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Latino. It’s not 10% bought in one shot……
You know more...enlighten please!
Read previous RNS
159,731,651 Shares bought
Read it again Latino.
Execution of Equity Subscription Agreement
In addition, the Company is pleased to also announce, subsequent to its announcement on 29 June 2020, that it has entered in an equity subscription agreement with Afriquia pursuant to which Afriquia has made a £2.0m subscription to the Company in consideration for which the Company has today issued for 159,731,651 new ordinary shares in Sound Energy at a price of 1.2521 pence per new ordinary share to Afriquia.
Application will be made for the 159,731,651 new ordinary shares, which will rank pari passu with the Company's existing ordinary shares, to be admitted to trading on AIM ("Admission'). Dealings in the new ordinary shares are expected to commence on or around 8:00a.m. on 4 August 2021.
Hydrogen don't forget the few numpties that have already sold up prematurely and have incurred eye watering losses. It's funny how they always go quiet when we are on the rise but come out in force when we start dropping.
I have been thinking about this company a lot recently. Time to start building a position..
Net asset value looks attractive.
STD123: "Hydrogen don't forget the few numpties that have already sold up prematurely and have incurred eye watering losses. It's funny how they always go quiet when we are on the rise but come out in force when we start dropping."
Actually, I'm out in force everytime I see you posting more nonsense. It's got nothing to do with those fraction-of-a-penny rises and falls -- you know, the ones you crow about on every tiny uptick. Also, the fact that you're replying to someone who thought the AG 10% was a massive on-market purchase shows that you are a clueless fellow traveller along with all the others who do no basic research.
STD123: "the transformational LNG deal will be more than enough to move this forward once the profit takers are finished selling."
LOL. You really are a clueless ramping troll. The LNG deal has "transformed" SOU from a busted flush to being worth only slightly LESS THAN ZERO. The SP is down over 20% from the spike on news, just like every other news-related spike for the last two years, including the one you bought in on in June last year. Even some long term holders on here have admitted they no longer have any interest except to trade the sheeeeit out of this on such spikes.
Why do you wasting your time?
PS posting whilst the SP is up, what next. It's a bit like a vampire venturing out into the sunshine. Think of all the extra value you have missed out on by selling up prematurely. At least a few of us will not only break even but make a profit here shortly. Your lack of faith in Graham and lack of patience has cost you dearly but at least some of us will reap the benefit the closer we get to first gas.
STD123, what "extra value"? My overall portfolio is the same to within 1% of where I sold out in March. My lack of faith has cost me nothing. It's only in your delusional ramblings that you need to impute fictitious losses to my decision. I am delighted to be (mostly) out of SOU. If I wasn't delighted I'd buy back in. Your comical portrayal of me as some sort of tortured soul in the underworld ignores the fact that there is no Cerberus guarding the gate. I'm free to change my mind anytime.
Instead of constantly obsessing about me, how about reflecting on your own hilarious valuation. You said three months ago that the share price would double in three months. Instead it halved. And you expect anyone to take you seriously when you have spent a year refusing to provide any basis for your flopped predictions, while also refusing to even acknowledge the company's own valuation. Some might suspect you've had a few lashes of the idiot stick.
A liar and a Muppet but keep digging.
ST123 - without doing any name calling or throwaway insults, please explain as succinctly as possible why ps2's (and indeed Sound's own target) valuation is wrong and your optimism is justified.
From what I understand the LNG route to market will be sufficient to keep the company from folding (as was a distinct possibility before the Afriquia Gaz deal was announced) but will not be sufficient to produce profits which would either fund the pipeline or further exploration. There is also a huge tax bill hanging over us which hopefully we can avoid paying/the payment demand will be dropped.
How do you propose Sound will be able to generate millions of pounds in order to ramp up production/revenue over the long term when the company has inadequate funds at the moment and the total shares in circulation have already been hugely diluted over the years? Genuinely interested to hear your opinion how Sound will add substantial value from this position and over what expected timescale?
Please do not just accuse me of being 'negative' or having a username you do not like. Not interested in trading insults, just looking for reasons to be more optimistic.
Wound,Graham has a plan. The ducks are lining up one by one as promised, not overnight but slowly but surely. Once income starts to flow in from the LNG take or pay contract and we actually start making money then any phase 2 funding for the pipeline could be secured at a lower rate or more attractive for a partnership deal. Do not underestimate the worth of the pipeline as it's the only one in the area with all the permissions granted and because it links into the line feeding the European gas grid then it will be highly desirable for other producers in the region in order to get top dollar for their gas. I don't know the specifics whether the pipeline can be leased out or whether sound are at liberty to just charge transportation costs for those wishing to ship their gas but this has huge earning potential. There are some on here that did not think Graham could get the bondholder agreement done yet he did. Some then did not think the LNG deal would ever be secured and it has. I'm not looking to be here in 10 years time and I'm only interested in making a little profit on my 3p average which I'm almost certain I will. One thing is for certain, the future looks a lot brighter than it did compared to this time last year.
STD123, you are a delusional troll. Take a look at the map of the pipeline route: https://www.soundenergyplc.com/media/1581/morocco-map.jpg
It passes through the Tendara area and a sliver of Anoual. What other producers in the area are you rambling about? The pipeline is of value only to SOU. They will need to raise $180m to build it. LNG revenue will go 100% on paying down debt for the next decade and more. It has no bearing on a "lower rate" on borrowed pipeline funds. Lower than what? Are you implying there's a current rate? If things are looking better than a year ago, how come your investment from then is down 60%? Could it be because SOU themselves have acknowledged that without the pipeline they are worth ZERO. And even to get to ZERO they had to give away 10% of the company to AG and another 10% to the bondholders. Whatever you're smokin' you should probably consider quitting and spending the money saved on a basic arithmetic course.
ps2 - Do you think there is ANY chance the situation can be salvaged from this point? That $180m cost for the pipeline might just prove to be insurmountable. Even if Sound were to bring a partner on board who'd be willing to fund that endeavor, we're talking about a partner who need to be willing to stump up a huge sum of money, presumably for a share of the licence which would need to be a majority, more than Schlum recently surrendered, but where would that leave us?
What would need to happen for you to consider reinvesting? I think your 'worst case scenario' will be pretty similar to my own, but I'd be interested to hear your 'best case scenario' (if you have one!)
Is the only likely solution to get a partner on board to stump up a considerable portion of the $180m, but secure another sizable loan which would be serviced by the gas sales? You'd think deep-pocketed Schlum would have been the ideal partners for that, but clearly they intend to focus elsewhere. I'd like to hear GL's opinions on the next conference call regarding our options for monetising Sound beyond a break-even operation.
Graham was handed an unenviable set of tasks and he and the team are certainly bringing in results, slowly but surely. He is a far more open character and certainly doesn`t bare any resemblance to the car salesman, which in itself is a confidence builder. Long may his efforts continue in the right direction. GLA
Wound, PS sold out at lower prices than now and made a 92% and 600,000 loss. It is doubtful if anyone would now reinvest at higher prices.
The answer here is simple you either sell out prematurely for no good reason or have some faith in Graham delivering some shareholder value. The choice is yours but if you stay in there is always the possibility of recouping some losses but if you bail out then there is zero chance.
PS it's no good spouting facts and figures anymore. You didn't think sound had a future and bailed out. The fact some weeks later the outlook dramatically improved and you didn't see it coming makes a mockery of your ability to predict anything going on behind the scenes. You are as clueless as the next man but your paper losses are now real. Just leave those invested to enjoy the journey to profitability even if it does drive nails into you.
Share, do you have any pearls of wisdom for us unlucky f*****s with a 60p average please??
Any amount of *****ing and forecasting isn’t bringing my money back fella.
If it ever gets to that price again, my nieces and nephews will benefit because I will be dead.
Good luck to everyone I think would be the nicest words people could post. Best wishes.
STD123: "The fact some weeks later the outlook dramatically improved and you didn't see it coming makes a mockery of your ability to predict anything going on behind the scenes."
Yes, the outlook "dramatically improved" from imminent insolvency to being worth just a bit LESS THAN ZERO. I've never pretended to be able to predict anything. I just remind idiots like you of the company's own statements. Let's also recall that after the spike of that "dramatically improved" situation, YOU predicted the share price would double again in three months. Instead it halved. Great call, you shameless ramping troll.
WoundLick: "ps2 - Do you think there is ANY chance the situation can be salvaged from this point? That $180m cost for the pipeline might just prove to be insurmountable."
Most definitely there is a chance. Graham says they are "progressing Phase 2 in parallel with Phase 1". I'd have thought that means they are out scouting for financing. However, Graham made two comments in the last couple of months that were concerning. I will paraphrase because I can't be bothered going back to dig out the precise quotes. In one interview he said that "the traditional institutions are not very interested in fossil fuel investments". In a second he said that: "SOU is progressing the ItalFluid and Afriquia Gaz contracts and is not looking for a farm-in partner". He also intimated that the performance of the wells on the LNG project would make it easier to progress Phase 2... but that hints at no progress until AFTER the LNG is flowing.
So on the one hand they're not able to get funds from a bank, and on the other they don't want funds from a partner who would presumably take a large chunk of equity. What are the other options? A corporate bond? Would a midget like SOU be able to get one away?
Personally I suspect they'd take any option: bank loan, bond, farm-in partner, whatever turns out to be possible. I just don't think any of them are going to come easy -- whoever is dangling the $180m will call the shots. And from Graham's statements I suspect the whole thing is very much still on the starting blocks, with no definite leads.
Could Graham turn it all around, get financing, and eventually go drilling again in Tendara? Absolutely he could. But even SOU's hired valuers think that fresh drilling is so far in the future as to be not worth thinking about for now. So it's all about Phase 2. Will it happen? I honestly haven't the first clue. I'll hazard a guess that the financing won't be easy and it won't come soon, i.e. definitely not in 2021, maybe in 2022/3? But just based on reading between the lines of Graham's comments it's hard to imagine a Phase 2 FID before 2023. Pipeline by 2024? More drilling by 2025? Who knows.
Then there's the question of what SOU will be worth at the end of it all. SP Angel had 6.5p, upped to 9p after regaining the SLB share. There's reason to suspect that's a conservative valuation. But it *is* premised on SOU retaining 75% equity which means financing the pipeline from debt, not equity.
In short: all doable, but not easily.