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I find the "accumulating losses are just wonderful" claim to be both increasingly bizarre and increasingly desperate.
"HITS, you should just say "Junior Loan" ...
Why should I just say that. BV? News flash... despite all your attempts to the contrary, you don't get to control the dialogue.
Here's a fact for you. As the Sep 28th RNS revealed, that first £3 million junior loan cost ANGS just short of £406,000 for the six months it was in place. That's equivalent to an annualised interest rate of 27.1%. Nobody in their right mind could pretend that was cheap borrowing.
As ever, the levels of intellect and maturity you display are quite staggering, BV...
It's not that complicated (and no, the shares due to be given to Kemexon are ordinary shares and therefore should be counted, even if separately agreed to be locked in for a period). For the answer, all you need to do is to look at what the RNS of Sep 28th stated:-
"Application will be made to the London Stock Exchange for admission of the New Shares following the holding of a General Meeting to increase the authorities of the Directors to issue and allot the New Shares, details of which will be circulated shortly. It is expected that admission will become effective and dealings in the New Shares will commence within seven days of the holding and passing of the resolutions necessary to obtain authorities to effect the Transaction."
ANGS has apparently run out of current authority to issue enough extra new shares to satisfy the 516 million owed to Kemexon in lieu of repaying the first £3m junior Wonga loan (inc fees and interest). It therefore needs to hold an EGM in order to obtain that authority by majority vote and it hasn't done that yet.
As and when it does, it'll be obliged to RNS any resolutions passed at said EGM.
Excellent news in the last few days? Hardly - it's actually and precisely no new news. As per the RNS:-
The alleged global refinancing is still not complete, but is still in progress (no change there then)
The connection of the permanent flowline is still not complete, but is still on revised (end Oct) schedule (no change there then either - and further bear in mind that the new flowline won't add anything to produceable volumes, but will reduce production costs to some extent).
Current average production levels of 2.6m therms a month are within the realms of previously advised estimates (ANGS had previously stated 90-95k therms a day, which equates to 2.7 to 2.85m therms a month, so current production is actually lower than this, but not significantly - so yet again no change there then either).
Things that already well-known and already announced don't change the price of cocoa. I remain of the opinion that the only thing liable to get the SP moving in an upwards direction is news that the very necessary global refinancing package has been agreed, providing that the terms of such aren't too onerous.
The Weald? Of zero significance.
Turkey? Of zero significance.
Sando desperately needs a new pompom to wave... and here it is.
Well, Malcy and Flagstaff have had an incredible effect, clearly.... as a new 52 week low is hit.
Agreed. I'm not sure what's more amusing though... the entirely fallacious claim that "the funding's been done" (errr no... as the RNS categorically and clearly states, it's still being worked on) or the equally bizarre claim that the SP is going to double in "the next few days".
I swear you used to get a more adept class of ramper back in the day. Mind you, I suppose that the existing crop has precious little to work with?
You have to admire Ocebot's persistence. Thanking "love for hire" Malcy for his positive comment (as everyone knows, he's a mere rent-a-mouth, who will gush whatever anyone pays him to gush). And then thanking ANGS's own PR company, Flagstaff, for posting this piece of utter irrelevance. .. priceless.
Mind you, two pieces of puff from Flagstaff in 24 hours... that's more than they've done in the last six months. Probably because there's been literally nothing that's been positively spinnable over that period - but as they've just re-realised, if there's no actual good news, one can always employ the likes of Malcy to make some up.
Given that the SP remains at a 52 week low (fact), one wonders what these points of delivery which will cause an upward movement will actually be?
The market already knows what SFBY is capable of outputting. That's 90-95k therms a day (okay so over the recent couple of weeks, daily production has been substantially below that, but hopefully the very recently fixed compressor will get things back to those levels).
The market already knows what the hedge commitments are. Those aren't going to change.
The price of gas maybe? Well, it's softening, with winter pricing hardly setting the world on fire.
Nope, it's got to be all about debt, liabilities, cashflow and replacement financing, That's the only thing left that could make a positive difference in the short- to mid-term. Everything else is - as Donald Rumsfeld might have put it - pretty much already a known known.
Well, at least we got an explanation (presumably true, but this is ANGS after all - and sadly, not everything it states in RNSes turns out to be true) for the recent falls in average daily production levels. It'll be interesting to see if production volumes now get back to the 90-95k therms per day.
More (though only very mildly) interesting is why anyone genuine is continuing to wave pompoms for this at least to date unrelenting fiasco.
For one, it can make no difference to any outcome and secondly, let's face it, those having shall we say a less than glowingly positive outlook on CTAG have (again to date, at least) got all the actual real-world facts on their side.
I'm personally predicting yet another cankick - and one not necessarily even announced this week. However, despite the literal mountains of hard historic evidence supporting that prediction, it is within the bounds of possibility (just) that it's wrong.
Four days to go till the next instalment in this apparently never-ending B grade soap opera...
BV as I have said many times, I (thankfully) own no ANGS shares at this time.
Re following advice, I hope for your sake that you've not been following your own, because you've been screaming "Amazing buy!" for too many months to remember... certainly that was your monotone cheerleaders' litany all the way from 2.7p downwards.
Although if your previous statements are to be believed (admittedly always a real reach with anything you post), you have been, hence you're underwater even if averaging down. Which probably explains your increasing and (as always) irrational feverishness trying to polish the unpolishable.
Spot on, OBZ. Like most AIM pipedream-spinning stocks, this share is blindingly obviously one to only consider short-term trading (as its entire history helpfully demonstrates - it's the poster child antithesis of a long-term value-generative hold).
However and as you well know, to do that and have the opportunity of making a worthwhile return, one does need three things:-
a) the proverbial balls of steel, to one extent or another
b) the capacity to literally constantly monitor to get one's timing exactly right
c) a completely dispassionate, objective and thus realistic outlook on the stock.
Why didn't they wait until they'd secured new global refinancing? You know the answers, OP.
The first "junior" short-term Wonga loan had already been extended to its allowable maximum timescale and thus £3.4 million needed repaying by today. ANGS obviously didn't have that amount of spare cash available, so as you say, instead effectively carried out yet another and very low cost private placing with those holding literally all the cards.
That new global refinancing does seem to be a whole lot trickier to secure than ANGS has implied...
Sadly only amounting to c. £13k each. That's typical short-term swing trader volume, so not meaningful.
Well... it is good news, if only because it and the resulting dilution is better than defaulting. As it strongly hints in today's RNS, ANGS obviously doesn't have the cash available to pay off the first of the junior loans (£3.4m inc interest and fees), which was falling due in just two days' time (so a tad lastminute.com as usual).
Unsurprisingly and no doubt for the same lack of cash reasons, they've also extended the 2nd £6m junior loan by another 3 months (as allowed by initial terms, but at a cost of a further £300k). That new January date is now going to coincide with PF's next instalment (£1m?) falling due.
It certainly looks like ANGS couldn't get any global refinancing package done in time, so it's still having to bolster required liability-servicing cash flow by further xtending Wonga rate borrowing.
Strange, that. Listen to the cheerleaders here and you'd have thought that multiple lenders would be fighting to advance funding to such a hot prospect, and that a refinancing deal would be pretty much instantly securable, no? Apparently not...
As usual, BV you're making things up. You have no idea what shares I hold in any company.
Apart that is from ANGS, but that's solely because I have chosen to reveal that although I have owned shares in the past, I currently do not. I've also chosen to give my own evidence-based reasons as to why I currently don't...and the reality of the SP direction over the last many months strongly seems to support my decision not to get back in.
You really could do with garnering yourself even a slight knowledge of facts, rather than ignoring them completely in favour of your self-created myths, but again, each to his or her own.
That's genuinely made me laugh. BV has outdone himself in stupidity this time in his attempt to polish the unpolishable.
No such thing as lost production? Well, the lateness of both production start and the sidetrack left ANGS with a nasty £3.4 millions worth of debt that needed paying to Mercuria, courtesy of the hedge arrangements (remember? That debt they promised would be covered off by the Xmas £7 million megaplacing... but then wasn't, so ANGS had to take out a further £9 million of short-term Wonga loans to cover).
Okay so unproductive gas remains in the ground, that's a given. But when a company desperately needs to generate sufficient revenues to meet its looming various liabilities, to suggest it's in some bizarre way favourable to have slumps in production rates is in some way beneficial is the height of insanity. Either that or an all too typically cackhanded attempt to put a positive spin on the worrying.
Comedy gold.
BV, as stated numerous times before, I have no desire whatsoever to see ANGS fail.
However, I also see no point in pretending (and trying to convince others) that reality doesn't matter. However, reality very clearly shows that on any measure anyone would choose to use, to date ANGS cannot be considered as any sort of success, despite your constant and frenetic cheerleading to the contrary.
Need I point you towards the share price graph? Those retaining even the slightest vestige of any objectivity will have worked out the reasons for that inexorable downward trend, but that's something you're unwilling and/or incapable of doing.
Presumably because it doesn't mesh with your simple-minded football fan mentality of endlessly and blindly praising the company to the stars as a fabulous investment opportunity, despite all the hard, cold and undeniable facts indicating the exact reverse.
It takes all sorts, I suppose...