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SCIR Scirocco Energy Plc

0.25
0.00 (0.00%)
24 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Scirocco Energy Plc SCIR London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 0.25 01:00:00
Open Price Low Price High Price Close Price Previous Close
0.25 0.25
more quote information »

Scirocco Energy SCIR Dividends History

No dividends issued between 27 May 2014 and 27 May 2024

Top Dividend Posts

Top Posts
Posted at 29/4/2024 12:48 by agneissearner
Message from G.P.Jersey posted on X formerly Twitter

To All Scirocco Energy Shareholders,

Don't forget to vote your #SCIR Shareholding at the upcoming General Meeting.

Vote “FOR” All resolutions to be passed to save the company money and return cash to shareholders.

Agneissearner
Posted at 29/4/2024 12:39 by agneissearner
Message from G.P.Jersey posted on X formerly Twitter

To All Scirocco Energy Shareholders,

Don't forget to vote your #SCIR Shareholding at the upcoming General Meeting.

Vote “FOR” All resolutions to be passed to save the company money and return cash to shareholders.

AGE
Posted at 19/3/2024 10:55 by tomboyb
19 March 2024

Scirocco Energy plc

("Scirocco Energy" or "the Company")

Result of General Meeting

Scirocco Energy (AIM: SCIR), the AIM investing company targeting attractive assets within the European sustainable energy and circular economy markets, announces that the resolution required to be put forward to Shareholders today, following the general meeting requisition request as announced on 6 February 2024, and as further detailed in the circular published by the Company on 23 February 2024 (the "Circular"), was passed.

The resolution stated "that the directors of the Company put in place a strategy to return the Company's cash to shareholders and to sell the Company's material assets and return any cash proceeds from such disposals to shareholders (subject to the requirements of the Act and the AIM rules)".

The results of the Shareholder vote shown in the table below have been confirmed by a poll of votes cast carried out by the Company's independent registrar present at the meeting.







Total Votes







Resolution

For

%

Against

%

Withheld

Total Cast

1

291,308,465

80.19

71,982,983

19.81

441,240

363,291,448



Next steps

Following the resolution passing, the directors will clarify the detailed steps required to return the Company's cash to Shareholders and will update the market in due course. As set out in the Circular, this process is highly likely to be implemented via a members' voluntary liquidation ("MVL"), which will involve a further general meeting being called by the Company in 2-3 months' time to seek approval from Shareholders to appoint liquidators. As part of the MVL process, the Company will also be required to seek approval from Shareholders to cancel the Company's admission to trading on AIM ("Cancellation"), which will either be sought at the same time as the MVL approval is sought from Shareholders, or ahead of time in a separate general meeting. Existing and prospective investors are encouraged to read the Circular for more information on the MVL process.

AIM Rule 15 cash shell classification

As the Company no longer has a mandate to pursue its investing policy, the Company is now deemed an AIM Rule 15 cash shell. Pursuant to Rule 40 of the AIM Rules for Companies, the Company's Ordinary Shares will be suspended from trading on AIM if the abovementioned Cancellation has not been concluded within six months of today's date. Should a further six months then elapse without the Cancellation taking effect, pursuant to Rule 41 of the AIM Rules for Companies, the Company's admission to trading on AIM will be cancelled.


For further information:

Scirocco Energy plc

Tom Reynolds, CEO

+44 (0)20 7466 5000

Strand Hanson Limited, Nominated Adviser and Broker

Ritchie Balmer / James Spinney / Robert Collins

+44 (0) 20 7409 3494

Buchanan, Financial PR

Ben Romney / Barry Archer / George Pope

+44 (0)20 7466 5000
Posted at 25/2/2024 12:00 by agneissearner
It is interesting to note that the expected net proceeds from Ruvuma were expected to be £11.828m on the 31 December 2021 however on 31 December 2022 it was expected to be £7.605m so a reduction of £4.223m in just a year.

The question has to be asked why did it decrease by so much!

It then increased to £7.986m on 30 June 2023

You will notice the wording Loan to ARA however ARA are providing a loan to SCIR rather than SCIR providing a loan to ARA.

The Board clarified the situation with the loan and that is that the loan from ARA to SCIR is not being paid out of the $16m it is going to be paid in addition to the $16m.

AGE
Posted at 24/2/2024 12:17 by agneissearner
Was EAG/GGL a wise investment considering the Board spent £80k on legal costs and £100k on due diligence costs and £700k to acquire GGL when it had negative net assets of £425k so a liabliity as it was sold at a loss of between £725k to £875k depending upon whether the £150k of contingent consideration is received or not.

If you look at the 2023 AGM presentation dated 9 August 2023 you will see a slide titled:

Strategic progress made through 2022 and H1 2023

Strong operational and financial performance of EAG JV in parallel with identifying follow-on investment opportunities

There is also slide titled:

Demonstrating Scirocco’s robust investment model -EAG

There is also a slide titled

Investment Structure & Waterfall –a path to sustainable capital growth

This information demonstrates how the EAG/GGL business model is going to produce substantial capital returns for SCIR as the loan was to be repaid first and then SCIR would receive its capital profit share.

In period of just 4 months the Board decided that the excellent EAG/GGL investment opportunity was not such a good investment after all and that they should sell it as soon as possible at a loss of between £725k to £875k dependent upon whether the £150k of contingent consideration is received or not.

The presentation contains the normal disclaimers saying "The presentation has not been verified, does not purport to contain all the information that a prospective investor may require and is subject to updating etc etc.

The divestment document contains a number reasons as to why EAG/GGL was being sold at such a massive loss

The Board spent £100k on due diligence costs for the acquisition of EAG/GGL and it should have included the projected revenues and costs within the net present value cash flow table as well as an Internal rate of return calculation.

There should have been a sensitivity analysis to show what would happen if revenue and costs or interest rates were to change by certain amounts.

It was quite obvious even to the man on the clapham ominbus that interest rates would rise substantially after EAG/GGL was acquired!

AGE
Posted at 24/2/2024 12:16 by agneissearner
Have the Board spent shareholders wisely and managed to obtain the best value for money that was available?

44RJ raised an excellent question in his post yesterday at 15:53 which is relevant to the point above.

"Why they didn't prioritise Ruvuma and preserve cash to stay in the game is totally beyond me"

SCIR shareholders bought their shares because of the potential upside on Ruvuma and as they had lost so much money on their original investment they were willing to take the chance that it would either come good in which case they might get back their original investment or even make a profit or if not successful then they would lose all of their investment.

The Board stated that they had a duty of care to shareholders and that Ruvuma was very risky and so they sought shareholders authority to sell Ruvuma and then reinvest the proceeds in the circular economy as is was the future and it was less risky.

In a period from the year ended 31 December 2018 to 31 December 2021 which is a period of just 4 years the Board paid £2.132m to Gneiss Energy Ltd for consultancy fees and the current market value of SCIR is £2.7m so those fees represents 78.92% of the current market value of SCIR.

During those 4 years SCIR received a net amount of £7.111m from issuing shares so the £2.132m represents 29.98% of the net proceeds.

Gneiss Energy Ltd was paid a success fee for negotiating the sale of Ruvuma however shareholders do not know how much they were paid as when the Board were asked about this at the AGM they replied that the payment fell within market norms.

If you look at the cumulative P&L account you will see that accountancy services fees amounted to £606k for just 5 years and the cost for 2022 was a whopping £152k

For £152k you could employ a qualified full time Financial Controller for more than a year and yet the accounting related services job is a part time job.

The part time job would involve the following:

Maintaining day to day accounting records

VAT returns

Payroll run for one employee and the Board

Payment of suppliers

Preparation of the interim and annual accounts

The cumulative cash flow shows that SCIR received revenue of just £1.457m and the turnover from GGL was not included in the consolidated P&L account of SCIR as only SCIR's share of EAG's profit/(loss) was included in the P&L.

The question has to be asked how did it cost so much for accounting related services for the following years when the accounting services role is just a part time job?

2022 £152,000

2021 £ 93,000

2020 £114,000

2019 £196,000

2018 £ 51,000

The Board spent £1,293,000 on the abortive One Dyas deal when it did not have a great deal of cash and how was SCIR going to able to raise the cash if the deal had of been successful?

I will leave you to judge if you think that the Board have spent shareholders money wisely and if they have obtained the best value for money.

AGE
Posted at 02/10/2023 07:09 by tomboyb
Scirocco Energy PLC Ruvuma Transaction Update (2662O)
02/10/2023 7:00am
UK Regulatory (RNS & others)

Scirocco Energy (LSE:SCIR)
Intraday Stock Chart

Monday 2 October 2023

Click Here for more Scirocco Energy Charts.
TIDMSCIR

RNS Number : 2662O

Scirocco Energy PLC

02 October 2023

2 October 2023

Scirocco Energy plc

("Scirocco" or the "Company")

Ruvuma Transaction Update - Ministerial Approval Received

Scirocco Energy plc (AIM: SCIR), the AIM investing company targeting attractive assets within the European sustainable energy and circular economy markets, today announces an update on the Ruvuma transaction.

Scirocco is pleased to announce that the divestment of its 25% interest in the Ruvuma asset has been approved by the Tanzanian Minister of Energy. With this approval now received, all conditions precedent to the transaction are satisfied and Scirocco and its counterparty, ARA Petroleum Tanzania, can now proceed to complete the transaction in the coming weeks.

Commenting on the update, CEO Tom Reynolds said:

"Ministerial approval brings us one step closer to the impending completion of this transformative transaction, and we are grateful to the Tanzanian authorities for their support. This is a watershed moment for the Company that completes Scirocco's evolution from an investor in diverse hydrocarbon assets into an investor into cash-generative assets within the European sustainable energy and circular economy markets. We see a broad range of opportunities in these markets providing scope for low-risk, sustainable returns. We look forward to announcing completion of this long-awaited divestment in the coming weeks."

For further information:
Posted at 07/12/2022 07:53 by manual dexterity
Scirocco Energy PLC Corporate Update & Investor Event
07/12/2022 7:00am
UK Regulatory (RNS & others)

Scirocco Energy (LSE:SCIR)
Intraday Stock Chart

Wednesday 7 December 2022

Click Here for more Scirocco Energy Charts.
TIDMSCIR

RNS Number : 8253I

Scirocco Energy PLC

07 December 2022

7 December 2022

Scirocco Energy plc

("Scirocco" or the "Company")

Corporate Update & Investor Event

Scirocco (AIM: SCIR), the AIM investing company targeting attractive assets within the European sustainable energy and circular economy markets, is pleased to provide a corporate update ahead of the Investor Event that it is hosting later today. The update includes various strategic targets as well as the announcement of an exclusivity agreement for the acquisition of an additional bio-gas plant.

The new Corporate Presentation that is being used for the Investor Event will be made available on the website via the following link:



Strategy Update

At the Investor Event, the Board will provide an update on its strategic progress as it seeks to construct a portfolio capable of supporting attractive dividend yield and further growth through re-investment. To date, through the establishment of its Joint Venture with EAG (SCIR 50%), EAG has completed the acquisition of 100% of Greenan Generation Limited (GGL) and its 0.5 MWe Anaerobic Digestion (AD) plant in Northern Ireland. Since completing that acquisition in October 2021, GGL has performed strongly, generating for EAG a 12 month EBITDA estimate to 30 September 2022 of GBP602,000 (unaudited), after c. GBP375,000 of costs associated with operating investments and business development.

Since establishing the joint venture, EAG has developed a pipeline of Biogas acquisitions in line with the stated strategy to acquire "bitesize" plants in the value range of GBP3-4m each. The goal is to acquire individual plants using EAG's "cookie cutter" approach whereby target assets are acquired as SPVs through a combination of debt and equity, the assets are then optimised through operating techniques and investments to grow profitability and enhance the value of each asset and the portfolio as a whole. A typical SPV is forecast to generate c. GBP850k EBITDA with enterprise value in the range of GBP7.5-GBP8.5m per plant, thereby demonstrating the appealing value proposition of the strategy.

Based on the strategic objectives and current deal flow pipeline being progressed by EAG, it is the intention that EAG will, subject to securing the necessary funding, acquire two plants through 2023 and a further two plants in 2024. Should EAG be successful in converting these opportunities as guided then EAG would create a business generating over GBP5 million EBITDA per annum with an implied cash on cash multiple of c. 2.5x accruing to EAG investors.

Exclusivity Agreement for target plant

Consistent with the stated strategy, Scirocco is pleased to announce that EAG has entered into an exclusivity agreement to acquire 100% of the share capital in a target SPV which has been delivering consistent operational and financial results over the past 7 years, generating an EBITDA of GBP567k for its last financial year. It is EAG's expectation that its plans to optimise performance can increase EBITDA at the plant to GBP725k in its first year of ownership.

EAG has completed phase 1 of its DD process using its internal resources and, following signing of exclusivity, will move into Phase 2 which includes drafting of the SPA and associated project documents. The acquisition requires GBP3.8m of acquisition capital as well as approximately GBP200k in closing costs, and will be debt funded to approximately 70% of the total. Assuming all progresses as planned, including sourcing of the necessary finance, then EAG is targeting a completion date at the end of February 2023. Further updates will be provided as and when appropriate.

Tom Reynolds, Scirocco's CEO commented:

"We're pleased to provide investors with a deeper dive into our strategy and the market drivers that support our strategic focus. Our JV with EAG gives Scirocco unique access to a compelling opportunity pipeline that can be converted on highly attractive and value accretive terms. The JV's initial acquisition of GGL last year demonstrates the low-risk and high-margin profitability of these assets and the value uplift that EAG provides upon completion. In that regard, we are pleased to provide the market with strategic targets that we believe can be comfortably delivered by EAG based on the pipeline being progressed. As detailed in the presentation we provide today, subject to financing being available as expected, the team is confident of building an asset base with enterprise value of up to GBP100 million by 2027.

In the context of this update, we are also pleased to announce the Exclusivity Agreement that EAG has signed with a target SPV. The team's extensive internal DD on the target indicates that this SPV benefits from all the factors consistent with EAG's investment model and represents a compelling opportunity for EAG and Scirocco. While this process is still relatively early stage and formal DD is required, we are hopeful that EAG will progress this opportunity to SPA in the coming months with a view to adding a second plant to the portfolio in Q1'23. In parallel with the DD process, EAG is also progressing funding discussions and is confident that the implied multiples of these targets and the compelling market drivers that support investment into this sector in pursuit of UK's net-zero targets will ensure the most appropriate form of funding can be secured to complete any subsequent transaction."

For further information:
Posted at 06/12/2022 07:30 by manual dexterity
Scirocco Energy PLC Ruvuma Divestment Update
06/12/2022 7:00am
UK Regulatory (RNS & others)

Scirocco Energy (LSE:SCIR)
Intraday Stock Chart

Tuesday 6 December 2022

Click Here for more Scirocco Energy Charts.
TIDMSCIR

RNS Number : 6731I

Scirocco Energy PLC

06 December 2022

6 December 2022

Scirocco Energy plc

("Scirocco" or the "Company")

Ruvuma Divestment Update

Scirocco (AIM: SCIR), the AIM investing company targeting attractive assets within the European sustainable energy and circular economy markets, is pleased to provide an update on the divestment of the Ruvuma asset, where Scirocco has entered into an agreement to sell its 25% interest to ARA Petroleum Tanzania ("APT").

The Tanzanian Fair Competition Commission ("FCC") has now granted its unconditional approval for the transaction and issued the Company with the Merger Clearance Certificate. The issuance of the certificate is an important step towards completion of the asset divestment.

The Company continues to engage with stakeholders across the Tanzanian government agencies whose approval is required as part of the completion process. The Board now considers it more likely that completion will be achieved in Q1 2023 rather than December 2022 as previously guided, due to likely disruption around the upcoming festive period.

The Company remains in discussions with all stakeholder groups and will continue to provide updates to the market accordingly.

Tom Reynolds, Scirocco's CEO commented:

" We are pleased to report this positive development today as we progress towards the completion of the divestment of Scirocco's interest in Ruvuma to APT. We continue to work closely with Tanzanian authorities and counterparties and look forward to completing the transaction in Q1 2023."

For further information:


Scirocco Energy plc
Tom Reynolds, CEO +44 (0) 20 7466
Doug Rycroft, COO 5000

Strand Hanson Limited, Nominated Adviser
Ritchie Balmer / James Spinney / Robert +44 (0) 20 7409
Collins 3494

WH Ireland Limited, Broker +44 (0) 0207 220
Harry Ansell / Katy Mitchell 1666

Buchanan, Financial PR +44 (0) 20 7466
Ben Romney / Jon Krinks 5000
Posted at 14/7/2022 16:15 by knightrider69
Here it isEXPOSE: Scirocco Energy – Gneiss Work If You Can Get It, Part TwoBy Nigel Somerville, the Deputy Sheriff of AIM | Sunday 10 July 2022Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.I have been peering into the world of AIM-listed Scirocco Energy (SCIR) – formerly Solo Oil (SOLO) – and the fruits of its relationship with Gneiss Energy (run by Jon Fitzpatrick). In part one I looked at the deal to sell off the now non-core asset of Ruvuma in Tanzania and wondered what shareholders had to gain from the deal. But there is another deal which smells all wrong to me.I mentioned in part one that Gneiss/Jon Fitzpatrrick had made £2.1 million out of the relationship between 2017 and 2021. That's a pretty hefty payment for a company with a current market capitalisation of £3 million – made all the worse by the fact that the share price has declined by some 83% since the start of 2017 (after one takes a 20-1 consolidation into account).But now I want to take a peek at another deal: the £1.2 million investment into Energy Acquisitions Group Ltd (EAG) as part of a new investment strategy to invest in sustainable energy and "circular economy" (whatever that is), as approved at the 2021 AGM on 9 July. Part of the AGM dealings was to do with a reorganisation of the Board, when Gneiss boss Jon Fitzpatrick stood down as a NED – so he's hardly an independent voice – but ties remained as the relationship with Gneiss carried on.The deal was completed as announced on 25 August 2021, when we were told:· Scirocco Energy has completed its £1.2m investment into EAG and subsequently owns 50% of EAG (https://www.energy-acquisitions.com/)· EAG will use the funds to acquire 100% of Greenan Generation Limited (GGL) and its 0.5MWe Anaerobic Digestion (AD) plant in Northern Ireland· GGL is a cash generative, operational AD plant which the EAG team believe can be optimised to enhance EBITDA margins and free cash flow· EAG anticipates initial annual turnover of c. £1.1m from GGL· The investment into EAG has been funded by cash on the balance sheet and the EAG team has identified further opportunities to invest in a pipeline of AD plants in the UK totalling c. £30 million in value· This aligns with the new strategy, approved by Scirocco Energy's shareholders on 9 July 2021, to deliver value through acquisitions in the European sustainable energy and circular economy markets· As part of this transaction, Scirocco Directors, Tom Reynolds and Muir Miller, will join the board of EAGWell that all sounds fine and dandy: EAG is to be handed £1.2 million which will presumably be spent on acquiring Greenan Generation Ltd (GGL), which was expected to have initial turnover of £1.1 million and there are other deals in the offing. For its £1.2 million, Scirocco got 50% of EAG. Splendid.Or was it? For a trip to Companies House tells a rather different story. For a start, Scirocco's investment into EAG was in the form of a £1.2 million loan, via 100%-owned Scirocco Energy (UK) Limited, as detailed in Scirocco's FY21 Annual Report (see the Strategic Report). There we are told that the £1.2 million investmentwas be used by EAG to acquire 100% of Greenan Generation Limited ("GGL") and associated 0.5 MWe Anaerobic Digestion plant located in County Londonderry, Northern IrelandSo did EAG get the whole of GGL, funded 100% by Scirocco but which only resulted in Scirocco having a 50% interest?The RNS released by Scirocco on 25 August 2021 states Scirocco Energy has completed its £1.2m investment into EAG and subsequently owns 50% of EAG, which to this "reasonable investor" might lead me to conclude that Scirocco had bought 50% of EAG for £1.2 million. But the Confirmation Statement for EAG, released by Companies House on 9 November 2021 and dated 28 August 2021 (so after the completion RNS of 25 August 2021) shows that Scirocco Energy (UK) Ltd only held 100 A Ordinary Shares of £1 each, for which it paid £1 each, according to the share allotment filing dated 24 August 2021. So where did the rest of the £1.2 million go?According to Scirocco's FY21 Annual Report (see Note 22), the Group lent EAG £1.2 million, and the parent company lent Scirocco Energy (UK) - a 100% owned subsidiary - £1.2 million. On both transactions, £44,000 of interest was payable, which leads me to the conclusion that the loan was made via the subsidiary – with the subsidiary ending up with £100 worth of shares in EAG (50% of the equity).That appears to be clear enough to me: Scirocco bought half of EAG for £100 and lent it £1.2 million. Not that this was made clear in the announcing RNS! What happened next is, however, a bit of a mystery.Whilst we have been told that EAG acquired the whole of GGL, we are not told how much was paid and to whom. According to Companies House, the last results for GGL were for the year to Mar 2020 (in which we see that net assets were MINUS £253,961 and net current assets were just £17,480, with creditors falling due after more than one year of £1.97 million). The paid up share capital was just £90 and there was no share premium account. So how much did EAG pay for the 100% ownership of GGL? Sadly, the Confirmation Statement dated February 2022 shows no updates to the share register, so we don't know. Nor is there any sign of the issuance of new shares by GGL.But I do note that EAG mortgaged its shares in GGL to KKV Secured Loan Fund Limited (based in Guernsey), although I couldn't find how much for. Might it be possible that the monies due from GGL after more than one year was covered (at least in part) by this? Might it have been backed up by some of the £1.2 million paid out? I have no idea.What I do know is that paying £1.2 million for a 50% interest in a company, when it looks to me as though the £1.2 million was used to acquire the whole thing, does not makes sense to me. Surely Scirocco could have just bought the whole of GGL for itself. Is that really looking after shareholders' best interests?Was this deal also the fruit of the relationship with Gneiss? Yes. And I note that during 2021 payments to Gneiss by Sirocco totalled a very tasty £606,000, up from £225,000 during 2020. How much of that came from the £1.2 million invested/lent by Scirocco into EAG?Truly Gneiss work!

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