George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
Bad news for Partridge
Unfortunately as a consequence of the Minty duplicity no one will make money/recover losses here unless the select few make their wad. I'm sure new investors will have weighed up the risk v reward given the new company structure and involvement of the new board and their supporters.
Why would C4 buy shares when they already have the ability to acquire 2.5b by converting their debt. It's all in the RNS
Wed, 6th Nov 2019 07:00
RNS Number : 3796S
Sound Energy PLC
06 November 2019
6 November 2019
Sound Energy plc
("Sound Energy" or the "Company")
Marketing Process Update: Exclusivity Award
Sound Energy, the Moroccan focused upstream gas company, is pleased to update investors on the ongoing marketing process in respect of its Eastern Morocco Portfolio.
Marketing Process Update
The Company announced on 22 May 2019 that, following a decision by its Board to explore monetisation options for the Company's interests in the Tendrara Production Concession, the Greater Tendrara Petroleum Agreement and the Anoual Permits (together the "Eastern Morocco Portfolio") with a view to assessing a sale of the portfolio prior to a final investment decision, the Company had commenced the marketing of the Eastern Morocco Portfolio.
The Company has since entered into non-disclosure agreements with 23 companies and, following these, hosted some 15 management presentations which resulted in the Company receiving a number of non-binding offers for its Eastern Morocco Portfolio, delivering a range of valuations and risk / reward profiles.
Fundamentally, the Company continues to believe the Tendrara basin requires further exploration drilling to unlock fully the basin potential and to deliver enhanced value to shareholders.
As a result, the Company has now entered into a non-binding heads of terms agreement (the "HOT") with, a privately-owned, UK registered company specialising in energy asset development and investment (the "Purchaser"), which will, on completion of the transaction, result in the sale of a substantial proportion of the Company's interest in the Eastern Morocco Portfolio, whilst at the same time allowing it to retain a carried interest that provides the opportunity for Sound Energy and its shareholders to continue to benefit from significant potential upside in the Eastern Morocco Portfolio.
Under the terms of the HOT, Sound Energy has granted to the Purchaser an exclusivity period expiring on 14 February 2020, subject to certain milestones being met, to complete due diligence on the Eastern Morocco Portfolio and to finalise a binding sale and purchase agreement for the proposed sale by Sound Energy of 51% (24.2% out of a total of 47.5%) of its share in the Eastern Morocco Portfolio for a total consideration of US$112.8 million, consisting of a US$54.3 million cash consideration payable in tranches and an estimated US$58.5 million carry with respect to Sound Energy's future capital expenditure requirements relating to its retained interest in the Tendrara Production Concession in order to achieve first gas production from the concession (the "Proposed Transaction").
On completion of the Proposed Transaction it is anticipated that Sound Energy retains a 23.3% share of the Eastern Morocco Portfolio synthetically through a new joint venture. The Company will also provide the Purchaser with a on
Directorate changes coming, I don't expect to see either on the board after that
GS was the non exec chairman who is now replaced by Jay, don't really see why he would want to invest in Nuog
Good post Charles and thanks for reporting from the meeting. I know we've been here before but lets slipstream collectively.
Except a couple of licences, a deposit and a decom liability
PVF!
Another unclear issue IMO is the sale of 50% of MFDevco for what Nuog owes RMRI. Presumably this took into account what MFDevco owes Nuog but seems strange it came to the same value.
Thanks YT, I think we've had this discussion before.
I have still not worked out what C4's plan is here but my understanding of the RNS is that C4 have acquired Shard's loan, they have an associate willing to subscribe to the proposed placing. C4 shareholding pegged at 40% (don't understand this) No mention of the two NF licences so I can't see this being described as a cash shell. There will be a dilution subject to approval but being pragmatic what were any of us expecting under the old regime which would have been controlled by MFDevCo anyway. The only angle I can see is that the cumulative tax losses in the books probably work out to have a £7m value if they can be offset against a £40m profit (someone correct the maths). So compared to what we had after AM was booted out even if it becomes a complete disaster it will be better than the status quo. I'm happy like LT to let it roll with the newbies and try and block AM prosed share allocation for ongoing work which should have gone into the settlement anyway. I'm voting for a clean break with AM, AP, DM, GS, SB et al.
There proposing to raise cash from C4 associates, taken on the shard loan and a plc with one of its two assets in dispute. there is a tax loss in the books that could be used perhaps but I can't see the attraction. Am I missing something?
Hi Charles, good to hear you're well (and alive).
I think we need a squeeze on the BoD for an update if you still have any influence in that department.
He might have a bit more time to concentrate on NUOG now
The mention of £40m might be relevant as this is represented as accumulated losses in the company accounts. I'm not too sure about the qualifying aspect of acquiring companies with large losses to offset tax but that's a big number and must have a value.
Harry, my understanding is that PVF contracted with ENEGI Oil Inc, the licence holder. Of course we were not privy to any holding company indemnities etc.
Quite chuffed I've been mentioned in despatches Kev/Roy.
Completely inaccurate description but that's what you get from posters with no shareholding who give a running commentary on the company's lack of progress. Worryingly he has 11 recommends which means that there must be some genuine shareholders happy to provide some oxygen.
So he joins Alan Tenrary as another major shareholder piling in and selling out. Royscott out as well so there's always a silver lining. No doubt McAdder and Roy will be coming back on here to offer investment advice
A little bit of manipulation I think.