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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 dated 2 February 2024 from Forest Nominees Limited - which is the legal holder of 78,978,978 shares in the Company which are held as nominee on behalf of G.P. (Jersey) Limited - requesting the Company to convene a general meeting of the Company's shareholders pursuant to section 303 of the Companies Act 2006 (the "Act").
The Company can 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 (such validity having been confirmed yesterday) 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 23 February 2024.
The single proposed resolution relates to a request for the Directors to put in place a strategy to distribute cash proceeds from the sale of assets to shareholders. The full text of the above proposed resolution will be set out in the circular.
As previously stated, the Board continues its review of a range of potential alternatives available to it by which it is able to deliver value to Shareholders, which may include the distribution of available cash, further investments in line with its investing policy and/or the deployment of the proceeds in pursuit of a reverse takeover transaction. The circular will contain an update on the board's review of these strategic options and voting recommendation.
Shareholders are advised to take no action at this time. Further announcements will be made in due course
Good morning Chris.
Good on them.
Only problem is how many year’s will it take to distribute the $16 million to shareholders and how much will actually be left in the pot after costs legal fees salaries.
Sold out months ago.
Good luck to anyone still here.
Problem is, I don't trust them to invest wisely, and running costs are too high for a small company. I'm still here as the cash receipts for the next couple of years exceed the mcap.
Morning steve, hope all is well. I got out early 2022 but fully support what Forest are attempting with the resolution, I assume they would have some oversight on legal fees etc. The Ruvuma deal is worth $16 mill in total V the current mcap of £2.7 mill. I might even take a bite!
The problem of distributing funds is that it could be two or more years until all the $16 million is received. A voluntary liquidation would probably cost a few hundred thousand. The directors would all get their payoffs.
If previous moneys received over the years had been invested properly we would not have this situation now.
Probably worth about 1p a share as it is, but of course this could be over many years.
NOT BEFORE TIME!!
Presumably this means we are going to walk away from KN1. Aminex will be pleased...
KN-1 is not worth much and had little in the way of reserves. There was hope that the acquisition of new 3D over the area would potentially show how to get most from the licence but the dispute between ORCA and AGS most likely mean this wont happen as this would have been a freebie to AEX / SCIR. But both would need funds for new drills or remedial work.