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After the David Lenigas twitter pump on Angus Energy...guess what happened next?

By Tom Winnifrith | Thursday 2 August 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.

The leopard does not change its spots. Pumping UK Oil & Gas (UKOG) hard as it was trying to arrange a bailout placing is bad enough. But now we come to Angus Energy (ANGS) another Horse Hill play and one where the CEO has just "been resigned" in disgrace following revelations HERE. But Big Dave has, as you can see below, been pumping its shares hard on twitter. What happens after a Big Dave pump?

Today we are told that the company has received notice that death spiral provider Bergen has converted £2.59 million of debt into shares at 4.6p.  But hang on the terms of the conversion are:

The Convertible Security will be convertible at the Investor's election at: 90% of the average of five daily volume-weighted average prices of the Ordinary Shares on AIM during a specified period preceding the relevant conversion.

Shares in Angus are now 10.25p. They have n ot been anywhere near the 5p level which would trigger a 4.6p exercise price for more than 2 weeks. So when exactly did Bergen convert and when did it sell. Put it this way there are now  c381.7 million shares in issue and Bergen has been issued 56 million shares so you might expect a TR1 if it held any shares. But I am not expecting a TR1. Thanks to Big Dave's shameless ramping Bergen will almost certainly have flogged all the shares onto mug punters already.


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