Member Info for HeadInTheSand

They've already stated it'll be a 5 year loan at an annual interet rate of SONIA + 8%. Presuming that's an accurate statement, such a loan would be subject to approx £7.9 million of interest over its 5 year term.

Errr.

I don't think anyone's been "caught out" at the news that the already 7 week late refinancing deal apparently needs a further week (presumably at an additional cost of £15k for having to extend the £6m second junior loan for the third time). Similarly, I really don't see how Richard Herbert deserves praise for missing self-set milestones (in what has to be said is very traditional ANGS style).

I do wonder why it's been so obviously tricky for ANGS to get this over the line?

However, if the £20m refinancing is announced by Friday, at least we'll all get made aware of the detailed terms - because those are just a tad important.

Although there's no requirement to pay anything back in year one, It's still a a 5 year amortising loan at c. 14%. Year one still attracts interest.

There'll be a total of £7.9 million to pay back in interest, plus of course the £20 million principal.

Actually, it'd be £465k per month averaged over the full 5 years (but bear in mind there's be nothing to pay in year one allegedly, so the monthly payments for years two to five would be at least £582k).

The current average isn't 0.59p, because of the existing hedge.It's sub 0.5p per therm at current production levels and current gas pricing. Again at current production levels and current gas pricing, this would drop down to sub 0.42p per therm between Apr 24 and Sep 24.

However, that all becomes moot if/when the replacement financing gets agreed. The existing hedge will allegedly be replaced by "fixed offtake pricing" - and we currently have no idea what that fixed pricing will be, nor for what monthly volume. We also don't know what becomes of the 8% royalty on gross field revenues in perpetuity that Mercuria will be owed, once its original £12 million loan is fully paid off.

Nobody can do any detailed forward financial modelling until the terms of the refinancing are made known.

Begs the question why ANGS so badly needs to borrow £20 million, which according to its own RNS it specifically needs to pay off the £17 million of debt it has already incurred.

For the record, becoming bored by anyone's repeated and arrant stupidity and ignorance isn't "being stumped for an answer". I'm not sure why you'd even need an answer, since the issue is fully covered via RNSes... a thing which any genuine holder concerned with actual realities would know.

Here - let me help. As stated by ANGS via RNS on 19th Jan...

"The Company has been granted an extension to the existing £6m Subordinated Debt Facility (the "Bridge Loan"), which is due to mature on 19th January 2024, in order to allow time for completing documentation and drawdown under the proposed facility with Trafigura. Accordingly, Aleph Finance Limited has agreed to an extension of the Bridge Loan for one month until 19th February 2024, for a fee of 1%, which is proportionate to the fee paid for the previous extension of the loan in October 2023."

The bridge loan referred to is the 2nd junior loan for £6 million taken out for three months on 14th July 2023 at an interest rate of SONIA + 15% (which we'll generously call 20% total). That detail was in the 21st July RNS.

This 2nd junior loan was extended for a further 3 months as per the RNS of 28th September, and then again by 30 days as per the RNS of 19th Jan quoted above. As such, and as of right now it has already attracted interest of £660k minimum, together with other arrangement fees and roll fees (as per the RNS of Jul 21st last year, roll fees are 3%, so min £180k).

This entire amount totalling somewhere just shy of £7 million is currently fully repayable on Monday. If the lender agrees, if may be extendable for a further 30 days (for further fees, of course).

As clearly already stated, the extra £60k would be immaterial. The c. £7m due for full payment on Monday, unless another extension is granted or the global refinancing kicks in then is not immaterial.

Looks like I've gained an obsessional stalker...

I have zero concern, other than believing that it is more useful to post immediately verifiable facts rather than inane and evidence- free fairytales.

As to "watching Angus transform in front of my eyes"? I've certainly done that. I've watched the company's share price "transform" (or more accurately, decline) from 2.72p 15 months ago to 0.375p today.

That's an over 86% drop in value over that period... yep, pretty transformational.

The additional £60k is not particularly meaningful... the £7m that - currently at least - needs fully repaying on Monday certainly is.

As to all this alleged free cash that cheerleaders assure ANGS is swimming in, less than 5 months ago, ANGS was forced to repay the first junior loan (half the size of the remaining one) in confetti.

And that was done a) despite the BoD having stated that it had taken out that loan instead of diluting shareholders and b) the confetti rate used was 33% less than the contractually enshrined 1p floor price.

So ANGS really doesn't seem to be swimming in free cash, does it? Which is pretty much why it's desperately trying to borrow £20 million.

If the apparently highly elusive global refinancing package is not concluded by Monday the 19th Feb, ANGS is going to have to get yet another extension on the 2nd junior loan.

Currently as things stand right now, the last extension granted runs out on Monday, at which point ANGS will immediately have to pay back Aleph c. £7 million.

I expect there'll be an RNS on Monday confirming yet another month-long extension at a cost of a further £60k to the company.

...and as if on cue, the SP drops.

David6576 knows exactly what he is attempting (with his brand new account created 9 days ago). It's just not at all effective.

He's been trying his little best (bless him) to ramp here, despite being laughably bad at it. Fortunately for readers/posters, he seems to have moved onto trying to ramp GST.

Only if there's been net cash available to do so (which there hasn't). From memory, PF was still owed about £5m, last time ANGS reported on this.

Aaah, the "major joining in for gas storage" schtick is dragged out of the fairytale box again. There's zero evidence for this, apart from one flaky reference from the company... and we all know how reliable anything ANGS has ever assured (let alone only hinted) inevitably turns out to be.

Mind you, no surprise that the increasingly desperate cheerleaders are having to resort to 'jam tomorrow... honest!" fairytale, because the actual, factual reality of the state of play at ANGS has been growing ever more depressingly bleak for years, let alone months.

OP, if the £20m global refinancing ever gets agreed, I don't expect ANGS will (or even could) fully pay off PF. Leaving themselves with just £3m would be nowhere near enough to cover the expenditure the company needs to lay out just in an effort to stand still at SFBY from a production point of view.

However, you are bang on right to point out that it's the detailed terms of the apparently elusive refinancing that are literally crucial. What will Mercuria demand in exchange for agreeing to the unrolling of the remaining existing hedge? When does its 8% levy on all gross field revenues for eternity kick in? What cap is Trafigura going to impose under its "fixed offtake agreement" on ANGS re the sales price of produced gas and for what percentage of monthly production?

10 days to go before yet another costly extension is needed on the £6m junior loan...

For the last approx 7 years to date at least, those who "do not have a bean invested" in CTAG can hardly be called "stupid people".

Yes, but given this from the last RNS:-

" Accordingly, Aleph Finance Limited has agreed to an extension of the Bridge Loan for one month until 19th February 2024, for a fee of 1%, which is proportionate to the fee paid for the previous extension of the loan in October 2023."

...presumably either ANGS will have to pay Aleph c. £7m in full on Feb 19th, or Aleph will have to agree to a further (chargeable) extension. Charges seem to be £60k per extra 30 days needed, so far at least.

"Talking crap", eh?

Please point out one single factual inaccuracy in my post, BV.

You of course won't be able to, because every word is pure and easily evidenced fact. And that's because, utterly unlike yourself, I prefer reality, rather than delusion.

So again... what have I stated that's incorrect or untrue? Be specific... it's not a long post to check.

(time for you to get into a tizzy and revert to playground insult, I imagine, instead of offering an answer. How dull...)

...time for the blinkered cheerleaders to average down. Yet again. For the hundredth time.

Eleven days to go before the twice extended second £6m "short-term" loan is due for full repayment (including c. £1m of interest).

Now... where's that elusive global refinancing package - and exactly what is it going to cost ANGS, a company with a current total MCap of c. £14.5m to replace the existing c. £17m of debt and other already contracted-to obligations with £20m of new debt? Stay tuned.

Why would they be? Nobody else is.

As for claims about ANGS and its cashflow, ANGS is currently desperately having to seek refinancing of £20m to cover its existing and imminently due debts, precisely none of which is seems to have been able to reduce out of its supposedly positive cashflow. I wouldn't go looking to it to acquire any interest in Loxley, especially since it has three of its own alleged "assets" having done absolutely nothing for years, due to it not having any funds to see if these can produce anything.