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Per the document produced by the Board:
When EAG acquired Greenan, the underlying NIROCs had 13 years
remaining. There is now 11 years remaining due to the passage of time. As a result, and due to
the absence of significant investment to grow revenue due to the lack of capital availability, the
value of the plant has reduced proportionally to the remaining NIROC profile.
2/13 x 100 is 15.38% so 84.61% of the life of the NIROC period remaining so plenty of time left.
AGE
The Board of SCIR/EAG must take SCIR shareholders for fools!
Voting in favour of the deal would be similar to Turkeys looking forward to Christmas!
2 Years ago the Board of SCIR convinced shareholders to vote for a major change of strategy having used their many years of combined experience as they had identified a new sector to invest money into.
They arranged the deal so that SCIR would loan the £1.2m to SCIR (UK) Ltd who would then loan it to EAG Ltd to buy shares in GGL a highly indebted company with negative net assets.
No interest was paid on the loan it just accrued in the books as an accounting entry and no part of the loan was repaid.
The amount payable to the sellers is £3 plus an amount of £702,267 in respect of the money that EAG owes to SCIR (UK) Ltd which is £1,270.000 so SCIR shareholders are taking a hair cut of £567,733 or 44.70% of the loan.
It is a sad indictment on the Board that in just a period of 2 years they have come to the conclusion that their decision
to loan money to EAG to invest in GGL was not such a good idea after all yet the IRR calculations were not based on a 2 year period but more like 20 years
I will be voting against the deal and all you turkeys who want to vote for the deal know what happens to Turkeys at Christmas.
AGE
Well it's easy to give a 1.5mil handout when it is someone else money. Ie ours
Jesus this guy has no shame
“a sale so that the team can carry on and given the circumstances not a bad result for Scirocco.”
Surely a great result for the BOD and a terrible result for those who are continuing to pay for their little adventures. I don’t think they will stop until they have transferred all shareholder funds to benefit themselves and their associates.
I am interested to learn how it is possible for Scirocco to loan EAG £1.2M. Then when agreeing a sale, it takes claims that because Scirocco doesn't have enough money, it was unable to negotiate the repayment of that loan. Lol
Never have been in a company that has dangled the carrot for this length of time. And Tommy boy takes over 200k in salary.
No idea of all the other expenses. Expenses Expenses Expenses.
Sit on backside. Do nothing and enjoy fruits.
Smoke a Cigar and pretend to try to create shareholder value. And most importantly waste as much time as possible so cash can depreciate.
Great Job
I mean surely everyone just has to LOL at this.
Shareholders fault of course for not keeping the dilution tap running!
What a bunch of clowns getting paid and gambling with everyone's money. sold tanz for a song to focus on bio gas now wanting to sell the asset that they procured on the co. direction change. i say vote no they havent a clue but want the pay cheque
Thanks for that.
I think it all boils down to the aborted one dyas deal which imo should have gone ahead and made millions in profits since.
What a pity the board basically **** their pants over it.
By 2028 it could be a virtual company run by A.I robots.
It's easier to fool people than convince them that they have been fooled.
I don't blame you Steve. By 2028 the Scirocco shareprice could still be at its current level. The Board hasn't outlined a path to profitability. It just regurgitates that its "seeking attractive assets in the renewable space". So far its been a pretty meaningless phrase.
Hopefully you can deploy that freed up cash elsewhere and start to recoup some of the losses you have crystalized here. I wish you well buddy.
May come good here eventually.
10 years and thousands lost with little chance of breaking even.
Good luck anyway.
Hard luck Steve. I holding on.
Whenever i see Tom's presentation he gives me the impression of sitting on his backside, cup of tea and biscuits and enjoying whatever is left coming into the company.
Had enough today.
Sold my last holding.
Can't even envisage how much money this board have cost me.
The shares were about 3p when they took over.
They have squandered what cash they raised from selling assets and basically have nothing to show for nearly five years.
As you say they are up the creek without a paddle.
They cannot raise in the market and even if they wanted to I can't really see anyone wanting to invest.
Good luck with your shares here.
They should get the second $3 million soon.
What they do with it is another matter.
Not sure there is nothing left to say about these chumps tbh Steve, surely one of the very worst boards on AIM?
These are the only shares I have left, and only because they are no longer worth selling.
As I suspected though it now seems nailed on they were right to sell the Tanzanian assets, although that's also put them up the creek without a paddle. The least said about all that the better, talk about a country that has absolutely strung everyone along and mugged us all off along the way!
Just look over at AEX, less than a penny a decade on!
Although neil got his salary etc at least he did manage to acquire the investments that the current board have spent the last 5 years selling.
You couldn't make it up if you tried.
I was thinking more 24 minutes and that includes commuting from the bedroom to the home office.
What horrific management. Doing nothing and paying wages, Lots of wages.
Wages / bonus / wages / bonus / wages for sitting on ones backside smoking a cigar and eating caviar.
LinkedIn - https://www.linkedin.com/in/tom-reynolds-6234648/details/experience/
Aquaterra Energy
Non Executive Chairman
May 2021 - Present
Part Time
SEM Energy Ltd
Chairman
Mar 2020 - Present
Part Time
Scirocco Energy
Chief Executive Officer
Oct 2019 - Present
Presumably full time!
Quixote Advisers Limited
Managing Director
Oct 2017 - Present
Presumably full time?
Zephyr Energy PLC
Non-Executive Director
Apr 2019 - Present
LinkedIn doesn't suggest part-time, but presumably, someone cannot have a third full-time role!
I wonder what Tom's definition is of full and part-time. Does his day have more than 24 hours?
The RNS statement was already known - the information was included in the 2022 accounts document filed in July 2023.
I am sure they are all patting themselves on the back for another wonderful year, and extracting more unworthy fees and remuneration from the business for doing sweet F A.
Of the £2.5M received for initial payment, I would of thought at least £500,000 would have gone on settling director salaries for the past few years.
Factor another £100,000 in for a Christmas party and holiday gifts for the EAG Board of Directors. I am estimating £1.8M remains in the kitty. So Scirocco will have to wait for the second payment tranch do be able to do any deals. Will that payment be received this year? I am going to go with, No. But maybe before October 2024. Which leaves lots of time at the current share price to reduce ones average at say £40 per month.
:)
Where has the initial $3 million gone?
Where are all these money making investments that they have paid for due dilligance on?
What are they doing day in day out?
How can they say they are running the company for the benefit of shareholders?
Would probably need about 25p to break even so only 99% down.
They should be ashamed of themselves.
This is back into "reduce my average" territory with beer money.