Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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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
What date are we expecting the vote?
How long will the BOD have to act on any potential outcome?
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
I provided information about Amur Minerals PLC to demonstrate what happens when AIM Boards try to do RTO's.
AMC issued an RNS this morning saying they have identified an RTO and they are attempting to move from having owned a mining licence in Russia that was sold for $35m and they are trying to move into the Pharmaceuticals business!
It is clear to see that the Board are desperately trying to keep their well paid part time jobs to say they are moving from Mining to Pharmaceuticals.
The notion that AIM Boards act in the best interests of Shareholders is laughable !
What do the Board know about the Pharmaceuticals business?
Just look at the share price graphs of some of the the small UK Pharmaceutical Companies and you will see that the share prices have been decimated by one share placing after another based upon the hope that the drug that they are developing will come good and be approved.
The Board did not even have the courtesy of seeking shareholders views on whether they should seek an RTO or whether they should return the remaining cash to shareholders.
They have looked at 17 opportunities and they have entered into a heads of terms agreement and no doubt incurred huge consultants fees to be able to do so.
The Board have completely changed direction from being a mining development Company that had a licence in Russia to the Pharmaceuticals business that is an even more risky venture.
AIM really is rotten to the core!
AGE
The only people to profit from this dubious arrangement at any point in the last 3/4 years have been the board - filching it of the pockets of their shareholders. They have fleeced them for just about every penny and should be struck off.
The Board stated the following in their project Raptor document:
The Company and the Directors are of the view that early-stage hydrocarbon assets remain a challenging investment space for micro-cap companies that ultimately lack the balance sheet strength or the depth of portfolio to absorb the range of potential outcomes for such assets. Additionally, the ability for micro-cap companies to access capital in the oil and gas sector has been significantly impaired in the last few years.
The Directors believe that the Proposed Transaction will be beneficial in the following respects: • if the maximum potential consideration is received, the Proposed Transaction will be a highly accretive deal for Scirocco, representing a premium of over 200% against Scirocco's current market cap (assuming a market cap of approximately £3.4 million);
What they did not say is that they and previous members of the Board had raised £37,414,000 gross by issuing shares and that the sale would be at a loss of £7.813m and that we would be paid the $16m USD out of our own share of the gas.
What they said is that it is a highly accretive deal for SCIR as it represented a premium of over 200%.
It is amazing how you can keep within the rules and yet still present a not so good deal in such favourable terms!
The Board did not have the funds to keep Ruvuma as they spent £1.293m on the aborted One Dyas deal and £2.132m to Gneiss Energy so a total of £3.425m
Now that Ruvuma is sold we hear there is a massive upgrade in the amount of potential gas so no wonder ARA were so keen to purchase SCIR's Jewel in the Crown!
SCIR are not going to make a profit from this extra gas as we sold Ruvuma at a loss of £7.813m
They also stated:
"Since entering into the EAG joint venture, Scirocco has supported and funded EAG's acquisition of GGL, which owns a 0.5 MWe anaerobic digestion plant located in County Londonderry in Northern Ireland. EAG's acquisition of GGL completed in October 2021 and was funded by Scirocco out of the proceeds realised from the sale of its shares in HE1. Since completion, the GGL asset has performed very well, exceeding EBITDA forecasts. "
They then sold EAG/GGL at a loss of between £725k to £875k so I would highly recommend that you remain sceptical when Boards use EBITDA as a metric rather than profit!
AGE
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In the latest RNS the BOD describe Ruvuma as large investment project which begs the question why did we get rid of it?
So the CEO who has jacked in….releasing a RNS that’s all singing and dancing 🤣🤣🤣🤣 honestly do these clowns think we’re all daft?? Is that supposed to be the carrot leading the donkey so we all vote AGAINST??? Seems strange this all glowing RNS has been released AFTER the ultimatum!! Tell them to stick it up there backsides
Because the millions we had received from other asset sales was wasted on fees aborted deals and loans to companies that were supposed to have been subject to due diligence.
This money was supposed to fund Ruvuma through to initial production.
As the money had been spent they just got out taking the worst possible deal they could get.
Should have read High Quality asset
In the latest RNS the BOD describe Ruvuma as large investment project which begs the question why did we get rid of it?
Probably got an things mixed up but did state that they would re enter and repair tubular leak at NT1 to enable well to become a gas producer.
Thought that kiliwani north was renamed NT1.
I see TR is back not even an apology bit praise for him but and his board.
Ruvuma was the reason that I invested in this company and I have watched this BOD destroy what should have been a very profitable situation. How can anyone trust them with further finances to waste. Share the money and kick them out asap.