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The BOD need to come off the pot.
Pick a strategy and deliver it. For me that is sell HE1 entirely. They then need to make a decision about what assets they can afford to fund. Can they really fund CH1 and new assets? I would suggest not.
The market is not impressed with the BOD who have achieved nothing in the last 3 years except some pretty lucky divestments, tempered by consultants expenses.
The BOD do not have the skill set to run a tiny company like SCIR. They need to go IMHO.
:)
Lol I think this still belongs in the bottom drawer but Scir is in a better position than it has been for years.
When you look at the current BOD experience it's hard "for me anyway" to see the company not progressing.
And they have actually generated £2M income 2021 so far. I think the change is coming.
I'm not expecting miracles but my confidence in the stock is growing.
Well at least you made me laugh today ShouldveSold! Perhaps I should suggest that to the board, although you can write anything and not get a reply!
Apologies my end, it was me kind of just venting off what I thought of the company, can see where you misinterpreted. Was open ended really.
All the best
Joel apologies. I interpreted your "question marks and the need for answers" as questions.
I am more optimistic right now than I have been on Scir for the past 5 years. Not because I think I now going to make a profit but the fact the company is trying to diversity away from Africa. I still think we are going to have to wait another 4-5 years to break even on Ruvuma.
If it starts selling rocks on Brighton beach & it generates income, I'll support it.
Thanks for the input chaps, most appreciated.
AA, they should never of put a timescale on the deal, and especially after they failed the previous attempt.
ShouldveSold, I wasn't looking for answers, just merely stating the reasons I am concerned with the current predicament we all find ourselves in. As for emailing the companies secretary, I assure you I have got in contact in every which way possible, through the site and through Camarco.
Joel I think you are looking for answers from this BB when you should be emailing your concerns to the company secretary.
The only thing you may find here is solidarity.
I 'd like to think that most LTH's have begrudgingly swallowed the bitter pills administered by NR and we have all been locked in whilst the Tanz Gov twiddle their thumbs.
We are all frustrated & rightly so. The monetizing deal we were all hoping for just never came & asset maturity has just kept on being pushed back & back. I don't think any of us factored that into our investment decision.
If KN1 was in constant production since 2016 this wouldn't be the case. We may have all been at a breakeven ROI by now.
I see it as any setback lays at the feet of inaction on the Tanz Gov, not through inaction by Scir. Aex are now in the back seat of ARA'S vehicle, as are we.
In my opinion the quicker Scir exits African completely, the better. Its not a great place to do business if you are a tiny company with no leverage.
I can see similar problems that HE1 will face with asset maturity with regulatory delays from the Gov.
Joel, they would have been wiser to not have put timescales on the green deal if it was going to take this long and to not update us is not helping matters, you would have thought with the relationship they have had with HE1 recently and seeing how David Minchin has taken that to where it is now from floating they would have learnt something but apparently not.
Hi Jacktrade, as you stated in a previous post, it is easy to lose sight here and yes, as a long term holder who has been waiting patiently like many, that is wearing thin right now and I am concerned. They don't exactly have a good track record at the moment do they?
Fair enough they can now fund the CH-1 drill, but all the indications in previous communication pointed to them wanting to sell the stake and take a different direction into the green/sustainable market. It then became quite clear that they couldn't sell.
I am all for them funding the drill, which is why I invested in Aminex in the first place, but that is also very quiet at the moment. We need an update from the Zubs, on license extensions, tax monies owed to Aminex to show a better relationship, are we on track to follow the works programme. As you know, this is Tanzania we are talking of here, it's incredibly slow.
I don't pretend to have much knowledge on these 2 shares, I took a punt and invested heavily in both, which yes I regret now in hindsight, and am locked in until (if) I break even. I made the choices following some research, and only I am responsible for those actions.
What I am concerned about is an apparently extremely experienced board who have yet to deliver anything of substance other than selling shares of an old legacy (so what, surely any of us could of done had we been on this board), have failed to acquire anything of their own in the self proclaimed transformation of their newly named Scirocco Energy, a complete lack of engagement minus a select few for a conference call (well done to them obviously), a take 2 on the direction of the company after the collapse of the Onedyas deal, and just a complete lack of progression/direction.
Personally I am baffled as to why people see things differently.
Back in February we were months if not weeks away from a new deal to bring an income in, the only thing that will turn the tide, where is it?
Please excuse me if I don't want to pat the board on the back for what I see so far as a woeful time at the helm, I am just trying to get across how I see things. I desperately want to see this turn a corner for the few left stuck in here, we will only find that out in time.
Good luck and I sincerely hope we turn a corner at long last.
Concerned? what that they can fund the CH-1 drill for an ENORMOUS asset which will send the current SP up by multiples just on drilling anticipation alone..?
Whatever will they do now, they only seem to be able release HE1 related RNS's....An old legacy asset.
I am concerned about what they will do with the money if I am honest.
Are correct in what they are doing.why would they sell all now.ridiculous thinking.