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On 04 December 2023, Sound Energy plc announced the successful completion of its bond restructuring. Noteholders of the Company's EUR 28.8m 5.0% senior secured notes approved the restructuring proposal by 96.18% of votes cast, with EUR 15.7M of Notes lodged for quorum. This approval removed the prior obligation for Sound Energy to amortise 5.0% of the EUR 25.3M Notes principal outstanding every six months from 21 December 2023 until December 2027.
| Date | 4 Dec 2023 |
| Time | 14:26:13 |
| Category | Miscellaneous |
| ID | 6034V |
4 December 2023
Sound Energy plc
("Sound Energy" or the "Company")
Successful Completion of Bond Restructuring
Sound Energy, the AIM-listed transition energy company, is pleased to announce that at the meeting of the holders (the "Noteholders") of the Company's Luxembourg listed EUR 28.8m 5.0% senior secured notes (the "Notes") held earlier today to consider the proposal for the restructuring of the Notes (the "Proposal"), the Proposal was duly approved by Noteholders by the requisite majority.
At the Noteholder meeting, quorum was reached with voting instructions representing EUR 15.7M of the Notes lodged by Noteholders, with 96.18% of votes cast in favour of the Proposal.
As a result of the Noteholders' approval of the Proposal, the prior obligation for the Company to commence amortisation of the Notes at a rate of 5.0% of the EUR 25.3M Notes principal outstanding every six months from 21 December 2023 until maturity in December 2027 has now been removed.
Notice of the result of the Noteholder meeting will shortly be sent to Noteholders and will be available on the Company's website at www.soundenergyplc.com thereafter.
For further information:
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Flagstaff Strategic and Investor Communications Tim Thompson Mark Edwards Alison Allfrey
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Tel: 44 (0)20 129 1474
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Sound Energy Graham Lyon, Executive Chairman
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Cavendish Capital Markets - Nominated Adviser Ben Jeynes Peter Lynch
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Tel: 44 (0)20 7397 8900 |
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SP Angel Corporate Finance LLP - Broker |
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Richard Hail
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Tel: 44 (0)7789 865 095 |
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Gneiss Energy Limited - Financial Adviser Jon Fitzpatrick Paul Weidman Doug Rycroft
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Tel: 44 (0)20 3983 9263 |