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"There's nothing in the RNS that we didn't know"... seriously???
Have you bothered working out how many new shares ANGS is seeking the authority to issue? And how many it's almost certain to issue?
Here's a clue. For every £1 million of nominal value, ANGS gets to issue 500 million new shares, if it wishes.
As I said, after this RNS, there being a "mere" 4.14 billion shares in issue is soon set to be a rapidly receding memory. Confetti time ahoy, sadly.
It looks like there being only (only, right?) 4.14 billion shares in issue will soon be a distant memory.
That's one ****load of new shares they're seeking authority to issue...
As we all know, this has precisely nothing to do with Sando increasing any trust for the benefit of employees - and everything to do with him making sure he's got another 10% of votes available which he can then use to pass whatever resolutions are needed to keep his farcical and utterly unjustified salary paid for just a little bit longer.
Talk about being very handsomely rewarded for the nigh on utter destruction of shareholder value... must be nice work, provided that one's got absolutely zero sense of shame or ethics.
"Accretive"? Better described as a blatant vote-rigging action.
It is laughable to state that any number of less than positive comments posted on a bulletin board can "destroy people's investments". And of course, as the UKOG SP clearly, bleakly and undeniably shows, pretty much the entirety of those less than positive comments have turned out to be bang on 120% accurate, so can hardly be described as "deramps".
If you really want to know why those holding UKOG shares have had their investments destroyed, then look literally no further than the utterly ineffectual actions and completely untrue statements from the UKOG board of directors.
Plus of course, in terms of anyone being naive enough to believe what they read on a bulletin board, who may as a result have been inspired to buy into a company like UKOG, or alternatively or to hold shares longer than they should have, then the heavenly choir of "jam tomorrow" cheerleaders may well have a considerable amount to answer for.
Noel, you'd assume entirely wrong then (I really would have thought that you bothered reading RNSes?)
Anyhow, this from the Feb 22nd RNS, stating clearly that it starts from March 1st this year - 8% of all gross revenues from existing SFBY wells, with 3% going to Mercuria and 5% to Aleph.:-
Royalty Interest
As part of the senior debt facility secured in 2021 to redevelop the Saltfleetby Field, the Company acquired a commitment to pay royalties to the lenders from the three current producing wells on repayment of that part of the debt associated with the construction of field facilities. The royalty period will commence from 1 March 2024 for payments to Aleph entities of 5% and Mercuria of 3% of gross revenues of sales gas and condensate. The royalty will not be applied to any future wells that the Company drills.
OneToMany, please feel free to point out where any number is wrong.
The first RNS on Feb 22nd confirmed there's a 5 year £20m amortising loan at c. 14% p.a. interest, with no principal being paid back in year one. This means that ANGS will owe £2.8 million in year one (interest only), then £6.56 million in years two to five (interest plus principal). Feel free to calculate this yourself and report back.
The 8% royalty on gross production revenues was also confirmed in that same RNS. ANGS is currently generating revenues of c. £1m per month. The royalty owed would therefore be £0.96 million per annum.
The self-same RNS confirms that PF is still owed £2.88 million, fully payable by June 2025.
Sorry, but the only numbers that are likely to be wrong lie in your repeated assurance that the ANGS SP will be 1.5p by the end of March.,
Taverham, nobody's sure about ANGS's current level of Opex or G&A for that matter - so I've not taken any account of that.
However, from published RNS documents, it's extremely simple to work out what the refinancing will cost ANGS over the next 5 years.
It's also simple to work out what an 8% royalty on all gross SFBY revenues in perpetuity will cost ANGS - you just need to estimate average monthly production levels and average gas sales pricing. That 8% royalty due was just re-confirmed by RNS.
As for the remaining PF debt of £2.88 million, payable in full by Jun 25? That's just been confirmed by RNS as well.
So... why has the market not reacted at all to the refinancing news in the way the cheerleaders were screaming that it would? Well...
Presuming ANGS averages production of 2 million therms a month out of SFBY ongoing (that's the level it seems to be producing at the moment)...
And presuming that this rate of production doesn't decline...
And presuming that it can get an average of 50p per therm (somewhat unlikely, given the existing hedges or their replacements, but it keeps the maths easy)...
ANGS will (obviously) generate revenues of £12 million per annum out of SFBY.
Courtesy of the refinancing, ANGS now owes Trafigura £2.8 million (£233k per month, starting immediately) in interest only repayments for the next 12 months.
ANGS will also now owe Trafigura £6.56 million (£547k per month) in interest and principal repayments for the next 48 months following year one.
ANGS now also owes Mercuria and Aleph £0.96 million per annum (£80k per month, starting immediately) until the field ceases production.
And of course there's still the £2.88 million balance of the PF debt to be paid off one way or another in the next 16 months...
It's always helpful IMO to try and work out why the market reacts (or doesn't).
What on earth are you squeaking about, BV?
Anyone wanting to get an idea on ANGS just needs to look at the SP trajectory. The "amazing" global refinancing that you claimed would be transformational has done precisely nothing for the company in the eyes of the market, nor has the announcement of an MOU with a major that you've been assuring anyone dumb enough to listen would cause a sharp rise in the SP.
And yet the SP continues to circle the drain, at or around a 52 week low...
One doesn't have to be a rocket scientist to see that. But hey, you keep on averaging down and denying reality.
Quite the contrary, Adrian. The attempt to destroy the company is both successful and ongoing. Which is unsurprising since the individual leading that attempt is the company's CEO (whether he means to or not... i doubt it matters to him one way or the other, provided that he can still draw his handsome monthly reward for consistent and abject failure).
Accusations being thrown around by the kindergarten that posters are "rubbish at their jobs", I see.
Well, I think it can safely be said from the merest glance at the ANGS SP that those truly rubbish at their jobs are:-
a) the ANGS board (past and present) who have presided over such an ongoing (and yes, still unrelieved) destruction of shareholder value
and
b) the rabid yet hapless cheerleaders on here whose every single prediction of "transformation", "rerates", "multi-bags" and "sharp SP rises" have all proven to be utterly incorrect.. and in fact quite the reverse of reality.
Nice going, chaps.
Mind you, this very rapid edit does seem to confirm that it's all about adding that extra 10% of votes onto keeping Sando's gravy train creaking along until the very last knockings.
I'd actually lay a tenner that it was the ever-present and ever-cheerleading Ocebot that alerted the spivs to your post and hence their screw-up.
Delta, it may well be your post here that alerted the cackhanded spivs to that error.
In many ways, it may be a shame that you publicised it...
Oh look... a "resumed" GM, just a week after those 3+ billion new shares that have just been made to magically appear will be put into the EBT...
...and add another 10% of votes in favour of whatever the BoD spivs want to get pushed through.
This is laughably transparent.
Well.... to buy 25 million shares today would only cost c. £2k, which is pretty much chump change level (but with the emphasis very much on the word "chump")..
However, looking at the ever-worsening state of UKOG, it's still a fair question. You'd almost certainly get a better return by spending that £2k on 800 lucky dips for the next Euromillions lottery.
Yes, but as shares, they have voting rights attached. How very convenient, literally just after a failed EGM where obviously not enough support could be found for resolutions tabled...
Interesting comments... this was an announcement that came straight out of the blue, wasn't it? And it's all happening with unseemly haste...
I agree entirely with Deltavegatheta. It seems crushingly obvious that shares are only being very hurriedly added to the EBT in order to ensure that a resolution passes which was previously voted down. The appropriate term for this is blatant gerrymandering.
Again like Delta, I also ask where UKOG has come up with the ability to issue over 3 billion new shares all of a sudden? It didn't have that much authority left, did it? So, how come it is able to?
It had been hard to imagine how this company could get any more farcical, but one can always rely on UKOG to find imaginative ways to lower the ethical bar even further.
On the plus side, what this has done (albeit at a cost... c. 14% plus triggering the 8% royalty on all revenue from existing wells) is give ANGS time, by removing the imminently looming need to repay substantial amounts of already incurred debt.
That's a positive. Let's see what the company now does with the time it's just bought itself.