Hub
13 Jan 2015
Re: Sound withdraws offer this did make me chuckle...they say.... ".... the resultant reduction in global appetite for deep water exploration, the Company has decided, having re-evaluated Antrim's assets, not to proceed further with an offer for Antrim at this time." END.Ermmm - I thought the point of the cheap offer was to gain Antrim's cash balance of circa £8mln+ in exchange for some pony Sound Oil shares. In other words - a cheap way of gaining cash when the market is in no mood for placings without a heavy discount. In addition to that.. Antrim's tax losses are huge and worth millions. The Skellig opportunity was the last thing that Sound were after.It was worth a cheeky bid though no matter how red faced Sound Oil execs might look today.In this market - it's worth trying anything.HUB
rollthediceagain
13 Jan 2015
Sound withdraws offer RNS Number : 9636BSound Oil PLC13 January 2015 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES13 January 2015 Sound Oil plc("Sound Oil" or the "Company"
Withdrawal of Intended Offer for Antrim Energy Inc. On 24 November 2014 Sound Oil announced its intention to launch a public offer (the "Intended Offer" for 100% of the share capital of Antrim Energy Inc ("Antrim". Sound Oil confirms that following the continued deterioration of the oil price and the resultant reduction in global appetite for deep water exploration, the Company has decided, having re-evaluated Antrim's assets, not to proceed further with an offer for Antrim at this time. Further information on Sound Oil may be found on the Company's website: www.soundoil.co.uk
jim b-r
02 Jan 2015
Antrim Energy rebuffs Sound Oil Slightly old news from Oilbarrel, published on 31/12:Calgary-based Antrim Energy has rebuffed the initial approach from fellow AIM E&P Sound Oil, saying the intended offer does not recognise the full value of the company’s assets and potential. Last month Sound made an intended offer for Antrim of 0.3198 new ordinary shares for each Antrim share, valuing the Canadian company, which is trading below cash value, at 3.44 pence per share or £6.35 million for the entire issued share capital, representing a slim ten per cent premium.[link]
crudehope
13 Dec 2014
Re: AGM? Seems I was confused. 33% voted on resolutions.
crudehope
13 Dec 2014
AGM? Results of the 'Extraordinary, Emergency, Compensation Dispensation Awards Ceremony':[link] has gone on here? Have the Directors awarded 33% of the share capital to themselves....or am I confused?Crude......over 60 million shares have been voted on.
crudehope
12 Dec 2014
Re: Sound offer..... Green..........when the vote comes, kick them into touch & join an ambitious company.......Sound Oil. Our CEO, James Parsons is dynamic & something of a tactical genius. He spent 12 years with Shell developing new business & has a business degree. He has appointed 2 ex ENI senior managers who have technical skill & know how to manage the permit process. You may be aware that we have been awarded a drill permit for our flagship Nervesa field today. The two permits we have are regional & local & the final permit from UNIMIG is now a formality. It looks like we are drilling in January...........come & join us!Crude
green.as1953
12 Dec 2014
Re: Sound offer..... The Board at Antrim are a complete joke, fact.
crudehope
11 Dec 2014
Sound offer..... As the oil price now stands Antrim have very little to bring to the table. That unfunded Skellig asset is hardly going to draw much enthusiasm in this climate. The cash could be put to so much better use in an enlarged Sound Oil. It's not as if Antrim investors will lose out - they won't. They will suddenly get exposure to what we bring: steady growth from previously discovered assets as we bring them on stream & a chance at the big time with our huge Badile gas project which we are drilling in the next six months - maybe sooner - not to mention our circa £14 million cash reserves & very little debt. We are a company that are starting to get noticed & have solid backing from big European investors. It's surely a win win situation for both sets of investors. If anything, Sound Oil investors will be slightly worse off because we will be the ones diluted by about 13% - Antrim will be getting a premium to today's prices. This deal makes too much sense not to happen & I fully expect the board at Antrim to recommend in the next few weeks. Anti need to mergeCrude
big chef
11 Dec 2014
Re: AGM December 12th Those near the top of the executive tree rarely get more than a hand slap, and regularly walk away into the sunset with a bag of cash for their troubles, while the investors take the hit.What a shambles.Big Chef.
Father__Paul
11 Dec 2014
AGM December 12th Voting at the AGM tomorrow to approve their executive compensation.Termination without cause following a Change of Control: Severance provided pursuant to Executive Employment Agreement
i) two (2) times base annual salary(ii) two (2) times annual bonus paid over the past one year Severance provided to CFO pursuant to the CFO Employment Agreement: 15 month's base salary and bonus paid for the calendar month immediately preceding the month in which notice is given. Payment for outstanding and accrued vacation pay Maintain benefits (health, dental, life insurance and disability) for a period of 12 months (or alternatively provide a lump sum payment to replace such benefits for a 12 month period).After the AGM they can accept any offer from Sound Oil and be financially comfortable before the next stage of their career.
Vincentinvestor1
06 Dec 2014
fraud Drug dealers are id iots, they risk being imprisoned / killed for their illicit gains. Should commit fraud on AIM, there are no consequences. imo
green.as1953
04 Dec 2014
Re: HARD FACTS I don't think the "offer" has been taken seriously.
Max V
04 Dec 2014
Re: HARD FACTS It's all gone very quiet here.
moneyman59
27 Nov 2014
HARD FACTS At current cash burn rates Antrims £10m will disappear in expensive offices and fat salaries and there will be nothing left in 2016 to drill Skellig. Do the maths, Sound will be 50p in 12-18 months if not taken over by ENI first, for a similar price.DYORMM
moneyman59
25 Nov 2014
Win Win The Win, Win SituationToday Sound Oil Plc (LON:SOU) launched a public offer (intended offer) for 100% of the share capital of Antrim Energy, the RNS outlines the company’s intention to ”leverage Sound Oil’s portfolio.” Sound Oil has a decent balance sheet, a high impact drilling campaign, strong management and more importantly they are headed in the right direction. But what does this mean to investors.Antrim EnergyHas clearly come off over the last few years, the company has some decent assets out in Ireland which have seen some progress however this really hasn’t been enough for the company to gain any traction in the markets. As a result the company has traded weakly and without liquidity, which in itself becomes one of the biggest issue’s to face a sub £10m market capitalized company. The management has to hold up their hands and accept they may not have had the best of luck in the world but performance has just not been good enough. Today’s offer gives shareholders some light at the end of the tunnel as together the offer will produce a company with a strong balance sheet, high impact exploration (near-term) and some production, whilst giving legs to the development of Antrim’s prospects and potential.Sound OilSound really are in the driving seat with today’s low ball hostile approach, they will clearly benefit strongly from the acquisition as the balance sheet would grow as would the upside potential of the business from Antrim’s key Irish asset. Its a brave call for the CEO to come in hard on Antrim’s sub prime BOD however fortunes favour the brave and this really is a deal which will suit both groups of investors, as it would mean a compounding of an even stronger balance sheet whilst encompassing newsflow, a billion dollar upside drilling campaign, cornerstone investors (institutional) and a strong dynamic management team. Sound oil has a mouth watering prospect to explore over the coming months with or without this deal.We at ValueTheMarkets believe that joining a company stepping up beats parting with your money stepping back.
