Member Info for OofyProsser

WG818: yes, that’s why I’ve been so interested in the terms of the deal between Forum and Angus, shortly before Lords Lucan and Clanwilliam departed. It didn’t appear then to make any sort of commercial sense for Angus shareholders and it doesn’t now, in my view.

Gmed-2: Angus hasn’t got any cash. Whether or not Angus has been issued with a notice of default, Angus has defaulted on the terms of the loan. Whether or not Trafigura is currently pursuing them for payment, Trafigura may do so at any time. However you dress it up. Angus is in a position that puts it at the mercy of its major creditor.

Onetomany: how can you do that ?

HITS, Mirasol, WG818: in the event that Angus is put into administration, do you know where the de-commissioning reserve in the Accounts comes in the pecking order? It must amount to a pretty sum. Most of it is SEL’e responsibility but Angus bought out Mr. Forrest’s majority holding in that for a surprising sum two years ago.

Yes, they’re in default and are, at best, discussing what Trafigura needs them to do to give them (Trafigura) a chance of saving anything from the wreck. It’s possible Trafigura is merely calling in the Angus representatives as and when they want specific information. I.e. angus may not be formally represented at the deliberations on their fate.

Any inside information onetomany may claim to have can only come from Angus, so it would not be reliable really, would it? I don’t know why he persists in saying there is no default. The shares are suspended in any case.

Ocelot: the AEWB3 annual filing should be out next week. There’s sometimes some useful data in tbat.

HITS: Of course Angus has defaulted. The subject of the talks with Trafigura is “what can be done about it?” Angus’s future, if any, is out of its hands.

Onetomany: Angus is in default, its shares are suspended and its CEO has fled to the safety of the hills. The Board’s view is that their best option to replace him is Jonathan Tidswell-Pretorius. Good luck with your “positive vibes”.

Yes, Ocelot. He stood not on the order of his going, but went at once. And who can blame him?

HITS: lol, by the way..

HITS: I don’t think It would be fair to expect anything original from the word processor of Mr. Zielicki. Sort of.

…and where is Angus going to find the money for “a cash element”?

So, Ocelot, you appear to be suggesting that Angus is rudderless at this important stage in its decline?

Mirasol/WG818; he also made the headlines in a Scottish paper in connection with a disagreement with a muscular polo professional, which ended in a form of fisticuffs and a court hearing. Wolfofthewoods drew the bb’s attention to it some years ago.

If such a deal were available, a decent Board of Directors would have been researching it without needing prompting by bulletin board posters.

Ocelot: if such a deal were to go through, the outcome would be only of academic interest to current shareholders, whose remaining interest in the company, if any, would be minuscule.

Yes, all the senses are being assaulted with the latest revelations, what? It’s looking, feeling and smelling very bad and the sound of the penny dropping, though a relief to some, is deafening.

Yes, Ocelot, but what about the hedges on 6.44mm therms over the last six months of 2025 (note 22) and the 6.38mm therms hedged over 2026 (note23). These are generally at much improved prices but Angus has got to meet the volume requirement. That doesn’t matter while the gas price is below the hedge price. But if they fail to meet the volume requirement while the spot price is above the hedge price, they’ll be in trouble again.

Ocelot: there are going concern concerns at both companies. They appear to share the same auditor. And the same PR company - though you will know this, of course.

The CEO’s resignation may have something to do with “going concern”. No one would want to be a director of a company in such a condition - not even a complete ‘Erbert.

WG818: has Mr ‘Erbert really tried to tell it like it is? I don’t recall hearing anything from him at all in the last 12 months.. and the discussion in the Report and Accounts of the forward contracts/hedges has been couched in the most obfuscatory language.

You’re right there, Onetomany. There is no prey. Other than a dead parrot. .