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Just popping in, and pretty surprised to see no corporate update yet. Investors and pumpers here are unable to give a rational objective argument for being optimistic here. Past history, behaviours and performance/ability are actually a very good guide to the future, and we all know deep down how GL rolls, with opaque statements, near 100% record at missing deadlines, treating SH like chumps, not responding to queries by the owners of this company. SOU is now out of cash according to the company’s own RNS. The Calval deadline was missed 4-5 months ago. The second deferred bank funding deadline has no been missed too, yet still GL has no compulsion to either issue an RNS update or respond to emails. With a sp just over £10m now, this company is about to go bust in my view. GL and team are the single conduit between SHs and the company delivering SH returns or any value. Just look at GL’s behaviour, honesty and ability, is that the kind of person you’d entrust your money to? The market very clearly thinks not, and you can see why.
Fk me. no wonder GL treats you lot with contempt, you honestly don't seem to have the faintest idea about what's going on in a company you're supposedly invested in. RNS from 25th October 2023 below, so it's nice and easy for you.
25 Oct 2023 07:00
RNS Number : 1752R
Sound Energy PLC
25 October 2023
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation ("MAR") (EU) No. 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
25 October 2023
Sound Energy plc
("Sound Energy" or the "Company")
Extensions to Attijariwafa Term sheet and ONEE Gas Sales Agreement
Sound Energy (AIM: SOU), the transition energy company, confirms the extension of both the ONEE (Office National de l'Electricité et de l'Eau Potable) Gas Sales Agreement ("GSA") and the Attijariwafa bank funding offer until 31st December 2023.
Further to announcement of 28th June regarding the conditioned financing offer by Attijariwafa bank, the Company confirms that it is in discussions with ONEE under the auspices of the Ministry of Energy to conclude the amendments to the GSA to the lender's satisfaction, in order to complete the necessary conditions precedent to the Conditional Offer.
Commenting, Graham Lyon (Executive Chairman) said:
"Various elements within the GSA are being amended to meet the debt funders criteria and to meet international standards. As such, Sound Energy, ONHYM, ONEE and Attijariwafa bank are engaged under the auspices of the Ministry of Energy to conclude a revised GSA by year end."
The directors and exec team have duties, legal requirements and responsibilities to shareholders. It seems to me the way they have not been engaging at all for months and the absence of an RNS today to update given the 31/12/23 bank funding deadline is a very very bad sign. Perhaps GL is under huge personal stress and strain, but his incompetence and behaviour is now clear to all. If you can’t join the dots you shouldn’t be investing. Head in sand comes to mind. I’m shocked they haven’t updated on the funding, a new new low for SOU.
Tincan - the issue here has been that for more than a year, i'd say really many years, there has been no real strong credible and funded investment prospect that would encourage new investors to invest in equity here. If you're objective/honest I think most would see how there has been practically no buy side strength here for years. In the absence of that, what you have is market makers / brokers who are chopping in and out of the market but ultimately mirroring the net sell side strength here. What that means is that yes, if you have no buyers with which the match up the selling via broker bid/offer spreads, you can have markets that appear and do move a lot on low volume trades. The issue is not that they do that, it's why. Because there are practically no buyers here, none. Why is a question anyone invested here should be asking themselves. Something hasn't smelt so good here for a long time, whether it be unexplained delays, constant funding uncertainties, the constant of slipping deadlines or the seeming mismatch between what the company proclaim is a Moroccan state / gov't keen to encourage foreign investment in he energy sector butting up against the glacial timelines, local beaurocracy, tax issues and more. Something does not add up to me. I see that the overall market sees it similarly, hence the sp. I don't wish anything against individual SHs here despite what some may think, but I have a polar opposite view to most of them of GL, GD and the rest of the team. I think they've been shown to be underhand, misleading and incompetent around timescales, funding and transparency for a long long time. If you look at the SH register you'll realise that really, the main SHs aren't that exposed to little old SOU. ONYHM will get paid hansomely via royalties no matter who ends up producing the gas, AG will get paid most of their money in the same way, neither by the SOU sp. I'd dare say they've both written off the SOU 'investment'. A company with a £25-25m mcap (at the time) getting an LOA on an approx $250m loan, sitting on multiple TCF (cough, cough as Brian would have interjected) - none of it looks or feels right. There is in my mind a 1-2% chance GL pulls a starved and defective rabbit out of the hat in the next few months, but I think a 98% chance or higher of funding, timeline and weight of incompetence leading to SOU's demise soon. It's just my view, but one that's been correct to date. Two morning's left for an RNS re the 31/12/23 bank loan deadline. Will be interesting to see which way it goes, although all but Pescado must have a fair idea now. Seen too many of these AIM mgt teams behave in exactly the same way, I'd dare say we would all say that if no one was badly and unfairly (perhaps) under the water here.
Tincan, I’d try not to get confused with cause & effect and things posted on this anonymous bb. It makes zero difference about what’s posted here, none in the end. It can impact sentiment very short term, that’s it. In the end it’s mgt many many failures to blame, nothing more.
Anyone that can't fathom the sp lower, just go and look at another of Parson's f ups, Echo Energy. Overriding principles are similar, even if detail obvs different. it has a mcap of 650k, so 15x smaller than SOU. that's a target for GL in Q1 2024 perhaps, dragging value here down to levels where the assets willbe removed fromSOU stewardship, leaving no equity value here at all. GL's unwillingness to face up to investors is the signs of very poor character indeed, no backbone, no morals, nothing if you scratch beneath the surface in terms of ability, aptitiude or moral fibre.
The glaring issue is, the silence from GL & Co compounds the very obvious issues here, and is sapping any remaining confidence i suspect. the mcap is now nearly sub-£10m, with a sp of 0.65p. to call this a penny share company is massively overstating the size of sou now. it will become increasingly impossible to fund raise now with such a low mcap, and it's a vicious cycle i'm afraid. what looks like a large say 20-30% fall in sp, which is easily possible in a day now, is only £2-3m in mcap,so nothing at all. strategically & tactically this has been an utter disaster from start to finish by GL, despite what some posters here would have you believe. the sp discounts all this news, and tells you all you need to know. it's impossible to prove given how weak and ineffectual the FCA is, but i'm convinced, as i've stated many times before, that there are many seemingly 'bullish' posters here that have polar opposite motivations. there can be no excuse for such continued rah rah bullish posts in the face of the blindingly obvious here. unfortunately i don't think GL will listen, respond or even reply to investor panic/concerns here. as i've said before, he clearly has complete contempt for SHs, and the next RNS will unfortunately prove that I think. sp and company situation are two very different things. i'm afraid he'll feel under much more pressure from bondholders, than SHs - btw, the debt here is now a massive 250-300% of the mcap!!! Another extremely worrying metric. only small trades today but 98% of the 3-3.5m traded are sells. go figure. more to come in the days ahead - the company must RNS by 4.30pm on Friday given the bank funding deadline on 31/12/23, that's not going to be a happy read.
Calm down ktf, don't shoot a messenger, it's the mgt here that are responsible, no one else.
anyway, agree there'll be little here to post about for the next few weeks at least, so hoping you have a good break away from it all.
Incompetent, inexperienced and 'out of their depth' management is the sole reason the sp is trading at a record all-time low this morning, nothing more, nothing less. it's their contempt for SHs and unwillingness to come clean that can explain why no one wants to buy these shares. i'd hazzard a guess the ratio of deadlines missed to hit is 10:1 and the ratio of truthful transparent statements made by them to the opposite is 10:1 too. there's your problem. mgt.
Smuggler, this really does look like it's your first rodeo! never ceases to amaze me how ill-informed some are here. the actual spread is around 10%, 67 bid, 73 offered, if you try and trade, but you go and think and post on here whatever you want as is usual.
is SOU about to RNS another big delay for the umpteenth time on the funding? formal deadline is effectively a week today (31/12/23)? you expecting a funding raise for 1H24 costs too? answer that if you have the stomach.
Is anyone actually expecting the revised 31 Dec 2023 phase 2 / Calval funding deadline to be hit this time?
Separate to this I assume there’s an equity raise coming next week to cover keeping the lights on in January?
Turnoff, you’re such a fking moron. You’ve not once been able to counter negative points anyone posts here. Not once. I’d take a look in the mirror before post. What’s posted here makes f all impact on the sp, anyone that thinks otherwise is a cretin. All I’m trying to do is get someone, this morning for example, to substantiate something posted numerous times on here. Like usual is silence whenever morons like yourself are challenged to put up or shut up. You’re getting pretty feisty on the posting, you’re not over invested and massively underwater here are you….?
Couple of things smuggler -
1. everyone takes different amounts of time to write stuff, for me it took 2-3 mins, so no not too long
2. i've been far more open and honest than many on here, i am not a share holder right now no. but this isn't a shareholder only bb, it's supposed to be for objective (look it up, it seems like it's an unfamiliar word for many here) and two discussions between both investors and potential investors. if it helps you, you can think of me in the latter camp, lol. the fact you don't like what i post nor can you actually counter it, well that's what you should feel most uncomfortable about.
3. GL=JP, watch and wait. I'll be proved right on this one.
I’ve asked this question before and other than some completely unsubstantiated bs from resident ramper ktf I’m still none the wiser. Does anyone know when Q3 2023 ends in GL’s head. It was a deadline he publicly stated on a video mid-September 2023, missed (as with every other deadline SOU has ever given) and never retracted or corrected. Don’t bother replying unless you can quote anything other than a public formal source. Fictitious bs emails to individual PIs won’t cut it, and are no way to run a serious business, which I guess is quite telling in itself….
Looks like despite the numerous posts stating otherwise, they’ll be no Christmas present from SOU this year, more likely is indigestion, bloating and continued lethargy for investors, followed by a very large and unpleasant NY dump.
Sorry, the cough had come back. So, soundboy (if that’s really you?), you’re one of a select unsharing mythical few who can get any sort of response from the company, and they’ve told you the CalVal deal is in the bag, just wow. The posts that people of this bb don’t have an issue with….
KTF, ask yourself, where’s the logic, sense or sanity in continuing to believe you have any grasp on investing or the prospects of a company when you’ve posted 3500 times and called it wrong on every occasion? You should look in the mirror before casting aspersions. You’re utterly mad.