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@Bearsandbulls - ANGS has accumulated losses of £111m that must be covered before a divi can be considered.

With what…? That’s a ridiculous suggestion. Their cash priorities will be:

1. Pay the overdue bills

2. Pay the bills coming due

3. Build a little breathing space

4. Make sure they are cash funded for 12-18m minimum

5. Think about paying down the most onerous debt obligations

6. ….

Only then can they possibly start to even think in terms of divis or buybacks! They can’t pay a divi until their accumulated losses are covered in any case…

ANGS has performance anxiety 😊, perhaps on account of the many puffers and fluffers here - all of whom are evidently happy to sell into the slightest rise.

I doubt there is much scope on rates and maturities. After all it’s unlikely that the lender(s) are sitting on more profitable opportunities elsewhere! Debt financing can add leverage for shareholders, but generally only when secured on favourable terms. Companies with expensive/onerous debt generally look to retire it ASAP.

Perhaps the more interesting question is on whether there is any scope/wriggle-room re the derivative contracts. For example with higher cash flows from production ANGS might propose an acceleration of the schedule in return for a reduction in the total therms involved. In other words ANGS pay more now (funded by their increased production) but reduce slightly the portion of the reserves that are hedged. This could be value creating in the longer term, and also tempting to the derivative counterparty as they will earn more £££ now…

I just hope ANGS aren’t tempted to do anything other than get out of their enforced foray into derivatives at the earliest possible opportunity…

Whilst the eventual MRE will be factual, I suspect it’s timing and presentation will be driven by Newmont’s intentions regarding their 70% interest in Havieron. For this reason interested parties should pay close attention to what NEM say, starting with this: “ So as we look at Telfer in the Newmont portfolio, we really want to step back and have a look at the potential of that Havieron deposit and what it might look like in terms of the life and the potential scale. “

- If they conclude they will sell their 70%, expect a “highly progressive” MRE timed to support such a sale

- If they look to move to 100%, expect a delay and a “less progressive” MRE

- If they decide to mine as a 70% partner, expect an early and “progressive” MRE revealing significant upside from drilling since the last one….

- If defining their intentions take time, expect a delay whilst they ponder

Their 70% means their hands are on the wheel.

Can you give the childish rampy posts a rest….? It’s truly pathetic. And why should I (or anyone else) care what “LADY OF AIM” thinks/says? LSE at it’s absolute worst.

For reasons well discussed here, value will be realised for ANGS long-suffering shareholders, but it is going to take time for that to show. Gas flow will translate quickly to free cashflow, and that cashflow will drive the SP.

Not mindless drivel.

Agree v interesting / positive if the fund has added 70m shares since 31/12 as indicated by Morningstar.

@Zoros - yes, that [Annual Report] is the source document I have showing 5,935,000 at 31/12/22.

“Significant purchases” is a UCITS disclosure requirement; the top 20 purchases that are each >1% of purchases made during the period. Looks like the holding was added during 2022, but didn’t make the significant purchases list.

5,935,000 in JG&S at 31/12/22, no significant purchases or sales during the year.

Very much so. It's also more complicated because it's a share based transaction and NCM shareholders will end up owning a lot of NEM. NCM's board has additional responsibilities relative to if it was an all cash offer. Negotiating the two-way reps and warranties will be super-complicated as a result.

But I agree that it looks like a racing certainty now.

Very common.

Happens because exclusivity refers not only to the right to access d/d data, but also to negotiate or entertain other offers. NCM are presently blocked from talking to anyone else. NEM have likely finished doing their work but want to ensure that no-one else gets a look in while the deal details are finalised.

Repeating posts serves a purpose when someone like you seeks to misrepresent them. Forum readers can use them to form their own conclusions on your motivation and methods.

I suspect many are tiring of your constant attempts to control and chaperone discussion on this board.

Here are my five posts on this, in the order they were made...

1. "Berenberg appear to have a sell order to fill, so have eaten all the retail buys today. When one RSP is this far out of line (9p vs others at 9.3p) the algorithm used by sites like LSE/ADVFN etc has no chance of identifying buys and sells with any accuracy…"

—

2. "Yes - that’s the point. Plenty of buyers and Berenberg apparently keen to make sure they got all their trades."

3. "It's likely that Berenberg paid out for the 12m or so of sell orders printed on 9/5 and 10/5, in sizes between 1m and 2.5m priced around the 8.9p mark. They were obviously not wanting to hold these shares on their book, so were happy to show the lowest offer 9p - 9.2p all afternoon on the 10th (all other RSPs were at 9.3p minimum) thus they hoovered up all of the buys going through that session. There were - as I said - plenty of willing buyers to soak up the position Berenberg were busy offloading.

I hope this helps you to better understand how RSP's work."

—

4. "Today is another re day @Jamesp21, with new trades to fill. I don’t know why you reacted as you did when I mentioned a seller - there are always sellers, if there weren’t we wouldn’t have a market.

When you see one RSP quoting the lowest offer through a session it’s a pretty clear indication that they have a position to unload. This was the case with Berenberg earlier in the week."

—

5. "Berenberg were offering shares at 9p through the afternoon of 10/5 when all the other RSPs were at 9.3p

I said that it's likely they had a position to move on having paid out for some sells. There were plenty going through various venues, as usual. Clearly Berenberg wanted to sell shares to retail buyers in the RSP channel that afternoon. Do you have another explanation?

Not sure why this is difficult. I have explained it to you, but I can't understand it for you."

You're hilarious Costa / Joubert / whoever....

Anyone is welcome to look back though my posts on this - all of which are perfectly consistent and entirely uncontroversial.

Berenberg were offering shares at 9p through the afternoon of 10/5 when all the other RSPs were at 9.3p

I said that it's likely they had a position to move on having paid out for some sells. There were plenty going through various venues, as usual. Clearly Berenberg wanted to sell shares to retail buyers in the RSP channel that afternoon. Do you have another explanation?

Not sure why this is difficult. I have explained it to you, but I can't understand it for you.

Today is another re day @Jamesp21, with new trades to fill. I don’t know why you reacted as you did when I mentioned a seller - there are always sellers, if there weren’t we wouldn’t have a market.

When you see one RSP quoting the lowest offer through a session it’s a pretty clear indication that they have a position to unload. This was the case with Berenberg earlier in the week.

[Sigh....]

It's likely that Berenberg paid out for the 12m or so of sell orders printed on 9/5 and 10/5, in sizes between 1m and 2.5m priced around the 8.9p mark. They were obviously not wanting to hold these shares on their book, so were happy to show the lowest offer 9p - 9.2p all afternoon on the 10th (all other RSPs were at 9.3p minimum) thus they hoovered up all of the buys going through that session. There were - as I said - plenty of willing buyers to soak up the position Berenberg were busy offloading.

I hope this helps you to better understand how RSP's work.

Three actually, @devonkid ;>

The problem is that any gold is buried underground in quite a large and lawless area, and the JV partners don't want to spend the £££ and time required to work out where best to start mining and how to ensure security.

I would disregard the regular posters to this board who post about their buys every time the sp increases. No information value there.

Target company is listed on ASX. Australian (Sydney) time and dates will apply.

Aus takeover code (quite similar to UK) will be in operation. Timetable will be driven by this.

I would not expect any announcement immediately following the end of the exclusive d/d period.

If/when the deal is confirmed I would not expect all of GGP shareholders questions to be answered immediately. Some patience will likely be required.