Member Info for HeadInTheSand

Those who fail to learn from history are doomed to repeat it.

BV you stay delusional, carry on spreading your multi-ID fairy tales and above all else, keep on averaging down, there's a good boy.

Oofy, I think you're forgetting all 3 of the Resolutions, which all (utterly unsurprisingly) got passed.

Take a look at https://www.angusenergy.co.uk/wp-content/uploads/2023/10/GM-Circular-20231012-FINAL.pdf ...

...and then work out exactly how many new shares ANGS just got the authority to issue (you'll need a big calculator and one with lots of commas).

Over £10 million quids' worth at nominal value... and the nominal value of an ANGS share is 0.2p (or £0.002 if you'd rather).

With that size of authority, they definitely won't need to hold another EGM to pay off the 2nd £6m junior loan in shares in January next year.

Quite correct. ANGS now has the additional authority to issue and then hand over a further billion or more new shares to Kemexon in January.

It's either that, or hand over £7+ million in cash in 3 months' time, or get the alleged "replacement global refinancing" sorted in time.

For Amit? Spikey, I find it impossible to believe that, what with the notorious track record of CTAG, Amit thinks there is the slightest further chance of dipping his hand into anyone's pocket.

At this stage, that would be a bait 'n' switch/find the lady/shell game/419 scam too far, surely? Literally nobody would buy that by now...

The ONLY shred that genuine long-suffering PIs have to cling onto (and that's probably about 50% of people posting more hopefully on here, with the rest being shills)...

...is why Amit would continue to perpetrate something that every other piece of other evidence is indicating as a total charade.

That remains a mildly interesting question, with possible answers being (in order of descending likelihood) a) extreme narcissism, b) psychopathy c) an effort to dissuade any legal action from being started or d) it is actually real.

IMO c) is a complete waste of time by this massively belated stage, but might as well put it in.

BV, read the disclaimer. It specifically and only applies to future (or "forward-looking") events, about which there will be a degree of uncertainty (because they're in the future).

Said disclaimer does not give ANGS any wiggle room whatsoever to make false statements about concluded events that have happened. The RNS I quoted from earlier categorically states that ANGS HAS signed up to the first £3 million junior loan. Therefore all loan terms were known and agreed by all parties at that point.

Except as we now know, for that RNS to state that there was a floor price of 1p for any issued shares used to pay off that loan was quite simply and quite utterly untrue.

Noel, the two RNSes that apply are:-

The one from 13th May 2021, confirming that the £12 million facility was signed

and

The earlier one from 30th Nov 2020, confirming the terms of said borrowing, including interest levels and overall term of the senior loan.

Basically, it's a four year amortising loan, so end date is May/June 2025, which coincides with the hedge arrangements ending.

I am (of course) aware of the standard disclaimer section that applies to any RNS, but as it clearly states, that only relates to things that have not yet happened and so are not yet matters of fact. It is not a "get out of jail free and fib as much as we like" card.

Taking the March 28th RNS detailing the terms of the first £3m loan, it says this:-

" Angus is pleased to confirm that it HAS NOW ENTERED into a GBP 3 million junior debt facility "

Note the tense used... "has now entered..." so that's a matter of historic fact. That agreement had been signed by both parties and, as ANGS clearly states, had been entered into by both parties. As of Mar 28th, it is therefore a matter of historic fact - as are all the terms that are stated in the same RNS as being related to it.

Here's one of those matters of historical fact terms from the same RNS:-

"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."

Again note the tense... "has the option". Not "expects to have the option", but "has the option". Again a matter of historical fact - or it should have been.

Except as we now know, there was no minimum floor price of 1p set in concrete for shares that might be used to pay off this loan. ANGS paid off this loan with shares valued at 0.66p, therefore it told porky pies about the fixed floor SP.

Unlucky, BV. The company can't resort to the disclaimer to get themselves out of that one.

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?