George Lucan, Managing Director, writes: I would like to take the opportunity to state that, whilst Angus Energy is unaware of the details of any such putative action, I can confirm that the Company has not received any formal or informal approaches in this regard by any investors or their legal representatives.
At the present moment, neither I nor the Board can conceive of any reasonable grounds for such an action and, finding these rumours to be both unfair and unhelpful to the Company and its shareholders, we look forward to proving the same in open court should the opportunity present itself.
It remains to thank those investors who attended our conference for their constructive criticism and words of support and encouragement.”
The Company held its investor presentation last night at 1 America Square. A number of questions were raised by the participants which have been used to form the core of our open forum for investors to pose questions on our website at http://www.angusenergy.co.uk/media/investor-questions/
Three lines of questioning resulted in the release of information of potential price sensitivity. One investor asked what the present cash resources of the Company were. At present these stand at approximately £3.4 million.
Investors also asked what the Company’s intentions were as to the Brockham Licence. The Company has applied to the OGA for an extension to the Licence at Brockham with a view to developing the Portland Reservoir – an option explicitly contemplated by RNS release of 28 June 2019.
Additionally, the Company clarified that although interest has been expressed by a third party in purchasing the Company’s share in this Licence, these discussions have not as yet progressed any further.
Finally, more than one investor expressed interest as to whether the Company was aware of a class-action lawsuit by certain investors claiming loss by virtue of acts or omissions by the Board or senior management which has been rumoured to be imminent for some months now.
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