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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.
Hey RK.... I think the wished-for Holy Grail is pretty much bound to be of the Monty Python variety than the legendary chalice type.
Again, why oh why is there any expectation of final closure (one way or the other) by Friday? There is not a snowball's hope in the tropics of there being any definitive resolution.
Instead there'll be another cankicked vague future date in a badly worded website update, which the ever hopeful will yet again desperately seize on like drowning men clutching at straws and which the stooges will yet again brandish about like it's the most significant piece of news ever.
And so on... and so on... until (presumably) the eventual heat death of the universe.
Closure? Definitive resolution? Seriously guys?
It's for sure a nauseating image... but probably best not to talk too much about it, or we'll get umpteen posts from Singhie detailing his unhealthy level of Europaraphilia.
(The clever money says we'll get those anyway, because he needs precisely zero encouragement to sing the praises of his Brussels lube, but still...)
FFS BV, you're getting even more delusional if you think that I'm Singhie.
a) I've never cobbled together a spreadsheet that spewed out future SP predictions. As Singhie proves every day, to do so would be utterly pointless, which is why he has top keep revising his numbers.
b) Unlike Singhie, I don't have the Ursula Von Der Leyen matching pyjamas and duvet set.
That was a very short-lived spike, wasn't it? You've got to have eyes like a hawk and the reactions of a mongoose on amphetamines to be able to trade ANGS profitably.
What I'm not understanding is why there's any notion of any hard backstop?
If Amit kicks the can yet again (as he already has done countless times over the last several years), the hopeful - together with others posting equally relentlessly positively but with very different agendas - will simply seize upon whatever the next date is and carry on exactly as they have done for the last several years.
What's going to change if the line in the sand gets moved again for the umpteenth time (and IMO it's a racing certainty that it will be)? Nothing at all...
I think it's staggeringly unlikely that I'm the reason for the SP being at a 52 week low, BV.
But the current SP level strongly seems to show that the market is indeed afflicted by doubts - and if you want to know where the seeds of those doubts arise, look to the company itself.
KV, presumably your purported answer would revolve around contingency planning.
However, gaining the authority to issue up to 4.56 billion new shares (post the 516 million that Kemexon will be granted) is one helluva level of contingency, it being greater than the number of shares either currently in issue or indeed in issue after Kemexon has had its 516 million..
Three things:
1) The company *absolutely is* issuing shares for debt repayment. It's about to given Kemexon 516 million shares to pay off the first £3m junior loan.
2) The company "does not currently expect" to use shares to pay off Aleph's £6m junior loan in January. Plenty of wiggle room there.
3) If the company genuinely did not expect to have to pay Aleph off in shares in January, why is it *additionally* seeking the authority to issue *a further* 2.76 billion shares, *over and above* the 516 million it will definitely issue to Kemexon and the 1.8 billion it says it "currently does not expect" to issue to Aleph?
PS for those who can't work it out, the nominal value of ANGS shares is 0.2p (or £0.002, if you'd rather).
Therefore the £1,032,066 of nominal value ANGS wants to issue to pay off Kemexon's £3m = 516 million new shares as we knew.
Therefore the £3,600,000 of nominal value ANGS wants to issue to pay off Aleph's £6m = 1.8 billion new shares, again as we were told yesterday.
But then - and in addition - ANGS also wants the authority to additionally issue a further £5,523,857 of nominal value... and that equals authority to issue a further 2.76 billion shares.
Add that little lot together and the total authority being sought would entitle the company to issue over 5.077 billion new shares, of which 516 million it definitely will immediately authority is gained, and of which 1.8 billion it is very likely to issue in Jan next year.
Although the increasingly desperate pompom wavers would have everyone believe differently, there is in fact new news in this letter that was not detailed in yesterday's 2nd RNS.
It also reveals how many extra shares the board is seeking the authority to issue, over and above the 516 million it needs to pay off Kemexon's £3m junior loan and 1.8 billion it needs to pay off Aleph's £6m junior loan.
That info is contained in Note 1 of the letter. I suggest it's worth a read.
Did Singhie HONESTLY just mention "the great politicians of the modern area" and Sleepy Joe Biden in the same sentence???
Now that is true comedy.
The Rime of the Ancient Mariner, SillyButtons... that's where you'll find the origins of the albatross round the neck.
And BV, in answer to your groping at straws question re some future pipedream of gas storage, given that a) the SP has just hit a new 52 week low despite all your desperate pompom waving and that b) serious dilution is now very clearly looming on the horizon...
...I would suggest that ANGS desperately needs to concentrate on generating maximum revenues by getting existing gas out of Saltfleetby, rather than musing on what it might earn at a future date by putting gas back in.
Reality check. It's not now being put in place as a contingency measure Plan B that might prove necessary. It's the plan that's now having to be actioned to pay off the c £7m owed on the 2nd junior loan in January. That is definitely new news.
The only logical conclusion is that the alleged global refinancing package is either now not happening or will not be sizeable enough to pay off that £7 m debt due in approx 3 months' time. Otherwise why seek the authority to issue up to 1.5 billion new shares specified to be used to pay that debt off?
BV, not that I'm expecting any answer from you to a clearly relevant question that has arisen from today's RNS, but...
Why is ANGS setting things up to repay the 2nd £6m (c £7m inc interest and charges) junior loan in shares? This was one of the core items that it was seeking the alleged new global refinancing package to cover off? Why the u-turn in strategy?
The question that gets immediately begged is this:-
Why is ANGS teeing itself up to pay off the 2nd £6m junior facility (which will total c £7m come repayment time in January) in shares???
What's happened to the supposed new global refinancing package that was meant to be used to pay off all existing debts then? Rather curious, no?
Depending on how much new share issuance authority ANGS has left right now, it's going to seek (and of course get) authority to issue:
a) somewhere between 1.8 and 2.3 billion new shares to cover off in lieu repayments on junior facilities to both Kemexon and Aleph as detailed
PLUS
b) God knows how many more new shares to cover off anything else the BoD may see fit to do.
There's set to be a lot of dilution going on, that's for sure.
I couldn't help but chuckle at this particular gem today from Helx:
"I think this one will be stuck to in terms of the announcement being made by COB on the 20th latest - no runway left."
No runway left, eh? Actually, despite previous promises, no runway ever got built in that jungle.
Getting more serious, it remains a given (and historically proven countless times) that anything said, assured, promised or guaranteed by either CTAG or Amit (and for seven years, there's been no difference between the two) categorically cannot be relied upon.
In that light, the single sentence that the ever hopeful (and other positive posters with very different agendas) are hanging their hats on is this:
"The Company had received confirmation from the buyer that it’s DaaP sale announcement will take place by end of week 16th October."
Even leaving aside the all too typical cack-handed wording and 11+ level grammatical errors, it actually doesn't make sense as worded. How can the buyer confirm that CTAG's sale announcement will take place by a given date? It should have read " The Company HAS received confirmation from the buyer that it is PERMITTED TO announce its DaaP sale during the week commencing 16th October"...
...but Amit has relied on lack of clarity many, many times before, so this latest piece of opaque gobbledegook comes as no surprise.
Ten days to go. My money's on yet another https://tinyurl.com/7avymd38