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14.3% institutional investors plus 25% cornerstone investors. Why not see if any of them are keen on calling an EGM? If they too recognised the nightmare it shouldn’t be too difficult to secure their support.
Even if you managed to call an EGM you can't just have resolutions to sack the board, you'd need to proposed credible replacements. Not only would you probably find that hard given you are probably not well connected, but you'd also need OGIF
* you'd need OGIF onside, and they've already backed JP's strategy despite everything that's gone on here.
Good luck
Popped back to see if this BB had grown up from the trellis/fez monopoly-yawn change the record or sell up,if you are invested-to see a well balanced debate on the rns until peeps like C&P appear-hi 250.....oh well another for the filter for offering nothing .
If Trellis and I dominate this bb then surely that is a duopoly and not a monopoly? Small point, but thought that I'd make it.
I've seen pictures of Trellis online from his cricketing days and in every photo he is holding a bottle of white wine / champagne. Made me chuckle that did. The RNS this morning was a joke. Nothing new to report in all honesty. Fat chance Parsons will recommend a deal to us because a credible one won't come our way I'm afraid to say. The company is fast running out of money, time and options. I wish I had sold out a long time ago rather than watch the share price dwindle away.
Jez mate, whats happened? You were saying £1 minimum not long ago
I was but my point is, I don't believe we will receive a credible offer.
£1 minimum to NO offer............
With no new information. What a genius.
If nothing else the same bunch are constant, there's been some ludicrous posts today. Probably a mixture of boredom, desperation, a low IQ, trolling and those trying to raise enough for tomorrow night's ale money. Not that any of it makes a blind bit of difference because nobody of any importance gives a Shiite what the odd plonker posts on here. I anticipate a meaningful RNs on the sale process within the next 8 weeks, then we can judge.
PNE - nobody really cares what you have to say because in your own words, you are an "odd plonker."
What I have is called intuition. I like to think I have very good intuition and I'm just not picking up a decent vibe from Sevenoaks right now. I would be very surprised if I've called it wrong. You my friend, will be in the queue of people who needs to apologise to me for your rude tone. We will be forced to "go long" and continue drilling as well as endure at least one more equity raise. I can't see this circus closing its doors any time soon. Not while the animals are bust feeding on the remaining monies.
Jobbs,
I think you, PNE and KTF should go off on a happy holiday together, share a king sized bed and snuggle it out. I know it's getting all too much for the three of you. Sleep it off and wake up in January only to find that we're "going long."
Who said I was referring to you? Your intuition has covered every base over the last 4 months, more flip flops than a Benidorm beach. I prefer to deal in the facts than some lazy bums vibe but thanks anyway.
Very bright Jez. Keep it up.
#thefailure
Hi James
I wasn't expecting you to agree with much of my email.
You do raise some interesting points as always - maybe we could discuss points of fact made in my original email that have clearly been overlooked and disagreed with, or perhaps discussions about the much touted and hyped exploration upside (which was used to draw in investors such as myself) but unfortunately to this point in time remains unproved and therefore of no value as stated by the technical team in previous communications?
Or maybe we could discuss the best interests of the company and how to best make use of the limited cash - maybe share payments in lieu of cash for a while until the marketing procss is concluded by the end of this year?
As for a new CEO, we can at least agree on that point, like I said it would decimate what little remains of sound plc's market cap and whoever is pursuing it should wait until at least the marketing process concludes right?
In terms of deadline - concluding the marketing process by the end of the year is wishy washy James - it could mean any number of things....offers to be received by then, or offers to be considerd by then or process closed out by then. Which one?
xxxxxxxxxx
On Thu, 19 Sep 2019 at 12:11, James Parsons > wrote:
Hello xxxxxxxxx,
I’m afraid I don’t agree with much of your email.
We have been very clear on our strategy which has always been exploration led. We remain excited about the Eastern Morocco basin and it’s potential however I agree the first two exploration wells in our recent programme were disappointing and have hit us hard. Whilst I understand the frustration of the share price, those of us who have been in this business for some decades understand you can’t judge a basin on a couple of wells. Shareholders wanted exposure to the exploration upside and we funded it, delivered the seismic, brought in partners and executed the wells safely and professionally. It is easy to ignore all that just because the wells didn’t work.
We have paused operations to test market valuation. We have confirmed this will likely be completed by year end (not sure why you say no deadline).
I don’t feel out of my depth to answer your specific question. We have a high quality technical team for the subsurface and I feel (frankly more than) appropriately experienced to run a marketing process.
If shareholders want a new CEO, or any Director, then that is their right - i guess that ultimately will depend on the larger shareholders - I will continue to do the best for the company whilst I am in the job. If I get voted out I will do my best to help find a new CEO and hand over the reins professionally. This is / should be about what is best for the
If shareholders want a new CEO, or any Director, then that is their right - i guess that ultimately will depend on the larger shareholders - I will continue to do the best for the company whilst I am in the job. If I get voted out I will do my best to help find a new CEO and hand over the reins professionally. This is / should be about what is best for the company. I have to say a GM in the midst of a marketing process (even if the vote goes in favour of the Director in question) would likely be a huge own goal for the Company however this is something outside of my / the Company’s control.
James
On 19 Sep 2019, at 11:06, wrote:
James, here we are at c.8p/share
We now see goodwill impairment, auditors qualifying the financial position and the going concern of sound plc, nothing happening operationally , several failed drills, potential for egm being called as informed by my colleague Danie and posters on boards trying to muster support to oust you and your team before the end of the year, ongoing marketing process with no set deadline which does not inspire confidence, no Edison report as previously advised by yourself, no broker coverage or notes since you last advised. Not to mention no ducks lined up, exhausted drummer from the ongoing #drum rolls...and those golden tickets? Well, its clear that not everything that is yellow is gold or golden.
James are you really doing a job that you can be proud of? Have you ever paused to consider that perhaps you may be out of your depth? There has been a lot of talk but nothing of substance delivered.
Shareholder value has not been created, bod interests do not seem to be aligned with those of shareholders. You single-handedly super hyped this company and its prospects up, told me in a meeting with mary hood that you could sell this for 1.20 all day long and after failing to deliver any of your statements said it didn't sound like something you would say? To date you have not given a valid reason for lack of cprs that were supposed to follow each parcel of seismic. Video clips showcasing your cringeworthy speeches have been purged. I have a handful of financial district acquaintances and to say they sneer at the mentioning of sound energy would be an understatement – you really have not done yourself or your team any favours at all and it does not matter how thick skinned you are, the damage is ongoing. only wish i had listened to them and taken out my investment instead of listening to you
In a previous FSC I recall asking why directors do not hold shares as stipulated in the annual reports and was told that RSU awards/LTIPs etc all count towards this requirement and you all have ‘skin in the game’. But since these ‘awards’ will not materialise given share price non-performance, how can they count towards the requirements of you holding for example 200% of your salary?
In a previous FSC I recall asking why directors do not hold shares as stipulated in the annual reports and was told that RSU awards/LTIPs etc all count towards this requirement and you all have ‘skin in the game’. But since these ‘awards’ will not materialise given share price non-performance, how can they count towards the requirements of you holding for example 200% of your salary? Surely to demonstrate you do have the interest of shareholders and the company at heart and do have utmost confidence in the company and the so called ‘assets’ you would take shares in lieu of cash.
the prev chairman richard lidel said in Morocco that ‘we have shareholders backs….’ and then stepped down several months later, so again what can one deduce from this? Nothing is really inspiring confidence.
I don’t really agree with the gm as it will decimate what is left of the share price, I don’t agree with personal threats/abuse and guess you probably login to a tirade of such emails – however if we’re going to be totally honest, some are probably justified – so how about you deliver on just one of your claims, the one about irrelevant entry prices when the share price was around 90p and be done with this sh** show of a company. maybe this should be about ego and setting records - what needs to be done to generate impetus apart from reverting to setting a rocket up your backside and that of the share price????
On > wrote:
This is less about my ego xxxxxxxx and scoring records and more about finishing a job which I can be proud of (and making money). When I took over we were in the 4 to 6p range I think so we have made a lot of progress already…
now I have taken some frustration out on james (rightly or wrongly) and he has had the decency to respond - make of it what you will
I think anyone who things a GM, EGM, vote or whatever in the midst of a marketing campaign really needs to get a grip of reality and what is in the interests of the company and shareholders to be honest. They have said X, let them do X and then we can decide if we like X. None of us like the share price or the well results but we also need to recognise that the company would not have paused and marketed if it did not think there was a reasonable chance of achieving a result - otherwise would have carried on with operations (and could still have marketed in the back ground).
As an aside, I have just read the SP Angel broker summary on today's RNS:
"Conclusion: Sound will hope to conclude it’s Eastern Morocco sale as soon as possible, and the recent placing leaves the company in a solid financial position going into these negotiations in our view. We remain bullish on Morocco as a potentially significant region globally, with significant gas demand and a push to reduce its dependency on Algerian imports. Therefore we would anticipate that Sound will have a healthy audience of admirers for its Eastern Moroccan assets."
One of the most positive and sensible things I have read for a long time.
Good afternoon all.
Very useful emails, N4aPound. If you'd like to take a position on the Board of Chuckle Energy as our 'Communications Officer' I'd be DELIGHTED to welcome you.
PNE - here's one fact for you. You're an "odd plonker."
I haven't been to Benidorm, but you appear to know about the flip flops on the beaches there. Classy. Really classy.
Lazy bum?! I was up at 6am this morning working, earning money for myself. I retired 6 years ago and keep myself busy thank you very much. I have given you enough of my precious time already today. Now be away with you. Take your chums away on holiday to Benidorm and don't forget to pack the flip flops.
Enough of the "admiring" and more of the "asset selling" please. I admire spam. So what? They have been faffing around for long enough, since May and the commentary sounds as though they are just starting the process. I am expecting an extension to the marketing process and a cheeky equity raise. All will be revealed soon enough I suspect.
Selling crap on eBay isn't really a job, precious time don't make me laugh, you sit on here all day and night. Why is it every time you are ridiculed you look for someone to join that pathetic childish nonsense of yours. Low self esteem? Anyway, dinner over with, some of us have aspirations and work for a living.
I’ll make one observation - trying to topple the CEO or board when we are in the midst of a marketing campaign has to be one of the worst things we could do. It would inevitably delay things (and run funds even lower, thus weakening our position) and most likely give any interested party added negotiating power. How is that in an shareholders interest?
If they fail to deliver an acceptable offer, then that’s potentially a different scenario, but right now, it doesn’t feel like the smartest move to me
PNE - I have worked for 25 years in some very responsible and high paid jobs. Please allow me to enjoy the fruits of my labour. I can highly recommend reselling on Ebay and Facebook Marketplace. I buy things for next to nothing and sell them to mug punters like you who pay me 10 times what I paid for them. Simples. I have a good knowledge about a lot of things, which has taken me 9 years or thereabouts and I am still learning. It's not my only income, but rather something that keeps me busy and earning money. I enjoy it and do well from it so why not? You should never cuss a man for trying.