Member Info for ocelot

If SOU was to maintain it's possible offer of 1.40p, that would be equivalent to 1.59p on the previous capital base.

It's not really a poison pill, but it does mean Angus has become a bit more expensive to buy (unless a buyer steps into the market now to pick up stock at the current price).

Note that SOU's first possible offer was made to the company on 18/12/21 and the notice of the GM was released on 20/12/21.

Perhaps the possible offer added some urgency to preparations for the GM.

Oil prices, already up around 20% this year, could be boosted by China potentially replenishing its inventories and financial investors increasing their long positions, according to Vitol Group.

The world’s biggest independent oil trader said there’s a chance China looks to build up stockpiles following the Lunar New Year holiday.

“I think it’s fair to state that China is at bare-minimum” in terms of the volumes of oil state-owned enterprises need to hold, Mike Muller, Vitol’s head of Asia, said Sunday on a podcast hosted by Dubai-based consultant Gulf Intelligence. “All eyes are on what happens in China after the Chinese New Year. There’s a feeling that some restocking will be required.”

Crude posted a seventh-straight gain last week, with Brent climbing above $93 a barrel. Many traders believe it’s a matter of time before prices reach triple digits ...

For China, the world’s biggest oil importer, prices aren’t yet high enough to dent consumption, according to Muller.

“It doesn’t look like they’ve had their foot off the pedal,” he said. “Up until the very last day before Chinese New Year, the state owned enterprises seemed interested in buying crude at these prices.” ...

“The market is still relatively risk-off,” Muller said. Positioning is “nowhere near where you’d expect it given some people consider oil to be a good inflation hedge. The fundamental picture on oil is a very resounding thumbs up. Demand is making the headlines and supply is the problem.” ...

https://www.bloomberg.com/news/articles/2022-02-06/china-may-need-to-rebuild-its-oil-stockpiles-says-vitol?sref=Em01M8Hr

Agreed, bendog.

bendog,

Volume on Friday was 116.5m (lse is missing some late-reported trades): that's the highest volume we've seen in about 2 years.

SOU's possible offers began at 1.00p, before rising to 1.30p and 1.40p.

PS: in my extract from the Times of this morning, it should read "starting to shift from coal to gas" and not the other way around!

Oops! Yes, you are quite right, ZYX098.

Opinion piece in the Times, p51: "The energy cap was always a titanic disaster waiting to happen":

"... Gas prices are likely to stay high, and certainly volatile, for the foreseeable future ... there are longer-term factors at work. Big industries in eastern Europe and Russia are starting to shift from gas to coal in an effort to cut their carbon dioxide emissions, bringing a whole new group of large customers to a tight market...

At forums like the Glasgow climate talks, leaders are happy to talk about rising fossil fuel prices helping the shift to greener forms of energy. That has been the case for many big UK businesses, which have pleaded with ministers for help with energy and carbon costs but been given short shrift. When the reality of rising prices and dealing with climate change starts to affect millions of voters, however, money can be found".

Opinion piece in the Times, p51: "The energy cap was always a titanic disaster waiting to happen":

"... Gas prices are likely to stay high, and certainly volatile, for the foreseeable future ... there are longer-term factors at work. Big industries in eastern Europe and Russia are starting to shift from gas to coal in an effort to cut their carbon dioxide emissions, bringing a whole new group of large customers to a tight market...

At forums like the Glasgow climate talks, leaders are happy to talk about rising fossil fuel prices helping the shift to greener forms of energy. That has been the case for many big UK businesses, which have pleaded with ministers for help with energy and carbon costs but been given short shrift. When the reality of rising prices and dealing with climate change starts to affect millions of voters, however, money can be found".

Cashed-up: £750k + £1.4m raised in quick succession.

With, hopefully, more to come in the near future: the cash element of any deal for all, or part of, their interest in Saltfleetby + up to about £2m of warrants, should the share price surpass the level of 1.50p.

p49
https://www.angusenergy.co.uk/wp-content/uploads/2021/10/Angus-Energy-Saltfleetby-Reserves-Valuation-Report.pdf

AIM rules are available to one and all, WG818.

Sorry but lol again. …..AIM rules! When have they ever been concerned with them!
-------------------------
WG818,

Would you be able to tell if they are concerned with AIM rules or not?

fall FOUL of the consideration test (my mind was elsewhere!)

WG818,

AIM rules - may fall fowl of the consideration test:

Fundamental changes of business
15. Any disposal by an AIM company which, when aggregated with any other disposal(s) over
the previous twelve months, exceeds 75% in any of the class tests, is deemed to be a
disposal resulting in a fundamental change of business and must be:
? conditional on the consent of its shareholders being given in general meeting; ...

I imagine the disposal of all of Angus's interest in Saltfleetby would require the approval of shareholders.
Management would ensure they have the support of certain key shareholders before arriving at any agreement.
But, as a PI stock, they will still need to obtain the approval of a chunky slab of PIs.

With the placing to raise £1.4m, do you believe Angus are in a stronger position to negotiate a higher price for the sale of all or a part of Saltfleetby?

Asked on 3 February 2022

Brent: $92.36

George Lucan, CEO, commented: "Expressed interest in the Company and its principal gas asset remains strong with five bona fide participants engaged in due diligence in the Company's data room. We expect a definitive result from our Formal Sales Process within a sensible period of time. It is critical that that the Company is able to negotiate from a position of strong liquidity, remaining fully compliant with the terms of its development loan facility, and able to face all contingencies during the run-up to First Gas."

Result of Placing

Angus Energy Plc (AIM:ANGS) is pleased to announce that, further to its announcement of 3 February 2022 , it has successfully completed and closed the Placing.

The Placing has raised, in aggregate, gross proceeds of GBP1,400,000 through the placing of 175,000,000 Ordinary Shares (the "Placing Shares") to certain institutional and other investors at a price of 0.8 pence per share.

The net proceeds of the Placing will be applied towards:

-- Increased contingency for Saltfleetby budget (now 90% finalised);
-- Geothermal Subsurface and potential site acquisition work; and
-- Working capital and general costs.