Business
Result of Bond Restructuring Proposals
Result of Bond Restructuring Proposals.
About this update from Sound Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4660V\n Sound Energy PLC\n 14 April 2021\n \n \n \n \n \n 14 April 2021\n \n \n \n \n \n Sound Energy plc \n \n \n (\"Sound Energy\" or the \"Company\")\n \n \n \n \n \n \n \n \n Successful Completion of Bond Restructuring\n \n \n \n \n \n \n \n \n Sound Energy, the\n Moroccan focused upstream gas company\n , is delighted to announce that at the meeting of the holders of the Company's \n Luxembourg listed EUR 28.8m 5.0% senior secured notes due 2021 (the \"Notes\") held earlier today (the \"Noteholder Meeting\") to consider the Company's proposal for the \n restructuring of the Notes (the \"Proposal\"), the Proposal was duly approved by the requisite authority. \n \n \n \n \n \n At the Noteholder Meeting, Quorum was reached with voting instructions representing EUR 22.4m of the Notes lodged by holders of the Notes (\"Noteholders\") with 96.88% of votes cast in favour of the Proposals. \n \n \n \n \n \n As a result of\n the Noteholders' approval of the Proposal:\n \n \n · \n The maturity date of the Notes will be extended by six years from 21 June 2021 to 21 December 2027;\n \n \n ·\n The outstanding principal amount of the Notes will be partially amortised, at a rate of 5% every six months, commencing on 21 December 2023;\n \n \n ·\n EUR \n 3\n ,479,999 of the Notes will be converted, pro rata across Noteholders, into a total of 141,176,448 new ordinary shares in the Company (the \"New Ordinary Shares\"), issued at a conversion price of 2.125 pence per new ordinary share. 50% of the New Ordinary Shares to be subject to three month lock-in and 50% subject to a six month lock-in both with effect from date of admission;\n \n \n ·\n The Notes shall bear until maturity 2% cash interest paid per annum (the \"Cash Interest\") and 3% deferred interest per annum to be paid at redemption (the \"Deferred Interest\") for the period commencing on 21 June 2021 (in place of 5% cash interest per annum); \n \n \n ·\n In addition to the Company's existing redemption rights, the Company will have the right, at any time until 21 December 2024, to redeem the Notes in full for 70% of the principal value then outstanding together with any Cash Interest accrued and 100% of the Deferred Interest then accrued at the date of redemption; and\n \n \n ·\n The Company will is...