Member Info for HeadInTheSand

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

The single blurry US flag backdrop represents without doubt all the "changes" that (as per Amit and the CTAG website) "shareholders will be aware of".

As to what it means? Make of it what you will... but IMO it's very reminiscent of the infamous countdown clock that was the most insignificant damp squib of all time. Anyhow, ten more days until the next of an endless series of cankicking lines in the sand is reached and passed.

PS the "muppets" looking to dissuade others from legal action back in the day 7 years ago were in the majority not muppets at all. They just had a very different agenda (and still do) from that held by genuine PIs.

Brokerman/Gold Bullion, anyone?

IMO there was enough clear evidence (primarily completely untrue info issued via RNS) to mount a legal case, but as had been said, against the Nomad, rather than the company, solely because the former was UK-registered and therefore far easier to launch an action against). But that ship sailed going on 7 years ago.

The chances of ever finding Amit or a CTAG-related legal entity with any worthwhile assets in a jurisdiction that would make it feasible to take action against is minuscule.

...aaaaand it's a cankick. No surprise there then.

It's perhaps worth looking in detail at the latest short announcement, which as we all know reads thus:-

"The Company had received confirmation from the buyer that it’s DaaP sale announcement will take place by end of week 16th October.

Shareholders will be aware of changes made to the Company’s website ahead of the announcement."

Several things are odd in that first sentence.

Firstly, "The Company HAD received..." A typo for "has"? Or alternatively a correct use of "had", except that tense would presuppose that said confirmation no longer applies?

Secondly, a typical know-nothing 11 plus clanger with "it's" instead of "its".

Finally, it's not the buyer that is due to make any announcement of sale... the buyer would announce its purchase and the seller its sale.

Not that Amit's credibility could be any more shot full of holes than it already is, but yet again, a two line announcement that is full of very basic schoolboy errors has been released, making this seem (if possible) even more cack-handed.

Oh and of course there's that massively significant implementation of a new backdrop... as has been said, shades of countdown clock.

Don't waste your breath, pactrol. BV is incapable of explaining any real-world fact.

He lives in a self-created and utterly bizarre universe where the SP being at a 52 week low is wonderful news, where taking borrowing on at rates of 27%+ per annum is a stroke of genius, where agreeing to give a lender 8% of all gross field revenues in perpetuity is just fantastic and where ever-increasing accumulated losses are something to be pursued with maximum effort.

One wonders if he's related to Liz Truss?

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?