Member Info for partridge

What does the RNS inform the investor?

Well the company issued 22,500,000 in Euro bonds. These were split into two tranches, A and B (11,250,000 Euro each). The former earns interest at 5% payable each year. That's 562,500 Euro each year or 1,687,500 Euro over the 3 year lifetime of the bonds. The latter tranche receives the same amount at the end of the 3 year period, 1,687,500 euro.

The 22,500,000 Euro bonds have been issued at 85% of par value. So only 19,125,000 Euro is actually given to the company, or 9,562,5000 Euro per tranche. (The interest is still paid on 11,250,000 Euro figure).

A 7% origination fee, calculated on the subscription price, is paid to the subscribers. That is 1,575,000 Euro or 787,500 Euro per tranche.

In total, 22,500,000 euro is raised. But the actual figure is : 22,500,000 x 85% = 19,125,000 - 1,575,000 = 17,550,000 euro. If the interest earned over the three year period removed that figure falls to 17,550,000 - 3,375,000 = 14,125,000 Euro or 7,062,500 Euro per tranche. Of course the 22,500,000 Euro or 11,500,000 Euro per tranche is repaid in full. That's a 37% interest rate or the same as credit card interest without the safeguards. Crazy!. And are the warrants and hundreds of millions of new shares to be ignored? Shameful. And the sad part is that the company expects further cash to be raised in September 2020, that's this year. Can't wait.

https://www.investegate.co.uk/coro-energy-plc--coro-/rns/issue-of-eurobonds-and-warrants/201904121622260926W/

They cannot consolidate to bring options into the money. If there is a 1/10 consolidation then the option price increases ten fold ie 48p becomes 480p.

Brian salary : £322,000 last year (2018)
JJ salary. : £164,000 last year (2018) - part year as new member of board

Brian RSU : 863,682 (granted 26/04/18 and settlement 01/01/21)
JJ RSU : 961,194 ( ditto)

Both have options at 84p/ 67p for Brian and 48p for JJ.

The RSU's appear to have vested as if there is a change of control.

Numbers on the doors:

8 months (salary) for Brian
12 months for CFO
18 months for CEO

This Brian guy should have walked away in shame. Sat doing nothing for 7 months since May 2019. £1,000 a day. £200,000. Partook in that calamity of Te10 and the Balls Brothers fiasco. Has never said anything against management. Rode the gravy train. Takes his turn at the trough. As much to blame as anyone.

Mr Jez, you appear a little confused. The 70p share options are residual from the arrival of Mr S. at Sound as OGIF behest. That was about 3 years ago when the Sound share price was nearer 70p. The price of the options has no relevance to be current share price. If options were awarded today they would be nearer a 2p strike price. There will be no consolidation.

Mr Pontcanna, " Makes me laugh when I point out the facts and no recommends but when SO agrees but then throws some criticism in on another poster he gets 4 so far ! What does that say about certain people on here ? Hey ho"!

I know how you feel. I posted a cracking joke on this board on 12th May 2015 at 3.34pm and after all these years nobody has had the courtesy to recommend it.

Mr Jez, were you trying to " understand how share price consolidation work" or trying to undermine the share price? You're a naughty boy.

Never been interested in Coro. I know James Parsons and Marco Fumagalli are here. Two directors of C4Energy. Along with Mr Dennan, the CEO here, and also a shareholder in C4Energy. Cross reference him with Nuog and C4Energy and RGM and C4Energy and Parsons. If you want to understand why the share price has not performed here and never will, read this Coro RNS:

https://www.investegate.co.uk/coro-energy-plc--coro-/rns/issue-of-eurobonds-and-warrants/201904121622260926W/

All you need to know why you should steer clear of this share and the people involved here. Your money has a been earmarked. Do you understand the RNS? Do you understand how C4Energy makes its money? You should do because it will make its money from you and shares like Coro and Nuog.

" These discussions include exploring various alternative JV structures, including a re-framed JV arrangement and potentially the pooling of both partner's interest in the project "

Sounds like the screw is being turned by the JV partner. Pay up or push off. The best that will be achieved is a minority interest. No control. Lipstick for that pig will be at a premium.

I think that restriction can be lifted with the agreement of the company. And it is only an agreement.

A shell company has no assets. There is an asset at present. If a deal is done there would be an asset. Even if it is a percentage of.

" the partner had already initiated legal proceedings against the Company which resulted in the Company receiving a letter late on 20th December informing it of the proceedings".

No mention as to whether the proceedings have restarted. The company reports as if the JV is still intact. In reality it might be completely different. Trying to hold onto the coattails of the JV partner.

" Discussions are underway between the partners regarding the budgeting and funding of the Mambare project. These discussions include exploring various alternative JV structures, including a re-framed JV arrangement"..

Not made up. words. The project JV is under discussion. " Budgetting and funding". Now they've told you. Prepare. I wonder how the money for funding is going to be raised? Your cash for their many, many, many shares?

Since when has being deranged and out there with the fairies been a reason to criticise anyone. Mr JTF has been a rock whilst he has led me through the desert that is Sound Energy. Long may he continue.

With all the figures in the RNS it is a shame the price at which the tub was bought by the seller is missing. A Milo Minderbinder business deal.

" the partner had already initiated legal proceedings against the Company which resulted in the Company receiving a letter late on 20th December informing it of the proceedings".

Put your hands over your ears. Australia has telephones I hear. A news blackout. When you are told the result you'll think of a pig with thick lipstick.

Over 6,000,000 shares for Brian.

" How many shares do you own Brian? ".
" Not enough" .

He was part of the problem. He aided the ramp. What did he say at the Te9 rig visit? About the paleozoic? Like JJ and the value of 1tcf he allowed the shareholders to be misled. Shameless.

£1,000 per day for six months. The trough must work through.

Marco Fumagalli, acting Chairman, commented:

"I am grateful to Brian for his leadership of our exploration programme and his continued support of our orderly handover of executive responsibilities for this next important phase of our development."

Or

Thanks for keeping quiet Brian. Love Marco.