Sound Energy (AIM:SOU) trades below forecast cash as Tendrara exit stirs AIM valuation
Sound Energy plc closed Monday at 2.00 pence, up 5.26%. This put the AIM-listed Moroccan gas group at a market cap near 4.54 million pounds. The FTSE AIM All-Share index gained 0.34%. Shares are still well under their 52-week high of 13.00p, with traders watching deal progress more than just production. Investors are now asking a basic question: why does a company projecting post-deal cash higher than its own market cap still trade like a distressed microcap? Sound said on May 26 it would sell Sound Energy Meridja Limited, which holds its 20% Tendrara stake, to Managem SA for $57 million. The company plans to use the money to buy back €28.8 million in 5.0% senior secured notes. If the