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Ok so this is far from ideal... far, far from ideal but the continued mincing isn’t going to make any difference to the past. There is a plan, there is a deal and I still think JP & Co will deliver the best available to us. Long and short.... nobody’s getting rich or rid of their shares by Christmas. We’re all going to have to wait a few years now. No point *****ing in the meantime and a action group.... please, give me strength!!!
Indeep
I can’t belief you still think JP will deliver us a good deal after what’s gone before.
He’s a con man who has shafted thousands of people what makes you think he will change.
Indeep. There seems to be an assumption by some that our best interests are paramount to JP. I find no evidence that is the case but would be pleased to be proved wrong. I also question his competence. I think the action group is for like minded individuals sharing similar concerns who think it is reasonable to have some pertinent questions answered for the benefit of all.
There's nothing wrong with banding together to ask a few questions. The obvious one is why we should incur dilution over and above what is necessary to get us to first gas. Since that seems to be covered by selling half our interest, why would we sell another 40% of what's left after the purchaser gets a chance to poke around the assets? If the answer is that the purchaser won't buy in otherwise, the next question is why this sh|tty deal is the best the management could do.
Without the further dilution I reckon the deal gets us between 20p and 40p (best case) returned over 15 years. Far from ideal but better than a total loss. Worst case with further dilution is about 12p per share, pretty derisory.
This will drag on like Brexit, In or out, good deal or not. See what Fsc brings.
Esox.
I don’t think it’ll be a good deal.... just a deal that’ll take years to come in. It’s only a loss if you sell. I’m going nowhere. I can wait 10 years if I have to
And if it’s a deal on 10-15 years to get 20-40p I’m buying more to bring my average down. That’s if there’s shares out there. Nobodies selling if you look at the volumes.
We will soon know the name of the purchaser.
If it is a legitimate oil and gas company like Neptune Energy, then all this talk of conspiracy will evaporate.
My guess is that we won’t see a tinpot company, they need access to large amounts of capital to even start this infrastructure.
There is a lot more to play out with Sound. Our largest shareholders are now in charge. They are massively aligned with the PI, they have booted out the BOD for a reason. I do not believe that reason is to see there investment go down in value.....
We have had our shareholder revolt, it happened last week. Let’s see what happens. I also can wait for many years for my investment to make returns. But as soon as it becomes clear that Sound shareholders will be getting regular returns, the SP will recover to represent a PE of approx 10-15.
All imho.
Didn’t indeep say the other day he was down 170k if I was down that much I don’t think I would be defending JP
ericnat17, there are still many different opinions being posted. I hope you are on the right track. Hope it is a recognised Company,I bet the fsc forum is clogged up by now.
Jonesy, weren't you recently advising people to buy shares to decrease their extravagantly high averages. Take that kettle off the stove it's going black(er).
It’s more than 170..... and I’ve only myself to blame. I’m not defending JP. We drilled dusters with lots of experience behind us. We failed to attract Shell and get the pay out. The deal I’m sure will allow over time for us all to recover.
Mr Ericnat, why do you think we will soon know the name of the purchaser? There Is no evidence that the largest shareholders are massively aligned with the small shareholder. The BOD might have resigned because of lack of trust in that they could fulfil the will of the large shareholders. It is anything but clear as to whether shareholders will get regular returns from their investment and what size they would be in the event that was true. And isn't it wrong to suggest the share price will rise in any event? The opposite has been the case for years. Exciting times.
PS2. @13%, 20p is around 1.7 billion pounds for tendrara and 40p is around 3.4 billions. How reasonable can be such hopes/dreams?
shame on you JP.
Nobody died last time I looked. Be happy. Embrace a long term investment. X
Indeep have you looked at the RNS and carried out any calculations?
If we consider a best case scenario of no further dilution then this is what we can end up with;
currently;
1 TCF = 0.75 pps 47.5% of 100% of the licence
After selling off 51% of the 47.5% then we end up with;
1 TCF = 0.36 pps 23.3% of 100% of the licence
If the 9% of the 23.3% remaining is exercised we are left with a 14.3% interest;
1TCF = 0.11 pps approx 14.3% of 100% of the licence
Of course there will be further dilution, and if we take Sounds mid-case estimate of 20 TCF with a 50% recovery then if we are left with 14.3% of the licence area you'll be lucky to see 80pps over many years.
The only benefit of selling off the other 9% would be as an incentive to find commercial gas quickly.
As has been stated why not get rid of JP, this act alone would raise the share price, put out a plan of action so that investors know what is going on, and drill more wells.
We surely would not be any worse off under this scenario than the one JP is currently pushing ahead with, and the upside would be far greater.
The apologists are not good at replying to posts based on facts which question The Failure's abilities. The are however, very good at handing out rebukes to posters who hand out personal insults, and I agree, some of those are unwarranted. I have been questioning The Failures abilities as a CEO of an exploration when he is a bean counter. A poster made the argument that many companies have bean counters as CEO's, very true,but these co's are invariably well established manufacturing, production companies where money management is a critical area, not an early life exploration company. The Failure has been in way over his abilities since ho ousted Orbell. The decision to go to Italy was purely based on the money men, Marco and CIP. No DD was done, and The Failure had no idea of the beurocracy in Italy, especially for co's involve in OnG exploration. From day 1, we are told about The Hidden Gem, Laura. Not the smell of a drill in 5 years, although it was a high priority target. Yes, it is just offshore, where drilling is restricted, but only after SOU had been there for 3 years, but we were led to believe that SOU would Directional Drill from land. Lying and deceit even then, but according to crude and others, the builder of dreams. No crude, a lying deceitful person , who was also out of his depth. Was it 5 years in Italy, 4, or 5 drills, 2 big duster, 2 small finds, sold the co. for £14M, after more than that was put in by CIP in cash, and at least 2 Fund raises from SH, one at 4p, another at 19p, we the 24p warrants ( worthless) And, the the purchaser, Coro, it's first action was to buy an Indonesian asset, which crude lauded his boss as saving SOU when it left ythere. You coudn't make it up. Moroccan assets were identified by Luca's family, and The Failure rubber stamped it as CEO, and as we know, crude was always saying it was The Failure's call. It's possible that crude has been a paid ramper ( and public speaker) since the outset. We heard from crude this last week that , in his opinion, lol, The assets in the 'deal' are best handled by a company with Moroccan interests, and not a OnG major. This is plainly written by The Failure, and it will come to pass. Unfortunately for The Failure, crude has a big mouth when it comes to 'news', and has to make other posters feel that his finger 'is on the pulse'. lol. All this time, I was saying The Failure, is out of his depth, but crude, and others were toeing The Failure's line. Yes, the sp reached nearly a quid, and some sold and some didn't. But even at these levels, The Failure was still uber ramping, and 'no one will lose money buying at these levels'. Crude and fellow apologists, have failed on 5 occasions to answer me about The Failures 'brilliant' tenure in Italy. It was a disuster, and we should all of us, have been asking for an OnG person then as leader. I, like most people have written off this money both financially and mentally.
Please reject this deal, ask the companies adviser to advertise and appont an OnG ceo, raise funds in the money market ( we know that an unlisted company values half of our License Area at c£85M) and fast track to 1st gas.. This recommended 'deal' I guarantee, will have The Failure lurking somewhere. Either join Trellis's group, or vote against the deal, and ask the The Chair for an EGM to discuss this 'deal' in far more detail, than a fsc, where they can cherry pick the questions.
Trellis very well put, you know my situation plus many others from your standing of support to holders and off course yourself.
This is quite possibly the worst decision of my life following the shine given by the BOD over the years.
James Parsons giving false unbenownst sermons to his collective following makes me sick to my stomach.
We can only ever make decisions given on factual fundamentals thrown from our so called leader of SOU.
Conned is not a word strong enough in my opinion,we have been fooled, of course if we had a result that reflected the gloss given by the this shoit shower then all would be happy and no gripes.
But that would have been pure luck on their gambit with others cash,this was not the sold story by a long shot.
The way we have been led astray makes me very angry indeed.
We dont need to go through the many slights he has thrown us over many years as all are known to most.
And yes if he was hit by a Chelsea Tractor tomorrow would i weep ? would i FK
Karma for the yellow belly would be accepted by the majority of beleagured hard pressed holders i believe.
Very best to you Trellis for doing the honours and taking a hardstanding for the unfortunate .
Not many good people around these days, you can for one hold your head up high.
Not posting as much as polishing my tent and shovel.
All the best Bonga
Testpack, if you truly believe I am a paid company ramper you are not only misguided - you are conspiracy fantasist with stalker tendencies! Ever since I invested in Sound a decade ago I have tried to be as involved as I possibly could. Initially, this meant contacting previous incumbent CEO, Gerry Orbell...but since that October 2012 coup, I decided to strike up a relationship with the new CEO, James Parsons. I feel after all these years I have got to know him & I can attest that much that has been written about him recently is either untrue or not representative of the man I know & what he has tried to achieve with Sound Energy. I truly believe he tried his very best to build a successful company & put his heart & soul into it! There is no other 'side' to what he attempted to do, with shareholder interest uppermost in his heart. He spent 8 years trying to build a company - & when Italian bureaucracy seemed to be strangling those ambitions he was fortunate enough to be able to jettison that strategy in favour of something much more promising - East Morocco. But as O&G investors know from bitter experience, the odds of success are stacked against success. Yet after the success of the Horst production concession, three unuseful wells followed: a sale of the assets was, as promised, undertaken & we are now about to be asked to scrutinise & then vote on the result of that sale process. But James has stood down because of the violent threats meted out to his family & I can fully understand that. Besides, he always guided he would hand over leadership post the 'LE' process. Many folk here are nursing big losses/paper losses but there was no malice of intent to deceive & I feel the company are trying all they can redress our bad luck & give investors a chance to ultimately recoup some/all of their losses. This deal should see Sound Energy fully funded with no chance of future dilution but with excellent partners & a new CEO who is perfectly aligned & by nature of his Moroccan birth - a perfect stakeholder! I look forward to scrutinising the details of the deal when it is published.
The deal and all that he’s happened in the past year or so stinks. Don’t let them kick us all into touch,just doing nothing is all they want now. Get behind trellis,make the company uphold its responsibilities to us shareholders. We have nothing to lose,it’s already lost.......3.86p per share. Whatsnottolike lol
Crude,I am one of the investors who have supported JP for many years,I have emailed him on and off since the good times of TE 6/7. Now, sorry but enough is enough , ffs the SP is 3.86p,nobody knows how that deal came about,or where it will end. He has put us all in a boat without a paddle. End of.
Think about it - what do you think the alternative is Lyndon? A very low-ball offer - versus the powerful forces behind the scenes that want to control Moroccan hydrocarbon interests? The 'Horst' alone could represent 60% annual Moroccan gas production. I feel there are far bigger forces at work that are not necessarily unaligned to our interests. Tendrara was always way too big a project for an AIM minnow trying to support a 47.5% equity position. The new equity deal fairly represents what a very small-cap company could have hoped to have ultimately achieved in the first place. Maybe it was too good to be true & maybe we were a litle too ambitious & possibly a little too naieve - but this deal brings the stark reality of junior AIM explorers into sharp focus & realism. I get it...but I also get that others don't get it........................
We all get it Crude, you are a disgraceful weak brown noser who is looking forward to the next close up stench of the next BODS stinky ring pie.
Mememe i am needy and require attention.
Apple for Teacher ?
Horrid little toad.
Trellis
I think we need to remember why true shareholders have agreed for you to represent them.
I am happy for you to ask question in a professional manner and distribute the answers. Thats it no more no less. I am not happy with you speaking for the group on the BB or assuming you know the what I am considering as any “next step”.
I know that not one true shareholder that you are representing would like to see their investment value decrease due to any actions by the group.
I would suggest that as the current representative for a large share holding that you weight up carefully the contents of your post.