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Scirocco Energy Plc

0.00 (0.0%)
Share Name Share Symbol Market Type Share ISIN Share Description
Scirocco Energy Plc LSE:SCIR London Ordinary Share GB00BF1BK408 ORD 0.20P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 0.375 41,334 08:00:26
Bid Price Offer Price High Price Low Price Open Price
0.30 0.45 0.375 0.321 0.375
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil And Gas Field Expl Svcs 2.25 -3.69 -0.50 - 2.71
Last Trade Time Trade Type Trade Size Trade Price Currency
15:26:22 O 1,136 0.44 GBX

Scirocco Energy (SCIR) Latest News

Scirocco Energy (SCIR) Discussions and Chat

Scirocco Energy Forums and Chat

Date Time Title Posts
31/5/202316:13SCIROCCO ENERGY 202385
12/2/202314:42Scirocco 25% realistic value77

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Posted at 25/4/2023 12:16 by tomboyb
SCIR will acquire a Biogas plant in addition to the current one they have -

France by 2030 could be supplying entire energy needs to 20%. That is huge -

Posted at 17/4/2023 13:13 by tomboyb
AEX may have a market cap of around £80-100million if all pans out by year end -

Current cap is £53mill -

SCIR Biogas plants gaining traction globally. Deep pocket buyers of Biogas inc Waitrose and other Supermarkets looking to go to Net zero direction -

Posted at 17/4/2023 11:09 by tomboyb

Added SCIR to Green tech shares for 2023 -

>>1p+ when cash comes in -

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.

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

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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 29/9/2022 11:06 by agneissearner
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


Posted at 02/9/2022 12:31 by markettimer
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.


Posted at 31/8/2022 17:42 by haggismchaggis
"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.

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 (· 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!
Posted at 05/7/2021 16:56 by johncasey
Scirocco Energy PLC Response to Investor Forum Speculation
05/07/2021 4:36pm
UK Regulatory (RNS & others)

Scirocco Energy (LSE:SCIR)
Intraday Stock Chart

Monday 5 July 2021

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RNS Number : 2271E

Scirocco Energy PLC

05 July 2021

5 July 2021

Scirocco Energy plc

("Scirocco" or "the Company")

Response to Investor Forum Speculation

Scirocco Energy (AIM: SCIR), the AIM investing company targeting attractive production and development opportunities within the European energy market, provides the response to erroneous speculation on investor forums regarding its intentions with regard to corporate activity in the oil and gas sector generally and with Block Energy PLC ("Block Energy") in particular.

The Board of Scirocco wishes to categorically state that it has never had, nor currently has any intention to engage in corporate discussions with Block Energy. Scirocco has clearly stated a strategic intention to focus on the sustainable energy and circular economy and will therefore not consider new investments in Oil and Gas assets or businesses. As such any speculation that SCIR is considering any form of corporate engagement with Block Energy is completely false.

Furthermore, the Board confirms that none of its Directors are looking to join the Board of Block Energy and any speculation to the contrary on the forums is also completely erroneous.

Scirocco's non-Executive Chairman Alastair Ferguson and non-Executive Director Jon Fitzpatrick do have independent material shareholdings in Block Energy, alongside numerous other personal investments, however they are independent of one another, and those holdings represent the extent of their involvement in that company.

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