11 October 2016
Sound Energy plc
("Sound Energy" or the "Company")
Sound Energy, the European and African focused upstream gas company announces that, following an approach to the Company by a large UK financial institution wishing to secure an equity position, it has been notified that Greenberry S.A. ("Greenberry") has sold, to the above pre-identified institution, 10,000,000 of the Company's warrants to subscribe for new ordinary shares in the Company expiring 21 June 2021 (the "Warrants"). This transaction occurred on 10 October 2016 at a price of 50 pence per Warrant. Should the Warrants be exercised, the acquisition price of ordinary shares for the new Warrant holder (inclusive of the 30 pence per share exercise price) would therefore be 80 pence per new ordinary share, representing a 5.9 per cent. discount to the closing mid market price per Sound Energy ordinary share of 85.0 pence on 10 October 2016.
The Company looks forward to the introduction of further institutions to the shareholder register.
Marco Fumagalli, a director of the Company, is Managing Partner of, and a 25% shareholder in, Continental Investment Partners SA ("Continental"). Greenberry is an affiliate of Continental by virtue of its common ownership.
The notification below, made in accordance with the requirements of the Market Abuse Regulation, provides further detail.
Details of the person discharging managerial responsibilities / person closely associated
Reason for the notification
Notification concens a PCA, being a legal person the managerial responsibilities of which are discharged by Marco Fumagalli, a PDMR (Non-Executive Director of Sound Energy plc).
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Sound Energy plc
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
Description of the financial instrument, type of instrument
Warrants to subscribe for new ordinary shares of £0.01 each at an exercise price of 30 pence per share
Nature of the transaction
Disposal of warrants
Price(s) and volumes(s)
N/A (single transaction)
Date of the transaction
10 October 2016
Place of the transaction
Outside of a trading venue
This announcement is inside information for the purposes of article 7 of Regulation 596/2014.
For further information please contact:
Vigo Communications - PR Adviser
Tel: 44 (0)20 7830 9700
James Parsons, Chief Executive Officer
Smith & Williamson - Nominated Adviser
Tel: 44 (0)20 7131 4000
Cantor Fitzgerald Europe - Broker
Tel: 44 (0)20 7894 8896