We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
I think the SP shows a fundamental lack of trust in the BOD to deliver a workable MVL without stripping out the cash/assets.
With 80% of the shareholders voting for the MVL, Why will it take 2-3 months to get to another meeting to get shareholders permission on the liquidators.
Judging by the fact the share price has not moved, can it be assumed that the 1.2p is just not going to be a reality?
If there was a real expectation that there was going to be a 1.2p return surely there would be frantic buying and the price would be rising significantly.
Not really sure what to do now? If the return is an eventual 1.2p as the BOD mentioned, then would it not be sensible to buy a shed load now and just wait for your investment to more than treble?
Just wondering what happens about the Ruvuma payments still due to SCR over the coming months and years...?
In what basis? Maybe the opportunity is perceived fairly priced at the moment?
Even with those questions I would have expected to have seen some movement in the SP, probably downwards.
Upstream - what is the value of cash at bank? What are the future cash flows? When will they be received? Time / opportunity cost has a value.
Resolution passed to return money to shareholders. RNS out
Can someone with a greater knowledge explain why there has been no movement in the SP?
Surely based on the results of the votes the shares are either worth a quoted and very optimistic 1.2p or a pesimitic 0p?
Trading in the shares will probably continue until liquidation is approved by shareholders.
Mustn't forget ongoing aim fees and liquidator costs probably in the tens of thousands.
I'm sure the directors are all entitled to six months pay at least.
So at least £500 k gone already from any distribution in the future.
Not holding any shares as already lost tens of thousands so won't even bother trying to claw some back.
Good luck to anyone willing to wait at least another two years for a return here.
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.
Was there any mention of the BOD being restricted in spending the remaining cash while they still have their fingers in the till?
I'm hoping they recognise the gravy train has finally come to a halt.
They should be struck off as Directors as they haven't delivered on any of their promises!
At last....light at the end of the tunnel.
Will they suspend trading now?
80% in favour of the MVL - the RNS is out.
Thank God for that!
As common sense has prevailed for once!
Shareholders have had enough of the Boards abysmal record on creating value for shareholders!
AGE
Motion carried 80% !!!
Are there any shareholders at the meeting?
If so how did the vote go?
AGE
All funds will be held in escrow of course, until outstanding fees are paid or any legal recourse settled. Standard practice.
After mgmt, corporate wind-down, and third party liquidator fees, I would assume 0 will be received by shareholders. It will take a few years for the money shuffling to run its course, however.
Tomorrow is the day.....fingers crossed shareholders prevail. Thanks to BigDouble stopping the BOD issuing more shares to themselves and their mates, we might have a chance.
I thought 1.2p was mentioned but we might have to wait some time for it. However, that is much more than we would get if this bunch of chimps were allowed to invest it.
If all monies go back to the share holder anyone know how much per share we can expect ?
To All Scirocco Energy Shareholders,
This is the last day to vote, so please ensure you have voted on all your #SCIR shareholdings.
Vote “FOR” all resolutions to be passed. - If you want cash returned to shareholders.
If the money from the Ruvuma sale is NOT distributed to shareholders, it will be wasted on management salaries, advisors and PLC costs!
Interesting RNS issued for CPX today which is currently down 81.80% for the day.
It always amazes me that some Boards of AIM Companies make comments such as those shown below which are in today's RNS:
CAP-XX, a world leader in the design and manufacture of supercapacitors and energy management systems, provides the following update in relation to its working capital position.
The key words are "World leaders!"
They then follow that up with the following statement which includes the key words "The Board would have no option but to place the Company into administration"
"There is no guarantee that an equity financing will be achievable and, in the absence of any additional financing being available, the Board would have to take steps to preserve and maximise value for its creditors and should the Company fail to achieve a solution in the short term, the Board would have no option but to place the Company into administration. In this eventuality, it is not known how much, if any, value would be returned to shareholders."
SCIR issued an RNS and Tom Reynolds stated:
Following receipt of the waiver from AIB, Scirocco is pleased to announce the successful completion of the sale of its interest and investment in EAG.
I would draw your attention to the words "Is pleased to announce"
As a shareholder I was certainly not pleased to see an RNS that confirmed the sale of EAG as a loss of between £725k to 875K depending upon whether they receive the £150k of contingent consideration!
I have voted for the MVL as the cash is better in the hands of the shareholders than it is in the Company!
AGE
Updownstream all the questions you raised are in the document of the SCIR website so see below
What date are we expecting the vote? 19 March 2024 at 10.00 a.m.
How long will the BOD have to act on any potential outcome?
At the time of this circular publication, the Board does not have a mature prospective acquisition to present to Shareholders. However, the Board requests that it is given time to end June 2024 to receive the FID Payment, identify and progress potential transactions and/or investments (in line with its investing policy), which are thought to be value accretive and which offer significantly higher value than the MVL option in absolute terms. If the Board has not identified a credible route forward which meets the criteria listed above by that time then it would bring forward a recommendation to proceed with an MVL.
And for argument sake, if the vote was to return cash to shareholders how long do the BOD have to act starting payments?
I am aware any potential return of cash would be phased and is contingent of third payment payments.
Could we see the process getting drawn out and cash funds being degraded by operating costs, salaries, "consultancy" costs etc