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Lyon only wanted to steady the ship, and probably regards the 'no dilution statement' as a white lie
It's a clear sign that further dilution is pending, on a much larger scale - this one was just to keep the office lit, desks filled, salaries paid.
Without income, it's nigh on impossible for sound to get a favourable debt agreement, so only dilution in sight.
Thing is - do they take out convertible loan notes, or go straight for the equity placing?
Other strange thing to note is this habit of keeping placees anonymous - not just now, but also in the past. Don't believe me? Go on, do your research, and email the company to find out who took up the placing shares - nothing will be divulged.
Pay your money, take your chances...wise move now would be to jump before you get pushed. Sell up, cut your losses but if you really enjoy ****ing into incoming gusts...keep 'investing' here.
Still think this is a great chance to get a multi-bagger? Ask yourself this rhetorical question - why is there a corporate lawyer based in the office of a small AIM company who clearly has no deals on the table?
Trellis - wasn’t expecting a reply on here just an e-mail to SAG members who you touted heavily to support your cause. It seems to me you used that weight of PIs support (quantifying the % of the share-base they hold etc.) and then nothing ?
Utility you think I’m not a nice person - I’ve got a strong feeling you maybe several persons who aren’t very nice on here past and present!
pduk- no offence taken. delicate at the moment as( you will understand from my reply to KTF) some people do not wish their names to come into the public domain, and for me to repeat those names risks revealing their identities. I have put names out on here before(no doubt someone will find them) but was asked very quickly afterwards not to do so again by the sources. I will respect those requests as I do the usernames, e mails and identities of everyone involved in SAG
KTF- you only read opening lines......... but feel able to comment on the whole long post in which I directly addressed specific criticisms from a number of posters including your suggestion of a "lucrative finders fee".
That is a Donald Trump way of dealing with issues, pick the bit you want, call the rest fake and try to impugn the other person's reputation and integrity.
I too have better things to do (such as try and save my business) but could not let that pass.
No more answers today from me, and everyone can make their own minds up about my integrity and motivations/
last point- - I have put my details out on public display since last September ( I know of only 2 other instances of that happening) 99.9% of posters on here do not, including you; It is very easy to check on me given internet tools available to everyone. It is not possible to check on faceless keyboard warriors hiding behind usernames when making unfounded personal attacks
Apologies trellis35 but I was merely asking for you to reiterate the names of the Italian, Chinese and British parties as you said you had already done so here. I am truly not being vindictive or malicious in my post.
Appreciate your confirmation of where Lyon stated that no dilution would happen. Disappointing that he has gone back on his word soo early on in his tenure.
The BOD did definitely confirm that there would be no dilution on more than one occasion. I remember them confirming this in the Q&A.
I've only read the first few lines of your post and won't read more as better things to do, but I notice you are sticking to your modus operandi of highlighting the most ridiculous criticism levelled by anyone (CIA) and linking it to every other criticism.
this is a standard technique to throw reflected absurdity at otherwise sensible criticism. It’s akin to the way you always previously started by alluding to being attacked.
it will only work for the casual, less well educated reader.
keep trying :)
KTF and Audible, PDUK and POnt we really are getting into the realms of fantasy now!!! CIA lists and me being involved at executive level with large Chinese companies?
1) it is totally true that I have been involved with sending Teachers to schools in China, and that of necessity I have contacts with people in schools over there. It is an unbelievable stretch of the imagination to suggest that such a miniscule operation would give me access to the BoDs of vast companies in China, and even more ridiculous to suggest that they would engage a drunken idiot nobody like me(some of the kinder descriptions) to help them with a multi million pound deal and give me a commission on it? It is laughable. As pointed out earlier I do not get paid a penny for SAG, and actually lose money when pointing out BoD failings ; What I do is find information,check it and publish it- I know about the meetings with marco from contacts in Lugano where it took place and from a disgruntled backer of the Bond who was privy to the details. I know of Marco's backers and their move to Malta from another disgruntled investor based in Milan- I checked both bits of information
2) The info re "no dilution" is a direct quote and was reported by 2 people taking part in the call, one of whom I asked to take part because he was opposed to my tactics and I wanted independent verification of the call and a "devil's advocate" view of what was discussed and what should be the way forward after the answers given
3) It is being suggested that my agenda is to drive the SP down and so benefit from buying more- for a business reliant on sending people to China it might be pertinent to ask where I would get the money from so to do given that not only have I not sent anyone since late january, I also had to get those already there home at significant expense
4) I am on an ego trip- it does the ego a load of good to look every morning on here and see endless personal attacks, people doubting your word and actually writing libellous statements about; I can think of easier ways of getting an ego trip that also do not involve the hours spent on SAG
Clearly my recent posts have been a little bit closer to the truth than people are comfortable with( Sarah has not yet managed to get them removed, nor other disciples) so lets go personal again.
I repeat I have no contracts or deals with any company in China(outside of individual schools) Italy or even the UK beyond my business CreamBR (which I may well have to shut down) , no funds to buy further shares in Sound or any other company, no "deals" to facilitate takeovers in return for commission or payoffs, and no desire to cause an SP fall- indeed I have praised Mr Lyon in many posts- I will post facts,I will take the BoD to task when they have been less than truthful whether directly via SAG or on here (Pont you have asked direct questions of me on here yet brought up the no "individual posts" argument- as I answered previously it cannot work both wa
so sag's beloved leader, who happens to run a business sourcing teachers for China and presumably has Chinese contacts, raised the Chinese bidder and knows everyone involved on that side.
looks like someone might have been trying to organise a coup here whilst supposedly working for the sag members.
is it any wonder that he's so bitter?
maybe sag wasn't just an ego trip after all.
maybe, just maybe all the negative b*llox is more to do with somone feeling rejected and losing a possibly lucrative finders fee from the Chinese.
what a tangled web we weave.
trellis is the chink in the chain? “ LevelUp - I raised the Chinese bidders. I know the name of the company,their owner and even the name of the negotiator who flew in to open discussions with Marco only to be rejected“
That close to the Chinese you shouldn’t be heading up SAG. Conflict of interest now we know Trellis.
More dilution and back down to a penny, ready for the next step up. Anyone understand the pattern?
No more dilution: result, dilution. Didn’t I say.
Pduk I’m not trying to circumnavigate the near term issues. I’m just saying that I do not have enough credible inside information or correct figures to be certain that the information that Trellis puts forward is 100% correct therefore it is pointless trying to challenge speculation especially as it all constantly points to the worst doomsday scenarios.
Are you saying that Marco is deliberately not listening to credible offers? To what end? Trellis why can't you share the names of the Chinese or Italian individuals again for the people who missed it?
I have to say Sharetrader123, at least Trellis35 hits the near term issues head on. You merely appear to circumnavigate them when providing commentary. SOU NEED 50million as per Lyon's comments to get to first gas.
Do people agree that Lyon DID make those comments about no further dilution?
Why were they negotiating with Marco and not James?
Who made the final decision which Company to pick James or Marco or the whole board?
LevelUp - I raised the Chinese bidders. I know the name of the company,their owner and even the name of the negotiator who flew in to open discussions with Marco only to be rejected in favour of the unnamed company who had no money after 6 months exclusivity..... ooops are we not in a similar situation now?
PS- of course there are bad companies from anywhere in the world, and we seem to be attracting all of them when it comes to offers being made despite supposedly having Rothschilds acting for us. If someone offers cash I believe we should explore it and not keep rushing into exclusivity agreements that seem to keep falling through
Sharetrader- as always I have a cup full of wine; it does not make Bond ,development costs or running costs disappear however many times I fill it up.... and it has been filled up many times every day over the last few years
With all the chancers around, Sound needs to try and regain a healthy and credible plan. I see all the things done over the last months exactly as that. We can only speculate what’s playing out in the background.
Where did it come from that there were Chinese bidders? I really can’t believe we’ve been diluted massively twice since the long awaited LE was announced. What a sh*t show.
I still really hope a company just comes in to buy the lot and put us out of this misery.
trellis, lots of examples of Chinese companies making overtures, stringing things along for months/years, and then never coming up with any cash. Witness Providence Resources and APEC for example.
Trellis that’s some doomsday scenario. I was going to ask if you had any conspiracy theories but I don’t think I’ll bother. It’s not a case of your cup being half empty as you don’t even have the cup. Some of what you say may be plausible but you maybe overthinking things to destruction.
Gregory- SP 1.9p, no earnings till end 2021, 40 to 50 million required to cover loans and development costs to get even to 1st LNG gas, LNG profits spread over 10 years not in one hit, THEN
massive dilution to raise peanuts (if both taken up still only between 1/7th and 1/8th of funds required before first LNG gas; if only the agreed placing between 1/8th and 1/10th) from a Chairman who said no dilution
You want answers? Here we go:
1) Default on the Bond and give Sidi to Greenberry against which it is primarily secured and save all interest payments- The value will not cover the loan but Marco and mates will have to take us to court to get their extra money and all will have to come out into the open(paying their own way) and we will no longer be paying interest or be liable for the entirety of the Bond
2) In the meantime sell Tendrara to the highest bidder( there are still Chinese bidders who actually flew to Lugano to meet Marco before being rebuffed who have deep enough pockets and are far better placed than the "phantom companies with no cash" we are continually palmed off with. That would include seismic(if worth anything) and Pipeline/LNG agreements and EIA/land purchase.
3) distribute cash to PIs via a dividend retaining a reserve to cover Institutional claims after the court case is heard/resolved sometime around 2030 depending on under which jurisdiction it is filed and giving time for appeals- it is possible to pay special dividends to eg Shareholders pro rata up to under 1% of the company in the same way it is possible to pay Directors special dividends
4) If need be having paid the dividends out, go bankrupt
5) Employ a specialist "seller" (not the famed Rothschilds- whom we still do not how much were paid-or what they were supposed to be doing) with experience in dealing with Chinese companies
6) get a genuine deal maker onto the BoD on a percentage of sale proceeds basis with authority to do the deal without being subject to marco et al
IF that all happened we MAY get away with anything between about 10 and 25p a share; if we continue as are we will go bust at the time Bond due in early 2021 with the whole lot reverting to Greenberry.- and plenty more placings in the meantime to keep lights on and pay salaries.
If that means confrontation when actions do not live up to words.......... then I am up for it
Trellis. Appreciate you could be genuine in your thinking and there is no reason i (imho) to think otherwise. But on the other hand, may be you dont seem to bring solutions.; it looks you want confrontation and it is fine if this can bring any good but it doesnt seem it will. Most LTHs dont have any choice except to keep hoping there could be something positive coming. And most of the LTH, if they can, wish to see James Parsons et al in jail but hey we are where we are...trapped.
is GL different? Time will tell though human nature is very bad by experience and talking about governance and ethics is B..in the world of those guys.
sorry correct quote wrong date- 20/04/2020 is the date of the call
PDUK- SAG conference call with Mr Lyon and Mr Seghiri on 5/6 /2020, direct quote:
"Graham confirmed that they are not going to issue more share to finance the company, he said he has a good experience at doing that.
He will basically try with trade finance, credit lines and government help/finance"
This was repeated in the shareholder q and a soon after.
At this moment I will not name the Italian family behind Marco until I have taken further advice, but I can assure you the facts are accurate and the family not only exist but are well known in Italian financial circles- I have named them previously on this BB
Woodrow, bulgariaben is just shilling for followers/subscribers. New poster who has only posted this link, along with other one-post wonders on other boards (e.g. wilmawilliams on SOLO) doing the same. The link is to a private twitter feed you have to sign up to. Ignore.