The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Desperate real desperate.
Gonads done I suspect.
Borrow some and get it in again at this level.
Company is in good hands.
Drill in ground eventually needed.
Either that or find another share you like.
Nothing to see here.
Move along the bus !!
Hehe
Your last post said it all. You’ve gone completely off piste. I know that the penny has just dropped for you. Good luck with your investment here. I do feel sorry, but this company has been a car crash since 2016, and the terms of the loan deal were there for all to read and understand weeks ago. It seems few actually read or understood them. Management are responsible for this car crash part two, no one else.
This is the most telling thing you've posted and says far more about you than Graham or Sound.
"They won’t respond hahaha"
IF they don't respond you would find it funny? that's a very strange thing to say and tells us all we need to know about your character!
your only motivation for postimg here is to see Sound fail and you take pleasure out of every possible negative.
what a sad little person. I hope you're young as then there is hope you might grow up into a decent human being, but I suspect you're old as evidenced by your bitterness.
One final point I can absolutely guarantee. Not one single investor will be able to get a response from the company regarding this. They gave the investor a hand where they literally could not lose. If the price rallied they could convert at 2.25p and get paid the interest in shares and win. If the price fell they could death spiral the sp lower and end up owning 5-10% of the company. No one in SOU has the character or balls to answer for this, you just watch and see. They won’t respond hahaha
Haha, wtf are you posting KTF, I think the sun has got you, hahaha. I’m happy as, always am. I just enjoy sticking it to ill informed misleading and naive investors like yourself. You’re either that at best, or a paid poster to lure others in. I’ll let others decide.
Graham has done some great things but he does need to answer for this. The only thing to slow it down is this..
“ No more than 20% of the initial principal of the Convertible Notes may be converted in any given calendar month.”
We need this deal to finalise to boost the share price sharpish.
The really funny thing is I know my 'mistake' in missreading the term sheet will bother me for considerable less time than your mistake of buying into sound with more money than you could afford to lose under JP's tenure will bother you :)
how's the placing teachers in China business going?
makes me laugh every time I think of it :)
The good news is that as GL has practically zero skin in the game, he’s fine, he ain’t gonna lose a penny from this. I said, all he gives a stuff about is the company, not shareholders. That should be obvious to all now. The curse of SOU strikes again. GL has zero way to counter this other than a hugely positive rns in the next few days, which isn’t happening. That’s very unlikely in my view anyway, and is a min of 2-3 months away at least. Fking morons come to mind.
Send me the term sheet the KTF, you have access to that? What utter carp. I know what a term sheet is and I know what an rns is. Is that the sound of a penny dropping and an admission you’re wrong again. I pointed this out date ago about the conversion and selling as a result. You’re just full of carp. I strongly suspect you’re not even invested just posting to continue to lure ill informed and under researched investors to provide buy side liquidity for your employer, ie the shorter. You’re honestly a joke. The sp is going to crater. Who would buy now? More and more dilution to come. GL has either intentionally or through utter stupidity screwed over all existing SH here. You’ll look back wishing JP was back by the time this is over
Kylie "here is no term sheet" of course there is EVERY CB has a term sheet. what do you think buyers look at before investing? I can post it to you if you want :)
however, I do stand corrected, the terms do have the following
Upon conversion, interest shall be rolled up and paid as if the Convertible Notes were held to the redemption date (being five years from draw down), with such interest convertible at the lower of the applicable fixed conversion price and the average of the five daily VWAP calculations selected by the Investor out of the 15 trading days prior to the conversion date.
whoever advised sound to do this needs a good slap.
this is extremely unusual and explains the conversion.
You’re wrong and talking rubbish KTF. Suggest you
Learn to read. There is no term sheet, just the RNS and it’s a plain as day.
Other key terms of the Convertible Notes:
· Issue price and redemption price on maturity: 100% of par value
· Early redemption/change of control: callable in cash by the Company at any time after draw down or in the event of a change of control of the Company at 110% of par value together with all unpaid interest. If the Convertible Notes are redeemed by the Company, the maximum amount of future interest payable by the Company in respect of any early redemption occurring on or prior to the second anniversary of the relevant issue date will be 15% of the Convertible Notes, and in respect of any early redemption occurring after the second anniversary of the relevant issue date will be 10% of the Convertible Notes. The Investor shall have two trading days to elect to convert some or all of outstanding amounts or accept the early redemption. In the event of default, Convertible Notes will be redeemable immediately at 120% of par value of outstanding Convertible Notes plus accrued interest.
· Conversion: convertible into Sound Energy ordinary shares at each tranche's fixed conversion price in whole or in part. Upon conversion, interest shall be rolled up and paid as if the Convertible Notes were held to the redemption date (being five years from draw down), with such interest convertible at the lower of the applicable fixed conversion price and the average of the five daily VWAP calculations selected by the Investor out of the 15 trading days prior to the conversion date.
· Other conversion terms: any conversion notice must be for minimum of £250,000. No more than 20% of the initial principal of the Convertible Notes may be converted in any given calendar month. If the Company's five-day VWAP exceeds 3.00 pence per ordinary share in any given month, the conversion limit will be increased for the relevant month to 50% of each draw down amount. If the Company's five-day VWAP exceeds 3.50 pence per ordinary share in any given month, the conversion limit will be removed for the relevant month.
· Second tranche draw down condition: the Company must maintain available share issuance authority headroom and disapplication of pre-emption rights to cover 150% of any draw down amount divided by the VWAP on the day immediately preceding a draw down.
· Warrants: 33,333,333 warrants to subscribe for new ordinary shares in the Company at an exercise price of 2.25 pence per ordinary share with a term of three years. If the second tranche is drawn down, additional warrants over such number of new ordinary shares as represents 30% of the par value of tranche 2 Convertible Notes drawn down, with an exercise price at the conversion price of the tranche 2 Convertible Notes and a term of three years.
Actually convertible bonds are what I do for a day job.
generally on conversion you will NOT receive any further coupon payments. obviously you keep any you have received.
it is extremely rare to convert well below the conversion price and before any coupon payments. given the better protection the CB offers there is no point, unless 1: you really need the money or 2: you want to vote at an egm etc.
the bond they own is convertible into a FIXED amount of shares at a fixed conversion price. I will check the term sheet but I don't remember seeing any weird terms like that.
From how I understand it when the lender converts the loan they receive the full 5 years interest (15%) which can be converted to current share price. So lower the share price the more shares they will receive.
I admit it's not my forte but it's explained in detail on share prophets (yes I know..)
Death spiral? no. Normal between news sell off.
the curent sp has no impact on the number of shares the investor in the cb gets.
the ONLY impact of the low sp on the cb investor is the fact that they couldn't sell converted stock at a profit, IF they wanted to.
The death spiral does need addressing/explaining by Graham because it does look like the 'investor' can keep driving the price lower to pocket more shares.
As a long-standing, suffering north end fan StMary, I fully expect us to be in a relegation battle come the end of the season....lol. Its nose bleed territory but I'm making the most of it and having fun with the Blackpool fans at work, whilst it lasts.
David, you can make your money out of anything with have studied Economics at the University of London and then made the first foray into business with David Gold, ( God Bless ) selling softcore pornography. The both found success with your magazines and expanded into sex shops, adult magazines and pornographic films, so Sound will make Millions.
Buy Buy Buy
Where’s my mate PNE? Thought you might crow about the Championship table 🤣
Is your name David Sullivan ?
If so or Not - Buy Buy Buy
I hold the position of ... at ... Plc.
I am also on the board of my house South Ltd., my house East Ltd. and my house in between south and north Ltd.
In the past I held the position of Managing Director at my family Investment Fund S.A.
I received a graduate degree from life.
I am the Man - Buy Buy Buy
Mohammed Seghiri holds the position of Chief Operating Officer & Director at Sound Energy Plc.
He is also on the board of Sound Energy Morocco South Ltd., Sound Energy Morocco East Ltd. and Sound Energy Meridja Ltd.
In the past he held the position of Managing Director at Advisory & Finance Group and Managing Partner at Oil & Gas Investment Fund S.A.
Mohammed Seghiri received a graduate degree from Ecole des Mines de Nancy.
This is the Man - Buy Buy Buy
I’ll take my chances With Graham & team over that man any day , £1.50 per tcf ?
Pretty relentless at the moment. Hard to keep topping up………..again 😂.
Bring back JP before it's too late !!!!!!!
In last Interview - Graham suggested significant news update for shareholders in Autumn.
Last day of Autumn is 30th November.
Can news be delivered on time and within this timeframe I wonder + I am also wondering and worried what the SP could be by end of this period??!
Transformational news is required here ASAP