Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
One very simple question:-
If Saltfleetby is on the very brink of producing literally transformative revenues (remember George's £7.2 million in June, anyone?)...
...how come ANGS needs to raise £6 million of funding right now from Aleph? (After all, we've been told it is categorically not to pay the £6.25 million deferred cash element of the SEL acquisition, which George has assured everyone will be paid from field revenues)?
..and how come George is looking for an extra authority to issue a further 682 million new shares for the following purposes:-
"This will give the Directors flexibility to allot further Ordinary Shares in the future (whether to maintain covenants of the Saltfleetby Debt Facility or in the context of the prospective Saltfleetby Equipment Procurement or more generally) should they consider it to be in the best interests of the Company to do so."
It would seem that George doesn't have a huge amount of faith in his own revenue projections from Saltfleetby. Why do they need all this extra cash at this point?
"It may come into force with effect from today but it has still got to be legislated."
pretty desperate Ocelot
And this is the kick in the tail for Angus
To appropriately tax the extraordinary profits, companies will not be able to offset previous losses or decommissioning expenditure against profits subject to the levy.
WG818,
That is not what I was suggesting. The fine detail of the measure will only be known when it has passed through the legislative process.
Come on Ocelot! It’s not going to be turned down.
WG818,
It may come into force with effect from today but it has still got to be legislated.
NO NO NO!.... further dilution of the SP.. I don't know what GL is thinking ... as to "rights to do it again" W T H!!!!..... at this rate the SP will be 0.5p by the time he has finished!.... AND.... a further delay in first gas..... No confidence!!.... with no vision of the long term plan!... time to get out me thinks!
How will the Energy Profits Levy work?
Currently, the oil and gas sector pay a 40% headline rate tax on profits consisting of 30% Ring Fence Corporation Tax and 10% Supplementary Charge.
In recent years, under the existing regime, fewer than 35 groups have made tax payments each year. In 2021, the top 7 groups accounted for around 95% of payments.
The Energy Profits Levy is an additional 25% tax on UK oil and gas profits on top of the existing 40% headline rate of tax, taking the combined rate of tax on profits to 65%.
To appropriately tax the extraordinary profits, companies will not be able to offset previous losses or decommissioning expenditure against profits subject to the levy.
It is expected to raise around £5 billion in its first 12 months.
The tax will take effect from today, 26 May 2022, and will be legislated for via a standalone Bill to be introduced shortly.
In future years, if oil and gas prices return to historically more normal levels, the Government will phase out the Energy Profits Levy, and also the legislation will include a sunset clause, effective at the end of December 2025.
Ocelot it comes into force today!I
"It will require legislation"
Lets just hope it doesn't get worse - NO-ONE will vote to cut the Windfall Tax ocelot
I've seen a brief summary of the levy, WG818. It will require legislation, so let's see the detail of what emerges from Parliament.
I have nomlungo on filter so, no, am unaware of anything he may have highlighted.
Re tax, this tweet (from WealdOilers of all people) is relevant... and especially the 4th listed point:-
https://twitter.com/WealdOilers/status/1529808057324150784
"To appropriately tax the extraordinary profits, companies will not be able to offset previous losses or decommissioning expenditure against profits subject to the levy."
Ocelot
Have you not seen the chancellor’s new 25% tax Levi?
As nomlungo just highlighted the tax question seems irrelevant now as he points out!
There's an Investor Question re tax losses but, as I understand it, if account is taken of the value of the tax losses in SEL and assuming they can be offset against taxable profits as forecast in the CPR, the net cost of the acquisition to Angus is low.
What dilution? They are increasing the number of shares in issue but, at the same time, increasing the company's assets. In addition, they are buying the 49% of Saltfleetby at a significant discount to the revised CPR's net present value.
Doesn't that mean they are enhancing the company's shares' asset base, not diluting it?
Did you not just buy in recently??
Sorry... that should read Forum with its 28% of shares in issue at the time of this GM, plus Aleph with their 12% of shares in issue at that point. There's 40% in favour for starters...
Yes, George is certainly seeking a much larger authority than merely covering off the second swathe of shares and warrants to raise that extra £3 million from Aleph, isn't he?
So, 446 million new shares to cover the above (including the warrants attached to both Aleph swathes) plus a further authority to issue up to another 682.5 million shares.
It's going to get passed for sure. By the time of the GM, you'll have Forum with 25% of the shares in issue at that point, plus Aleph with their c. 10% of shares in issue at that point.
i will be voting no - dillution up on dillution
Vote no and you aren’t able to drill the sidetrack….. don’t drill the sidetrack and it’s game over!!
Whoop There It Is!
'This will give the Directors flexibility to allot further Ordinary Shares in the future (whether to maintain covenants of the Saltfleetby Debt Facility or in the context of the prospective Saltfleetby Equipment Procurement or more generally) should they consider it to be in the best interests of the Company to do so.'
Don't buy orange juice from GL, it will be diluted that much it will basically be slightly coloured water. This cretin is going to have more shares in issue than there are humans on the planet within 6 months.
Vote No