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Sound Energy confirms new date for Italian asset sale

Sound intends to hand over the Saffron/Coro consideration to its shareholders directly, rather than hold the stake within the company
oil and gas operations
185.9mln consideration shares will be redistributed to Sound shareholders

Sound Energy PLC (LON:SOU) told investors that the completion date for the sale of its Italian assets to Saffron Energy has moved to April 9.

Saffron (which is due to be renamed Coro Energy) is due to hold a shareholder general meeting on March 29 in order to secure approval for the proposed transaction and other changes including its £13.4mln equity funding.

Sound intends to hand over the Saffron/Coro consideration to its shareholders directly, rather than hold the stake within the company.

READ - Sound Energy secures eight-year agreement for Sidi Moktar gas project in Morocco

So as the sale date moves out, so too does the record date for the proposed redistribution to Sound shareholders - it will now be April 3.

Saffron had separately intended to merge with Po Valley Energy, but that potential transaction was terminated last month. Subsequently, Sound shareholders will now receive an aggregate of 25.9% of the company once the redistribution has taken place.

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