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You are adding up the 546 million twice. I have been to Angus Website and looked up how many shares in circulation before the buyout, they had 1,368,650,514 shares in circulation. they will after the buyout have 2,283,650,514. If you add up the other 546,000000 you seem to think they have put out there the number of shares would be 2,829,650,514. Get your calculator out and check for yourself.
Share capital is increasing by about 2/3rds (66.8% to be more precise), enabling Angus's holding in Saltfleetby to more or less double and £6m of cash to arrive on the balance sheet.
As I indicated yesterday, think yesterday's deal is quite close to constituting a re-launch of Angus and that the company is, effectively, at the beginning of a new stock market career now (the last few years have been the "prequel"!).
Think the ambition is to make of Angus a significant player in the market's energy sector and that the future is looking exciting.
.
GL is outright incompetent and negligent and he should not be allowed to be a doorman let alone a director. No body trusts him as he is a CONFIRMED FAILURE. Acquisition of SFB is an excellent deal but under his care EVERYTHING IS A FAILURE.
Baits,
You are right in that the new float given in the RNS of 2,283,650,514 indicates an increase in float of 915 millio (previous float was 1,368,650,514).
Yet, if you go through the RNS there are new shares as follows:
546 millio @ 1.09p
91 million @ 1.09p
5646 million @ 1.20p
5 mil lender shares
Total:546+91+546+5 = 1,188 million shares
But the increase in float is 915 millions, a difference of 273 millions.
The reason for these 273 millions not included in the new float is because they have not been authorised yet - they will be at the EGM in June
Ocelot, you are saying the company is relaunched - what happens to the SP after the relaunch? At the moment is a raise too the bottom.
Yanis2005,
We are all entitled to our own opinions.
In my case, I'm feeling relaxed and looking forwards to future developments, believe GL has got Angus's profile where he wants it to be at the present time, ie. 100% of Saltfleetby, £6m of cash arriving on the balance sheet, first gas forecast for the near future, 2 strategic investors on board.
Quite correct Yanis.
As has been stated, currently George can only raise £3 million via his placing/subscription of 273 million new shares at 1.09p with Aleph. He's limited by having hit the ceiling of his existing authority to issue new shares.
So he'll be looking for a new authority very soon to allow him (as the RNS states) to issue a second swathe of 273 million new shares to Aleph to raise a further £3 million pounds and thus raise the £6 million that the company apparently needs.
So there's another c 12% dilution coming - but at least this is already public knowledge.
PS: would not be surprised to see some small cap institutional money arrive at some stage.
GL has mentioned Paul Forrest joining the board but I wonder who the non executive board members might be, if it's a very big hitter it will fan the flames imo.
https://www.theice.com/products/910/UK-Natural-Gas-Futures/data?marketId=5253320
UK, JUN22 147.950 / therm.= 100cubic ft....... Q4,22. 238.400
US, $9.20 / Henry Hub.= 1000cubic ft.
Debts will be paid out of cash flow!!!!
And there's going to be shed loads of cash coming in........
tmk, gla
NIcosEvos, even at 130p a therm gives Angus a MKT CAP of £100m, calcs = 100 divide by 2300 = 4.3p at the new p90.
P.S. mkt cap is not including any future oil or other income.
...and as per usual, people conveniently forget to mention that the first 1.5 million therms of monthly production doesn't deliver revenue at 137p per therm or 120p per therm... try 43p per therm.
At production of 1.5 million therms a month, ANGS's revenue out of the field would total just £6.2 million in the first 12 months, after it's made good on the swap contract differentials. What's more, an increasing gas price doesn't benefit ANGS even one tiny little bit at all unless it produces more than the quantities it has hedged.
C&P, ANGS, BB, next door.....
john henry25 May '22 - 20:19
They will make £450,000 from the initial hedge plus approx £525,000 from the unhedged per month on 1.5 m/th
That’s £975,000 revenue p/month
A successful sidetrack of 1.5m/th will given revenue of £2.5m p/m
Total revenue £3,475,000 p/month
Is that including Brockham profits?
Head in the sand keep it buried it’s gonna kill you when Shell the offtake partner offers Angs a big lump.
"when Shell the offtake partner offers Angs a big lump."
GL last month:-
Q: "Would a project like this be simply too small for Shell?"
A: "I would think so yes."
One blatantly obvious error in those calculations is the assumption that any revenue ANGS manages to generate out of the field in June this year will be replicated every month.
Leaving aside the fact that ANGS now cannot possibly manage a full month of production in June (as the company itself has admitted), that is simply just not true.
But hey, I see the "Shell's gonna buy us outright!" rumour is being punted again, despite having been flatly debunked by the company...
Yet again, at 1.5 million therms a month, ANGS generates a revenue of £6.2 million in the 12 months to end June 2023, after it's settled the hedge for that year.
£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
Debts to be paid out of cash flow.....
Nicos, GL clearly said that the £12 mil SFB funding loan will be repaid by year end … this is by Dec 2022, within the next 7 months. So, why is it going to take until 2025 to repay half that amount?
Well, let's take the period through to end June 2025 when the hedge finishes - and let's see what the nett profit is likely to be from Saltfleetby, given ANGS's existing obligations.
If ANGS only produces 1.5 million therms a month throughout that period, it generates £23.3 million of revenue for itself (and £66.4 million for Mercuria at current gas prices).
Out of that £23.3 million and within those three years, it has to pay back the loan (c. £14 million inc interest), pay Forum the cash part of the acquisition (£6.25 million), and pay off the Knowe CLN (£1.4 million).
That would leave ANGS with just over £1.6 million out of which to cover three years of field opex costs....
As has been clear for months and months, ANGS will struggle to make any nett profit out of Saltfleetby over the next three years, unless it drills a successful sidetrack. The recent acquisition of SEL has changed nothing about that... that sidetrack being successful is crucial.
HITS lol, will you still be here in 2025 without having any shares to your name?