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It was just three months ago that we warned repeatedly that Anglo African Oil & Gas (AAOG) should not proceed with the offer from AIM uber dog Zenith Energy (ZEN) and instead refinancing proposed by Richard Jennings. Inept Chairperson Sarah (Can’t) Cope ignored our advice which would have seen past dealings by her pal toxic David Sefton opened up to public scrutiny and bullied through the deal. Today her folly has been revealed in full and this company is surely toast.
What is it with disgraced Ms Sarah Cope of Anglo African Oil & Gas (AAOG) when she is faced with two deals for her shareholders she always goes for the worse option. Today’s news of a refinancing of the Riverfort funding facility is a case in point. It appears to be a shocking breach of fiduciary duty.
On 8 January 2019, embattled and almost insolvent Anglo African Oil & Gas (AAOG) admitted that it had received a legal claim from Askell Limited but it told shareholders not to worry as “it believes the Askell claim is without merit.” Au contraire.. a City source has given me the full SP and the scale and nature of the claim are massive and should sink the company. As such the RNS was utterly misleading.
I assumed, as it turns out correctly, that the GM held today to approve Anglo African’s (AAOG) duff deal to sell 80% of its stake in the Tilapia field to fellow AIM dog Zenith (ZEN) would go Anglo’s way. But just to make sure the two companies served up a massive spoof today … the RNS is total crap.
I guess I am just very stupid and someone brighter than me can perhaps enlighten me but, to a simple mind it seems that Anglo African Oil & Gas (AAOG) has not been entirely upfront on the matter of cash. Let me explain….
For some reason I found myself cc’d in on an email thread last night between Sarah Cope the utterly useless chairperson of Anglo African Oil & Gas (AAOG), Richard Jennings, the company’s advisors and some investors. It was bonkers but it is clear that Ms Cope is doing all she can to steamroller through the crap deal with Zenith Energy (ZEN) without giving shareholders the chance to consider what looks a far better deal from team Jennings. For that and for many other reasons Cope should be fired and cast into the corporate wilderness. The thread starts with Jennings responding to an RNS issued late in the day by Anglo:
I explained quite clearly the other day why Sarah Cope of Anglo African Oil & Gas (AAOG) might tick the corporate diversity box but that should be no saving grace as she is utterly useless and if she had a shred of decency would quit at once. Clearly, she does not. Richard Jennings of Align Research has written to her today in a letter that exposes more of her manifest failings. Its P45 time. The Align Research boss writes:
How often do I have to force the shits who run this compamny to tell the truth, the whole truth and nothing but the truth by revealing things they don't want you knowing? Anglo African Oil & Gas (AAOG) has today announced a quite diabolical deal with AIM uber dog Zenith Energy (ZEN) which is guaranteed to destroy value and may well be a prelude to an AIM delisting. That chairperson Sarah Cope is pushing for the deal is yet another indication of just how useless she is. Ms Cope may tick the diversity boxes but is not fit to tun a public lavatory or a whelk stall let alone a public company.
Following my article yesterday morning HERE, Anglo African Oil & Gas (AAOG) was forced by its Nomad into a full ‘fess up. And the admissions are damning.
Having parted company with toxic David Sefton and Lyin’ James Berwick could things get any worse for Anglo African Oil & Gas (AAOG). With cash very tight and the Fat Lady already gargling in the wings surely not? Well actually yes.
In July of this year I forced Anglo African Oil & Gas (AAOG) to fess up to the fact that it had spunked £300,000 on due diligence on a deal it was not doing but which a company largely owned by and run by Anglo’s then boss toxic Dave Sefton and its CEO until today James Berwick was going ahead with. At that point the two men said if it completed the deal, Tunisian would repay the amount in full.
Oh dear, oh dear! There is so much bad news to bury on election day for pariah stock Anglo African Oil & Gas (AAOG), a company we have exposed so many times on this website. Let us start with its former boss, toxic Dave Sefton who is not a man of his word.
Earlier today, Anglo African Oil & Gas (AAOG) and its spineless and morally bankrupt Nomad FinnCap (FCAP) were finally forced to respond to our series of exposes. But their limp dick statement will have fooled nobody and the pressure on Anglo to fire Sefton is mounting. Just to pour a can of gasoline on the flames let’s turn to the £300,000 of shareholders cash question.
After intense pressure from ShareProphets and from those who were signed up to take part in a £2.7 million placing at 5.2p and are threatening to pull out, disgraced David Sefton and Anglo African Oil & Gas (AAOG) have made a statement. But the turd Sefton has misled investors again. How is Nomad FinnCap putting its name to this? Does FinnCrap have no shame? As Sefton dissembles I have some new revelations below....
On July 1 we revealed that having raised cash in a placing he said was not needed just a few days prior at 10p a few months ago, David Sefton was trying to raise £9 million more at c5p for AIM promote Anglo African Oil & Gas, HERE. By Wednesday we exposed the undeclared related party company screwing nature of that fund raise HERE. On Thursday we flagged up that the placing part of the fund raise was in trouble HERE. Now on day seven of the David Sefton P45 watch I have written to Mark Steward at the FCA demanding he act. The letter follows....
On July 1 we revealed that having raised cash in a placing he said was not needed just a few days prior at 10p a few months ago, David Sefton was trying to raise £9 million more at c5p for AIM promote Anglo African Oil & Gas, HERE. By Wednesday we exposed the undeclared related party company screwing nature of that fund raise HERE. On Thursday we flagged up that the placing part of the fund raise was in trouble HERE. Now on day six of this scandal it is worth asking why David Sefton has not yet been fired?
Having announced a £2.7 million placing at 5.2p and a shockingly bad undeclared related party death spiral to bring in another £5.5 million yesterday shares in Anglo African Oil & Gas (AAOG) are tumbling are are now just 4.4p to sell. An urgent statement on two matters is needed. Firstly:
News this morning, as I predicted on this site on Monday HERE of an £8.25 million raising by Anglo African Oil & Gas (AAOG) looks to be a disaster for existing shareholders once again under David Sefton's watch.
Anglo African Oil and Gas (AAOG) has been hugely popular with private investors over the past few months and has seen big fluctuations in its share price as various pieces of news landed during its recent drill – including a placing to raise more money which Tom Winnifrith exclusively revealed here before it took place.
Thanks to Drunken Sailor for his scientific study of Bulletin Board Moron behaviour which he posted in the comments section last night in the wake of the Anglo African Oil & Gas (AAOG) hornets nest. His research is invaluable and merits a wider audience. The great man writes:
Yesterday I revealed that Anglo African Oil & Gas (AAOG) was undertaking a massively discounted placing at 10p to raise £4 million which seems to have stirred up a real hornets nest among the Bulletin Board Morons. I have been reported to the FCA numerous times ( again) and the charge is that I am the villain. But am I? I suggest not but put up two other candidates for that eipthet and that I am the hero of this tale.
Meet another charmer from twitter. Natch this poltroon also seemed convinced that the demonic TW was short (I was not!) his beloved Anglo African Oil & Gas (AAOG), not just being a good journalist and breaking a story.
Alec B is a moron. Alec B has two followers on twitter so it looks as if the world knows he is a moron and Alec B owns shares in Anglo African Oil & Gas (AAOG) so that is proof he is a moron as you can see below.
From the FCA's spreadsheet of short positions required to be disclosed to it, the following shows the shorted AIM shares with positions from 2017 and thus far in 2018 (by net short position %) - and if this position has increased (red), reduced (green) or remained unchanged (black) since last week...
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