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Angus Energy – pure comedy as the ghost of Equities First Holdings comes back to haunt the AIM casino c/o Roland "Fatty" Cornish

By Tom Winnifrith, The Sheriff of AIM | Tuesday 3 July 2018

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

It is hard to know whether to laugh or to cry but it seems that the CEO of Angus Energy (ANGS), Jonathan Tidswell-Pretorious seems to have lost a stack of his shareholding in his company and, inadvertently, his range of advisers (led by London’s worst Nomad Beaumont Cornish) have misled investors. What a clusterfuck.

On 29 June it was announced in a TR1 Mr Tidswell had transferred most of his 39.5 million shares in Angus from one broker to another. But there was nothing to worry about. “there has been no change in his beneficial interest in the Company. Accordingly, Mr Tidswell-Pretorius remains interested in 39,500,000 Ordinary Shares representing 12.87% of Angus Energy's issued share capital.”  Whatever you say.....

But this morning came the fess up.

It seems that in fact 39 million shares were transferred on 19 June to America 2030 Capital Limited “in contemplation of a possible equity linked loan” to Mr Tidswell. Worse still the loan provider has already sold 10.8 million of those shares.

Worse still it appears that poor Mr Tidswell has not actually signed any documentation or received his cash. He is thus taking legal advice.

First up the advisers. Surely when issuing the statement on the 29th you asked to see paperwork from Mr Tidswell as part of basic due diligence. Heck that is what Nomad’s are meant to do. Had you actually done that ( step forward James Biddle and Roland “Fatty” Cornish himself) then you would never have issued the RNS on the 29th which was misleading? Fatty’s failure to check documentation has again seen investors misled. How on earth can the clowns round at AIM Regulation allow this man to continue in business?

As for Mr Tidswell: I know that he is no crook but I have to say that handing over all of your shares to a loan shark before you get the cash or even the paperwork demonstrates extraordinary naivete. It marks the Angus boss out as the sort of man, folks claiming to be a former Nigerian General dream of contacting by email with an offer too good to refuse.

Tidswell might know about oil but he needs a good corporate adviser to help him with the dirty world of shares. As such using London’s worst Nomad does him no favours at all.

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