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Amusingly, you never fail to disappoint, BV.
Again the myth about being paid to post. Make up your mind.... I thought I was a green activist? Or a member of the Russian intelligence services? There have been so many bizarre assertions from you that it's hard to keep track.
As to "mug punters"? Looking at cold, hard facts (you know, those things you're violently allergic to and so would prefer to entirely ignore), I would suggest that anyone who has been dumb enough to buy into the endless assurances of jam tomorrow that you've been squeaking out at the top of your voice for months and months, could indeed fairly be called a "mug punter". The SP is (again) at a 52 week low, you know...
As to why it is at this level, those with a modicum of logic and rationality worked that out long ago. And explained why. With factual evidence.
But hey, you keep averaging down to your heart's content, there's a good little chap. I just hope there aren't too many who have bought into to your ramptastic nonsense over the last few years and who find themselves in the same unpleasant boat as you.
For the record, I don't wish for any genuine PI to lose money - and that inevitably even includes intellectually disadvantaged, playground insult-loving, disingenuous individuals with no manners, such as BV (that is, presuming he is genuine).
As the ANGS SP sits at a 52 week low (again), I'm simply commenting upon provable facts and reality, which remains stubbornly very different - in fact antithetical - from the rosy picture the likes of BV frantically try to convince others of, as they frantically wave their pompoms.
...for BV again today. Yet another stellar opportunity to average down.
Odins, foreign secretary. Hardly a man with a backbone (and as you say, one with a porcine tryst in his personal history).
But compared to either of those two sociopathic rabid harpies, absolutely yes.
Agreed it's good news that she's out (but bizarre that spaghetti-spined Call Me Dave got given the hat).
However, there's no way that I'd want the likes of Swella B and Pritti Patel (the Tory party's equivalent of Stalin and Pol Pot) anywhere near the reins of government.
Can't see what the confusion's about?
As far as has been announced, the last time PF sold was in April, when he sold 107.75 million shares, reducing his percentage holding down to 375.6 million shares, which was 10.46% of the shares in issue at that time (as per the RNS of 21st April this year).
The number of shares in issue has now increased to 4.142 billion. PF's number of shares seemingly remains the same at 375.6 million, which is indeed 9.07% of the total shares currently in issue.
It remains to be seen what will happen in January.
BV displaying his lack of intellectual chops (yet again).
Never mind BV. You keep ignoring the facts and averaging down, there's a good little chap.
As has been said, the issue isn't so much with the asset (c. 2.7 million therms a month of production, which okay will decline over time as the field depletes, but that's not too shabby at all).
It's with a) the size and nature of the financing apparently required to get to this position and b) the gross incompetence (or downright mendacity) of the ANGS board in repeatedly massively undercalling estimates of how much cash was needed (and the timescales involved in finally getting to production).
It's not so much the amount of debt that ANGS is carrying (c. £6m plus interest on the senior loan, payable by Jun 25, c. £7m on the 2nd junior loan, payable by end Jan 24, and c. £5m to Forrest, payable in swathes running up to end Jun 25). It's the both the maturation period and cost of said debts.
As we know, ANGS had next to no cash left at the end of March (£250k, which they just managed to bump up very hurriedly by £3m with the first junior credit card loan). It now needs to either get its replacement global refinancing sorted out before the £7m now owed on the second junior credit card loan becomes repayable in less than 3 months' time, or come up with £7m in cash, or it'll issue over a billion extra shares in lieu of repayment, should the lender agree, On top of that, PF is going to be due at least another £1m in January as well...
In order to have a chance of providing any sort of return for retail PIs, ANGS needs to buy itself time in which to produce, hence the hoped-for replacement finance package. To date, all it's effectively done is the corporate equivalent of financing itself with ever-increasing and ever more expensive credit card debts (while being at best decidedly and repeatedly less than candid on its undoubted need to do so - see below).
"We're raising £7m this Xmas to pay off the missed hedges!" Bzzzt. The cash got raised but no repayments were made.
"We're borrowing, because it's better for holders than dilution!" Bzzzt. That first £3m loan plus costs got repaid in shedloads of dilutative extra shares.
It's way past time for this company to start being truthful. It'd help.
I beg to differ.
Forget "any rational thinking outsider". Frankly, upon taking the briefest of looks at the company's history and its CEO's much-repeated track record of being virulently allergic to the truth, anyone with an IQ bigger than their shoesize would definitively not be filled with warm and fuzzy positive feelings.
Schlomo Ben Haim is clearly a shrewd operator and smart cookie. His brother? Really not so much.
No explanation of the blatant untruth regarding the 1p minimum floor price that wasn't. Clearly that wasn't a contractually agreed term by both sides, even though it was RNSed as such.
Also, repeating the statement that borrowing was taken out because it was better for shareholders than dilution is just rubbing salt into the wound, given the 516 million new shares just handed over to Kemexon.
However what is also very clear from the answer to that one key question (and well done, whoever asked that) is how utterly screwed up Hans Christian Lucan's stewardship over the company actually was. Okay, this was realised by many here at the time, but presumably even his Lordship's most ardently fawning fanbois must be aware of this now.
Oofy, correct. As previously commented upon, nobody can now rely on ANGS's RNSed statement regarding the terms of either junior loan, following on from the first being paid off with shares valued at far less than the confirmed and assured floor price.
BV, I think the most cursory look at the SP's trajectory over the last several years makes it beyond clear that my own more wary view on ANGS has been pretty much spot on accurate. However, although you would look a deal less idiotic if you stopped making things up, you carry on averaging down as much as you like.
To provide some clarity on the new authorities to issue shares that ANGS just got given (unsurprisingly) as a result of yesterday's EGM, these fall into three lots:-
Lot 1. 516 million new shares which WILL be issued to Kemexon as payment for the first £3 million short-term/junior loan. For info, that £3m loan over six months cost the company (or rather, shareholders, in terms of imminent dilution) an additional £406k in interest and fees. Annualised, that's a fraction under 24%, so hardly cheap borrowing.
Lot 2a). 300 million new shares which WILL be issued to Aleph as warrants related to providing the second £6 million short-term/junior loan. This loan is under the same terms as the £3m one above and having ben extended once, becomes due for repayment in January.
Lot 2b). 1.5 billion new shares which MAY be issued in January to pay off the second £6 million short-term/junior loan, plus interest and fees. Rather than issuing these new shares at that time, ANGS could pay off that loan in cash (if it has enough at the time) or alternatively, if the replacement global refinancing package has been agreed at that time, then this could be used to pay off that loan instead of issuing new shares.
Lot 3. 2.762 billion new shares, which the company MAY issue in the future for whatever it sees fit.
That's a total new authority to issue up to 5.078 billion new shares, of which 816 million will definitely be issued very shortly (516 million actual new shares plus 300 million as warrants), of which 1.5 billion are fairly likely to be issued in January unless some other means of repayment is forthcoming, and of which 2.762 billion are additionally available to be issued, should the need arise.
Those who fail to learn from history are doomed to repeat it.
BV you stay delusional, carry on spreading your multi-ID fairy tales and above all else, keep on averaging down, there's a good boy.
Oofy, I think you're forgetting all 3 of the Resolutions, which all (utterly unsurprisingly) got passed.
Take a look at https://www.angusenergy.co.uk/wp-content/uploads/2023/10/GM-Circular-20231012-FINAL.pdf ...
...and then work out exactly how many new shares ANGS just got the authority to issue (you'll need a big calculator and one with lots of commas).
Over £10 million quids' worth at nominal value... and the nominal value of an ANGS share is 0.2p (or £0.002 if you'd rather).
With that size of authority, they definitely won't need to hold another EGM to pay off the 2nd £6m junior loan in shares in January next year.
Quite correct. ANGS now has the additional authority to issue and then hand over a further billion or more new shares to Kemexon in January.
It's either that, or hand over £7+ million in cash in 3 months' time, or get the alleged "replacement global refinancing" sorted in time.
For Amit? Spikey, I find it impossible to believe that, what with the notorious track record of CTAG, Amit thinks there is the slightest further chance of dipping his hand into anyone's pocket.
At this stage, that would be a bait 'n' switch/find the lady/shell game/419 scam too far, surely? Literally nobody would buy that by now...
The ONLY shred that genuine long-suffering PIs have to cling onto (and that's probably about 50% of people posting more hopefully on here, with the rest being shills)...
...is why Amit would continue to perpetrate something that every other piece of other evidence is indicating as a total charade.
That remains a mildly interesting question, with possible answers being (in order of descending likelihood) a) extreme narcissism, b) psychopathy c) an effort to dissuade any legal action from being started or d) it is actually real.
IMO c) is a complete waste of time by this massively belated stage, but might as well put it in.
BV, read the disclaimer. It specifically and only applies to future (or "forward-looking") events, about which there will be a degree of uncertainty (because they're in the future).
Said disclaimer does not give ANGS any wiggle room whatsoever to make false statements about concluded events that have happened. The RNS I quoted from earlier categorically states that ANGS HAS signed up to the first £3 million junior loan. Therefore all loan terms were known and agreed by all parties at that point.
Except as we now know, for that RNS to state that there was a floor price of 1p for any issued shares used to pay off that loan was quite simply and quite utterly untrue.