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I have followed sou, echo and coro for quite sometime and yes very cautious with my investment now. I never invested in sou but watched all the hype from afar as I never attended any of their events but fully aware of what kind of things were said. What I found staggering was how high the mcap reached, literally all on hype and now blown out the water. I had similar when IRG dropped and my investment worth only 5% of it's initial sum, JP saved me from a big loss...however I invested more with Echo and now sitting at a loss....gutting as at one stage I could have walked away with a 5 figure profit. The second half of 2018 and early 2019 was a hard time, but I stayed and now hoping we see some kind of reward, but I have lost trust in the company and looking forward to leaving this share eventually. You can no longer email the BOD directly, no events, no interviews.....just RNS's.....I have two separate pots here, one has an average of about 3p the other 14p....I would like to see some profit here but only time will tell....
Ny thank you. Sound( or Echo/Coro/Nuog) are regulated by FCA if there is proof of "Market Abuse" you are correct that all other parts of the firms are regulated by AIM. It all adds up to non regulation to the detriment of PIs, but I will keep trying!! Good Luck to us all, we need it...…
looks like a very long road for you guys over there.
The problem with the FCA would be that Sound aren't regulated. It is my understanding that they wouldn't be bale to do much in respect to an investigation.
you should also look at Aim complaints - email@example.com. They will not tell you the outcome as there not aloud but will investigate. Should they find anything and you do go down a legal route they might release the information as it could be price sensitive.
NYForever- an interesting question worthy of a detailed answer; Mr Fumagalli ( independent Chairman of a Company that won awards as "AIM investor relations Company of the year only 2/3 years ago) after 2 replies then in writing refused to answer "small " groups like SAG with "only" 5% of the shareholding- despite the fact that if it was an individual holding it would be required to post TRS for every dealing over/under 3%, and despite the fact JP answered every e mail sent to him during the "good" times and that Sound spent not insignificant sums on Investor events not just in London but all over the country(ring a bell?) I have had lengthy replies from the FCA to queries when normally they just send an acknowledgement and a case number, I am in discussion with lawyers both in the UK but also pertinently in Italy I believe the refusal to engage with SAG is due to a lack of confidence in the legality of the current Corporate Governance regime at Sound, and advice from Cenko as NOMAD. I have met personally with investors from 2 euro countries who are concerned enough to fly in personally specifically to discuss Sound Energy, JP and Fumagalli. Have I got anywhere with reining in the BoD- No; do I believe they are rattled and wish I and SAG went away- Yes; do I have evidence of market abuse- I am collating evidence submitted to me but so far-yes; will there be investigations- yes; will there be legal action- to be seen dependent on the evidence but yes; have I been threatened with libel action from Sound for any statements I have made either on public boards or via e mails to Sound,the FCA,Cenko as NOMAD, Strand Hanson as joint broker- no. You will have to make your own mind up as do all investors, and Echo is supposedly a different entity to Sound- I merely point out the pitfalls of being involved with any company that involves Parsons and Fumagalli
WT+Mr MarkyB- I know PIs in other Companies dislike disaffected Sound PIs commenting, so will make a couple of things clear: 1) I am invested in all 3 of the Holy Trinity (as well as NUOG in an attempt to recoup some losses via a "bounce on bull****") 2) I founded and still lead the Sound Action Group (198 members from 9 countries worldwide with over 5% of Sound.) Within those parameters and any accusation of bias I can swear that my comments are based on facts Sound was premised on an LE and I urge you to look at how that has turned out?; RNS were and continue to be misleading in all areas but especially where finance or results are concerned- usually followed by a bounce before the subsequent RNS lays out the actual facts ( see RNS pre coal finds); Although JP has resigned as CEO of Sound (whilst staying on as a "consultant") he still holds positions at executive level within Echo and Coro, still retains links via Fumagalli and C4 with "cornerstone investors" such as CIP and Lombard Odier, and is planning an RTO into NUOG by the end of March ( Dennan the CFO of Coro is now also CEO of NUOG whilst C4 hold all the remaining debt) and Parsons is now CEO of Regency. It is an incestuous cesspit of back scratching, and I would suggest watching all of the companies very carefully even if Martin Hull appears a decent bloke( there are verifiable reports of links between Holy Trinity executives and IOG before the London Oil and Gas scandals broke) and to take -personal copies of ALL published investor events/e mails you have received as Sound have been systematically removing them over the last 4 months. Be aware that Fumagalli is now the "interim Independent Chairman" of Sound (with 1 other non exec director Liddell an ex chairman who resigned to pursue other opportunities) despite Sound owing him via Greenberry(who have recently moved from Monaco to Malta) £28 million in Bonds secured on Sidi( not mentioned on the LE deal about to go through on 14th February). Apologies for long post, but distrust anything and everything you hear until proven beyond doubt
WT Very much agree with what you have said, we need the figures, regardless of how the market reacts long term the “original” plan was/is a liquidity event, so if we hit significant gas and the market doesn’t react equally, it will be a longer wait!!
After what turned out to be some incorrect RNS's last year, even if we get encouraging results from either or both of our two wells; I do wonder how seriously the market will take them, given the bad reputation of James Parsons. As Chairman, he must take some responsibility for the wording of what turned to be misleading results, so I will be looking very closely at the wording of any potentially positive RNS. Again not only what is said, but also what might be omitted. Again I cite Eco, the management there may never be trusted by investors again. The upside though is that any RNS with respect to the "CLM x-1" well in the Eastern Cube of Tapi Aike, will have to pass muster by CGC, the operator and majority owner. But for the "CLix-1001" well in Palermo Aike, I'm not so sure.
But I am jumping the gun, all we really know is that some RNS's are due. And Martin Hull appears to be a completely different animal to the discredited "Princess!" But for those looking to bale out of Echo, a good RNS might present an opportunity; so this week an early start might be a plan.
I want to see what, if anything the Western Cube will deliver, so I will certainly not be losing any sleep or selling shares anytime soon.
I think we will get an update this week, but we have plenty going on for the next 6 months so should be a regular news stream. As you say if we started getting very positive news the price will grow. Reasonably confident with my investment, but I would like to take some froth off the top if/when I get back into profit!
Remember these Oiler’s usually shoot up a enormous amount when they get going and keep climbing through the news. Often for years till a takeover or massive sell off. It’s a fair few assets we got to start on and some fairly compounded areas that we are drilling on that should give us further revenues.