Member Info for ocelot

IG Markets down to 3.98% from 4.36%.

It's all the more of an overreaction because the share price was pretty low even before the announcement of the RNS.

Mullins,

It was always the simplest solution, to leave them to chat amongst themselves.

Has UgoodDOGU still not gone bust?
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For anybody familiar with the Minnesotan country blues musician, Charlie Parr.

Scroll down the RNS and it is explained.

Expanded capital base, well on the way to becoming a £100m market cap company, the threshold at which GL believes IIs may take a greater interest.

... We are delighted with the support shown from new and existing investors in this fundraising and look forward to the year ahead for the Company. "

Sorry, omitted the first line. And the text continues after my extract:

Result of Placing and Conditional Subscription

Confirmation of Settlement in shares of GBP1m of Deferred Consideration

Angus Energy Plc (AIM:ANGS) is pleased to announce that, further to its announcement of earlier today it has successfully closed the Placing and Subscription to raise GBP7.1m, of which GBP1.48m is conditional on shareholder approval.

The Placing has raised, in aggregate, gross proceeds of GBP1.89m through the placing of 115,000,000 Ordinary Shares (the "Placing Shares"); and the Subscription has raised an initial GBP3.7m through the issue of 226,219,000 Ordinary Shares (the "Initial Subscription Shares"), at a price of 1.65p per share (for a total initial fundraise of GBP5.6m, subject only to Admission.

In addition, the Company has conditionally raised further gross proceeds of GBP1.5m through a subscription of 89,781,000 new Ordinary Shares, subject to approval of certain Resolutions at an upcoming General Meeting of the Company (the "Conditional Subscription Shares"), also at a price of 1.65 pence per share.

As set out in the announcement of earlier today, the issue of the Placing Shares will be accompanied by the issue of 57,500,000 warrants; the Initial Subscription Shares and the Conditional Subscription Shares will be accompaniesd by the issue of 158,000,000 warrants in aggregate.

You've got some of the significant shareholders investing more and some of the PIs selling - it is for each to interpret as they choose.

- Hedge expenditure: GBP3.3 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.

Why take 1.65 when you can soak up nearer 1.5p, this isn't done yet in my mind..
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You only get the warrants if you participate in the placing.

pboo, why would anyone buy back in this morning on that initial drop ?
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To take advantage of the fall triggered by this morning's RNS.

Of course, but 1.65p looks like an undemanding price.

Agree with the comments about the pricing of the warrants, unusual for them not to be at a premium to the offering price.

Looks like a major incentive to participate in the placing.

Note that the £3.3m of hedge expenditure had to be paid at some time: this morning's RNS shows the payment has been brought forward in comparison to original expectations.

We can see from the RNS that those with the financial resources are buying in (Aleph and associates, Kemexon Ltd).

Following the issue of the First Tranche Shares, Kemexon is expected to hold 219,142,894 Ordinary Shares in the Company representing 6.7% of the Enlarged Issued Share Capital. (From 4.12% presently).

-- The Subscription has raised approximately GBP5 million through the issue of 316,000,000 Ordinary Shares to Aleph Commodities Limited ("Aleph") and its affiliates along with counterparties introduced by Aleph. Of the 316,000,000 Ordinary Shares to be issued pursuant to the Subscription, ...

So already done, leaving the placing to be effected.

Quite rightly, while it is still at the stage of discussions, we do not know with whom UKOG has been discussing its project.