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Sound Energy prepares to redistribute Saffron/Coro stake to shareholders

Sound shareholders will receive a total of 185.9mln Saffron shares, in proportion to their holdings in Sound
oil and gas operations
The shares will be sent at 6pm on the record date, April 3

Sound Energy PLC (LON:SOU) has updated investors on the process that will deliver shareholders stakes in Saffron Energy, as part of the divestment of the group’s Italian assets.

The company is selling the Italian assets to Saffron, which is being relaunched as Coro Energy, in a share based deal though it won’t retain any of the stake. Instead, the shares will be redistributed to shareholders. To facilitate the transaction, Sound confirmed that it has now undertaken a reduction of capital and it will allocate a total of 185.9mln Saffron Energy shares.

At 6:00pm on the record date, April 3, Sound shareholders will receive the Saffron shares, in proportion to their holdings in Sound.

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