RE: Opportunities20 Jun 2020 13:04
If Forum or a related party were to put in more cash potentially, in return for shares, then as they hold over 25% at present that would ultimately likely put them over 29.9% thus necessitating a bid for the whole company, which would defeat the object of going for a listed cash shell.
By using finance from Riverfort they avoid this possibility.
The finance from Riverfort is for up to £1.5m and as the present market cap is only £2M, then if conversion of the entire loan took place without any further corporate action, this would also likely put Riverfort over the 29.9% threshold.
Therefore Riverfort must have been assured that further funds/assets will be injected into AAOG by other third parties prior to any possibility of any conversion of their loan resulting in their owning more than 29.9% of the shares.
Therefore assuming the share price stays as it is at present, and assuming draw downs of £100k per month, that injection of assets/cash by a third party must take place within 6 months of 11th June 2020. Otherwise if Riverfort were to convert after that time they would risk owning more than 29.9% of the company.
Suspect action will actually take place much sooner.
As Tiburn says we await the main developments, and the Riverfort loan could be cancelled at any time, once a RTO takes place, at which point Riverfort will convert.
In addition we face suspension on 4th November 2020 if we don't RTO by then.
And ATOG have updated their website and confirmed their move to "The Hub" from 12 Berkeley Street.
https://anglotunisianoilandgas.com/
Funny how despite using the supposed AAOG drilling team, as outlined in the 2019 AAOG presentation, all paid for by AAOG shareholders, all references to AAOG have been expunged from that website, despite most of "our" team now being with ATOG.
https://anglotunisianoilandgas.com/about/our-team/
Even good ol' James Berwick doesn't quite get to mentioning AAOG in his resume.
You would have thought that being CEO of a listed PLC for the best part of two years would have been worthy of note but, no, nowhere to be found.
He does however mention "The Parachute Regiment" and "French Foreign Legion" - no mention of "Colonel" though, or "Cook, 2nd class" for that matter.
The whole team all look very pleased with themselves nonetheless.
And we never did find out where the £30 million spent by AAOG went.
I might just go and find a sofa inscribed "Tunisia" and try looking down the back of it.
News can't be far away.
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