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Sound Energy adjourns meeting for holders of 5% notes due 2027
By Marisa Wong
Los Angeles, Nov. 20 – Sound Energy plc adjourned the meeting of holders of its €28.8 million 5% senior secured notes due 2027 (ISIN: XS1434582885), according to an announcement on Monday.
Sound Energy is seeking to modify the terms of the notes and had scheduled a meeting for holders to vote on the proposed changes, as announced on Nov. 3.
The meeting has been adjourned to 5 a.m. ET on Dec. 4. The original meeting to vote on the extraordinary resolution was to be held at the offices of Fieldfisher LLP in London at 5 a.m. ET on Nov. 20.
The quorum required at the original meeting was one or more persons representing 75% of the principal amount of notes. The adjourned meeting will instead require a quorum of 25% of the principal amount.
Of those present, three-quarters of the votes cast must be in favor for the resolution to pass.
The extraordinary resolution would modify interest payments so that payments from June 21, 2021 to Dec. 21, 2027 will include 40% paid quarterly and then the other 60% deferred to the redemption date. It is not paid-in-kind interest and there would be no interest on the deferred payments.
D.F. King & Co., Inc. is the solicitation agent for the offer (+44 20 7920 9700, SoundEnergy@dfking.com, https://www.dfkingltd.com/Sound-Energy).
Sound Energy is an oil and gas exploration and production company based in Sevenoaks, U.K.
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