Member Info for partridge

What is normal and what is Sound tend to differ. The key word is substantially and it's definition by Mr Parsons and his friends. He has been preparing for this scenario so I think it will fall in his favour. And I think it will be a lot more about ha n one year's salary.

I think it will.

The sale of 51% of Sounds interest in the Eastern Morocco portfolio allows the trigger of one year's salary compensation for Mr Parsons and gang. He will take his salary up until February and quietly walk away with the dosh. Consistent to the last. His payoff will ensure the last remaining cash is swept from the company coffers.

There is a problem with Sound. Financing. $84 million is a fine sum. But it comes at a cost. Assuming the Enagas consortium charges it's allotted $45 million in the first year, Sound has to come up with $20 million of that. And assuming 4 production wells are drilled at $10 million apiece, Sound has to come up with $20 million of that. And assuming the work takes a year or so, Sound needs €30 million for bond repayment. Add on salaries for a world class team and that comes to the current share price. If the share price falls further it makes Sound less likely to be able to raise such money. A vicious downward spiral. It might already have begun. Exciting times.

FEED RNS dated 7th June 2018 suggests " a target internal rate of return for the Consortium and to a 'not to exceed' fee of US$45 million per annum" for 15 years.

As smarter of interest, is there any record of Shell making an offer of £50 million for Tendrara? I know it has been referenced many times but is there a definitive article? Thanks in advance as I cannot find the link.

Sorry. Got carried away there. I thought we were doing "share price at Xmas sweep".

Is the answer£3.25? Please let it be £3.25.

Jonesy, stop bullying. You ask people what their average is and then go on to undermine them. You own no Sound shares so is this what attracts you? Schadenfreude. Translates as pitiful.

Mr JezTheFez, the question is not whether the Te5 horst is worth 25p but whether anyone will buy it. The risk is sky high. It doesn't matter if someone bought in yesterday. And it hasn't mattered all the way down from 92p. Because whilst good people like yourself have been buying at the bottom other people have been selling. That is why the share price is 7p. This is the longest free shame in history. Exciting times.

I am not too sure his interests are aligned with ours. When he originated his trading plan he mentioned his motivation as being his future security and that of his family. I think he said he was quite happy reducing his holding to 3.1 million as ( coy smiles) that was a significant amount. We all cheered and whooped as we all knew what the loveable rogue was talking about. I think his holding is now nearer 2.5 million. He is at present being remunerated to the tune of two to three thousand pounds a day. Not insignificant. A nice sum to be paid to sit out the year. No one at the moment knows the involvement in C4 on his part. His holding might dwarf his Sound shares. He is not there for Sound shareholder benefit. He is, as usual, acting for his own benefit. His motives, at present, with Sound are uncertain. He is no longer loveable.

" Mr Bhattacherjee and Mr Dennan have each been granted options over 90 million New Ordinary Shares (exercisable at a price of 0.0625 pence per New Ordinary Share, and with a 5 year term) and are both shareholders in C4 Energy Ltd, which is interested in the Loan Notes that can be converted into a maximum of 5 billion New Ordinary Shares, subject to a restriction preventing conversion of such amount that would result in C4 Energy Ltd holding more than 29.9% of the share capital of the Company as enlarged by the issue of the New Ordinary Shares pursuant to any conversion".

Why has the possibility of 5,000,000,000 new shares constituting 29.9% of the new company been overlooked? This would mean a total share count of 16,000,000,000 being envisaged sometime in the future. Perhaps even more. There is no rush to touch these shares. If you miss the boat today there will be another billion available in the morning. And the morning after that.

I think Mr JJ is in America drumming up support from institutions. Or is that being supported by a drum in an institution in America? If you lay him down flat his eyes close. I had a doll like that. Don't email him. He is over tired. He has just finished a meeting with a group of anonymous investors for the next cash raise. It is hard work forgetting the names of all those people wanting to invest in Sound.

My point is the share price falls to give the company a market capitalisation equal to debt, with the repayment date fast approaching, and also equal to the value of assets, would lead to no value for shareholders. The assets match the debt. No bank would lend to such a company. A cash raise would have to encompass the £25 million debt and perhaps£50 million working capital. Quadrupling shares in issue. And for what return. Judge the management on what value they have brought to the share price in the last few years. They will achieve similar in the future and feel they should be well rewarded. If the share price continues to fall steer well clear. The good words and actions of Mr Parsons have failed to prop up the share price in the past and will do so in the future. Exciting times.

As the Sound share price approaches 2p many people might be inclined to buy. What a bargain! Buy and hold and just wait until everyone realises what a gem this company is. Or double down on your holding, get that average down to unimaginable levels( Mr Brian included). The truth, I think, is that the closer to 2p the share price moves, the danger of holding these puppies increases exponentially. At 2p the Sound shares are pure debt. In June 2019 the dead line for paying back the £25 million loan was two years away. 25% of that time is now lost to "exploring the marketing of the Eastern Morocco portfolio". If another well was drilled in a "no deal" scenario that could take another 25% or six months judging by the farce of Te10. And even if that was a success a further 25% or six months would be lost in " exploring the marketing of the Eastern Morocco portfolio, (part 2). There would be no sale then either. A cash raise for further drilling or taking the Te5 horst to production is pointless. It would be simply propping up an impotent management team defunct of morals or shame( on the plus side you might get a FSC or pub meet where Mr JJ will be wheeled out on a trolley bed(kindly provided by Mr Crudehope) and Mr Parsons would give handshakes and coy smiles about Sound 4).
The only hope is a deal. No deal, no hope, no Mr Parsons. Many, many companies with great assets have gone belly up. The debt is now not immaterial. Exciting times.

Wouldn't a boomerang be more appropriate?

" ample opportunity for the sp to drop to a more accommodating price...say nearer to 7p or below. I will probably wait until December or even January as that could be the nadir of the share price prior to FID".

Written by someone who spoke to Mr Parsons two days ago. Makes a person wonder if there is going to be any sale of assets or if there was ever going to be any sale of assets. This whole suspension has been and is a farce. Remember when the end of year arrives the BOD knew in October there was no sale and probably before. If Mr Crudehope was knocking on his door and getting his slippers under the table it is likely many others have. The rest get shafted. Mr Parsons should spill the beans now. The guy has no shame.

Mince pies in October? Every day is Christmas when you are paid a million pounds a year to sit on your rear.

I posted this yesterday:

Estimates for "pipeline and kit" at $160 million May be a tad low. FEED RNS dated 7th June 2018 suggests " a target internal rate of return for the Consortium and to a 'not to exceed' fee of US$45 million per annum" for 15 years. 15 x $45 million comes in at $675 million.

With suggestions of GSA being finalised by year end and subliminal messages from Mr Crudehope and the MOU, it appears we are being conditioned. Management have the stench of rushing around now the six month holiday is ending. Time to visit Boots to buy the lipstick for this pig. Keep your £5,000 in your pocket. In a time of zero interest rates the money is to be made in financing the pipeline. Prepare for "dreams in the desert" rehash. This team have no shame. No deal, no need for Mr Parsons. Exciting times. The share price could get slashed. But not the remuneration of our heroes. Time to get Mr JJ vertical again.

I think the original phrase is " explore the marketing of the Eastern Morocco portfolio" which loosely translates as we're on holiday for six months.

Wouldn't a shareholder meet be pointless post marketing process? Wouldn't the management know the shareholder opinion when the vote to approve of disapprove of the sale process was carried out? It Sounds as if there will be no sale, that there will be no offers on the table. Mr James should walk away if that is correct, with no compensation. Lovable though he is. I think the outcome is already known.