Business
Placing, Cost Reduction Update and TVR
Placing, Cost Reduction Update and TVR.
About this update from Sound Energy Plc
[{"type":"text","content":"\n \nRNS Number : 5403C Sound Energy PLC 18 June 2019 \n \n\n18 June 2019\n \nSound Energy plc \n(\"Sound Energy\" or the \"Company\")\n \nPlacing, Cost Reduction Update and Total Voting Rights\n \nSound Energy, the Moroccan focused upstream gas company, announces the conditional placing of new ordinary shares to raise US$3.0 million before costs (the \"Placing\"). The net proceeds of the Placing of approximately US$2.7 million will strengthen the Company's cash position whilst the Company continues to explore the marketing of its Eastern Morocco portfolio which is expected to conclude prior to the end of 2019.\n \nThe Company also announces that, in light of the previously announced decision by the Board to pause operations until after the results of the current marketing process, the recently initiated structural cost reduction programme announced by the Company on 21 May 2019 has been extended to include a reduction in the base salaries of all of the Executive Directors amounting in aggregate to a reduction of 29% in these ongoing base salary costs in the six month period from 1 August 2019. \n \nPursuant to the Placing Sound Energy has issued, conditional on admission, 23,830,328 new ordinary shares of 1p each (the \"Placing Shares\") at a placing price of 10p per Placing Share. The Placing Shares will, when issued, rank pari passu in all respects with the existing ordinary shares. Application will be made for the Placing Shares to be admitted to trading on AIM and admission is expected to take place on or around 24 June 2019.\n \nFollowing the issue of the Placing Shares, the Company's issued share capital will consist of 1,079,570,324 ordinary shares. Each share has one voting right and no shares are held in treasury; these figures may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.\n \nFor further information please contact:\n \n\n\n\n\nVigo Communications - PR Adviser\nPatrick d'Ancona\nChris McMahon \n \n\n\nTel: +44 (0)20 7390 0230\n\n\n\n\nSound Energy\nJames Parsons, Chief Executive Officer \nJJ Trayno...