Member Info for snooz

Some additional light reading on the topic for your weekend: https://www.iog.co.uk/media/1241/iog-bond-prospectus-6-december-2019-with-appendix.pdf

Page 14/15: "Interest Quotation Day" and "Interest Rate" for the specifics.

>Can anyone clarify what this means?

The text of it is:

New Interest Rate has been set for the Bonds:

ISIN Official Name New Interest Rate Interest Period

(from and including– to)

Days Ticker

NO0010863236 FRN Independent Oil & Gas Senior Secured Callable

Bond Issue 2019/2024

13.403% 20.09.2023 –

20.12.2023

91 IOG01

The new Interest Rate and Interest Period have been set in accordance with the Bond Terms.

This notification has been sent to the Paying Agent for registration with the CSD (Verdipapirsentralen ASA).

Best regards

It means that, as per the terms of the bond which is that quarterly coupon payments are to be made at a rate of 9.5% + 3MEURIBOR, it is now known what the coupon payment due December 20th is. It is a quarterly payment of 13.403% on €100M.

At the beginning of every quarter (exact date around the 20th will be in the bond terms documentation), the rate for the next quarter is calculated as 9.5% + 3M EURIBOR.

It says nothing about whether previous coupons have been paid or not been paid.

Let me know if there is a more specific part of this you'd like clarifying.

>Maybe you have been blinded by your losses but your posing history is there for all to see.

Yes Ben, I held some shares and sold after the last RNS. Those posts are a record of purchases, notable because they were regarding the largest trades of the day in a thread about low liquidity.

Did you really read those as recommendations? I'm struggling to believe you've accidently misinterpreted the posts and instead are misrepresenting them

>negative post after negative post

Al least I can honestly say I am trying very hard to keep them all factual and not posts about random hopes.

The more I think about it... Ben I am really _very_ disgusted with you.

Just as discussions were turning constructive and factual, the sharing of specific bond term and listing rules - you come out with something that is a flat out lie. Being misinformed, or uninformed, is one thing, but dishonesty is something else.

>I'm currently waiting on 3 companies to give half yearly reports at end of Sept - no issue not sure why anyone would focus on that.

I have raised the fact that the date that they had schedule for the report release has been removed from their website.

>I find it odd that snooz was recommending this share a matter of weeks ago when the price was around 5p - just because he got burnt and bailed out at a huge loss has made him hate the company but that is just testament to his poor analysis and judgement I'd say.

Absolute fiction that I have recommended this company at around 5p at any time, let alone "weeks ago" (it hasn't been 5pm for far longer than that).

Really disgusted with you Ben, go look at yourself in the mirror and think about what you've done.

>What is the point to issue new coupon if you haven't paid old one...

"issue a new coupon" - they have calculated how much the Dec coupon is, according to the bonds terms. And those terms that were not changed by previous waivers. That's all.

Looked it up myself: AIM Rule 18 requires that AIM companies prepare half-yearly reports within three months of the period end.

So, this month-end.

>If they issue the financial interims AIM rules will force a suspension of trading.

Is that sentence missing a "do not"? When would half-year results have to be posted? Months from now I'd guess.

E.g. Three months previously: https://newsweb.oslobors.no/message/593532 and they still haven't paid that coupon.

kessla, where/who/how did you think it meant the coupon had been paid?

> it means outstanding balance has been paid as someone mentioned this is where 5 million gone.

No, it really doesn't mean that at all.

The bond's coupon for each quarter is calculated as 9.5% + Euribor. The Euribor number for each quarter is taken at the start of each quarter. Each quarter for this bond it starts on the 20th Mar/Jun/Sept/Dec.

Better screen-grab https://archive.ph/kHMYk

I took a snapshot of google's snapshot of the half-yearly report having been scheduled for September 26th: https://archive.ph/P4VIq .

I guess it's positive news from a shareholder perspective - IOG might be able to negotiate a better deal with the bondholders by providing them with less information rather than more.

>Snooz, the company will be suspended if they don't release financials by next Friday.

The IOG bond are already suspended from euronext. https://live.euronext.com/en/product/bonds/NO0010863236-XOSL/data , perhaps moot as no-one was trading it anyways. It's surely not the case that LSE would be suspending shares if the half-year report isn't released already - some companies are much slower to get out annual reports.

"waivers runs out next Friday" is badly phrased. Next Friday is when the bondholders are due payment. But it wouldn't be the first time such a due date was not met, the last waiver was obtained after the due date.

September 26th. Half-yearly report - this date was given to Euronext, but has been removed from the IOG website, which I think is ominous.

September 27th. Record date of deferred coupon payments.

September 29th. Deferred coupons payment date.

>If you brought this share

I used to own it, and sold at a big loss after the last RNS because it was clear I had been misled. I don;t like to see people being misinformed and misled.

>why do you only talk nagative news about this share?

I can't find any positive news.

If he's Mr Doom and Gloom. Can I be Mr Abandoned Hope?

To further temper any optimism out there: This page used to say there'd be half year results out on the 26th, but it is now blank:

https://www.iog.co.uk/investors/financial-calendar/

So that H2 rate of 26mmscf/d was inflated or based on old data, H1 @ 14mmscf/d pure hope, Elgood @ 25mmscf/d isn't even being brought online.

Call it 21mmscf/d from H2, even that assumes no further reduction. I think that just leaves one number left to dispute:, and that is:

>gas is at 110p at the moment

Today's day-ahead rate is 95p.

>Can you dispute the numbers bro ?

I'll have a go...

>can easily refinance the remaining £50m over 5 years through bank or other.

This is opinion. I don't think it's true. If it were true, why did they not got some short-term financing in place and pay the coupons when they were due.

> We have 26 mmscf from H2.

H2 gas rate declined from 27.7 mmscf/d to 21.2 mmscf/d over the month of August.

> H1 can add 14 mmscf. That's 40.

14 mmscf of water :) , seriously though I can't really "refute" a number you've just guessed - are you citing something or just another guess?

>Elgood can do 25 mmscf. That's 65 per day.

Elgood reserves were downgraded last year - where have you got this "25" from? The IOG website says "It is a good quality Rotliegend Leman sandstone reservoir that tested gas to surface at rates in excess of 17 MMscfd."

> If its run at full speed when prices are 120p plus for 3 months we can bring in circa £42m in just 3 months.

All these phrases like "bring in" and "generate cash", and ignore significant costs & expenses.

I appreciate the healthy dialog about balance sheet - do keep it going!

What I can see is regarding the SP is:

I can't request an bid for more than only 100 shares.

I can buy 1000s at well below mid.

I'm convinced a MM has a lot of ITX to sell, and this has been the case ever since the consolidation.

We did this discussion before. EBITDAX.

What was the flow rate last winter? Compare with the flow rates now.

>Watching a slow death here...

20th Sept 2024 is when the bond repayment is due. So brace yourself for one more year of this.

I rate this a 50:50 stock - 50% chance bondholders take full (or significant majority of over 95%, via diluting d4e) ownership by Christmas, 50% by this time next year.