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Im seeing trading halted on bberg anyone know why or whats happened ?
Yes.
yet again, in terms of detail, you post nothing of value other than hopes & dreams. nothing factual, nothing objective, not actual pushback, nothing. as a supposed investor here, it's insane you're invested under those conditions.
So Kylie, you've again spent loads of your time posting negative BS about a company that by your own admission, you are not invested in because 'you have a problem with the management'
This is not the action of a sane, stable person. And interestingly is exactly what the nutter trellis said before he was banned for posting libelous things about the old BOD.
Yes, I do post a lot .. because 1: I'm invested and enthusiastic about the company's prospects and 2: I have to sit in front of monitors for work and often have time to post.
If I am right I will make a load of cash. If you are right you gain absolutely nothing!
Tell me, is that sane or a sensible use of your time?
Greendragon2 - your statement "They are a lot closer to the potential fortunes of the company than you are."
i completely agree with you, they are. But yet again, you and many others just can't see or seem to understand the obvious here. As noteholders / providers of debt to this company, they are far far more protected than existing SHs here. If this all goes belly up, they will have collateral against the underlying assets of this company right near the top. SHs are right at the very bottom, even below day to day creditors to SOU. As such, they can afford to be relatively less concerned than SHs as their backstop is far far better than the non-existent protection for SHs. So making the conclusion you did, is fundamentally wrong. You're drawing the wrong conclusion entirely.
Just look at the history here, this company continues to stumble on, a bit like the knight in Monty Python, yet SHs and SH value get utterly crushed. This trend will continue and that is really what should be important to any SH, unless you have some ulturistic charity goal here, supporting the Moroccan energy complex from the goodness of your own heart.
Oh dear Kylie ............its a hand over face type emoji moment for me reading your last paragraph.
Best everyone runs to hill then, we are clearly all doomed.
Lets face it kicking of the can down the road which is what this has been will not result in a uptick in the share price... only the signature of the calvalley deal will do that.... and i take comfort in the fact that if either side had walked away they would have to RNS it to us, therefore it must be on going and hopefully concluded soon.
we will all find out one way or another in due course.
If the end is nigh why didn’t the bond holders demand their money now?
They are a lot closer to the potential fortunes of the company than you are.
Oh dear, ktf. You still don’t get it. JP previously did so much damage to this company that it seems like it’s impossible for the market to get over it. Despite the RNS yesterday the bid this morning has barely moved 100th of a penny. I’ll let that sink in….. can you imagine if the RNS was negative yesterday?
The chief basher (your terminology) here is actually GL himself. The market is highly sceptical of him and the team. They’re not being open at all (even a little) of ten or so major asset and corporate updates or outlooks. As long as that’s the case the sp will continue to fall. There’s always the likes of yourself who don’t properly read or understand RNSs and finances of companies like this, but there are many that do. You can tell by the complete absence of any buying since the RNS that no sophisticated PI or institution with any funds is interested still.
The company is in a perilous position, and even the most optimistic outlook is very very grim for existing SHs, hence the mgt team are unwilling to respond to reasonable questions at all now. The end is nigh is SHs, possibly not for the pigs at the trough though…
Sadly I suspect so, they are too obsessed to let it go.
suspect it will be a little while as they / he regroups after the good news yesterday.
here's to the calvalley deal and finance finally sorted - they are comming and soon I would think.
Fernan, was about to write something similar but yours is more comprehensive. SOU still needs to raise money for 2024. But there are more potential problems beyond that. If first Phase 1 revenue is delayed to end of 2024 then I don't think SOU are in a position to repay the bond even at the end of 2027. With rolled-up interest it will be the equivalent of about €11m to be set aside for each of 2025,2026,2027. With the Calvalley giveaway that's more than SOU will earn, not to mention the €5m due to Italfluid on project completion and presumably the start of repayments to Afriquia.
Meanwhile, SOU will be unable to afford their well commitment on Anoual, seismic at Sidi, or Greater Tendrara exploration. How much of their licenses will have to be relinquished before they have any cashflow from Phase 1? Graham set out the position in December last year but, as with anything SOU-related, last year's news is always out of date due to slippages.
It might be about time for Graham to come clean with a frank statement of the company's entire situation going forward. If Calvalley doesn't come through then there's no point as SOU will be on the trash heap again. But once that milestone has passed it would behoove Graham to do a comprehensive information session, and not the blood-from-a-stone dribs and drabs of information that he usually dishes up. SOU has so many yet-to-be-delivered commitments that it's getting hard to keep track of them all.
Have you seen this in a dream or an email? Tnx
Cavalley will dign soooon.you heard it here first..game on.
Here is my calc of SOU´s funding requirements for 2024, after the successfull restructuring of the bond, and under the following assumptions:
1. current cash position dries up by the end of this year
2. phase 1 first revenue delayed until the end of 2024
3. phase 1 CAPEX continues to be fully funded by the Afriquia Gas debt
4. the eventual reimbursement of phase 1 pasts cost by Calvalley must be applied to a partial repayment of Afriquia gas debt, and then can´t be used to fund G&A expenses, and/or bond interest payments.
FUNDING REQUIREMENTS FOR 2024
G&A expenses (£1.25 million per semester, similar to 1H 2023): £2.5 million X 1.26= US$ 3.15 million
Interest on bond payable in cash: €25.32 million X 2%: €0.5 million X 1.08= US$ 0.55 million
(only 40% of the 5% annual interest rate is payable in cash)
Total funding needs for 2024: US$ 3.7 million
Regards
Fernan
I hope you are right KTF ... hopefully Calvalley was waiting on the outcome of this to put pen to paper. If they had walked away we would have had to have been RNS'd about it. Another hurdle down
I would think we will get news on the following this year
1: Calvalley deal
2: GSA re write
clears the way for
3: bank financing
given time of year I would think Phase 2 FID will likely be early Q1 nrxt year (but happy to have it sooner).
meanwhile Phase 1 news could come at any time.
Its a very good news and suggest strong support for the approach, but as know there is much bigger and hugely transformative news due here soon.
Lets hope that news arrives in time for Christmas!
GLA shareholders
As expected, Note holders are supportive of Sound Energy's strategy and agree to the re-structuring. Just tidying up the cash flow to provide a little elbow room should it be needed. Never anything sinister involved. The loans facilitated Phase 1 funding and continue to do so, even if timescales have slipped a little since the notes were issued back in 2021. Well done Graham and team, now lets have the really good news before Christmas.
We should all buy Graham a Christmas Present 🎁
Huge Pressure, works hard with another step going forward.
Sound Guy ; BUY BUY BUY
I like the words , onwards we go !!
Excellent result.
onwards and (hopefully) upwards now.
Loan notes
Completed, all good !
It really is mind boggling when you put it like that. What a sad man.
It always surprises me how people go at each other simply over points of view, we all need to find some pragmatism!
The longer the RNS is taking suggests to me that a) the meeting has gone ahead b) there are ongoing discussions that are absolutely vital.
Personally I am on huge downside from an exposure perspective, based purely on decisions I made with details that were available at the time.
It would be great to see this issue resolved and the company flourish, which I am sure it still can do, but nothing is certain in this life apart from death and taxes!!
What would you gain IF you were proved right?
absolutely nothing, so why continue to obsess?