Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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https://atalayar.com/en/content/morocco-future-major-gas-exporter-africa
Keep to Facts:
If you don´t mind, could you please elaborate on these 2 options to get some cash before first gas (amounts due by third parties, etc)?
Thanks in advance
Fernan
Thanks.
They need to improve the quality of the sound.
I´m writing the company complaining about that.
Regards
when he said 2 options for near term cash.
first was Italy land sale and second was ONHYMs cary from previous sale.
https://twitter.com/soundenergyplc/status/1631663780823269376?t=MaTmGIf2cTIcUV8jyd65zw&s=19
People are taking advantage of the small price drop now, it isn't an endless road any longer until first gas. With a quarter of the year almost over already it will be upon us before you know it, and lots of good news along the way.
He also said, “ that the tax people listen to these Q & As”
I believe yesterday was the first time Graham directly said they can't come after us for the SEMS liability even if we lose the court case. Much more direct. Perhaps things are coming to a head over that. He did keep saying we don't believe we will lose, so maybe he feels comfortable being direct because it's not going to get to that?
Previously no tax related stuff was published (Q&A not recorded and made available) so it wouldn't help the other side prepare it's case for thew appeal judge.
If the parent company is not legally obliged to satisfy SEMS´ tax liability, the only tax claim outstanding is that of Sound Energy Morocco East Ltd ("SEME"), currently under appeal, for an amount of US$ 2.55 million . See press release on July 13th, 2.022
Regards
Fernan
Sound is a very good medium term investment. In the anticipation of a share dip, I'll buy back £5k worth in 3 months time with hopefully more shares for my money. Prob easier to simply hold through, but each to his own. Good luck all.
Fernan, yes, I heard that. good question.
so.it seems we either win the case or we don't have to pay if we lose.
win win to Sound.
of course, it's better for long term relations and face etc. if the tax authorities agree there is no case to answer.
I suspect that is why Sound didn't just say sod off.
I asked the following question on the Q&A sesión yesterday (at 17.15), about the tax liability of the dormant subsidiary:
Question: Should Sound lose the tax case in court, is there any obligation on the Moroccan law for Sound Energy PLC to satisfy the tax payments due by the dormant affiliate?
Graham Lion: "Yeah, well, So Fernando is spots on on these questions….Sound Energy Morocco SARL.... is a Moroccan company, a standalone Moroccan company and there is no consolidation rule in Morocco for that company. So our understanding and our legal opinion understanding is that that´s correct. There is no obligation to any other Sound Energy company. If we lose the case, we don´t believe we will lose the case. But if you lost the case."
According to the news released on Sept 14th, 2022, the tax claim against the dormant subsidiary Sound Energy Morocco SARL AU ("SEMS") amounts to US$ 19.7 million.
It seem likely that, even if we lose the case, the tax authority could only pursue the assets (if there is any) of the "dormant" subsidiary, without any effect on the rest of the companies within the group, including Sound Energy PLC
Regards
Fernan
It’s only dropped because I topped up on Wednesday.
Down 8.3% on only 2.3 million traded. Rubbish.
and they didn't hold many anyway if they sold the lot this morning :)
of course he/she will.
they will be constantly banging on about fictional equity calls to try to justify their sale and help them buy back.
Goodbye - I hope you won't be posting on this board again!
A really disappointing Q&A session. Presentation inaudible at times and badly lacking on the issue of cash. Sold my holding on the basis of that because the sp will certainly be headed south. Once they sort the funding, the prospects will be much better for the business and the sp. I'll buy back at a later date, prob for around 1-25p
Unfortunately, the Q&A being not very inspirational, with, for me , no imminent news and inaudible for the best part, has i feel , and i sincerely hope not, stopped the momentum of the SP to get us over the 2p mark. I was hoping we could get the plant up and running sooner than predicted, but due to plant fabricated items being made and not being able to sell the gas before January, that is not going to happen. And i thought Morocco was desperate for gas.
We really need the JV /tax issue news soon, otherwise i see the SP drifting till then I know these things take time, but i am getting impatient now, like a few on here i guess, going over the same issues with no outcome.
no, 46 minutes is TWO options for very near term cah injection.
Rosso, I have asked this question a number of times and the replies have always been very rambling and politician like, so there remains a lot of uncertainty. Gary was very hard to hear and to understand. He seemed to be totally avoiding the central question by rambling on about how successful they had been at minimising running costs and how revenue would be coming in from the Badile land sale, but the drift from him and from Graham, is that they are very keen to avoid ANY further share issue and dilution of the assets, even with a farm-in partner. Gary implied that Sound's costs for getting Phase 1 to completion and revenue generation are being met by the Afriquia Gaz loan. Afriquia Gaz's considerable stake in the project is very dependent on Sound's continued existence.
From what I could understand, was that the expectation and hope is that a similar agreement can be reached with Attarijariwaffa Bank's funding of Phase 2. We don't have long to wait now that all Due Diligence issue should have been covered. Their decision will have a massive effect on Sound, either brilliant or disastrous .......so fingers crossed!!
Immediate concern is how do they top up the coffers which will shortly be empty. Short-term non-convertible loan or offtake prepayment would do the trick. Really don't want to see them hanging out the begging bowl and going for death spiral CLN stuff, or tossing out 100m new equity at 1p. Maybe I missed how this pressing cash issue is to be addressed.
keeptofacts 46 mins "phase 1 revenue of 23 million a year "
Distortion + scottish accent = couldn't understand a word
Did he explain where the cash is coming from in 6 weeks time in order to get things underway? 23m ok, but how do they get going with nothing in the kitty?
Thank you for sharing.
I have only listened to the first 15 mins so far.
GL has done a good job but we really need some action now....sounds like Phase 2 is gonna run and run on. I don’t think we need anymore messages about demand ( gas prices are dropping off ) for our gas and interest. Actions speak louder than words. I feel it will be vendor finance, which might be better in the long run?