Member Info for Soundingoff

It's a bit of a grey area given the material nature of the transaction. Risk compliance would mean it'll go to a vote anyway IMO.

'They're probably less confident now those 10p shares are worth 8.9p.'

Unlikely, they probably know a bit more than us, hence the low discount.

They aren't trading, but could be forward sold. Though only a few million traded yesterday, so the flipper comment is a non starter. Always possible in the future though.

Your terminology is incorrect Jones. The discount on the issue of the shares was around 5%. The transaction costs were 10%. The discount is the key figure. It's low and suggests confidence by those taking up the offer.

I'll just reiterate my previous comment Jones.

Genuinely, there's more to life than trolling a board when you aren't even invested. I feel sorry for you.

Blimey, talk about scraping the barrel.

'SO- I can also think of a number of reasons. Perhaps the best way forward would be for the BoD merely to clarify? A simple step and would stop all speculation.....'

Did you see Angela Rayner on Question Time when she suggested the government should publish their negotiating tactics on Brexit? Yes I know, incredulous.

trellis- We are looking to sell the business. I can think of a number of reasons why we may need it, or indeed not need it if that makes sense? For context, this is an extra 20% cash. coupled with a relatively small reduction in overheads. I don't see the intrigue given the unusual circumstances.

trellis- Don't worry I won't take your disciple comment to heart. After all, yesterday you suggested the only reason we needed the raise was because someone must have run off with the $10m+ cash we have in the bank. I think I know which one of us is more capable of reasoned thought with ludicrous suggestions like that.

Hi ddboy. I appreciate the advice you have given us regarding drilling over the years.

Unfortunately much of the posting on this board is no longer genuine; agenda driven or just an attraction to those with certain character traits.

My professional background is as an accountant and whilst I am involved in deals, it's infrequent and at a lower level to what should materialise here.

With regard to your comment of apparent lack of strategy and direction, I have to say there is no evidence whatsoever to suggest that. They have been quite clear on what our aims are and from the timing of what we have seen so far, it has been planned and thought out. There are a number of reasons for the raise now, of which I'm not going to go into. We are in a key phase now and unfortunately dealing is like playing a game, a very important game.

From one genuine posting to another, I would sit tight. The SP is where it is and history has shown that this won't be a key driver in the return on our investment.

Let's hope not, it sounds a bit creepy.

I'd just forget about the TE5 idea, it's only something that's been discussed on here. The BOD have made a number of comments which directly contradict the idea of cashing up and commencing a large drilling campaign.

Interesting but not possible I'm afraid. If OGIF were to buy the quantities noted, they would have to notify the market.

Very good partridge, a bit like this board!

'I do somewhat admire the sheer pigheadedness it takes to conclude that Tendrara is a great asset and most other PI's (and II's I assume?) are so stupid that they've driven the price down to 10p, rather than the more obvious conclusion that Tendrara is in fact worth somewhere around 10p.'

You mean the 1% or less (more likely a lot less) that are incredibly shouty? Some of us would rather look at the facts (selling price of similar projects) than listen to those shouty people on an anonymous board.

Actually the raise appeared to be very easy wh0s. Only a few percent below closing and 10% is standard I'm afraid.

Development costs have been detailed in the RNSs wh0s. These are priced into the NPV calculations. This is one of the most important assets Morocco have had access to in their entire history. If you think financing is a problem, well...

You know it's economic unless you don't understand the fundamental concept of NPV wh0s. There's no probable about it.

First the shareholder action group and now TE5 is probably economic? Very funny Wh0s. I actually spat my breakfast out at the former. You can't get a more strategically important asset for Morocco.

The problem with contingent payments is comparing them with anything that's gone before. The exploration left on the table (at the time) with Cove was 120% of confirmed finds. The Interoil deal (which was sold with contingent payments) had around 60% exploration left on the table. Sound have around 3000% left on the table, but from my understanding, at an earlier stage of development/confirmation. How do you value that? Though of course within that there is also a number of appraisal targets.

And effectively alienate every investor trellis? When you invest in a company, you have to understand the asset and the people. Plenty of my clients have very similar character traits to JP. They are not there for the everyday grind, they're there for the excitement of planning, deals and execution. Your suggestion is rather mundane for someone with those character traits. There are plenty of other reasons why, such as Morocco will want an established outfit to move forward, not JP, Marco and their Black and Decker cordless.

It makes no sense on every level, but after all, this is what these boards are for.