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Seriously how are you invested in this and surprised by fundraising? They’ve already said that they will be drilling the next well straight after TLP-103 as this is most cost effective. Mobilising and de-mobilising of drill rig is massive costs, so makes financial sense to drill next well straight afterwards while it’s on site. What they’ve done is ensure paperwork is done so there’s no delay in sorting funding out. I’m pretty sure they have different funding options available depending upon results of current drill program. That’s the risk we all take- next well could cost 10m new shares or 100m new shares - we won’t know until results are out. Only thing we do know is that drilling isn’t free and we’ll have to pay for it with new shares.
Shares can be used for full or part payments so wouldn’t receive cash, but they would still need to be valued above nominal value.
Just to be clear the SP can be whatever, but new shares can NEVER be issued below nominal value. Going back to your earlier statement, by your logic management can exercise their options at 5p and not 20p as RNS didn’t state “nominal value”? Most ridiculous thing I’ve read in a while.
As for your holistic funding question- nothing has really changed. They are asking for authority to replace toxic Sandabel facility with a placing after results are known. So what’s the problem? They learned a hard lesson and are now fixing it. Sounds like they are very confident arranging vote for after first two results should be known.
Clarification? Seriously? Don’t recall anyone asking for clarification 11 days ago when they released this: “Anglo African Oil & Gas plc, an independent oil and gas developer, announces that it has today awarded a total of 4,000,000 options ("Options") over ordinary shares of £0.05 each in the Company ("Ordinary Shares") to two senior managers of the Company.” No-one seems to be thinking they will get options at 5p instead of “All the Options have an exercise price of 20 pence per Ordinary Share, which represents a premium of 142 per cent to the closing price of AAOG's Ordinary Shares on 16 November 2018.”
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/AAOG/13871084.html
Suspect they released it late on Friday to ensure no-one gets confused or deliberately mislead by people with hidden agendas. Also think they wanted to get it out of the way before Monday or Tuesday RNS on drilling results from first formation.
They just made risk-free 15% in a few weeks. Pretty good return in my book. Unfortunately for them they got greedy and this will probably be the end of their gravy train.
Agree we don’t know for certain, but the delayed 5m trade from Friday gives a pretty big clue. Not sure who else would be dumping that quantity. Explains why we agreed to £750k figure as that gives them just over a million more shares than their current open short position. And looking at today’s trading most of those have gone ss well. Pretty confident they’ll be gone completely by tomorrow at the latest.
Would be great news if that was another short by them. Means less than 2m left to dispose of. Could be done and gone by cob today or tomorrow.
They have a short of 5.6m shares that we know of and have converted 11.9m shares. So they will still have a maximum of 6m shares to sell. Anything above 6.3p will be in profit for them. So suspect they will be dumping in tranches, but should hopefully be gone by the end of the week. Nice time to buy if you have spare cash.
How to deliver good and bad news in one tweet! Great to receive loads of visitors, but unfortunately we didn’t expect it and wasn’t prepared for it! 🤦🏻‍♂️ Hopefully they sort all these issues out before first live show!
Well at least we now know where the 4.75m trade on Wednesday came from. That’s 2.93% of shares in issue, which judt happens to be their opening short position at 7.1p. Hope that they shorted some more on Thursday/ Friday and have a short over 5% by now. I hoped that Sefton was right and they were going to hold the shares but it’s clear they are just like all the other ones.
Unfortunately I can’t see how we can cancel first £1m at this stage, but at least they’ve already dumped at least half of their shares, so should not be too much of a drag on SP once good news gets released. Would be extremely disappointed if Sefton continues working with them after this. At the moment I’m still willing to give him the benefit of the doubt as these guys would sell their mothers if it meant making a quick buck, so could have lied to his face. He’s actions going forward will make it clear to me who lied - Sandabel to Sefton or Sefton to shareholders.
Agree, it would be a small change to just add "visit melodyvr.com or VR headset app for full selection". To be fair to them it's all part of the phased release - to iron out all these little issues. I'm quite pleased that they're not rushing things and taking their time to build a solid business. That's why I'm not too bothered about user numbers or sales figures at this stage. Still have to release app in major markets and across various devices. Bit surprised that they didn't release details of first live show today with the Black Friday special offer on Go.
The iphone app is pretty much just a demo. Won't be able to see all the content on it until full app is released. Only place to see everything is on VR headset or website.
Don't forget they get benefit of previous 3 days lowest closing price AND only pay £900k for £1m of shares. Win-win all the way. Unfortunately a necessary evil for junior explorers. Not that anyone would care if drill is successful.
Oculus Go ads are only on US tv.
I’m good thanks- are you on Twitter?
Don’t bother, still struggling with concept of non-cash & non-recurring expenses. On 13 Dec will probably claim they have lied about cash in interims or something like that to fit his agenda.
Glad to see you’re still up to your old tricks. Despite me pointing it out a few times to you before you still use your BS monthly running cost number. You should really learn to read accounts - look at non-cash and non-recurring expenses. Then again that doesn’t fit in with your agenda, now does it?
Can’t take you seriously at all.
Thanks to Mushroom Man on tw itter
https://www.youtube.com/watch?v=Es51wtnDHRA
I can’t believe some of the comments about AM and SH lately. They’ve not sold out, they still hold 300m shares between them and have suffered a combined paperloss of over £40m since recent highs. They get paid roughly £10k before tax a month so why not supplement that by selling some shares to II? Better than getting paid millions as salaries through the company. I would also not expect either of them to buy shares on the open market as they hold 11m options each at 1.1p
Each to their own. Personally I wouldn’t be shorting now - it’s like buying into a spike. Not for me. I’m not saying it can’t or won’t go lower but risk/reward is not there. Volume is just way too low. From 10p not too long ago it’s dropped 45% on next to no volume. Going to be interesting to see how it reacts when first live concert and Playstation release gets announced.