Couple of things.18 Jan 2022 08:52
I see that the first indicative offer announced is a tad lower than the cheerleaders had been predicting.
For LTHers, this will presumably seem derisory and utterly unreallistic, given George's frequent assurances of "sum of the parts" valuations for the entirety of ANGS - and not forgetting the company's most recently issued CPR on the revenues projected from Saltfleetby alone.
What I suspect may have happened is that ANGS may have realised that there are substantial risks that it cannot by itself get Saltfleetby over the line, either from a "time left" or from a "remaining cash required" point of view, or both. Which would at least explain the sudden announcement of its formal sale consideration process. If this is the case, then quite justifiable questions could and should be asked as to how long it's realised this, but that's another matter.
Bear in mind that - as some more objective here have been saying for months - for ANGS, the "life or death" matter has always been about getting to adequate levels of gas production before those two separate alarm clocks of debt repayments and hedge fulfilments kick in (or "how much gas and by when?").
Gneiss's involvement is in interesting - isn't there still a £200k+ argument over an alleged unpaid bill going on between Gneiss and ANGS? I don't remember seeing any update on that? Still...
Also noteworthy is the following snippet from today's RNS:-
"The Exchange Ratio would give an implied value for the entire existing issued and to be issued share capital of Angus of approximately £21.6 million (based on a closing price of 2.20 pence per Sound Energy share on 17 January 2022, being the last business day immediately prior to the date of this announcement)."
To my knowledge, ANGS has 1,093 million shares in issue as of right now. At a 1.5p paper equivalent, that would give a value of £16.4 million. But to get to the stated £21.6 million implied value mentioned above would require there to be 1,440 million shares in issue, or an extra 347 million? I don't think ANGS has existing irrevocable commitments to issue an extra 350 million shares, does it?
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