Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
More interesting is the fact that two board members (Hans Christian Lucan isn't quite all the way through the exit door yet) are able to deal in ANGS shares right now.
Presumably this means that neither is aware of any inside info that could affect the SP either positively or negatively. Which does make one wonder what's going on with that IMV necessary £20m refinancing package.
To be fait, current production levels match exactly with what ANGS stated its expectations are in the most recent RNS (21st July).
"...it is anticipated that production will be maintained at 90,000-95,000 therms per day over the next quarter."
Not wrong, AFC. As ANGS has for some time (June, wasn't it?) been consistently producing in excess of any hedged volumes, any increase in gas pricing is bound to result in the company benefitting from increased revenues.
A small spate of posts on the CTAG board... there must have been another can-kicking update.
Occam's razor states that the simplest solution is the most likely solution. There's certainly nothing simple about this endlessly protracted affair - if it were simple (and genuine), it'd have been concluded months and months ago.
Sorry, but using said razor in Cloudtag's/Amit's seemingly never-ending case definitively does not suggest that "this is building to a head with sale to be announced shortly".
And as for Amit being in the least little bit worried about being decidedly economical with the truth? Perhaps check his lengthy track record to see how much that bothers him. Runway in the jungle, anyone?
OP, no... and it's a reasonable point... but a) that 8% is going to kick in at some future point regardless and b) the most important thing beyond all others for ANGS to secure itself is more time. More time to generate revenues from gas production to meet its various liabilities.
OP, as we both know, the terms are onerous for ANGS (though it has to be said, less onerous than the current senior and two junior loans). And because the terms are tough on ANGS, they're bound to be highly rewarding for those behind the financing.
Sure, if the opportunity were made available to PIs to offer some/all of the replacement financing and benefit from the same terms that are on the table for Aleph, that would be a very attractive proposition. But IMV that's all moot... there seems zero appetite from ANGS to allow PIs to share in this latest lucrative opportunity.
OP, I see you've run foul of the playground prince... not exactly a surprise.
I see a longer-term replacement finance facility (whether the currently mooted £20m one, or another) as a necessary, let alone positive thing (it'd be both). The terms attached to the £20m one which yes, we have been given details on, are onerous... but still, cheaper than existing debt, and most importantly, with an extended payback period.
And yes, I'd say better for PIs than a dilutative placing - though I honestly couldn't see ANGS being able to raise £20m via a placing (almost. 80% of its existing market cap) any time soon. However, one would have to hope that those behind any financing hang onto any shedloads of shares that they look like they'll be awarded as part of any deal.
I think it best to leave you ranting in the playground, BV.
BV I remember ANGS being equally sarcastic in answers in IQs to the question about whether the sidetrack would take 16 weeks (as their planning submission into Lincs CC stated it would). Here's what it said:-
"We would be surprised and disappointed if the drilling part of the programme exceeded 28 days and the entire programme involved more than 7-10 days either side. On behalf of the Board, we have never heard or seen of any internal document which suggested we were planning for a 16 week side-track at Saltfleetby and we would challenge the poster to produce it. For that matter I haven’t heard of a drilling programme anywhere to these depths which could conceivably take 16 weeks – except perhaps on Mars, which is possibly where your poster hails from."
As we all now know, the sidetrack in fact took over six months... so it would seem wise not to be too reliant on any sarcasm expressed by ANGS, since their usage of it demonstrably tends to leave them with a face dripping with egg.
Nevertheless, it would undoubtedly be a very positive (and indeed necessary) thing for them to get the replacement £20m of financing.
BV, I have specifically stated that those positive about ANGS are obviously not all shills.
As to the rest of your post, some here think it is far FAR more relevant to discuss what it is actually going to take to get the ANGS SP moving upwards. That would seem to be a whole lot more worthwhile than just yelling playground-level insults at people who don't see it currently appropriate (given the depressing state of the SP) to claim that ANGS is the most brilliant investment opportunity ever.
However and by all means feel entirely free to maintain your unwavering policy of screaming childish insults, if that's what you think is for the best and is most helpful.
I think further clarity is needed re debt repayment over the next couple of months - or news that ANGS has secured that longer-term £20m replacement financing package.
The publicly available facts remain that ANGS has to pay back at least £7.5 million by Sept 30th (£4.2m of capital on the senior loan as revealed in Note 10 to the HY accounts, plus £3.3m inc 6 months of interest on the first £3m junior loan as per the RNS of Jun 30th).
We know how much cash ANGS had as of Mar 31st (£200k plus the just arrived £3m first junior loan). We know that it's taken a further £6m bridging loan since... but had to pay out £3.5m against the missed hedges as per the RNS of Jul 14th. And of course since the HY, it's so far had four months and counting of gas revenues nett of derivative settlement.
Given that ANGS's cash position was surprisingly low as of the HY end (just £200k prior to the £3m injection from that first junior loan - even after 6 months of pre-sidetrack poduction from SFBY), it looks like general cash burn remains quite high. So clarity would be much welcomed. Or news of the £20m package being secured. Or further extension on the existing debts.
At 3 million therms of production a month and what with the current hedge arrangements, winter gas pricing would need to be £1.535p per therm to generate that £3 million a month of revenue.
Not impossible, but the highest forthcoming winter pricing (Feb 24) is currently at £1.296p.
Not understanding the difference between bid and offer... it's actually genuinely breath-taking to see how frighteningly ill-informed some very clearly are.
Mind you, AIM companies need a steady supply of such in order to keep themselves going.
A deadline? Yes ANGS does. Sept 30th.
Robday, a couple of things.
I personally believe that talking about the company is far more relevant than sl*gging off other posters, but each to his/her own, I suppose.
I suspect you (unknowingly?) have fallen into viewing opinions voiced here with a sort of football fan mentality and thus believe that you're almost duty-bound to slate those expressing warier opinions because you think in so doing, you're defending your investment in some strange way?
Presumably you can only have bought into ANGS after Xmas 22? Either that, or you've topped up plenty since - because following the Dec 18th dilution, that'd be the only way you could still hold the same percentage of ANGS shares?
I would wonder what is making you so angry, but suspect the answer is obvious. I would suggest that you're choosing entirely the wrong targets for your ire and insults, but again, entirely up to you..
RobDay, perhaps you'd like to offer an opinion why the market values what you believe to be a fantastic prospect at sub 0.8p per share? And why the SP is down 80% since announcement of the successful sidetrack in mid April?
Alternatively, if those are questions - and eminently reasonable, pure fact-based ones - that you'd rather avoid or ignore, then perhaps carrying on with your trite insults is indeed your best strategy. A lot easier for the likes of you than facing up to inconvenient truths, I suspect...
Sageman, it's tight at the moment.
As revealed in the HY accounts, there's £4.2 million of capital to pay back by end Sep on the senior (originally £12m) loan. Presumably some interest to pay back on this as well. Then there's £3.3 million (inc interest) to pay back by end Sep on the already extended first junior £3m loan. Currently there'd also be £6.3 million (inc interest) to pay back at the self-same time on the second junior £6m loan - though that latter may be extendable by a further three months to end Dec at a cost of an additional £300k of interest.
So at least £7.5 million of debt repayment to find in the next 7 weeks... and possibly another £6.3 million on top of that. Those sorts of imminent liabilities are going to put a major league crimp in anyone's cashflow.
Which is exactly why the $25m/£20m replacement financing package is so crucial for the company. Okay, so the terms are still Wonga-esque (though fractionally less expensive than current debt)... but the term period (18 months) and the fact that it'd apparently be a bullet loan (i.e. end of term balloon payment) would give ANGS the time/breathing room it needs to generate enough revenues to pay it back.
The same IQs which ANGS used to categorically assure that the sidetrack would take a maximum of six weeks? Now there's a source of info to be relied upon...
As to ANGS's "bright future"... that's certainly not something the market's buying into at the moment, that's for sure.
Do you have an opinion on why the SP is in the toilet, BV? Or is that one of the several facts you'd rather pretend didn't exist?
For the record, I'm not looking to talk the ANGS SP down - I'm well aware that it's the market which decides what value to ascribe to ANGS, not some poster on a share discussion BB.
What I (and a few others) try to do is to come up with evidence-justified reasons to explain the current reality of things. The question " Why is the SP at its current level?" seems to me to be the most important one of all and the one that all investors or potential investors should be asking themselves and trying to understand, in order to better inform their future decisions.
This is very different from what the more clueless and/or more disingenuous do here. They all quite deliberately ignore the above question (which is frankly bizarre behaviour - ignoring current reality never works out well) . Instead they spend their time yelling about where the ANGS SP should be, in their opinion (and even sometimes why it should be there).
However, they never address the matter of why it's very clearly not there and why the market as a whole equally very clearly disagrees with them.
Well I certainly won't deny that winter's coming.
To look at Tony C's points in order:-
1) The refinancing of £25 million debt (due any time)
It's actually £20 million that's being sought. I've got this one down as a "must happen"
2) News on permanent flow line and gas generator install (end August)
Largely irrelevant as neither will affect production rates/revenue generation in any meaningful way.
3) Revised revenue figures, including first full quarter with third well (due end of quarter)
Irrelevant and already priced in. ANGS's production rates are already known at 3 million therms a month.
4) Winters coming (gas prices predicted to leap higher)
Forward Winter 23 prices are currently around the £1.25 mark, but front months are significantly lower, so it's unlikely that such prices will "leap". For example, two weeks ago, Oct futures pricing was 98p. Today it's 83p. Similarly two weeks ago, Dec futures pricing was 142p. Today it's 124p. And after winter comes spring (amazingly).
5) Storage agreement announced
Firmly in the wishful thinking category.
6) Known 300 million Therms to extract
Irrelevant. Already known and priced in.
7) Strong possibility of takeover
Also firmly in the wishful thinking category.
We have been here before, I agree. ANGS is in sore need of a refinancing rescue package. I have #1 down above as the only item of real relevance - but if you read the terms of this prospective package, it's not exactly easy to swallow,. However, beggars can't be choosers - and I see it as very much necessary.