Member Info for YorkshireLife

Ocelot,

No - to be fair - I think you could be right. Your suggestion of a take over could be the only way to get rid of Toxic Tidswell. If I felt ANGS had any genuine long term value - and I had the available funds - I might even be inclined to try.

However I think most large net worth investors are now wise to what's been going on here over the years and view ANGS strategy as "kicking the can far enough down the road to keep salaries being paid".

If and when we finally get within spitting distance of another milestone... you can be assured of one thing: that the can will just get kicked a little further still! :-(

Charlie,

It might be common practice for companies with "other" producing assets... For instance: UKOG can afford to take their time as they are already generating income.

ANGS meanwhile is entirely reliant on placements... scratching your head for over a year is not really a viable option... Doh!

Ocelot,

Thanks for the suggestion ;-)

Charlie,

I remember those days all too well... and that still leaves over a year of inactivity which I cannot help but find suspicious if Balcombe is supposed to be such a great asset.
Can't say I'm a fan of UKOG either... but at least they "eventually" found oil and have been extracting it from the only viable asset that Tidswell for some bizarre reason decided to offload in favour of pursuing Balcombe and Brockham!!!!!!!!!!!!!!!!!!!!!

Tidswell has shown time and time and time again that he is an appalling strategist and decision maker and yet we're still stuck with him. I wonder what liability is lurking around the next corner with his name written all over it?

Charlie,

Balcombe has been treated with such a lack of enthusiasm and urgency historically... that the realist in me might be forgiven for suspecting either :

A) There are costly technical issues to address.
or
B) Oil volumes are likely to prove too low to make commercial sense for one / or other / or both partners.

(Although Cuadrilla might find they have more time on their hands now the government has slapped another embargo on their fracking operations.)

I might have a little more faith if Tidswell wasn't still pulling strings... we seem to have been here before.... sighhhhhhhhhhhhhhhhhhhhh

Charlie / Ocelot,

I invested here as an optimist... eventually became a pessimist... and now consider myself a realist.

Sadly... NOTHING this BOD say can be taken with anything other than a pinch of salt. If Saltfleetby comes good... it will be their "FIRST" fulfillment of promise in all the years they have been in business. Fact! :-(

And... sadly... that "one fact" alone speaks volumes for any would be optimists left out there!

Charlie,

Off out shortly. Sorry, I haven't the time to trawl back through your posting history... but if it makes you feel better, perhaps I should have called you "an eternal optimist" instead? I confuse you at times with Ocelot (Cheerleader Numero Uno) since you always post together and continually back one another up. Makes you both easy to confuse.

No offence intended by the way... but feel free to call me whatever you like as I am very thick skinned and graduated with honors from the school of hard knocks.

YL ;-)

"A poster's posting history speaks for itself."

Never a truer word spoken Ocelot! ;-)

1) Lucan assures investors at the conference that ring-fencing will not be required by the OGA.... then to avert disaster with their on-going planning application, Lucan does a U-turn and decides to ring-fence after all!
2) Lucan tells us that "we are absolutely at the bottom. I’ve been in there with a broom and what skeletons there are in the cupboard are out." Then does a deal with RiverFort Death Spiral Financing to take the SP a whole lot lower still!
3) Lucan tells us that the previous financing arrangement implemented by P Vonk was a bad deal for investors and so he terminated it... problem is, he's now replaced it with a dire deal with one of AIM's worst serial offenders (exactly the same death spiral finance applies here).
4) Left blank for the next...

"Don’t kid yourself if you think it will be anything other than a long hard slog which in my view will probably fail..."

Charlie, are you sure that quote of yours wasn't about ANGS chances of success in the future?

YL ;-)

Watch and learn... Ocelot.

I've been around a long long time... and seen the same thing happen with other shares. RiverFort work with the MM's and also key shareholders... it is their MO!

Looks like it's started! RiverFort only know one way to make money... lowering the SP... loaning and shorting as they go!

"Companies willing to agree to financing on these terms often could not obtain funding through any other means due to their early development stage or credit risk profile. The terms, though viewed by some as onerous, give the lender a potential way to recover their debt regardless of what happens to the shares of the company, and the company an easy access to dilutive but relatively cheap funding in terms of cash cost. "

This paragraph sums up ANGS predicament perfectly!

Greenfish,

Death spiral financing has such a reputation on AIM that it even has its own Wiki page (If the link is not allowed by LSE, just google death spiral finance) Riverfort are one of the worst offenders with a long and ugly reputation among investors. Strange - considering Lucan told us he had cancelled the previous funding arrangement for precisely this reason... out of bed with one greedy entity (YA) and into bed with quite possibly the worst: RiverFort!

https://en.wikipedia.org/wiki/Death_spiral_financing

Regardless of our differences, we are all intelligent people here. And although intelligent people often make mistakes... they don't make them repeatedly.

ANGS have had every opportunity to change... but they haven't... they are happy drawing their salaries and failing time after time... why change?

My gut instinct was always that Tidswell was pulling puppet Lucan's strings and it certainly seems to be the case. In good old ANGS tradition we can be sure that
A) deadlines will be stretched
B) there will always be more jam tomorrow
C) the truth will emerge "eventually"
... and in the meantime Toxic Tidswell & chums will run the SP into the ground with the help of Riverfort (AIM's very own "world-famous" death spiral financier)

So much to look forward to!

Ocelot / Charlie,

Thanks for clearing that up. So if Tidswell still has a non board director role, then he should have repaid the loan immediately he left the board. Technically the loan is therefore overdue.

On the subject of decommissioning, I disagree that the OGA will grant ANGS planning consent to re-connect - whist allowing the abandonment costs to be covered by "eventual" generated revenues... since this assumes success (and success if far from being proven right now). If the GOA were to allow this to happen, and if ANGS failed (again) then there would be no money left for abandonment costs as they would have already spent that on the planning / testing / re-connection works and on-going general costs. They will need to raise again... as the Pound land pot of gold will "mostly" be ring-fenced IMHO.

Put simply: The OGA "always" assume the worst and do not listen to jam tomorrow promises.

Charlie:

2) Is or isn't Tidswell a director? If he isn't then the loan should be paid in full (in other words it is overdue) if he is, then we should have had an RNS notification to explain when and why?

3) Saltfleetby will not be ready by end of summer 2020 at the earliest - and even Lucan is subtly preparing us for delay by explaining the complexity of work required. He doesn't need to convince me it is going to be difficult... given this company's record... I have little to no faith that we will ever see revenue from it... and if we do, it certainly will be further delayed!

4) I thought I would include this dose of realism for those among us who reckon the SP is at the bottom. When the next placing appears... which it must... then it will be at a substantial discount. In other words... no point investing here until we've reached the very bottom!

Sadly, the trouble with "Jam Tomorrow" companies like ANGS is that whilst we wait.... and wait... and wait... for the promises to be fulfilled together with our plate... first the shareholders go hungry... and then THEY EVENTUALLY STARVE!

All that appears to have happened here since the question and answer is:

1) Toxic Tidswell has been secretly recruited as director with a new title... where was the RNS?!?!
2) Toxic Tidswell has had his loan extended to the year end... is he paying higher interest... I certainly hope so!
3) Revenue generation has been kicked into the long grass AGAIN (I've lost count of the times we were near to generating income... but then just generated further losses instead).
4) BOD not coming fully clean about the likelihood of the OGA needing further money ring-fenced for Saltfleetby and the strong likelihood of a further placing to fund on-going plans and purchase of another asset (GL has hinted at this far too many times already... and if he isn't going back to Poundland again... it will cost shareholders!)

Conclusions:

More SP dilution... more dither and delay... more empty promises... more fat paychecks for the BOD... roll up, roll up more mugs (sorry -investors) wanted!

I don't expect it to recover at all Charlie... and therein lies the problem.

Looks like summer 2020 before anything is proved or otherwise on our only "potentially" cash generating asset at Saltfleetby... It's asking a lot for investors to get excited about something so far away when there will be "inevitably" need to be another placing before then!

Look at the SP today...

The Market has spoken and they are NOT impressed. ANGS had an opportunity to draw a line through the past and show that they had genuine intentions of changing for the better... but it's just the same old same old... untrustworthy ANGS!

"Angus have done nothing illegal, dishonest or intentionally wrong"

Appendix one: Except the dodgy share trading by it's former director J Tidswell that WAS illegal and was the reason he was "temporarily" thrown off the board... oh... but we've now reinstated him as Business development DIRECTOR!

What has changed with this company: NOTHING WHATSOEVER!