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BV screams for people to believe what the company says.
Sadly, the company has provably misled the market twice on significant matters in 2 RNSes within the last 10 months.
"You know that £7 million we raised via the Xmas megaplacing under the promise of paying off the majority if not all of the missed hedge payments? Ooops! Sorry for the earlier RNSed porky pie, but we didn't actually use any of the money raised to do that."
"You know those missed hedge payments we didn't pay off? And remember that we had to borrow £3m at credit card rates to do that, while telling the market that even if we had to pay that debt back in shares, the floor price per share was set in concrete at an absolute minimum of 1p? Ooops! Sorry for the earlier RNSed porky pie, but we actually are having to issue shares to pay off that debt at 0.66p."
Yeah, I'd believe every single word ANGS utters is gospel truth. That's a surefire recipe for success...
Read my post in this thread of 12:09 26th Oct and see for yourself. It quotes the RNSes in question.
BV you ignore facts, that's for sure.
The rational here will be well aware that the genuinely worrying things are the borrowings, the number of shares in issue and the SP itself. All things that the company is entirely responsible for, rather than some random poster on a BB.
But hey, you keep averaging down - after all, ANGS shares seem to be getting cheaper all the time.
The "borlax" I am talking is pure fact - and I even gave you the quoted evidence from RNSes to verify that. However, feel free to ignore.
As to the cheap shares you're still buying? Carry on as much as you like... they keep getting cheaper, so it's called "averaging down".
On a more sane note, I wonder if the market's now costing in a probable c. 20% dilution, come end January and presuming that Kemexon is likely now to also get a billion or more shares in lieu of payment for its 2nd £6m "junior" loan?
I have a deal of sympathy for genuine ANGS PIs who have been continually misled by this company.
However, my sympathy does not extend to the likes of BV, who simply yet unsurprisingly cannot deal with any facts about the company, so merely resorts to a) ignoring them completely and pretending they don't exist, b) just making stuff up because cold hard reality doesn't mesh with his delusions and c) permanently throws childish hissyfits whenever anything factually less than positive is mentioned. Basically, he's an intellect-bereft ,valueless and infantile little oik.
BV three things.
1. I have just the one ID.
2. I note with no surprise that you've avoided the oh so easily proven fact that ANGS has misled the market on significant issues twice in the last 10 months by putting out information via RNS that turned out to be utterly false.
3. "Watching ANGS expand"? The only thing that has expanded re ANGS is the number of shares in issue (and watch this space for even more after the EGM vote). Needless to say, the SP and thus the MCap have both done the entire reverse and shrunk dramatically.
BV you can ever more desperately try to smokescreen as much as you want, by pretending that all less positive posters are one and the same individual and throwing in playground insults...
...but it does not change the very easily proven fact that in the space of the last 10 months alone, ANGS has to all intents and purposes misled the market by RNSing what turned out to be two blatant falsehoods.
First off, there was the Dec 2022 £7m raise, where ANGS RNSed the following on the 19th Dec:-
"Hedge expenditure: £3.3 million. As part of the Company's rolling hedge programme relating to gas sales from Saltfleetby, and due to the late start of production from Saltfleetby, some of the original hedged volumes due in Q3 2022 were closed and new hedges of an equivalent amount, but at much higher prices, were restruck in H1 2023. Whilst the Company had been seeking to defer this liability to include it within H1 2023's commitments and has been in discussions with the hedge providers to that end, it has now been unable to agree this. As such these funds are expected to satisfy the majority (if not all) of the earlier closed hedges."
As it turned out, NONE of the raised £7m was used to pay off ANY of the missed hedge shortfalls and instead ANGS had to borrow the two £3m and £6m "junior loans" this year to cover those shortfalls off. That's significant and so it's direct falsehood #1.
And then we got the 28th Mar RNS from this year, detailing the terms attached to the first £3m junior loan, which stated this:-
"Revenues from the existing operations and the sidetrack are expected to repay both the senior and junior facilities. The Company has the option to repay the junior loan in shares at a 25% discount to the 30 day VWAP, subject to a floor at 1p and this same option is also available to the lender but only in the event of default."
Okay, so field revenues weren't enough to pay off this £3m loan, but that was only "expected". So, SOLELY BECAUSE that floor price of 1p was stated in that RNS, ANGS led the market to believe that worst case, only an absolute maximum of 340 million new shares could possibly be issued to Kemexon to pay off that first £3m loan inc fees and interest.
However as we now know, there very obviously wasn't any binding floor price, so Kemexon ended up getting 516 million new shares... that's 51% more than that absolute cast-iron maximum the market was informed about. Via RNS. That's again a significant deviation and so it's direct falsehood #2.
Is there any wonder there's an ongoing lack of trust and confidence?
You've just got to grudgingly admire ANGS's inability to tell the truth, even via RNS. When is a flor price not a floor price?
This from the RNS of Mar 28th detailing agreed terms for the first £3m junior short-term loan:-
"Revenues from the existing operations and the sidetrack are expected to repay both the senior and junior facilities. The Company has the option to repay the junior loan in shares at a 25% discount to the 30 day VWAP, subject to a floor at 1p and this same option is also available to the lender but only in the event of default."
Subject to a floor, eh? This from today's RNS:-
"...the Company was to all practical purposes only able to agree conversion of the Loan at a price per share of 0.66 pence, being approximately the share price at that time, with Kemexon as announced on 28 September 2023. The Board recognises of course that this is below the initially intended conversion price of 1p...."
So, it's crystal clear that there was no fixed floor price at all, in direct contradiction of what was clearly stated in the Mar 28th RNS. I'd be interested if anyone can put forward any even vaguely valid argument as to why the earlier RNS was not completely misleading at best (or more likely, just entirely untrue).
Buckle up... there's a very fair chance that Kemexon is going to get another billion+ shares in January, unless the alleged replacement global financing package appears.
The next concerning thing - especially with a view to the massively increased authority to issue additional shares that is being sought at this EGM - is that the ANGS BoD is teeing itself up to be able to also settle the upcoming £6m bridging loan (that is equally expensive in terms of interest rates and extension fees, but of course double the size) in shares.
That second £6m (plus fees and interest) becomes due for repayment in January (unless further extended with the unilateral agreement of the lender at God knows what extra cost).
What happened to the company's promise to stop diluting existing holders by not carrying out any more placings and borrowing instead? That turned out to be a total crock - sure, they borrowed... but then had to repay the first short-term loan by handing over half a billion new shares to the lender. As Oofy points out, that's just a dressed-up delayed placing
And what on earth is going on with the alleged "replacement global financing package" that was meant to avoid all this need for dilution? Hopefully it'll be secured before the maturation of the £6m loan results in presumably a further billion plus new shares needing to be handed over to Kemexon.
That's because, although Ocelot's #1 is true, his/her #2 is probably not... and certainly not if the balance of the £12m senior loan gets paid off as part of any refinancing package, because that triggers the 8% royalty on gross field revenues ad infinitum.
One does wonder why daily output has fallen below the expected average of 90-95,000 therms for two days running again? It can't be a dodgy compressor or routine maintenance again, can it?
Jaffy, that's an entirely sane and realistic view to hold.
Having said that, there are others posting here - and just possibly some genuine holders amongst them - who for whatever reason are STILL assuring anyone prepared to listen that riches are just an hour away.
And that sort of lunacy is likely to attract comment.
Being seasoned by senility introduces a class of people that Singhie is much in favour of, viz. his expressed undying admiration for that "progressive intellectual" heavyweight, Sleepy Joe "can someone tell me what decade it is?" Biden.
They've largely got the attention spans of goldfish, they think they have an undeniable human right never to be offended nor for anything even mildly unpleasant to happen to them. They're busily demanding that over 100 (a d counting) purely self-determined genders be legally recognised... oh and they all are certain that anyone involved in fossil fuel production is in league with Satan and should immediately be cancelled.
Yeah, let's let them decide. When you can't rely on the sane to deliver you the result you want, free the lunatics. Great idea.
Singhie's whole premise of trying to overturn a democratic vote decided upon by a majority is predicated upon his view that the nature of said electorate may have changed over the few intervening years, solely due to the passage of time.
What he's interminably baying for is for the same question to be asked repeatedly, until it produces a result that meshes with his centralist von der Leyen obsessional lovefest. Not exactly what one would call democratic but still, not an unusual tactic for the radicalised - the same tactic was much loved by Nicola "wee Jimmy Krankie... I'm not an embezzler, honest!" Sturgeon.
Nonetheless, there will be a grain of truth in what he's saying... not to the extent he claims, because the Brexit vote was on,y a few years ago, but still. Some older voters, more seasoned by reality, will have snuffed it and a number of dewy-eyed woke idealistas will have now reached voting age...
However, deciding to rely upon largely moronic and inexperienced 18-20 year old to define the future of the nation seems like a crushingly bad idea. By and large, they've all been indoctrinated throughout their education by Singhie's much-admired "progressive intellectuals" (aka hypocritical leftist Islingtonista failures), . As a result
The site is accessible for me too (not that it's going to matter).
However, yes pikeyK, there is no doubt that you are indeed "special"...
singhie, for the love of god, get off your monotone "progressive intellectual" (now there's an oxymoron) soapbox and try restricting yourself to making posts that are relevant to angs.
your zealot's views are by now beyond well-known and you're taken no more seriously than one of those swivel-eyed loons that wander the streets of london with a placard and a sandwich board ho****ly and eternally croaking that the end is nigh.
in fact, that's exactly what you should be doing, given that you have a clearly obsessional compulsion to preach. go and bore others' asses off for a change.
Singhie now says "...and now with the International World respecting President Biden and President Macron and Ursula Von Der Leyen"
He's obviously got more matching pyjama and duvet sets than I first suspected.
And in that definitively less than admirable triumvirate he includes Sleepy Joe as someone the world allegedly holds in respect??? An octogenarian who barely knows what decade it is, let alone day of the week?
Be careful what you wish for.
That interest rate has been known since ANGS took out the £12m loan. It's not suddenly looking high, it's always been high.
The first £3m junior loan (recently paid off with shares instead of cash) and the second £6m junior loan (still current) each have/had an even higher interest rate of SONIA + 15% (for reference, today, SONIA is over 5%).
Aaaah the halcyon days of Hans Christian Lucan's stewardship...
The man who stated repeatedly in answers to IQs that it would take maximum 7 weeks to drill the sidetrack and in doing so, shot company's own planning submission that it'd take up to 16 weeks down in flames (it ended up taking 25 weeks)...
The man who predicted in his legendary interview in Mar 22 that ANGS would produce £7 million of gas in Jun 22 (it didn't actually produce anything at all until 31st Aug)
The man who assured shareholders via RNS that the £7m Dec 22 megaplacing would be used to pay off "the majority, if not all" of the missed hedge charges (precisely none of these were paid off with funds from that placing)...
Yeah, he was a real paragon of accuracy and truthfulness that is sorely missed, I'm sure.