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Sound Energy PLC - Moroccan-focused upstream gas company - Proposal to restructure EUR28.8 million in 5.0% senior secured notes fails to secure the 75% of votes required at noteholder meeting on Thursday. Sound Energy says the previously adjourned meeting met the required quorum of 25% this time, and the proposal reached a simple majority; however it needed three-quarters of the votes cast at the meeting to be approved. Sound Energy had hoped to reduce the interest rate of the notes to 2% and extend their maturity date by four years to June 21, 2025. Says it will continue to consult with noteholders.
Current stock price: 1.26 pence, down 10% Thursday
Year-to-date change: down 39%
By Tom Waite; thomaslwaite@alliancenews.com
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