Member Info for ocelot

$80.04

67.1m on AIM, 7.2m on Aquis.

So, in fact, contrary to the original impression given by the 2 TR-1s of 03/07, total holdings in Angus of Aleph and associates and of Kemexon have increased.

Within the Aleph Fin C holding, some has been transferred directly to the underlying shareholders involved.

And Kemexon's stake increased from 9.2% to 12.47% as per the original TR-1.

An 18:12 RNS.

I still remember the occasion GL caught me out fairly soon after he became managing director, when he released an RNS about 6.30pm.

... The Company understands that this TR1 is the result of a number of Ultimate Beneficial Owners' who held their shares via Aleph Fin C Ltd as a nominee, taking the shares into their own accounts.

Positive news.

Kemexon is the provider of the £3m facility, not Aleph.

"substantially the same terms", not the same terms. In terms of the interest rate, this will be referring to the uplift over SONIA (I would assume).

From the interim results RNS of 30/06, 11 days ago:

Outlook

With the Saltfleetby project completed, we look forward to steady production and cash flow from operations. The new management team can now turn attention to both organic and inorganic growth opportunities.

It's good to see management fighting hard to secure the best terms for the debt facility they can.

Berkshire Hathaway Energy agreed to buy Dominion Energy Inc.’s stake in a Maryland liquefied natural gas export project for $3.3 billion.

The deal will boost the company’s limited partnership ownership of the terminal to 75%, while a unit of Brookfield Infrastructure Partners holds the remaining 25%, Warren Buffett’s Berkshire said in a statement Monday.

Berkshire Hathaway Inc. first took a stake in the one-train export plant with an annual export capacity of 5.25 million tons in 2020.

The deal will give Berkshire control of one of just seven operational US facilities that can export LNG at a time when the fuel has assumed an increased economic and geopolitical significance. Natural gas prices surged in 2022 following the invasion of Ukraine, and US exports of the liquefied form of the fuel helped to sustain Western European economies after Russia cut supplies ...

https://www.bloomberg.com/news/articles/2023-07-10/berkshire-hathaway-to-expand-us-lng-plant-stake-for-3-3-billion?sref=Em01M8Hr

There were 9 green boxes after G-Martin's post of 15:35.

Then there were 7.

Now there are 3.

The filter more closely resembles an incinerator than a disposal bin!

A reminder of what Angus said yesterday:

Further to the announcement of 30 June 2023, Angus Energy continues to negotiate detailed documentation for its proposed GBP6m bridge facility and will update the market in due course.

It was brief and to the point.

Everybody can read into it what they like but what Angus actually said was contained in 2 lines.

Posted yesterday, Monday, because news was overdue, having said, in the 30/06 RNS:

The GBP6m facility is expected to be agreed next week and further details will be announced at that time.

Bubblepoint,

Think they are working to maintain their financial options open, with a mix of cash and debt.

If ANGS raise equity, some PIs complain.

If ANGS raise debt, some PIs complain.

For management which seeks to do more than simply preserve the status quo, there will always be some PIs wo complain.

It is expected that Admission of the new ordinary shares will become effective at 8.00 a.m. on or around 11 July 2023.

They are seeking to avoid calling on shareholders for funds - they need debt finance to grow!

PS: given the sidetrack's revenues have kicked in since the first £3m bridge facility, ANGS would probably like to bring down the rate of interest on the new facility, even if it is twice the magnitude.

2 obvious points for discussion between the parties:

1/ the rate of interest above SONIA;

2/ the exercise price of any warrants.

Reminder of the terms of the original £3m facility (RNS of 28/03/23):

... Angus is pleased to confirm that it has now entered into a GBP 3 million junior debt facility (the "Bridge Facility") to manage costs arising from the extended drilling operations as well as initial studies around the development of natural gas and hydrogen storage at Saltfleetby.

The Bridge Facility provided by the Company's 9.91% shareholder Kemexon Limited, a major commodity trading house, has an initial term of three months, extendable with the payment of a 3% roll fee for a further three months. The Bridge Facility is priced at SONIA + 15% and commits the Company to issue 150 million warrants, struck at the previous placement level of 1.65p/share ...

Furthermore, through a separate agreement, Aleph Commodities Limited ("ACL") is acting as arranger of the Bridge Facility (together the "Transaction"). ACL are entitled to an upfront 5% arrangement fee and a further 3% break fee should the Bridge Facility not be rolled beyond its initial three month term. The arrangement fee will be satisfied in shares at the 30 day VWAP of 1.36379 pence prior to the date of issue of the facility; accordingly Angus will issue and allot 10,998,719 shares in respect of the initial arrangement fee (the "Fee Shares") following its AGM scheduled for 31 March 2023. The 3% break fee would be settled in shares at the 30 day VWAP ahead of the repayment date.

Proposed GBP6m bridge financing update

Further to the announcement of 30 June 2023, Angus Energy continues to negotiate detailed documentation for its proposed GBP6m bridge facility and will update the market in due course.