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My take on it is there is nobody who benefits if GL pulls the plug on this... not the bond holders not marco or his backers & none of us that's for sure...its in everyone interest, no matter how long the road ahead seems to be, to get everything restructured, re financed, and reboot SOU as a Micro LNG player and start raising revenue ASAP..... If we have to sell an asset then sell it...once we are off the bottom investors might see this could actually go somewhere. I don't mean to over simplify this but something along these lines has got to be the way forward imho.
Sundance, from an earlier post Continental Investment Partners SA hold 18,675,509 1.61%.
At a share price of 1.5p this amounts to £280000 ish.
At the time you asked the question the value of those shares would have been less than £200000, do you really consider either of these sums to be a significant amount of money for CIP?
I received an email from him 2 months ago after I emailed my concern about Sound Energy going into liquidation and if he shares that view
He stated that he cannot comment on the company as he is no longer the CEO but he can say he hasn't sold.
He has absolutely nothi9ng to gain by lying
OK, I shall rephrase, if it is in the bondholders interest to restructure the debt why why has there be no formal communciation to this effect, stating that talks are dues to start, have already started or will start at a certain point in time to addess this issue?
Well OGIF I believe will step in with their own bond if they believe in the license area, let's be honest 350 bcf at $8 scuff is 2.8 Billion dollars which we own 47.5%. We will go down the route Luca wanted, production, cash flow and then exploration.
OK, so why do we not just sell SM now to clear the debt and have a bit of extra funding available in order to carry out some exploration?
Maybe JP over paid for SM and no one wants to pay for it for anything near the amount we bought it for?
What can OGIF do about our share of Tendrara if we have a debt owed that cannot be paid off?
OGIF will retain teir share holding, if the sale of Sounds % in both SM and Tendrara is insufficient to clear the bond then the bond holder walks off with a loss, this happens in business.
If it is in Marco's interest to restructure the debt, why has there be no formal communciation to this effect, stating that talks are dues to start, have already started or will start at a certain point in time to addess this issue?
I have only raised the points in this and the earlier post for discussion, I am in the dark as to what is going on as everyone else here and if I have made some stupid WAG then I am more than happy to be corrected.
Sound, I I'm quite sure sound energy will end up with the debt, if it was just tied to SM why would Graham acknowledge that this needs addressing urgently??
Well it looks like its in everyone's interest to get this going again
Interesting points raised but for one, would OGIF allow there shares and the asset go to the bond holder? Also no extra exploration is needed just yet, we have 350 bcf to extract and get to market, that will pay for future drilling. Simply the best route for Marco is to allow sound to get to production, gas in the the ground with no route to market as we know is worthless.
BB
The possible scenario's as regarding the debt as I see them;
1) Debt is restructured to allow Sound to continue some form of operation in Morocco, allowing the Micro LNG project to go ahead and possible future exploration. (Future exploration is necessary in order to realise any significant increase in the share price and for share holders to see a decent return on their investment).
2) The debt is not restructured, in this instance either;
a) Massive dilution or debt taken on from somewhere else occurs (or some combination of the two) in order to pay off that debt.
b) Sufficient funds to clear the debt cannot be obtained, the asset goes to the bond holder.
What does the bond holder do with the asset?
He either wants to retain an interest in the asset or he does not
If he does not want to retain any interest he sells it up and maybe takes a small hit or perhaps even makes a small profit.
He does want to retain an interest in the assets that Sound currently own. For this a business entity could be set up in order to carry out exploration of the licence area.
Why no CPR provided for Tendrara?
Would an externally verified report on the possible gas in place show just how valuable Tendrara is?
We know that the mid case for estimated gas in place is about 20 TCF from reports that Sound have produced, what if this were externally verified?
What are the ramifications of that?
With a recovery rate of just over 50% 10+ TCF of recoverable gas is not to be sneezed at.
So what is in the best interests of the bond holder?
How does the bond holder see the biggest return on his investment?
As for the latest comms from the board, did anyone really expect them to be anything other than positive on the future of Sound?
How would it have gone down if they had said things like;
We are struggling to restructure the loan.
Be prepared for massive dilution in the not too distant future.
Because of our financial situation we are struggling to find any buyers or anyone to farm in in order to take some of the risk off of us for future exploration in Tendrara.
Forget last message
Name Equities %
Oil & Gas Investment Fund S.A. 265,605,201 22.9%
Continental Investment Partners SA 18,675,509 1.61%
Simon Howard Davies 17,819,000 1.53%
Kairos Partners SGR SpA 4,096,735 0.35%
BlackRock Fund Advisors 3,581,301 0.31%
Brian Christopher Mitchener 3,405,555 0.29%
Henderson Global Investors Ltd. 2,737,961 0.24%
James Parsons 2,602,905 0.22%
DWS Investments (UK) Ltd. 634,578 0.055%
TIAA-CREF Investment Management LLC 464,393
Does anybody know how many shares Marco has actually have? Got 70 million in my head.
would it not be in Marcos own interest to let SOU restructure the debt and help with getting the LNG up and running..it seems to me everything stems from that
Trellis, from your chat do you think GL is looking at possible JV to help solve any funding requirement?
Some people are not embarassed by anything except missing the opportunity to make money at any cost.
Totally agree with that as there's nothing more embarrassing and shaming than watching someone do a better job at what you were passionate about and failed,its demoralising. The problem or rather sting you have to bare along with that thought of gloat is that Parsons has in his possession 2.7 million shares still ( he hasnt sold )so when not if Lyons succeeds then Parsons has the last laugh as hes riding that wave far higher than you if you possess less than 2.7 million shares that is .
Agree Joe, I hope Graham embarrasses JP and make him out the incompetent 2nd hand car salesman he is. I like the fact wages cut, no over inflated salaries, no confetti cheap options. Stripped to the bone, lean mean gas producing machine :-)
Maybe have a listen to the latest Graham Lyon interviews and then see what you think.
"Quite interesting to google their names in companies house and see what they're doing now....still holding directorships, or positions of chairman etc despite ill health/other interests/not being able to find a fart full of gas (yes that's for brian no gas mitchener)"
not surprising to see parsons involved with coro energy... that'll be why that one's share price is also in the toilet
i ended up with a handful of share sin that inleiu of a divi somewhere (might have been here) f'king useless, would cost me more in trading fee than their worth to sell them LOL
i'm carrying about an 8p avg here, just can't seem o justify trying to avg down.... feels like good money after bad
This time last year was at the AGM in London and observed the voting on remuneration pay etc. and general attitude on their faces towards ordinary shareholders seated in front of them from the rostrum.
Pity no whistle blowers with Christian conscience to expose the truth on manipulation.
A new broom may be in charge now and a good share gamble at this price for newbies but overall a bad investment for long term holders.
Trellis group needs to keep the pressure on them.
TruthfulO.
A little of what you wrote earlier;
' Afterall his pay packet was linked to the share price performance for quite a while, and when the remuneration committee realised the share price cannot be driven by their own hype, they resorted to implementing other performance measures to ensure their troughs remained full. None of these bonus payment related performance measures were disclosed to the market or investors - not even when questioned.'
I did mail the Chair of the Remun, Comm. re bonus payments - no reply. I mailed to The Failure, and said that he was 'independent' of RC judgements. I asked him to inform me of the parameters of the award scheme. he replied saying that this could onlt be done to all SH, and not just to me. I therefore asked him to release a RNS giving details of these parameters. No reply.
So, if any poster thinks your comments about The Failure are a little harsh. I can testify he's mislead everybody, and will continue to do so in whatever company he's in., and it was 'all boys together' to feather their own nests. I wish him nothing but bad luck.
Truthfulopinions
if you would care to contact me ...via twitter is easiest maybe?
please do so
of course it is entirely up to you
@GrahamHengland
well said Truthful....the whole lot of them had their hands in the honey pot, one big cash cow at our expense....hope you read these boards JP, as you are a turd plain and simple...
All very true.
Im sure we all have some regrets about getting friends & family involved here during the good old days, I had a lot of friends get in around the 65p level who didn't want to sell when it hit the 90's... I was probably spouting the "golden tickets" line at the time, most have just written it off but interestingly a couple who watched the first interview with Graham have bought in again (£5k) with the hope that one day in the months/years ahead this will deliver the Moroccan dream. Long road ahead ... but I honestly think if Graham & Mo can show they have a credible plan (on all fronts) this will tick up nicely pretty quickly.