The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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N4A- If you believe your analysis has any merit (in the context of O&G), then please do some research on valuing such companies before investing further in the sector.
You mean the auditors reckon Tendrara plus Sidi Moktar are worth about £150m ?
Do you think the auditors know something the interested parties don't?
"I know what the result will be before you send"
is that because you have experience of 'research' being ignpred by sound?
eh GRH :)
hope this helps.
Riddlers do you actually still believe anything that’s written or said by JP this company.
Lostallfaith - thank you....
Just taken 5 mins to have a look at the notes to the accounts, and the NAV that james liked to go on about values them at 15p/share
That's the net assets on the balance sheet divided by approx 1.14b shares in issue - if they took an impairment charge of 6.5m on goodwill, it appears they have transferred the balance to PPE, which is the residual value of the development and production licenses and good will associated.
So slightly worrying if the website cites an article valuing the horst at c.25p/share, and the balance sheet states the total value of production and development assets as at Jun'19 at just 152.25m/1.14bn = 13p/share after impairment charges following failure at TE10....
If this is all actually spot on, 40p LE is not even coming and 25p would be a blessing!!
N4a well written,
JPs reply just confirms he has a moral compass lower than a snakes belly.
Thanks Jez, plain omlette for me this morning, nice and bland
Jones - I do have a recording of the meeting, and it's quite clear who said they could pick up the phone and sell for 1.20 all day long, just listened to it again and the name of a potential buyer was also mentioned.
Meeting was originally organised by me and I wasn't expecting Mary to be there....wasn't expecting a sandwich spread for lunch either as it was originally just a coffee and chat request.
I have since asked if the Bod would take shares in lieu of salaries if they are indeed all acting in the best interests of the company but he has chosen to ignore that question, which is no surprise
I'd much rather the BOD for the next quarter, are paid solely in shares rather than taking a wage. On the three months up to December 31st, commencing October 1st, I'd welcome that. That would give some of us the confidence we need to see that they are serious about delivering us a decent LE.
Welcome on board N4aPound. Join the merry band of men and women who tell it how they see it and don't hide behind their pseuds. Parsons knows the pressure he is under to deliver. Let's hope he is a deal maker and not a meal maker when it comes to the LE result. Always happy to accumulate more gas if you're naturally a gaseous individual. I live with STZ who is a personification of a whoopie cushion. It was chicken biriyani and two meat samosas for me this morning at 7am to kickstart the day, freshly made to order. And you wonder why I am big boned?! Hehe.
Jez - delighted to join the board of chuckle energy....eaten a kilo of heinz baked beans on toast with a pint of lager to really get the gas brewing. Get the jars ready.
I don't think james wased his time responding to me - like i said before, he knows exactly who i am as does sarah and BM, they have met me in person many times whether organised or impromptu and I don't hide behind my LSE name
if I really wanted to go to town I would bring up a very important #: #letthedrillbitdothetalking
Now after that #, how on earth can anyone state that 2 failed wells don't seal the fate of the license potential? afterall, they were all touted to be independent geological plays therefore making them mutually exclusive...
I don't want Parsons to go. I'd much rather see him suffer until the bitter end as I will be doing and many others will be doing too. I don't want to see an easy exit for him. Too many CEO's have snuck out of the back door with handsome severance payments for achieving next to nothing. MYSQ comes to mind, but I won't go there again.
Well said Ozzie43, much clearer and succinct but what I was trying to say!!
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.
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
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.
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.
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.
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.
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.
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
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…
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?
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
#thefailure
Very bright Jez. Keep it up.