Question from Daniel
Good morning - my question is whether this deal offers best value - is the maximum return per share going to be 17p or is there potential to achieve the legacy for our families that was claimed. If there is any sort of return will this be via dividends and over what time frame? The board must admit that this offer is so opaque from the recent RNS that it might as well not hae been released as there are now more questions to be answered. I fail to see where long term holders who bought in as the SP was climbing and based on the promises made will not be left out of pocket. What we watn now is honesty, transparancy and the option to not dilute through becoming a subsidiary company.
Garry Dempster (VP Finance & Commercial)
All equity transactions by directors and associated parties are subject to RNS.
I am hoping that they can pull a rabbit out of the hat that will take us in a new, upward direction.
Comms will probably be scaled back but, if I can get back to anywhere near my ave of 44pps I wont complain.
Cant believe I am hoping to just break even compared to the promise of a couple of years ago.
A colleague commented the other day that the 'legacy for our families' is one of deficit...........
I dont want the sins of the past erased but understand that this is the new reality we have to deal with - just want the new board to maximise returns to us PI's by hook or by crook (pun intended)
Thats what I was wondering too - have previously logged on but have had no invite or details. Although they will not answer those question we want answering under the guise of "price/commercially sensitive", "firming up details", "that will have to be RNS'd", ad infinitum/nauseum and unless there is an RNS tomorrow that casts light, this chat will leave us more frustrated than ever.
Also notice that the twitter feed has gone......
I am so far down the rabbit hole that it is not worth selling at these levels - 93% down.........
SOUND ENERGY NEW CO LIMITED
Company number 11839292
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Registered office address1st Floor, 4 Pembroke Road, Sevenoaks, Kent, United Kingdom, TN13 1XR
Company typePrivate limited Company Incorporated on21 February 2019
First accounts made up to 28 February 2020
due by 21 November 2020
Next statement date 22 February 2020
due by 7 March 2020
Last statement dated 22 February 2019
Nature of business (SIC)
06100 - Extraction of crude petroleum
06200 - Extraction of natural gas
2 officers / 0 resignations
AMBA SECRETARIES LIMITED
Correspondence address400 Thames Valley Park Drive, Reading, Berkshire, United Kingdom, RG6 1PT
Role Active Secretary Appointed on21 February 2019
Registered in a European Economic Area What's this?
Correspondence address1st Floor, 4, Pembroke Road, Sevenoaks, Kent, United Kingdom, TN13 1XR
Role Active Director Date of birthOctober 1972 Appointed on21 February 2019
NationalityBritish Country of residenceUnited Kingdom OccupationDirector
Thanks for the clarification.
I also agree with Eric - as hard as it is emotions should be put to one side - we need cold, hard facts in order to make an informed decision. When SOU is a distant memory I, for one, would rather be secure in the knowledge that I did everything I could to ascertain the truth. Yes - JP should be held to account and made to explain the thinking behind the deal - as of yet no-one knows the details, but a witch hunt purely to see someone toppled may distract from the real purpose - mob mentality calling for his head/forcing a board change at the expense of information/continuity should be avoided, if at all possible.
Thinking ahead - if this goes as far as an EGM/face to face would you need to issue a consent form that each person gives permission for one representative (your goodself?) to speak on our/their behalf - just thinking that this will be required in order for bona fide signatories to be checked agains the share register?
I am of the opinion that we should way for the details to be firmed up and released to us - SOU surely (legally?) have to give us enough time to analyse the deal and, whislt I agree that the RNS was lacking in detail, maybe they had to release it.
I think Trellis' group email is worthy of consideration - I just think that until we recieve the full facts our arguement is too broad and there are too many unknowns which cannot be announced, either because of legal restrictions or certain details are still being thrashed out, which will then reduce the responses to 'wait and see' & 'in due course', etc which will only rile PI's up more.
Maybe a strongly worded email to management alerting them to the fact the there is now a collective who are keen to engage in a Q & A with the chairman at a suitable point in the process?
So is this new unlisted company buying Tendrara or SOU?
It reads as if they have purchased 51% of SOU shares, not 51% of Tendrara.
If the former then control of the company goes to an unknown entity, if the latter,how do you value 51% of a licence?
Could this company delist and, if so, what does this mean to us?
If TE11 is commercially viable, how will we benefit?
KTF - He is actually a stand up guy - brutally honest at times and calls it as he sees it.
I get that his tone is sometimes aggressive but he has lost a lot of faith in SOU, especially JP and is both angry and disappointed at the situation we potentially find ourselves in. Regards investment he is in the same boat as quite a few of us.
I admit there is a savage humour to his posts, bordering on slanderous but that is the kind of person he is, I'm afraid
I know N4A - he works in Sevenoaks and has met BM & JP both at their offices and during lunch breaks in the high street
I can't see what he has posted this morning as he has been banned from posting but he has asked me to re-post the response from JP received this morning:
James Parsons (firstname.lastname@example.org)To:you Details
Hello XXXX – I can confirm I am totally focused on my day job at Sound.
C4 is a private company and wuestions on NUOG must be addressed to them – I am not part of that company.
The marketing process is still expected to conclude by the end of the year per our previous RNSs.
“In onshore, Sound Energy spudded two (2) exploration wells, including one (1) successful well, in addition to the acquisition of 1410, 52 Km of 2D seismic in the Grand Tendrara permit, as well as 342,65 Km of 2D seismic in the Anoual permit. SDX spudded five (5) exploration wells including 4 successful wells in addition to the acquisition of 240 Km² of 3D seismic in the Gharb Occidental permit.”
Not de-ramping at all but when did we spud a successful well in 2018?