Member Info for Ediacaran

It wouldn't make sense to liquidate the company because it's worth more as a shell to somebody else but would the board accept any deal because they'd be out of a job.

"I don't know how this company ended up with so much debt without making revenue". - A damning statement from Majid to past management. Exactly the reason why no bonuses should have been handed out.

Mana have done exactly what they needed to do in order to get the asset cheaply. It’s Grahams fault for not getting guarantees on drilling. If we’d have drilled & been successful the share price would have rocketed and they could have raised money.

What do you propose as an alternative? I don’t see high interest bridging loans paying for the increased costs of Phase 2.

Drjenner there were special dividends that were paid & shares in Gran Tierra were given as part of the deal so when you take those into account shareholders did make money.

I don't think it's fair to blame Majid for any of this mess so let's see what he can do but I won't be buying any shares until he does.

I was only here for Tendrara but with a market cap of £4m & soon to be cash of £8m I'm going to wait to see how it plays out. I can see the potential in Solar but after all that's gone on I don't trust them to deliver.

If Tayra is enough to satisfy Aim 15 rule as Majid suggested in the Q&A then great but I'm not sure it will. The glaringly obvious RTO for me is with Getech.

I have no interest in keeping Sidi, it's clear no one else wanted to farm in so if they can get off the hook for the $1.5m then that is a bonus but I am anticipating it will have to be paid.

They could have done a placing at a very heavy discount to raise a few million £ & the share price would have probably still be higher than it is now. THEN once first gas is flowing negotiate a full sale. Complete S show. Close the doors & distribute the remaining funds back to shareholders.

It probably is a good time to buy for a trade & I’m sure new people will be taking advantage. Market cap now well below what will be cash in the bank. Many holders selling whatever the price out of anger and frustration. I don’t blame them at all. Bottom drawer for me in the hope the company winds up and cash is returned to shareholders.

The problem is the debt interest payment is £2m a year. Revenue from Phase 1 would barely cover that let alone wages of 8 people as well as the additional costs of Phase 2 they simply can't afford.

If Mana had drilled our 2 free carried exploration drills & had success the share price would have risen allowing Sound more access to capital. They didn't. I'm not angry at Mana, they've played a blinder. It seems Graham wasn't smart enough to see it coming.

After how this has played out they should have sit and answered every question no matter how long it took.

Where do you think that $11m cash will end up going..

That’s how I feel Spencer. I can stomach when an exploration well doesn’t hit but how this has played out is beyond unsavoury.

Everybody happy and paid except the shareholders.

Adam open your eyes.

Silence speaks louder than words.

You're right that the comms are poor. Final results are due so hopefully a meaningful update attached. If there is another delay past Q3 the most likely thing we will see is another share placing at heavy discount. Personally I would rather a small percentage divestment but unless that is in the works now it will be took late come Q3.

At least no one has tried to falsely misinterpreted it this time.

Grok reported similar & predicts a 40-60% chance of further delays.

When running the numbers along side Zenith's solar the numbers look very attractive. However Sound is probably 12-18 months behind Zenith right now & that's the biggest problem right now, getting to that point. Going back to my previous post I would divest a small percentage of Tendrara to pay for it. Zenith has 85% debt financing so if Sound can get the same kind of deal the costs wouldn't be too bad.

To bridge the gap to first revenue. The possibility of delays should have been taken into consideration by the board & bonuses not handed out until first gas sales IMO. Because of the latest delay I believe they've panicked & had to rush into getting additional funding with terrible terms. I've said before they are bad so no arguments from me on that one. I just don't agree that Sound is going bust. We are now at the point where they are going to have to divest the asset. With incoming revenue from Phase 1 could for example we see a 5% divestment for around £5m dropping Sound's share from 20% to 15%.