Member Info for OofyProsser

Trafigura must be committed to turning Poundland eventually into a storage facility. The alternative, if it ends up taking Angus over, is a big clean-up commitment. Mercuria were extremely shrewd throughout, one’s takes off one’s hat to them.

It appears to be in no one’s interest to put Anguish into administration. This could go on for a long time. But in any case, with losses racking up, there will be nothing for equity investors.

Nomlungu: the charge on AEWB3 appears to cover all their assets. Assuming the filing at Companies House is still in force, as it says it is. The assets concerned at Saltfleetby seem to be just the pipeline. Do you know where ownership of the permit to drill for and supply oil resides?

Nomlungu: Mirasol pointed out yesterday that a company which has gone into administration can’t hold an oil/gas extraction licence. That appears to stymie Trafigura. And to put Angus in limbo for the time being.

Bubblepoint: I agree with your conclusions but Angus doesn’t need to pay any attention to its shareholders. Their shares are suspended and there appears to be no recourse. This is an awful, cynical RNS.

They are in default. But there appears to be little Trafigura can do if, as Mirasol says, administration would lead to the loss of the Poundland licence. There will be nothing for small shareholders.

Administrators would be appointed by Trafigura. Until then, Anguish’s shareholders still own the company. They will need to raise capital, since losses appear to be mounting. It seems unlikely that they will be able to raise sufficient new capital from share issues, even if the shares return from suspension. The RTO looks like a ruse to gain time. Can Aleph, Kemexon and Forum offer Anguish fresh loan capital? If they can, it’s a long time coming.

Trafigura is in charge.

Re-list, Crocqman? It isn’t as if anything has changed today. They’ve all known the score for months. There really should be an announcement today but this is Anguish. Prof. Zielicki has joined the Trappist sect and Carlos is keeping his head down.

Crocqman: who’s going to subscribe to a new share issue in a company that’s in default ? If the shares are ever re-listed - which looks like a very long shot- it will be at a far lower price than the suspension price.

The “RTO” was a ruse. Possibly the reason ‘Erbert resigned so precipitately.

Thanks, Sufc100. Yes, you’re clearly right, there are quoted companies with these characteristics.

However, these are previously government-owned utility companies and they inherited massive debts from inception. They trade on high dividend yields and can raise fresh capital in large sums in the form of rights issues. They can raise prices if the going gets tough. They are therefore regarded as safe investments. They’re a unique market sector,

Can you point out any non-utilities with debt 3x their turnover?

It’s quite wrong to blame ‘Erbert for the terms of the Trafigura loan. It was take it or leave it. Lenders were not forming an orderly queue to discuss terms with Anguish. I dare say he was disappointed with the speed of the deterioration in the flow rates until the new compressor was put in, and with the cost of installing and calibrating the compressor. I dare say he was unwilling to lend his name to announcements concerning an RTO, too,

Sufc: debt 3x revenue seems rather high. Can you name one or two companies in such a condition?

Are you referring to Corpus Resources, Ocelot?

…pursued by bears, not beats.

Yes, Mirasol. The penny seems to be dropping here, doesn’t it? Also worrying is the disappearance for a while of the Ocebot. Has she exited left, pursued by beats?

HITS: Jonathan Tidswell-Pretorius’s recent overdue departure from the Angus scene, combined with the recent fall in the share price of the Forrest/Hollis/Glass vehicle Corpus Resources (the likely partner in “The RTO” ) suggests a disappointing RNS may be in the offing.

If there’s some kind of deal, it’s likely to be between Trafigura and the three big shareholders. There’s no protection at all for individual shareholders.

Onetomany: would you mind sharing your fresh insight?

Onetomany: I’m disappointed that your sources haven’t offered you an explanation of the gas production/revenue anomaly.

I suppose it’s possible that the revenue figures in past quarters were “gross revenue” and that they’ve changed the figures in today’s report to “net revenue”. That might explain it but then you have to ask why they didn’t specify the change.

Ocelot: the “RTO” was never going to happen, yet it was given as the reason for suspending share trading. The issue here is yet another quarterly loss (somehow) in spite of the absence of hedges on gas production, and no prospect of an improvement. Anguish is already substantially in default. Trafigura can do what it wants with them. It seems very unlikely there will be anything left for shareholders.

Why do you think Anguish will be re-listed, Ocelot? None of the factors referred to in the suspension will have been resolved and the company will be further up that creek and with no means of propulsion whatsoever.

Where is Onetomany? His insights would be useful as they apply to the revenue data, what? Disappointing that his often-repeated predictions of a massive cash pile building in the recent quarter have not been realised. Not debt-free yet then Onetomany?