Member Info for Bridgedogg1

I’m not sure why they have issued this RNS as it’s all in the previous financing update: conversion at 0.66p and 1 year lock up of shares. Much better than a forward sold discounted placing. The conversion allows for better refinancing terms due to the overall reduced debt. I assume that having sufficient authority to issue shared to cover refinancing in case there is an issue with repayment is also part of the deal. I see this as all the pieces falling into place for refinancing.

“· The Company's 12.5% shareholder, Kemexon Ltd ("Kemexon"), has agreed to convert its £3m Junior Bridge Facility, together with interest and fees, into equity in the Company at a price of 0.66 pence per share. Kemexon has also committed to a one year lock-up of those shares.

· Continuing progress on global refinancing of the remaining Senior Facility (£6.3m as at 1 October 2023) and Junior Facility (£6m), expected to close by year end.”

It’s not circular. The question was why hadn’t an external company made assumptions about an unknown future financing deal for Angus. I think the answer is in the question.

Yes it’s of great interest to shareholders. But that doesn’t mean that speculations on it would be in the CPR.

The details of the CPR is there to obtain the financing. A view in future gas prices are required. You have asked why the future financing is not in the CPR. This is the reason.

How would the unknown terms of refinancing be included in the CPR?

Why would the refinancing that hasn’t happened yet be in the CPR?

I would have thought the refinancing was dependent on the new CPR.

Some great content to the interview but thank his fir the ability to speed it up!

£6m of the £12m debt repaid over the last 12 months. £3m debt converted to equity. Shouldn’t be an issue now with the CPR to get refinancing on very good terms and free up some cash from operations.

Shorter term the oil development opportunities could provide a much needed boost of interest here.

Longer term the pay down of the debt along with reducing hedge position puts us in a very good position.

Looks like that’s the answer to what the additional £3m was for in the global refinance.

There’s all ways going to be the PIs taking profit and in many cases I think just happy to get out at a slightly reduced loss considering the decline here, but the big trades are buys and such a positive CPR really bodes well for the future of the company. With the CPR and once the financing is sorted we can expect some much bigger upwards movements in the share price.

Global refinancing should follow shortly.

We know the revenue but what are we taking home after all costs?

Yes PIs selling on the slight rise. Only putting the company on a more stable financial footing will get this moving, that can come from both the global refinance and/or a strong increase in the price of gas.

Looking forward to it

Partial Hedge Unwind

The Company believes that the winters 23/24 and 24/25 will present the possibility of price spikes as geopolitical tensions and the potential for cold snaps remain. As a consequence, the Company has reduced its future hedge exposure, taking advantage of the recent sell off in gas prices. As announced, the Company has unwound 50% of its hedge position in the second half of 2024 and the first half of 2025. Angus has agreed to settle the following volumes at the following fixed prices: in 3Q24, 1,840,000 therms at GBP1.226/therm; in 4Q24/1Q25, 3,640,000 therms at GBP1.37/therm; in 2Q25, 1,820,000 therms at GBP1.07/therm. This action will provide the Company with exposure to price upside during this period, while keeping 50% of current hedges in place. Settlement of these transactions will take place in the future in the normal way.

There have been many mistakes made here by the board but it’s got to be said that the unwinding of 50% of the hedge since July will massively benefit the company.

‘ the Company does not currently expect these Ordinary Shares to be issued given the ongoing discussions to complete a global refinance of this and other Company indebtedness, it is complying with these requirements now in putting such resolutions to Shareholders. ’

The board are seeking authority to cover debt which seems prudent, clearly refinance is still the aim.

Reads to me and looking at previous RNS that he hadn’t left, just stepped down from the board.

The refinancing is for the bridge and senior facilities. There’s a 3% charge for early repayment.

Isn’t TheoremRx Inc a shell company that promised capital but haven’t delivered? I’m not sure what a merger would bring to val?