Member Info for ocelot

1/ the precise timing of the 19/05 suspension RNS was determined by that morning's leak: "Following recent market speculation, ...";

2/ the regulatory requirement concerns the potential RTO and has nothing to do with the delay in repayment of the debt facility:

"Given the nature of the Potential Transaction, this would constitute a reverse takeover under Rule 14 of the AIM Rules for Companies and accordingly, the Company's shares have been suspended from trading".

No "default" on the debt because only the lender is in a position to determine a default, not a bulletin board poster. The conditions of the facility have been breached.

But there was no suspension when they announced the delay in repaying the debt (on 07/05).

It was Mark Twain who said that "the reports of my death are greatly exaggerated".

Cause: leak. Effect a few hours later: suspension of trading in the stock. Relationships don't get much simpler than this.

Having said which, Angus have made it clear the proposed deal should prove very positive in terms of its risk profile for borrowing purposes:

" Rationale for the Proposed Transaction

Completion of this transformational transaction would represent a major strategic development for Angus Energy, with a significant increase in reserves, production and positive cash flow. The transaction diversifies Angus away from the challenging UK energy sector into assets in a highly supportive oil and gas jurisdiction, with stable and reliable production and low decline" (RNS of 19/05).

Nope, the market was already aware of the delay in repayment of the loan but, until the morning of the leak, it was not aware of the potentially "transformational transaction" in the US.

"Well-timed" from what point of view? The leak occurred, suspension was required in order to put all participants in the market on an equal footing.

We are all waiting to learn more about Angus's first external growth initiative.

Https://slguardian.org/trump-allies-target-greenlands-rare-earth-trove-in-bid-to-outflank-china/amp/

"Angus's M&A and external growth team'.

Remind us Ocelot - what have they ever achieved to date?"

Because of the leak re a potentially "transformational transaction", their achievement is currently limited to the suspension of trading in the stock.

However, following yesterday's 2 NED appointments, a strong M&A and external growth team has become an even stronger team.

I think it is clear that the Gulf of Mexico/America deal is far from being the only deal the team has been investigating.

I can understand your impatience to learn more, Mirasol, but these things do take time to complete.

Thank you for quoting me, Mirasol.

The quotation is in reference to Angus's M&A and external growth team.

"... we have created a strong team to look at inorganic opportunities and are in the process of identifying targets, mergers and development candidates. This will be a strong theme for 2025". (Chairman' s statement, Annual Report RNS of 06/03)

To this team have now been added 2 NEDs who "bring a wealth of experience in the area of acquisitions and corporate finance ..."

A strong team has become an even stronger team.

It seems to me it is essentially a matter of time before Angus announces completion of its first external growth initiative (with, quite possibly, more to follow behind).

By definition, a general meeting of shareholders excludes those who are not shareholders.

Trolls will doubtless be active on this board in the time running up to the meeting, on 02/09, but we all know full well their posts can have no effect.

From page 20 of the Hydrogen Update to the Market linked to this morning's RNS:

After engaging with the market and exploring options for the design of the Hydrogen Storage Business Model our minded to position continues to be that the most appropriate business model is a revenue cap and floor mechanism to be awarded via a subsidy competition ...

We are aiming to open the first allocation rounds for the Hydrogen Transport Business Model and Hydrogen Storage Business Model in the first half of 2026.

(for those not linked to Alba's hub)

https://www.bbc.com/news/articles/cm2zp6m4gy7o.amp

"They're the Organ Grinder, not the monkey, Ocelot as you are well aware. Do you think these appointments would happen without the OK from Trafigura??"

Mirasol,

As a significant lender, I imagine Trafigura will seek to avoid close involvement with management decisions, in order to ensure responsibilities remain clearly defined.

"Lenders making sure that the BoD doesn't go off the rails and affect what they're owed".

The lender, Trafigura, is conspicuous by its absence from this morning's RNS.

Forum Energy's Deferred Consideration is now due for payment on 31/12/25 (RNS of 11/07).

It isn't "lenders" but the company's principal shareholders who are now represented on the board.

In itself this seems a sensible thing to do. But, in addition, the new directors between them possess quite some experience of corporate finance which should prove of benefit to Angus.

It is clear, the GM's 2 resolutions need to be passed for the company to be considered a going concern in the 12 months after the annual accounts are signed off by the auditors.

This is a matter for shareholders alone. Only those who own shares in UKOG can vote.

Presumably, the GM is before the AGM because the auditors need to know the company has the authorisations in place to raise the required equity.

Before the AGM.

Helps explain the timing of yesterday's EBT RNS.

Krzysztof Zielicki, Chairman of Angus, commented, "the Board welcomes both these appointments. They bring a wealth of experience in the area of acquisitions and corporate finance. The strengthened board demonstrates the commitment of our major shareholders to the development and growth of Angus" ...

Aleph and Forum look forward to continuing their long-term relationship with the Company, assisting with the execution of the Company's growth strategy.

Ouch!

Suggests THERE (NOT their) will be ...