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I am feeling very positive about tomorrow.
Perhaps we will find good news first thing in the morning regarding Calvalley and the bank and then Bondholder support later in the day. Now wouldn't that be a great start to the week?
Well, you looked at it and I did, and many others.
Internet is wonderful these days, so much easier than attending in person.
That presentation went out to thousands of interested investors and stakeholders.
Well done Mohammed and Sound for the positive PR.
Well of course they are.
I would expect Gary to have alternative sources scoped out ready, just in case.
Perfectly normal and reasonable financial management of risk, nothing sinister or negative in that at all.
Worth a careful review I would say, very reassuring.
https://app.frame.io/reviews/f6b20b4a-df4a-46d7-bc2a-756dc9661245/61a86e21-0071-45f8-be8b-db11db32091a
As at 31 August 2023, the Group had unaudited cash and short-term deposits of approximately £4.0 million.
In addition Sound can drawdown a further of £1.5 million of the £4.0 million senior unsecured convertible bond.
Fernan10, have you taken these figures into account in your calculations?
What cash position do you think Sound will have at the end of 2023?
Graham says that the cash position at present is the best that it has been for a long time.
Like the man said,
'The next key steps to progress phase 1 include final design, engineering, procurement and installation of the flowline system and associated well head facility equipment for the gas gathering system to transport the gas from the well heads to the mLNG plant.'
Then as if by magic, a tweet of the LNG manufacturing cryogenic unit being installed.
This project in on course to be completed by the end of the year and cash flows in 2024. Cash inflows resulting from the Calvalley deal will address any concerns over finances at the end of this year.
IMO this situation is better than it has been for years here at Sound Energy.
Yes, I agree with you on that one, it is very odd that Kylie spends so much energy berating a business that she is not invested in. Very strange behaviour indeed, probably a personality defect issue there somewhere, hard to tell, but only a very sad individual would waste their time on a business in which they are not invested.
On a positive note, the accounts show that Sound is now in a better place financially, than it has been for a long time. Well funded with money in the bank, debts cleared and tax liabilities settled.
Sound has a clear plan for the next few months, wealthy established and supportive business partners ready and proven gas assets and reserrves ready to be exploited.
IMO things are looking better for Sound than they have for ages :)
Another thought on why this bond holder has opted to partially convert to shares.
If the reason was to generate cash, surely he would be better advised just trade the bond rather than convert and realise a loss!
The bond has a good interest rate and would command a decent price after only two months from issue.
Good point Shrek.
I was only thinking about the first two points, desperate for money and thinking that business is doomed.
Either way, the lender would convert and sell shares into the market and realise a little cash at least.
They would also forego their interest payments!!!
This loan was only put in place in JUne wasn't it?
How could a lender mis-judge things so badly in such a short time scale?
It baffled me, but your last point is valid and makes sense of it.
Lender converts and retains the shares because he has a very recent, reliable evaluation of the prospects for the business and believes that the SP will go substantially higher.
He cannot wait for conversion as he will miss the boat, so convert and now and keep them and wait for the big rise.
Well done that man.
Good interview by Graham, as usual.
All positive comments about progress with Calvalley and a promise of news this autumn.
It sounds as though they have collected the debts at last and the cash position is better than it has been for 3 years.
Sound also has a substantial undrawn facility as a buffer.
Very re-assuring interview, thanks Flagstaff for sending the link.
It puts £500,000 into Sound's bank account and that is good news.
Can that be why its been done, just to bolster the bank account short term while they wait for the Calvalley deal to be finalised?
If so, Sound has called in a big favour from someone.
Yes, when they were announced back in June, I assumed that they would only convert when the price had gone well above 2.25p, maybe by the end of the year. Perhaps they need the money back desperately and cannot wait, and intend to sell off the shares to realise cash, even though they get a lot less????
Go Gigure, as they say.