Fatty, you are a ghoulish, vampire-like bat who takes great pleasure in sucking the very hope out of investors! You are not financially involved yet you feel the need to feed on weakness - wherever you can sniff it out! You are a parasite & a leech-like predator who dines on wounded prey: a Dingo or Hyenna could learn from you!
Testpack, take yourself back in time & try talking about a share raise that investors might have supported? You cannot do it because it is the equivalent of medieval heresy: you would have been metaphorically burned at the stake for ideas that are as unwelcome as the flat earth theories were in the 1600s! No investor likes share dilution! Raising funds on the AIM is an art that balances present shareholder concerns with the prospect of selling your company soul to the devil for a few years of earthly contentment by way of the bond market! There is no perfect solution but dilution is instant death...warrants at least allow investors to see death coming!
I will scrutinise this deal & vote accordingly - but I will not be part of any mutiny against the man who rescued Sound from imminent bankruptcy, back in 2012!
Pont, I just don't see it that way. It is not a question of manning up to support the cause...I am not a believer in 'the cause'! I feel the pain we all feel when our value depriciates faster than the Wiemar Deutchmark - but I also see a glimmer of light that could see a fair deal for investors - one that offers hope to the many, not just the few that a really low ball offer would have accomplished. We need to see the deal in full so that we can scrutinise it & vote accordingly. But as far as I am concerned it is just 'noises off' so far, & I cannot support that!
Trellis, I'm not sure what you are trying to achieve has any real & practical purpose. This deal will presumably be signed & then put to shareholders to scrutinise. If you don't like the detail you can get rid of the devil ,after you have voted it down...but I guess you are not confident it could be voted down because the numbers would not be there. On the other hand we know there were 15 presentations but are not told how many 'non-binding' offers there were...maybe only one...who knows! This has been a long & delicate process & I feel we need to know more about the mechanics of the deal before you instigate a mutiny!
Eric, regarding your suggestion that the 9% equity release clause is removed, I would like to make the following comments: It seems reasonable to assume the equity cash swap's primary function is to fund the exploration phase of the project. It may also have been added to sweeten the deal. But do we really need to raise cash in such a way as to lessen the impact of any further discoveries when we could self-fund after a whole year of production, after all, we are told that EBITDA is in the region of $30 million, more than enough to fund 2 exploration wells. In my veiw your request to explain this clause with a view to maybe taking it out seems reasonable. Returning revenues to investors when it can be used to find enough gas to really boost the share price is, imv, much more practical use of funds. However, we really need to know more of the nuts & bolts of this deal to see if this suggestion is workable?
I would like to add my thoughts to PNE & others in support of Saleem. He is the good guy here & does not deserve one word of condemnation. He set up 'SRIG' - Sound Retail Investor Group with the sole intention of disseminating information for Sound investors. He went out of his way to film events at his own expense & NOT at the behest of the Company. One time he could not perform the task of filming, at short notice, I filmed at TE9. We did this purely out of altruistic motivation. I would like to thank Salem for his often thankless task & wish him well...but we are still in regular contact as he is a mate so I will tell him so in person.
Mahatma, I got the distinct impression that we were in way over our heads with 47% equity, not enough cash & nowhere near enough wells...& so it came to pass that a magic wand was waved & hey presto...all was fixed!
Johnny-come-lately types like 'FromHere' make me sick! They either come out of the woodwork like shrinking violets wetting their panties - or more likely they cant publicly own what they say under their workaday pseudonym & have to invent a bright shiny superhero to evangelise & condemn the people they blame for their own inadequacies...people like that have existed since the 'Spanish Inquisition' !Go conduct your 'Auto-da Fe' elsewhere but as far as I am concerned, your witchhunt is not welcome here so rack off!
Pathetic! Next time you get the itch for a trade try the shove ha'penny at your local seaside pier...but whatever you do, stay away from the AIM! Take your losses like a man and quit whingeing & crying.............
Trellis, I'm not saying it's a great deal - but right now it's the only deal in town. If I vote against I am voting , essentially for nothing - in the absence of an alternative. But even if there were enough 'no' votes would those few 'non-binding' offers we received represent a credible alternative? Maybe they would...for some. For others it might seem like a hair cut as you have to assume they would be less palatable. As usual, AIM PIs end up getting screwed more than your everyday street Walker...at least she knows when she's being screwed & charges accordingly.....oh well, as some old rock star was once heard to say!
Trellis, by voting this deal down what do you expect the range of alternatives to be? I am less than pleased that my capital looks like being tied up for at least another 2 years before infrastructure is in place & first production commences...let alone any exploration wells that will probably end up well down the pecking order...........but what is the credible alternative? Sell shares at a loss or vote down this deal & have 'plan C' unveiled...whatever that might be. In any case you have to assume most PIs wont bother to vote leaving OGIF with the swing vote! It's a done deal so why bother to even contemplate voting!
That's what I was thinking - why surrender that further 9% equity when we are told EBITDA would be in the region of $30 million per annum unless we really needed the cash for exploration drilling? That 9% equity could be extremely valuable to us if retained!
boxcardoor, from the list of people you mention my good friend Appiamma sold out some time ago; Lobon now holds no actual shares but is interested in a few warrants & never usually posts unless there is a perception of bad news; Silverfinn sold out over a year ago when he became disillusioned with the geology post 'Deep Dive' & Soundboy is missing in action - so only Joe & I remain & we don't post much these days. Let's hope your geology degree can be of good use when the next exploration target is announced - whenever that will be!
Dark Energy, that is the 64 million dollar question! I would like to think that those 'non-binding' offers could be divulged, albeit not the companies who made them as that would rightly remain private information. All that is needed is an outline but I guess if JP did that prior or post signatures on the current deal it would/could cause consternation so who knows. Maybe it is something for the future, like how was 'Merry Ordeal' induced to leave in that October putsch in 2012!
Allinchris, you have to simply ask yourself one question: is it really worth selling at a 90% loss when all is not lost? The new entity will be fully funded so there should be no chance of further share dilution. We will have a revenue stream once all 4 production wells are pumping exposure to some prety exciting prospects kn East Morocco plus of course Sidi Moktar. My advice is dont be downhearted; it may take a while but what was once your late husbands dream can still be realised...maybe in a smaller scale but hopefully not at too big a loss...maybe even a profit depending on your average, Given another year & things could look completely different. The trouble is there are so many doomsters here (I'm not arguing the toss with anyone) that it is all too easy to feel depressed. If all the agreements are signed by February we can really start to build something...'build it and they will come'................
Good luck whatever you decide but keep your spirits up!
Joe, it will be interesting to see how Shell/Repsol get on with their first Tagi well...apparently they are trying to drill it without siesmic but ONHYM are less than happy about that. Why would anyone drill without siesmic one wonders...we have difficulty with it...lol!
Pont, they did seem quite genuine when explaining his illness but maybe I am like that character in Retour's amusing Youtube clip...never sees (or smells) what is in front of his nose! Are you suggesting JJ was less than keen Ponty?
Link kindly reproduced by kind permission of the foxy one.
Pont, funny enough JJ was not in attendance that day as he had Norovirus..........I'm sure someone out there will say they always thought he was full of sheit so I will save you the bother!! Maybe it was him who drank all the Earl Grey!