On the back of some impressive flow rates from its first horizontal well on the Tendrara licence and backed by its success to date in Morocco, Sound Energy PLC has unveiled plans to raise just over £24mln.
Sound is offering shares in two tranches and is using the PrimaryBid platform for private investors who have less than €100,000 to stake on the company’s success.
On why Sound may have taken this approach, PrimaryBid's CEO Dave Mutton tells Proactive: ''The company has a very loyal existing shareholder base and one of their specific requirements for this offer was to be able to open it up to that shareholder base and let them participate''.
Mutton says he wasn't at all surprised at the level of interest there was for the company's stock as it's a very large company with keen shareholders.
In a statement Sound Chief James Parsons said: “Sound Energy values its private investor base and has chosen this structure to enable the introduction of institutions to the register whilst also re-affirming our commitment to treat private investors fairly.”