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Yes, Jez I put that idea forward and how it would pan out a while back as you can see on my record, it got me banned for several months – but like the phoenix I’ve returned. It will be taken by relatives (not direct by the Moroccan government) but wife-cousin - uncle- brother – sister etc would take the company at a knock down price - after a few payments into Swiss bank accounts too ???! And then would you believe it, that six months down the road they will have a huge find of gas Wow didn't they do well!!
It happens all the time - no surprise, how else do they get such rich individuals.
Gasbag
Jordan , he won’t go, end of.
Another option I missed out is a potential reverse takeover of SOU.
I did go. Albeit for a day. I didn't realise you were keeping tabs on my whereabouts. You should be dissecting the RNS as I have done and discussing it, as I am doing. The evidence is all there for people to see. Just open your eyes.
Mancave,
I think it could be down to whoever buys the share of the Eastern Moroccan assets, could well be running the show and therefore, having a full time Chairman and CEO at SOU may be overkill. It may also mean that the whole of the company is being sold-off, lock, stock and barrel. To whom? Maybe the Moroccans. OGIF, the Government etc. BM is also going, which could mean that there will be no further drilling or exploration. JJ is also leaving, so no CFO either. Sarah Dees has ECHO and CORO to keep her busy and she has already done well out of SOU I reckon. I still think MF needs to put his hand in the air and admit that SOU isn't one of his greatest investments. Unfortunately, on the face of it, it hasn't paid off. Not for him, nor the vast majority of II's and PI's. The SOU BOD are the only ones that have done well with the high wages and bonuses. I'm not sure what to think about BM taking his pay-off in the form of shares. May be down to SOU not having enough cash in the coffers to pay him so taking any form of payment was better than none at all.
Lacks "eloquence", wtf? I thought you'd gone, why are you back again?
Jez
I am starting to think that we will not need a permanant CEO - is there the distinct possibility that we will be sold in our entirety or bought out/taken over? Could we be perceived as being in a distressed state? Also, the role may be considered a poisoned chalice amongst those that may be potentially approached.
And as there is hardly any cash left in the pot - what will we pay them?
Also agree that 12th May is a very specific date - a Tuesday? At least see the week out........
Actually, on reading those three paragraphs again, it appears that Mr. Seghiri is just the 'acting CEO' and NOT the actual CEO. That role is still being looked at. All that has happened is Parsons has relinquished his executive duties and has stepped down from the Board.
…"the Company continues its process to identify and appoint a Chairman and further announcements in respect of the roles of Chairman and Chief Executive...…"
Spot on, Trellis.
In fact, the latest RNS is full of contradictions. Please see the below paragraphs, taken directly from the recent RNS:
"Sound Energy, the Moroccan focused upstream gas company, is pleased to announce, further to the Company's announcement of 12 November 2019, the appointment of Mohammed Seghiri as acting Chief Executive and as a director of the Company with immediate effect."
"In addition, as announced on 12 November 2019, the Company continues its process to identify and appoint a Chairman and further announcements in respect of the roles of Chairman and Chief Executive, which are currently performed on an acting basis, will be made, as appropriate, in due course."
"As a result of Mr. Seghiri's appointment, and as announced on 12 November 2019, James Parsons will relinquish his executive duties and step down from the Board with immediate effect. To ensure an orderly handover, Mr. Parsons will remain available to the Company, in a consultancy role, until 12 May 2020."
Surely, the first two paragraphs contradict the content of the final paragraph? Or at least, that is how I have interpreted it.
One minute, Seghiri is 'acting' and then, as if by magic, right at the end of the RNS, he transforms into the actual CEO. The man has literally gone through an utopian transformation. It's incredible what powers lurk inside a RNS.
I think the guys at SOU have got themselves all in a muddle. They can't make up their minds if they are coming or going. Parsons is hanging around in some sort of "available" capacity until May 12th, 2020 and quite frankly needs to leave the scene altogether. He has lost face completely with PI's (not according to Herr Krudenhoffe) and it's actually very bad taste that he is hanging around taking the last bites of flesh off the carcass before he heads-off for his summer hols. It lacks eloquence, but you can't teach eloquence these days to some people. And why May 12th? It seems a very specific date and I'm sure there is a reason for it that probably involves money. Shouldn't he be selling car batteries down the market by now and not faffing around in search of gas? Have a fart if you want to smell gas. Go and eat an egg sandwich or something like that, but don't hang around getting paid stupid money for not delivering on a promise of a LE. It's messed up loads of people's plans and lives and we will NEVER forget. Never....
JTF
I'm with you on this one SO - that is about as unequivocal as you can get. Even for this company, telling such an outright lie would be ridiculous.
If the purchaser genuinely is a connected company, and SOU genuinely wanted to hide that fact, they would have given a wishy-washy answer to the question, not the clear statement of fact they gave in the FSC quote.
'FSC- Fred Lacuha @ 1.13 pm: “There is no link between the proposed purchaser and any existing or former employee or any associates of any of them obviously as far as the Company is aware”'
Indeed Maldini. Seghiri and Benslimane are associates. A lawyer is not going to risk disbarment when it's such a clear relationship and the statement is on record.
Hope so.
Woodrow, I guess that would depend on the legal interpretation of “link” in the context of these types of transactions. It could range from people having worked for the same organisation, having transacted some business deal together or even having family ties. However I think that having asked the question in the context in which it was asked, we should have a reasonable expectation that the answer was given in the same spirit and unambiguously.
Maldini1.
Do you think the answer would include Mr Benslimane or is the answer to loose in its interpretation?
Here’s a link to the FSC: https://www.yoursoundenergy.com/app/qa-chat
FSC- Fred Lacuha @ 1.13 pm: “There is no link between the proposed purchaser and any existing or former employee or any associates of any of them obviously as far as the Company is aware”
Was it no connection to any party or was it no connection to anyone on the board......can't remember the wording.
I believe we were last told there was no connection during the last FSC chat. I tried to check but it’s no longer up.
Sounding Off - if I may, I suggest you’re the one confusing things.
The Moroccan ‘AFG’ and the UK ‘AFG’ are both called ‘Advisory and Finance Group. Both are run by Mohamed Benslimane. Looks to me like they’re connected.
And Benslimane runs OGIF and has been involved with Tendrara since Lone Star, Maghreb Petroleum, Fastnet and lastly, Sound.
But, Sound’s lawyer told us on the last phone-in there is no related party in the new transaction. Well, we were told 31tcf, can’t lose money etc.
All companies called AFG are not the same. Please don't confuse matters. The UK AFG you link to has reserves of £26K...
Perhaps.
Sound Energy's country leader, Mohammed Seghiri, previously held senior positions at Advisory & Finance Group Investment Bank (AFG), which is advising the firm for the financing of the pipeline construction. AFG is owned by Mohamed Benslimane, husband of Lalla Zineb, a cousin of King Mohammed VI. AFG also oversaw the sale of Sound Energy's 20% stake in Tendrara to Oil & Gas Investment Fund (OGIF) in 2017. Seghiri had been the deputy director of OGIF.
We've already been through this Exploration. It isn't AFG. We have had it confirmed that there is no connection between the UK company and our current board.
Pont, the Company has done exactly what it said it was going to do in the RNS dated 12 Nov. “The Company announces that it intends to appoint Mohammed Seghri, currently Managing Director Morocco, to the Board, initially as acting Chief Executive, in the near future and after the Company completes the formal procedures relating to his proposed appointment.”
There’s also been some media attention recently on how both the UK and Morocco governments want to forge a partnership to attract new Uk investment and businesses to Morocco. SOU was one of the companies mentioned. Kicking SOU in the proverbials now probably wouldn’t be the best start to this relationship. I trust therefore that if the Moroccan government does indeed want to take control of SOU, that it will do it in a manner that will satisfy both them and us.
Pontcana
The ‘UK company’ is probably;
https://beta.companieshouse.gov.uk/company/05647739/officers
Benslimane has just changed the correspondence address to Dubai from Rabat.
I was talking to a very well connected man in the city last year who told me exactly what to expect. His view was it wasn't a saleable business and would be taken over by the Moroccan Government. He was right. We have served our purpose and therefore expendable. What use was a failed board of directors that's why they are gone.
Does anyone think Advisory and Finance Group might have actually fired Parsons, Traynor and Mitchener for failing to perform.
Leaving their man in place to take over the whole business on behalf of Mohammed Benslimane? i.e. OGIF.
It’s the Moroccan shareholders who can now ‘rinse and repeat’