Member Info for ocelot

Angus's George Lucan has been interviewed by Zak Mir this morning.
Following Angus's acquisition of the remaining 49% of Saltfleetby yesterday, he believes Saltfleetby should be valued "well North of £50m".
But this is on the basis of last October's revised CPR and forward natural gas prices have approximately doubled since then.
Let us hope the Loxley appeal decision goes UKOG's way.

In the interview, GL speaks of Forum as a strategic investor in Angus, saying something along these lines (from 2:45):

"We strongly believe SEL's parent, Forum, will want to hold those shares for a long time in order to get the value they may have left on the table back".

Towards the end, very bullish on Greenroc, calling the current share price "ridiculous".

They are acquiring Saltfleetby Energy Limited for £14.052m.

In doing so they are acquiring £10.8m of tax losses (40% of £27m) which can be offset against taxable profits in the future.

To my eyes, that looks like a very good deal indeed.

PS: the total tax rate on Saltfleetby gas production is currently 40%, so those £27m of tax losses acquired with Saltfleetby Energy Limited are worth (40% of £27m =) £10.8m (as long as they can be offset against taxable profits).

Note:

at the beginning of GL's interview with Zak Mir (from about 1:13), he says that "they (Saltfleetby Energy Limited) have a similar tax profile to us, they have £27m of tax losses, we have £22m of tax losses, ...".

It is clear, therefore, that Angus has acquired Saltfleetby Energy Limited including its tax losses (which are highly unlikely to be transferable to another company anyway).

I have no posts in the 7th July thread, Ibug, they've all gone.

It's the whole thread that's been deleted, Ibug.

Angus remains grossly undervalued. Following yesterday's deal, we could quite easily be looking at a market cap in excess of £100m (imho).

Ceased to trade on the market is what I meant, WG818.

Looking for market cap "well North of £50m" on Saltfleetby alone, with Angus's other assets also emerging from the regulatory delays of the last few years.
"Very strong picture for retail investors": 2 strategic investors each with a substantial investment in Angus, big cash buffer, together mean the prospect of further placings has diminished as has that of disposals by principal shareholders.

AAOG have never owned any part of Saltfleetby Energy Limited's 49% stake in Saltfleetby, have they? Otherwise Saltfleetby Energy Limited would not still be the owner of 49%!

Not too familiar with AAOG, which ceased to trade about a year ago (?).

Forum Energy Services Limited are definitely not included in the deal, otherwise the RNS would have said so.
Saltfleetby Energy Limited was a subsidiary of Forum Energy Services Limited and has now become a subsidiary of Angus Energy.

That's precisely what I wrote, WG818, the "target" being Saltfleetby Energy Limited.

WG8i8,
Angus are buying Saltfleetby Energy Limited, the owner of 49% of Saltfleetby, from Forum Energy Services Limited.
Forum Energy Services Limited retains its independent existence.

Dilutive: £100 of shares issued to buy £80 of assets
Neutral: £100 of shares issued to buy £100 of assets
Enhancing: £100 of shares issued to buy £120 of assets

They've bought 49% of Saltfleetby at a substantial discount to the revised CPR's net present value, so talk of dilution appears to be misplaced.

upon a time.

HerbertDTurbot,

Coming back to you following your post of 15:28:

Pursuant to the SPA, completion of the Acquisition remains subject solely to application for admission of the New Shares to trading on AIM which is expected to occur later today with Admission expected to occur on 27 May 2022 ("Completion").

Puzzling they are, agreed.

They both went through very close to the mid price and towards the top of the previous spread: is it just possible one of them was a buy?