Member Info for Dixie33

Sound Energy (AIM: SOU), the AIM listed transition energy company, advises that it has received conversion notices to issue 37,500,000 new Ordinary Shares ("Shares") at a conversion price of 1 pence per Share under an existing Convertible Loan Note Agreement, the terms of which were announced on 13 June 2023 ("Partial Interest Conversion"). The Convertible Loan Note has a remaining principal outstanding of £250,000 and the Partial Interest Conversion reduces the accrued interest owing on the Convertible Notes by £375,000, with £512,500 remaining.

An application has been made for the Shares to be admitted to trading on AIM ("Admission"). The Shares will rank pari passu with the existing ordinary shares in issue and it is expected that Admission will occur on or around 8.00 a.m. on 22 October 2024.

Following Admission, the Company's enlarged share capital will comprise 2,080,622,679 ordinary shares of 1p each, each with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, securities of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

Statement re Moroccan Press Speculation

Further to the announcement of 14 June 2024 regarding the entry into a conditional binding Sale and Purchase agreement for the partial divestment by Sound Energy (AIM: SOU), of its Moroccan assets (the "SPA") by way of the disposal by the Company of the entire issued share capital of the Company's wholly owned subsidiary Sound Energy Morocco East Limited to Managem SA (the "Transaction"), the Company notes Moroccan press speculation in relation to Managem having received authorisation by the Moroccan Competition Council to the transaction.

Whilst the Company is pleased to confirm that the Moroccan Competition Council's authorisation satisfies a significant condition precedent of the SPA, the Transaction remains conditional upon the following conditions precedent being satisfied or waived:

· Approvals by ONHYM and the Moroccan Minister of Energy of the Company continuing as the Operator of record of the Tendrara Exploitation Concession, and the Anoual and Grand Tendrara Exploration Permits where required;

· Receipt of the written authorisation of the Foreign Exchange Office (Office des Changes) relating to Managem's payment obligations;

· Confirmation in writing by the Seller to the Buyer that no Material Adverse Change has occurred;

· Approval by Schlumberger in accordance with the terms of Schlumberger's profit-sharing deed in respect of the Concession or Managem negotiating and entering into an agreement with Schlumberger for the cancellation of the profit-sharing deed;

· Extension of the Start Date/Deemed Start Date as defined in the LNG GSA; and

· Delivery of Completion accounts and Assurance Release Conditions.

The Company is pleased to announce that whilst it is continuing to work closely with Managem to satisfy the above conditions precedent, the following conditions precedent have been satisfied:

· Approval of ONEE of the change of control of the Company pursuant to the ONEE GSA;

· Approval of Managem's board of directors of the Transaction;

· Removal of Sound Energy Morocco SARL AU as dormant subsidiary of SEME; and

· Receipt of Moroccan Competition Council's authorisation

Further announcements will be made, as appropriate, in due course.

At about 06.15 in, he talks about being "Hopeful" that the transaction (sale to Managem) can be completed in the coming weeks. They are still going through the ICP's so an announcement next week is highly unlikely. I would go as far to say that this 12 minute update is as detailed as any of us are likely to get, thus next weeks investor presentation is likely to be a non event. Yes it will have the usual "Sound" evolutionary story, "Multi TCF potential" with professional slides to give colour to the proceedings but in essence this is no more than we've already heard for the last years/months and if you listen throughout, the timelines are now expressed as "2025". Not as we've heard before "Early 2025" or "H1/H2 2025" but just "2025". Our expectations are being managed via this video so that the heat is taken out of next weeks presentation, which this video has now hollowed out - disappointing I have to say.

Legal & General Group Plc ("Legal & General" or "L&G" or the "Group") today announces that it has agreed the sale of the UK house builder CALA Group ("Cala") for an enterprise value of £1.35bn, to Ferguson Bidco Limited, an entity owned by funds managed by Sixth Street Partners and Patron Capital.

The consideration for the sale will result in cash proceeds of £1.16bn (after adjustment for net debt), of which c£500m will be paid at closing with the remaining consideration being paid over the next five years on a deferred non-contingent basis. As at HY24, Cala had a Net Asset Value of £1.15bn and generated operating profits of £42m.

The disposal reflects L&G's disciplined approach to capital allocation and follows the Group's decision to create a Corporate Investments Unit as outlined at the Capital Markets Event ("CME") in June 2024.

Disposal proceeds from the sale will primarily be used, as they become available, to reinvest in the Group in line with our strategy and the capital allocation framework set out at the CME. The Board will also consider the proceeds as part of the Group's announced intention to increase returns to shareholders through ongoing buybacks. As signalled, the sale of Cala reduces the Group's Solvency Capital Requirement (SCR) by c£100m after diversification.

The transaction is expected to complete in Q4 2024.

Sound Energy, the transition energy company, announces, further to the Company's announcement of 25 June 2024, that the planned work over operations on the gas well TE-7 in preparation for long term gas production into the micro-LNG plant currently under construction at site have resumed following the arrival of additional wellhead equipment. The operation to run new completion tubing into TE-7, will utilize the Star Valley Rig 101 currently located on the Tendrara Production Concession. The rig had been stacked on site at no additional cost to the Group awaiting the arrival of the additional wellhead equipment.

In June 2024, the Company successfully pulled the existing completion tubing in both TE-6 and TE-7 and ran new corrosion resistant completion tubing into TE-6 and installed the Production Christmas Tree. Following importation of the additional well surface equipment a similar operation at TE-7 will now proceed.

The Company thanks the dedication and professionalism of our contractors and suppliers, and the Office National des Hydrocarbures et des Mines for their ongoing partnership and support.

Direct Line Insurance Group PLC's (LSE:DLG) capital markets day on Wednesday, July 10, will see a focus on three areas according to UBS, with dividends likely to be central to the discussion.

“We anticipate a progressive dividend strategy and target a c. 80% dividend payout ratio by 2026E of which we assume a 30% special regular payout to offer flexibility,”

The Swiss bank also expects Direct Line to increase its solvency target range to 160-200% (from 140-180%) and coupled with the dividends assumed, we expect 40% of the market cap to be distributed over the next three years.

Finally, JP Morgan expects actions to improve competitiveness and add credibility to the delivery of the cost-saving plan.

A distribution channel shift to PCWs for the Direct Line brand should enhance the credibility of the revenue base.

Shares rose 1.8% to 198.5p.

Https://www.soundenergyplc.com/investors/research-notes/

BP PLC's (LSE:BP.) new CEO, Murray Auchincloss, has implemented a hiring freeze and paused new offshore wind projects to focus more on oil and gas amid investor concerns over the company’s energy transition strategy, according to Reuters, citing sources close to the oil giant.

This shift contrasts with former CEO Bernard Looney's approach, which prioritised moving away from fossil fuels.

Auchincloss has redirected efforts towards projects already underway, such as offshore wind in Britain and Germany, in favour of investment in new oil and gas assets, especially in the Gulf of Mexico and US shale basins, the Reuters report claimed.

BP will also explore short-term returns from biofuels and other low-carbon businesses.

The company-wide hiring freeze excludes frontline and safety personnel, and some job cuts in renewables are expected. Auchincloss has also initiated a $2 billion cost-saving drive by 2026 and reduced the executive leadership team from 11 to 10 members.

The Board of Phoenix Group Holdings plc ("Phoenix Group" or "the Group") is today announcing its intention to explore a potential sale of its SunLife Limited ("SunLife") business.

SunLife is a leading provider of financial protection products direct to the over 50s market in the UK and reported profit after tax of £16 million in 2023.

Following a strategic review, the Group has concluded that this business is no longer core to the delivery of its vision of becoming the UK's leading retirement savings and income business. The Board has therefore decided to begin a sale process, having received a number of initial expressions of interest from third parties. However, there can be no certainty at this stage that a disposal will occur.

A further announcement will be made in due course as appropriate.

Sound Energy, the transition energy company, announces that further to the announcement made this morning the Annual General Meeting (AGM) has been adjourned and will be re-convened on Friday, 28 June 2024 at 1pm at 20 St Dunstan's Hill, London EC3R 8HL.

The new deadline for the submission of votes by proxy to the Company's registrar will be 1:00pm on 26 June 2024. Proxies already submitted will remain valid for the new date of the AGM unless superseded by a new proxy.

Sorry, wrong board!!

Sound Energy, the transition energy company, announces that it will be seeking consent from its shareholders, in accordance with the Company's Articles of Association, to adjourn its annual general meeting (the "AGM") which is scheduled to be held at 1:00pm today to provide certain of the Company's shareholders with a significant number of Sound Energy shares sufficient time to revise their AGM proxy votes which they have advised the Company have been filed in error.

Provided that consent is given by shareholders to adjourn the AGM the Company will announce later today the date and venue of the adjourned meeting. Proxies already submitted will remain valid for the new date of the AGM unless superseded by a new proxy.

Shareholders who wish to attend the proceedings of the proposed adjournment of the AGM online should register for the meeting in advance via the following Investor Meet link:

Sound Energy, the transition energy company, announces that it will be seeking consent from its shareholders, in accordance with the Company's Articles of Association, to adjourn its annual general meeting (the "AGM") which is scheduled to be held at 1:00pm today to provide certain of the Company's shareholders with a significant number of Sound Energy shares sufficient time to revise their AGM proxy votes which they have advised the Company have been filed in error.

Provided that consent is given by shareholders to adjourn the AGM the Company will announce later today the date and venue of the adjourned meeting. Proxies already submitted will remain valid for the new date of the AGM unless superseded by a new proxy.

Shareholders who wish to attend the proceedings of the proposed adjournment of the AGM online should register for the meeting in advance via the following Investor Meet link:

Is there a link to join/listen into the AGM?

Mike Henry, BHP Chief Executive Officer said:

"BHP will not be making a firm offer for Anglo American. BHP is committed to its Capital Allocation Framework and maintains a disciplined approach to mergers and acquisitions.

While we believed that our proposal for Anglo American was a compelling opportunity to effectively grow the pie of value for both sets of shareholders, we were unable to reach agreement with Anglo American on our specific views in respect of South African regulatory risk and cost and, despite seeking to engage constructively and numerous requests, we were not able to access from Anglo American key information required to formulate measures to address the excess risk they perceive

We remain of the view that our proposal was the most effective structure to deliver value for Anglo American shareholders, and we are confident that, working together with Anglo American, we could have obtained all required regulatory approvals, including in South Africa."

Mike Henry, BHP Chief Executive Officer said:

"BHP will not be making a firm offer for Anglo American. BHP is committed to its Capital Allocation Framework and maintains a disciplined approach to mergers and acquisitions.

While we believed that our proposal for Anglo American was a compelling opportunity to effectively grow the pie of value for both sets of shareholders, we were unable to reach agreement with Anglo American on our specific views in respect of South African regulatory risk and cost and, despite seeking to engage constructively and numerous requests, we were not able to access from Anglo American key information required to formulate measures to address the excess risk they perceive

We remain of the view that our proposal was the most effective structure to deliver value for Anglo American shareholders, and we are confident that, working together with Anglo American, we could have obtained all required regulatory approvals, including in South Africa."

Thank you, I've seen the BHP RNS now....

The terms of the proposal represent a total value, based on spot share prices and FX rates6 as at 22 May 2024 for BHP and 21 May 2024 for Anglo Platinum and Kumba, of approximately £31.11 per Anglo American ordinary share including £5.40 in Anglo Platinum shares, £4.23 in Kumba shares and £21.48 per share for Anglo American's unlisted assets, valuing Anglo American's share capital at approximately £38.6 billion

How did you get to £31.11 spitfire?

Under the terms of the Latest Proposal, for each Anglo American share owned, Anglo American's shareholders would receive:

· 0.8860 BHP shares; and

· Ordinary shares in each of Anglo American Platinum Limited and of Kumba Iron Ore Limited (distributed by Anglo American to its shareholders in direct proportion to Anglo American's shareholders' effective interest in Anglo American Platinum Limited and Kumba Iron Ore Limited).

The terms of the Latest Proposal represent a total value, based on undisturbed share prices as at market close on 23 April 2024, of approximately £29.34 per Anglo American share. On the basis of the 30-day and 90-day volume weighted average share prices up to and including 23 April 2024, the terms of the Latest Proposal would value Anglo American at £29.91 and £29.67 per Anglo American share, respectively.

The Latest Proposal includes the same highly complex structure as the proposals previously rejected on 26 April 2024 and 13 May 2024. This involves an all-share offer for Anglo American by BHP, with a requirement for Anglo American to complete two separate demergers of its entire shareholdings in Anglo American Platinum Limited and Kumba Iron Ore Limited to Anglo American's shareholders. The all-share offer and required demergers would be inter-conditional.

"However, the Board is willing to continue to engage with BHP and its advisers on this topic and has therefore requested a one week extension to the PUSU deadline which has been consented to by the Panel."