Scirocco Energy Share Discussion Threads

[soggy1] 30/9/2022 10:51

Really good post.....if this was a serious company interested in growth and investor returns!!

[agneissearner] 29/9/2022 11:06

Just a reminder. If you have not yet contacted your broker and voted FOR the 5 resolutions below, you have until around 10th October at the latest to do so. This is the only way and probably the final opportunity to stop the Board squandering what Scirocco has left.


Resolution 1
THAT the Directors account for the measures they are going to pursue to recover from the very poor performance of the share price and re-think their investment strategy going forward as the Board says it “is focused on growing the company to become a major European energy player” and the current strategy will not achieve this.

Resolution 2
THAT the Directors provide a full audit trail of the revenue produced since 2018 and to explain why they need external funding as they have not used this to protect the Ruvuma Asset despite assurance being made.

Resolution 3
THAT the Directors reassess the strategy of any further AD Plant investment, given the market perception of the strategy in the poor share price and also the poor returns to date, complex ownership structure and high fees involved. The Directors need to provide clear financial evidence, which has so far been lacking, that this is a profitable investment, given we do not appear to own any of the facilities. We wish to see better investments being made in the future in more established medium size enterprises which demonstrate clear income generation and return to shareholders rather than the current AD plant venture.

Resolution 4
THAT the Directors seek alternative providers of services and benchmark them with Gneiss Energy and other sub-contractors and service providers used by the Company before any further consultancy is carried out. The intention being to reduce the spend on consultancy fees, including salaries and share options given the poor performance of the Company in terms of current market value and lack of revenue. Other providers are available and should be invited to tender for services.

Resolution 5
THAT the Directors appoint a representative of the Requisitioning Shareholders to the Board in order for future concerns of shareholders to be listened to before decisions are made that are detrimental to shareholder interests

AGE

[paulhgreen] 28/9/2022 18:24

Legal action needs to be brought against the Directors and chairman, why has this been allowed to go on for so long , imo it is nothing less than theft.

Any suggestion of what share holders can do ???

Paul G

[knightrider69] 27/9/2022 15:54

Don't understand how they have got stuck in death spiral funding. They sold helium for £4m and sold horsehill for £4m. Total £8m cashBut then they had admin costs last 4 years of £8m. Of which nearly £3m paid to Gneiss!How the heck can a small company have so much admin costs! Absolute disgrace. And chairman keeps saying they world class governance. My ass!Should have returned £8m cash to shareholders long ago. And saved us all this complete nonsense and wasteful spending.

[knightrider69] 25/9/2022 02:41

So why did they pay so much consulting fees to director Fatpatrick and Ferguson to come up with this decision. Paid millions of our money to themselves. Just completely wrong. Needs to be FULL stewards enquiry into all this malarkey

[knightrider69] 20/9/2022 20:22

Reckon we hurry up & get rid of ceo & that hopeless chairman. They have overseen complete capitulation of this company. Disgraceful

[markettimer] 15/9/2022 14:52

Dear Scirocco Shareholders

As you may have seen today via an RNS, the General Meeting will take place on
13th October 2002 at 9am, venue being Pinsent Masons LLP, 30 Crown Place, Earl Street, London EC2A 4ES.

It would be great, if as many shareholders as possible could attend the meeting and voice their support. Please let me know if you are intending to participate via [e-mail]

It’s really important that you turn up with the correct documentation as it is likely the Company will not allow access without this.

Please contact your broker and request a letter confirming your Scirocco Holdings and bring this with you to the meeting. Please ensure you ask them to include Participant and member account ID’s and the CMA or ISA.

Hope to see many of you at the meeting and maybe have a beer or two afterwards.

Regards

Big Double

On behalf of Scirocco Shareholders

[haggismchaggis] 15/9/2022 14:50

Also, from the same document:

"The documentation governing the disposal is legally binding between the Company and
ARA Petroleum Tanzania Ltd (“APT”) and once all the conditions precedent have been
fulfilled, the disposal of the Ruvuma Asset to APT will complete. There is therefore no legally permissible way for the Company to renege on the disposal to APT. "

[haggismchaggis] 15/9/2022 14:48

So there you have it. If you want to stay invested in Tanzania, SCIR are telling you to take your money and go elsewhere (presumably to AEX, APT or other Tanz O&G company).

"The current board first stated in 2018 and has reiterated many times since that the Ruvuma Asset was not an appropriate asset for a small company with no existing production. The Board acknowledges that the Investing Policy targets a different risk-reward profile to the one which may have attracted certain investors to the Company in the past. However, other investment options are available for shareholders seeking that form of risk/reward in exploration/appraisal assets in Sub-Saharan Africa, including Tanzania. "

[barony] 15/9/2022 14:36

30% drop!!! What the hell is happening? We just got a cash injection yesterday.

[haggismchaggis] 15/9/2022 14:29

What gives with SCIR? Fundraising? Down 30% on just 3.8m traded!

[wolansm] 15/9/2022 00:29

If they were that sure why only invest 100k and what are an oil company or an investment vehicle

[wolansm] 15/9/2022 00:27

Made enough today to cover a few big salaries and bonuses

[rangenoresources] 07/9/2022 08:04

1p down to 0.25 is some achievement by the board of directors. Had their pants pull down on many recent deals

[rangenoresources] 07/9/2022 08:02

Wait till HE1 start drilling and find Helium. The directors will have a lot of answers to give.Haggis - is there any share you are not underwater?

[rich2006] 02/9/2022 17:42

Haggis
You are Bang out of order imo.

Scirocco has gone downhill big time since NR went and that says a lot, NR had many faults but at least he did some value add deals.(NR’s deal to obtain HE1 shares earned Scirocco a fair whack which was more luck than anything)HE1 is now languishing around 8p. The deal with Wentworth, now ARA is a very poor deal and by the time Scirocco receive any of the funds the money will have already have been spent elsewhere (director wages, advisers fees etc) imo
I sold out ages ago as I saw the writing on the wall.

This company is a life style company for the directors and their mates/advisers.
Shareholders will be lucky to see any funds from the deal with ARA, just like the funds raised from selling HE1 shares. The shareholders have every right to hold the bod to account for such poor performance. It is though in my opinion too late. The company have sold their best asset for a song as they had no way to fund this years work programme.

[haggismchaggis] 02/9/2022 13:37

Interesting how shareholders believe they know how SCIR should run its business and strategy. What qualifications in this area do said shareholders have, that the Directors do not? Is it just a case of "we're not making money, we're impatient, do something else" instead of waiting to see how the strategy develops with the cash SCIR are getting from ARA?It'll be interesting to see what comes from the meeting, especially if this group of shareholders suddenly become bullish and send the price up to a more realistic one.

[markettimer] 02/9/2022 12:31

Scirocco Energy PLC
Requisition of General Meeting

RNS Number : 1073Y
Scirocco Energy PLC
02 September 2022

02 September 2022

Scirocco Energy plc

("Scirocco Energy" or "the Company")

Requisition 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 it has received a letter from a group of shareholders of the Company requesting the Company to convene a general meeting of the Company's shareholders pursuant to section 303 of the Companies Act 2006 (the "Act").

Following a process of engagement with the requisitioning shareholders to confirm that the requisition is valid in terms of the identity of the requisitioning shareholders and the number of shares held by them, the Company can now confirm it is subject to the requirement pursuant to section 304 of the Act to call a general meeting within 21 days of receipt of a valid requisition and to hold such a general meeting on a date not more than 28 days after the date of the notice convening such general meeting.

The board of directors intends to comply with its obligations in accordance with section 304 of the Act and a circular convening the general meeting will be posted to Shareholders no later than 15th September 2022.

A summary of the five proposed resolutions relate to requests for the Directors to: 1) explain measures they are going to take to improve share price performance and to rethink the Company's investment strategy going forward; 2) provide an audit trail in respect of Company revenues received since 2018 and explain strategy around funding of the Ruvuma asset; 3) reassess the strategy of any further investment in anaerobic digestion plants; 4) seek alternative service providers to reduce overhead spending; and 5) appoint a unnamed representative from the requisitioning shareholders to the board. The full text of the above proposed resolutions will be set out in the circular.

Shareholders are advised to take no action at this time. Further announcements will be made in due course.

mt

[markettimer] 02/9/2022 12:28

For anyone who is not a member of the Scirocco Energy PLC action group I would recommend joining by emailing biddouble using [e-mail]

As the saying goes "There is strength in numbers!"

mt

[haggismchaggis] 31/8/2022 17:42

"Other than for adjustments with respect to conditions precedent now fulfilled, including TPDC waiving its right of first refusal and Scirocco shareholder approval for the disposal having now been obtained, APT has agreed to enter into all of the same agreements (and on the same terms) as Wentworth Resources plc (as detailed in the Company's announcement of 13 June 2022)."
.
The following is from the Wentworth agreement. At the time, the SCIR share price was a lot higher, such that the deal now represents 400% the current SCIR MCap. No brainer for a rerating I'd say.
.
Ruvuma Transaction Highlights
.
-- Total consideration of up to US$16 million comprised of:
o Initial consideration of US$3 million payable on completion of the Proposed Transaction;
.
o US$3 million payable upon final investment decision being taken by the parties to the Ruvuma Asset Production Sharing Agreement or the JOA as the case may be;
.
o Deferred consideration of 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;
.
o Contingent consideration of US$2 million payable on gross production reaching a level equal to or greater than 50Bcf.
.
-- Wentworth to provide Scirocco with a loan of up to $6,250,000 to meet all cash calls pursuant to the Ruvuma JOA arising between the Economic Date of 1 January 2022 and expected Completion timeline.
.
-- The first $3m to be drawn under the loan is interest free however any amounts drawn in excess of $3m will incur interest at a rate of 7% per annum until such time as the grant of the security in respect of the loan is approved by the Minister for Energy in Tanzania.
.
-- The total consideration represents over 200% premium to Scirocco's current market capitalisation.

[rangenoresources] 31/8/2022 17:30

Massive ramp by Haggis again

[rangenoresources] 31/8/2022 16:56

Where is the $20m they spent?

[haggismchaggis] 31/8/2022 16:56

Using ADVFN FilterX analysis sorted by highest MCap, SCIR is number 2318 of 2445 listed stock. So only 127 stocks have a lower MCap than SCIR. Basically, now it is funded, it is dirt cheap and IMVHO now very oversold/undervalued.

[rangenoresources] 31/8/2022 16:56

It's a pup like AMINEX. Haggis is a paid ramper.