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SCIR Scirocco Energy Plc

0.25
0.00 (0.00%)
25 Jun 2024 - Closed
Delayed by 15 minutes
Scirocco Energy Investors - SCIR

Scirocco Energy Investors - SCIR

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 »
Industry Sector
ALTERNATIVE ENERGY

Top Investor Posts

Top Posts
Posted at 19/3/2024 10:57 by tomboyb
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.
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 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 12:10 by agneissearner
I think the cumulative results for the period 2009 to 2022 below give you a a good idea of the financial performance of the current and previous members of the SCIR Board

2009 to Cumulative

2022

Total £'000

Revenue (1,457)

Share of profit of joint venture (40)

Exchange losses 56

No details 4,623

Audit fees 294

Prof legal & consulting 1,832

J Fitzpatrick (Gneiss) 2,132

AIM related costs including investor relations 916

One Dyas 1,293

Accounting related services 606

Travel & subsistence 188

Office and administrative 295

Other expenses 140

Impairment losses 1,384

Directors remuneration 3,549

Share based payments 1,922

Wages and salaries and other costs 1,023

Total of administrative expenses 20,253

Loss before investment activities 18,756

Operating expenses 268

Interest income (233)

Finance costs 786

Exchange losses 81

Amortisation costs 759

Impairment losses 3,332

Provision for losses on financial instruments 1,567

Other income (189)

Other gains and losses (3,384)

Sub total 2,719

Loss/(profit) continuing operations before tax 21,743

Loss discontinued operations before tax 8,225

Total Loss 29,968

Income tax (13)

Total Loss after tax 29,955

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 03/8/2023 09:52 by tomboyb
August 2023

Scirocco Energy plc

("Scirocco Energy" or "the Company")

Ruvuma Transaction Update - Tax Clearance Received

Scirocco Energy (AIM:SCIR), the AIM investing company targeting attractive assets within the European sustainable energy and circular economy markets, is pleased to provide an update r egarding the Ruvuma asset, in which Scirocco awaits completion of the divestment of its 25% interest to ARA Petroleum Tanzania ("APT") .

Announcing Significant Progress on the Completion of Ruvuma

As communicated via RNS on the 31 August 2022, the Company entered a binding agreement with ARA Petroleum Tanzania ("APT") to divest its 25% non-operated interest in the Ruvuma asset, Tanzania, for a total consideration of up to US$16 million. Since then, the transaction has gone through multiple stages of approval The Company has now received confirmation from the Tanzania Revenue Authority ("TRA") of the assessed tax liability of c. GBP150k, which was in line with the Company's expectations, and which has now been paid by the Company. The TRA issued a Tax Clearance Certificate to Scirocco on 3(rd) August 2023 representing a major milestone towards final completion.

Scirocco will now write to the Tanzanian Minister for Energy to obtain the final approval of the transfer of the licence interest to APT. On receipt of this approval, all conditions precedent to the transaction will be satisfied and Scirocco and its counterparty ARA Petroleum Tanzania can proceed to complete the transaction by the amended long stop date of 31 August 2023.

At completion, Scirocco expects to receive the balance of the completion payment of c. US$2.5 million (equivalent to $3.0 million completion payment less the $0.5 million advance received following signature of the agreement with APT). Following completion, as a reminder to Shareholders, Scirocco will then be entitled to receive a series of contingent payments which depend on progress on the development activity of Ruvuma:

-- US$3 million payable upon Final Investment Decision (FID) being by the parties to the Ruvuma Asset Production Sharing Agreement or the JOA as the case may be. Given the progress made on the development to date, with first gas being targeted for December 2023, Scirocco is confident of receiving this payment later in 2023;

-- Up to US$8 million payable in the form of a 25% net revenue share from the point when Ruvuma commences delivery of gas to the gas buyer. These payments will be made following the sale of gas has commenced and based on the current development timeline are estimated to commence in Q1 2024;

-- Contingent consideration of US$2 million payable on gross production reaching a level equal to or greater than 50 Bcf. This will require consistent production over a period of time from the licence and is unlikely to be payable before 2025 at the earliest.

Commenting on the update, Scirocco's CEO Tom Reynolds said:

'It is very encouraging to have progressed to this stage in the transaction and we thank the representatives of the TRA and our advisers for their diligent work throughout the process. We are now working with our counterparty APT to deliver the final approval from the Minister of Energy in order to complete the transaction as soon as possible. Completion of the Ruvuma sale will mark Scirocco's transition from an investor in cash consuming natural resource assets to an investor in cash generative sustainable energy assets. The expected cash payments from the sale significantly exceed Scirocco's current market capitalisation and the Board is confident of being able to deploy available capital into attractive platform companies such as EAG to grow shareholder value over time."

ENDS

For further information:
Posted at 03/8/2023 08:42 by tomboyb
Scirocco announces that its CEO Tom Reynolds will provide a live AGM Presentation via Investor Meet Company on 9th Aug 2023 at 11:00am BST.

The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9am the day before the meeting or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add to meet SCIROCCO ENERGY PLC via:

hxxps://www.investormeetcompany.com/scirocco-energy-plc/register-investor
Posted at 02/8/2023 13:49 by tomboyb
20% up -

Taken into account previous post on major investors stake >> 1p per share -

It looks like they hold quite a large chunck of the company -
Posted at 31/5/2023 15:53 by tomboyb
HaiderAliFool31 May '23 - 14:44 - 207 of 209
0 1 0


'The Government through TPDC has continued with efforts aimed at increasing the availability of natural gas where the Government, TPDC and the investor of the Ruvuma Block with approximately 1.6 Trillion Cubic Feet have completed discussions and signed the Natural Gas Supplement Agreement, Minister Makamba.

Thanks to JA on the telegram group for sharing.
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:

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