Member Info for Soundingoff

You couldn't be more wrong Graham, but you know what assumptions make.

It's good to know you and 250SWB share tablets as that sticky caps lock is a giveaway. You both also appear to have an astronomical high regard of 'yourselves'.

Anyway good luck with PRD, but I'm done with these types of share. Case in point being it's 70% down from peak. Sounds familiar...

To be honest Graham, I'd run a mile from any share you were pumping. Give it a rest on the SOU board, it's very dull. Here's what I posted:

'Graham

There is no dispute that at times you ramped Sound via you alias ‘250SWB’. You were caught out when you mixed up your logins when you were personally posting as ‘GRH ‘ and ‘250SWB’ one evening. Many of us can attest to that. There were other logins that kept discussions about Scotforth going which appeared suspect as well IMO.

You have form with multiple logins.

I never did get an answer to my summary of the Scotforth debacle. On the surface it appeared incredibly distasteful and not the way a professional should do business. You’re still free to comment on my summary from some time ago (this has been posted here many times without comment by yourself):

Scotforth Ltd (registered in Ireland , not GB) provided free advice to Sound during 2017 and 2018 prior to your registration on London South East.

Upon registration with LSE, you stated that you were a personal friend of Peter Hutchinson, who is a director and shareholder of Scotforth Ltd.

You then provided information relating to the techniques of Scotforth and participated in various discussions.

This resulted in numerous members contacting Sound requesting why we were not using Scotforth’s services and applying pressure to the Board to use said services.

Following this, Scotforth contacted Sound again regarding TE10.

Your posting up to this period has now been specifically deleted.

I understand you may have a more formal role with Scotforth and aid them with marketing and promotion? Please confirm the nature of this role if it exists.

As I say, with no satisfactory answer forthcoming, it left a rather bad taste.

To suggest you called it right is laughable. You were sucked in just like many others, myself included.'

Graham

There is no dispute that at times you ramped Sound via you alias ‘250SWB’. You were caught out when you mixed up your logins when you were personally posting as ‘GRH ‘ and ‘250SWB’ one evening. Many of us can attest to that. There were other logins that kept discussions about Scotforth going which appeared suspect as well IMO.

You have form with multiple logins.

I never did get an answer to my summary of the Scotforth debacle. On the surface it appeared incredibly distasteful and not the way a professional should do business. You’re still free to comment on my summary from some time ago (this has been posted here many times without comment by yourself):

Scotforth Ltd (registered in Ireland , not GB) provided free advice to Sound during 2017 and 2018 prior to your registration on London South East.

Upon registration with LSE, you stated that you were a personal friend of Peter Hutchinson, who is a director and shareholder of Scotforth Ltd.

You then provided information relating to the techniques of Scotforth and participated in various discussions.

This resulted in numerous members contacting Sound requesting why we were not using Scotforth’s services and applying pressure to the Board to use said services.

Following this, Scotforth contacted Sound again regarding TE10.

Your posting up to this period has now been specifically deleted.

I understand you may have a more formal role with Scotforth and aid them with marketing and promotion? Please confirm the nature of this role if it exists.

As I say, with no satisfactory answer forthcoming, it left a rather bad taste.

To suggest you called it right is laughable. You were sucked in just like many others, myself included.

Graham

There is no dispute that at times you ramped Sound via you alias ‘250SWB’. You were caught out when you mixed up your logins when you were personally posting as ‘GRH ‘ and ‘250SWB’ one evening. Many of us can attest to that. There were other logins that kept discussions about Scotforth going which appeared suspect as well IMO.

You have form with multiple logins, so people will have to make their own mind up about your link with MEM.

I never did get an answer to my summary of the Scotforth debacle. On the surface it appeared incredibly distasteful and not the way a professional should do business. You’re still free to comment on my summary from some time ago:

Scotforth Ltd (registered in Ireland , not GB) provided free advice to Sound during 2017 and 2018 prior to your registration on London South East

Upon registration with LSE, you stated that you were a personal friend of Peter Hutchinson, who is a director and shareholder of Scotforth Ltd

You then provided information relating to the techniques of Scotforth and participated in various discussions

This resulted in numerous members contacting Sound requesting why we were not using Scotforth’s services and applying pressure to the Board to use said services

Following this, Scotforth contacted Sound again regarding TE10

Your posting up to this period has now been specifically deleted

I understand you may have a more formal role with Scotforth and aid them with marketing and promotion? Please confirm the nature of this role if it exists.

As I say, with no satisfactory answer forthcoming, it left a rather bad taste.

PRD shareholders would do well to exercise caution.

I'm still around. Holding Sound still but trading it to claw back those losses many of us have.

While I'm here I'll reply to Graham...

It's close to covering the tax he needs to pay. Maybe 500k+ or so more depending on the calcs.

Indeed esox. The binary answer in the RNS isn't really acceptable.

It depends on whether their plans have changed with respect to the Gas to Power project. The costs here are many multiples of your useful example. It's whether they look at the short term or longer. As I noted, has that plan changed with respect of renewables?

LNG requires huge development costs so it's cheaper to have your own gas when you factor that in as well. We already have the majority of the GSA so I don't see why you'd want such a huge step back? It's really down to Morocco as to how they want to play their energy strategy. I can't see the point in their Gas to Power project given the move towards renewables. Unless they can get very cheap prices. But it's inherently expensive to ship something and convert rather than get it nationally.

Unfortunately most deals run to the wire. Nothing like pressure to get things done.

As noted in the RNS, certain milestones needed to be met. For that reason I would expect an extension or sign off today/over the weekend rather than an end to exclusivity. Failure of negotiations would be very disappointing given the amount of time both parties have had to date. Alternatively other options could be being worked.

I'll leave the 1p comments to the traders.

Without further information, exclusivity ends tomorrow at 11:59pm. As there could be discussions past the RNS evening reporting deadline, we may not hear until next week.

ps- We'll have to see the terms to determine the SP I think. Although it's sure to drop back after the excitement subsides. There could be near term dividends and exploration drilling. Sidi? Or we could just hibernate until first gas...

Either way we need a deal first.

Fair point PNE..! Though I did mean in general rather than Sound specifically, due to access to more sophisticated data.

I think it's the market now and O&G is on a bit of a downtrend vs renewables. Unfortunately the only way to see value is to wait for the return to investors.

Pontcanna- I think more often than not IIs don't know much more than us PIs. They may be able to value the business better, but still seem to make the same mistakes. During TE10 testing, IIs bought Sound up to 30p... Maybe a calculated risk?

Interesting Longwait. Are there any barriers to HUR achieving those profits?

I can see how thoughts can be conflicted in terms of the appointment of Mohammed as CEO (Sound carry the development vs the proposed deal), but even as a non-operating company, Sound will still need representation. A direct link back to Morocco makes sense.

I imagine Sidi will be a small minority holding in another JV, but we'll see.

Picked up by another investor:

Introduction to Mohammed Seghiri Acting CEO 5 February 2020

https://www.soundenergyplc.com/investors/video-and-audio-library/

Some changes to the TCFs/prospects as well.

Has anyone checked for this over the last few days? One would hope that publishing the updated presentation with the deal details for the first time would means the deal is still in progress and currently there are no plans to pull the plug.

The rules are as I have stated Indeep. See here:

https://www.gov.uk/guidance/non-cash-pay-shares-commodities-you-provide-to-your-employees

The PAYE/NI on the non-cash payment will need to be paid by the business by 19th February. Clearly the company is conserving cash, so the agreement may have been that Brian must repay the PAYE/NI on the shares by that date. We simply don't know. However the overarching HMRC rules require the employee to repay the PAYE/NI within 90 days of the end of the tax year.