Member Info for Sharetrader123

n0comment anyone who still holds stock regardless if they are a long term or short term shareholder are all in the same boat. Some of those shareholders constantly wallow in self pity and do nothing but predict the demise of the company and these are the doomsayers. There are those who choose to look on the bitter side and still believe that the current BOD of directors will eventually turn things around. There are a third group who are totally fixated with Parsons and are desperate to bring him to book for his dealings and this desire dominates their postings. I cannot understand why the doomsayers would be telling us Sound is doomed and still hold their stock but constantly spread their misery. A better solution would be to move on and practice what they preach if they really believe the company is going to fold.

So Joe, if the tax demand gets dropped/ sorted then are you reinvesting?

Keep it’s normally due to curiosity and wondering if they sold at the right time or seeing if the SP further falls so they can feel better about the decision to sell up.

Prime doomsayer stop digging. For the record I’ve never had or asked for any post to be removed. Perhaps someone else has recognised a trait in you that is not worthy of this board.

Sound Energy
With apologies, pressure of work and numerous conference calls yesterday meant a late blog, however I have had a chance to look at the announcement in detail and talk to Sound Chairman Graham Lyon.

To sum up, the company has received a notification from the Moroccan Tax Administration (MTA) regarding a tax audit for the period 2016-18 restating the basis of tax due.

The company believes that this arises from a ‘misunderstanding of historical licence changes’ and that ‘with its advisors will be engaging with the MTA to seek to resolve this misunderstanding’. In addition ‘whilst the Company will be engaging constructively with the Moroccan Tax Administration in order to resolve the perceived misunderstanding, it will formally write to the Moroccan Tax Administration to formally refute the assessment and the basis thereof’.

It appears that the company are indeed taking a robust approach to this exercise by the MTA and will fight this claim to whatever stage is necessary. The company has excellent relationships within the country, I myself have seen how well they are rated by ONHYM and of course during the recent development funding process have also become close to banks and potential funders of their projects.

I understand it this process will not delay or cease the plan for the company to have FID ‘by the end of this year’ and the Chairman tells me that it is ‘business as usual’ in Morocco.

Morocco

I have spent a lot of time writing about a number of UK quoted companies who have been encouraged to engage in Morocco for its hydrocarbon opportunities as well as its fiscally attractive terms of business. This includes a ten year tax holiday which applies when a company comes onto production, I assume that the MTA are trying to nip in before that happens to Sound with upcoming development.

I also have enjoyed a really good personal relationship with ONHYM who I have met on many visits to the country and a little while ago where I was a guest speaker of theirs at a conference in Marrakesh where the opportunities in Morocco were propounded. I can imagine that the UK quoteds I refer to, as well as the likes of super major Conoco who have recently taken a substantial onshore acreage package, will be miffed by this action which can only detract from the image Morocco is trying to show in international energy markets…

Prime doomsayer, the scenarios from woundlick we’re reasoned and he put both sides of the argument. You on the other hand were telling us Sound is finished, not a maybe or possibility but a definite. As I pointed out you based this on a knee jerk reaction which has not been reflected in the market today with even some decent buys showing. I appreciate you may look somewhat foolish today but there it is.

Utilityone1 perhaps it’s you who should read wounds post again! He put forward some possible scenarios based on using both sides of an argument but you have chosen to concentrated on one part and completely misquoted him. I also find it vile that you have no sympathy for his large investment.

Herzog you did call it fair play

Woundlick one would think that a country starved of energy and has invited producers to find gas would then be overly eager to penalise one of them to the extent it would jeopardise their project. IT would send out the wrong message to other producers looking to develop and invest in the area.

JoeCreed at present it looks like the market has not taken the tax demand seriously. The predictions of a sub 1p share price and the demise of the company by posters yesterday have not materialised so it looks as though there is a confidence that this can be resolved.

Is this all just a big mistake? The RNS had to be issued and the Moroccan tax office has issued the notice with the standard demand for a 30 day reply.
In the sound board statement they are calling it a misunderstanding which is quite different to a company just meeting with the tax authority to try and negotiate how they can pay the bill ?

JoeCreed It certainly is defying gravity

Despite all the gloomsters we haven’t folded yet then!

Is the SP bouncing back?

Pduk there you go with the name calling again. You call me a f wit yet you are the one making monumental claims like Sound is finished without a scrap of evidence so a long hard look in the mirror might be required here. Anyway although I will admit it’s not the best of times right now especially as you and the doomsday brigade take great delight in writing the company off, I will remind you in better times of when you were making such ridiculous statements.

I’m shocked

PDUk keep misquoting me if it makes you feel better. Also vent all you want it’s fine with me. But when the vent is claiming Sound will fold based on no credible evidence then that’s just scaremongering at its worst. I could have forgiven you if you said might or could but the self destructive side could not help coming out heaping more misery on the situation. Go chill out, have some patience and when the dust settles we will see where we are Andy make judgments based on some concrete facts.

JoeCreed it may drop next week but this will depend on the progress Graham and the board make in talks with the tax office.

Herzog pduk will have you believe that Sound is folding but don’t worry I’ve been outside and the sky is not falling on my head.

https://www.proactiveinvestors.co.uk/companies/amp/news/928211