows where the door is. For the thickos on here moaning, Angus is an expanding company needing authority to buy future assets. The levy has no effect on Angus but quite the opposite in our favour due to reinvesting profits for the maximum tax savings with the new scheme. We don't need to offset decommissioning because the wells will be repurposed, and the losses may be used when the scheme comes to an end SUNSHINE CLAWS!
Simples... the directors will "allot" the shares to themselves and then sell out the company!.... the extra shares will replace the loss in the SP to ensure they fill their own coffers... no confidence!