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I have just been involved with an MVL with Starvest(main holding GGP) and this just went straight to liquidators. Received the GGP shares ok but am following up on what happened to the AAU allocation. The issue, as I see it , here is the timescale to realise all of the APT payments. I am very wary of this projected new private company so am waiting on more info before deciding on my vote here. If there is a buy out of the old shares, as suggested, then I will almost certainly vote for no2 as well
The intention is to delist to save money, then enter a liquidation process, which the BOD will not control.
Steve - Right on cue!!
Thanks for the response, so in your opinion, the correct vote is in favour of both?
Highland - My concern and that of my brothers below is that if they become a private limited company do the directors then have full control over the current shares?
He posted in the hope that someone a bit more knowledgeable on the matter could comment and help us all make the right choice on the voting form.
If they become a private company then the new shareholders in the company will buy the scirocco shares at a premium to the market price. The old shares will then be delisted and cease to exist.
The premium should include the monies due from the Ruvuma sale although they will want to make a profit so should expect a slightly lower price to reflect this.
The old directors will also probably get paid off together with the liquidator so the sale price of the shares will be adjusted downwards even further.
Many shareholders have lost huge amounts here
and will be glad to see the back of them.
Please dont be silly your shares wouldnt be worthless
If we go private and delist will our shares be worthless.
So would i be better selling now while i can still get some money back
Why are you thinking of voting against 2? Is there something in the articles of concern?
Received an email today regarding the following resolutions, requesting voting for or against:-
1. THAT the cancellation of the admission of the ordinary shares of 0.2p each in the capital of the Company to trading on AIM, be and is hereby approved and that the directors of the Company be and are hereby authorised to take all actions reasonable or necessary to effect such cancellation (the “Cancellation”).
2. THAT, subject to and conditional upon the Cancellation becoming effective, the Company be re-registered as a private company with the name Scirocco Energy Limited; and the regulations contained in the printed document submitted to the meeting be approved and adopted as the articles of association of the Company in substitution for, and to the exclusion of, the existing articles of association of the Company.
My natural response was to vote FOR 1 and AGAINST 2, what is the general opinion? Cheers all.
Good memory barnetpeter. I also had shares in Atlantic Coal. Must just pick the wrong companies. Think I still have the original share purchase document not that it is worth anything. The company just seemed to disappear.
Plenty more Dosh heading towards SCIR , hence the stake build up - you may want to come to terms with the last RNS.
Its over and out for investors here .... we got screwed like most AIM shares.
A holder of another AIM listed micro cap company, one which successfully fought off a challenge from the " Scottish contingent".
I have a question with no ulterior motive.
Is there a route or method by which serial failures at Director /CEO/CFO level
can be barred if found to be benefitting personally at the expense of shareholders?
As I said, not a holder here but have been in a very similar position twice
and some seem to have history.
Atlantic coal then renamed carbon is the classic case. Delisted then had three offers rejected. Then put into administration. Shareholders got nothing. Directors increased their remuneration. Easy done. So you might get something back but you also might never hear about the company again
Daft question. Without an AIM listing, the company by default becomes a private company not a public company. It is still owned by it's shareholders, not the BOD. So what term would you have them use?
Where is BIGDOUBLE when you need him?:)
Plenty more Dosh heading towards SCIR , hence the stake build up.
Agreed, we need to keep them accountable
HTtps://twitter.com/AminexPLC/status/1780512343597736244
Company Directors should not be allowed to take it Private.
Yes the Tanz news is reporting that the licence has been signed. If so it's good news for SCIR, release of next monies + production in a major step closer.
Good luck to you all.
Good luck to you all here!
If were out why would you be making comments, what's your agenda? why aren't you making comments about all the other stocks you don't own?
Without knowing all the shareholders, you can't form a partnership, so what legal entity would you propose?
Amimex BB reporting licence issued for Ntorya. Would bring FID, and another $3m a step closer.
Got out months ago cost me a lot of money here.
Ruvuma looks dead in the water at the moment.
Government taking ages on a decisions.
Drilling licence expires in August I think.
Imo shareholders may be lucky to see .50p over many years but still depends on ruvuma monies being received.
Why are they taking the company private.
A scheme to get even more money to themselves.
Last chance to get out
The directors of scammers hitting again.
Manage the SP to the bottom and take it away from investors. Chuck Penny’s at £’s invested. No interest by most aim listed companies to make it an investment with returns … to the shareholders that is.
I am done with AIM.