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Steve58, you say "the board haven't a clue how to run a company". On the contrary, I think the BoD are very, very good at running a company. But for the benefit of the Directors and not for the shareholders....
Didn't we have a chance to vote them out?
Some bizarre reason people voted against?
I share your frustration Steve, in my opinion Scirocco hasn't presented any investment case to the market since October 2021.
I have revised my expectation after the second Ruvuma sale payment has been received for it to have little to no change on the current share price.
My exit strategy has collapsed lol
The fundamental problem has been that the board haven't a clue how to run a company let alone make an investment that is profitable for shareholders. All of the problems the last few years have always been somebody else's fault never theirs. If they can turn this around all well and good but they seem to lack any direction with anything they have done. Are they going to chamge now. This is definetely the last chance they will have.
Yes I agree with your conclusion highlandmatt.
But now that Scirocco has a cash surplus, one would hope that things can progress. The smallest communication would give a bit of reassurance to shareholders. I can understand if they have all taken leave for a holiday after completing the deal but some indication as to what is happening would be nice.
In my opinion, the Ruvuma deal is structured in a way that Scirocco may never receive the full sale price of £16M, although £8M is realistic within the next 5 years. But being as the Tanz gov moves at such a snails pace, who can predict anything.
My focus will always be on moving forward, not concerning myself with what is in the past & can't be changed.
I want Scirocco to show the market how this diversification WILL be profitable, not on if Tanzania gas will provide money to keep Scirocco afloat.
Well fair enough SVS However, Ruvuma is likely to provide many multiples of any revenue produced by the AD plant between now and end 2024, in fact it already has, hence why I think it should be of utmost importance to enable any developments here.
Good luck
Hi cperkin, Scirocco have sold their steak in Tanz gas, including KN1. They don't have any say in what happens there now so what good would it do for me to worry about it?
Either APT will develop the gas fields & produce enough gas to trigger milestone payments or they won't.
I am more concerned about Scirocco's core business and if it can grow to become profitable.
SVS - yes, that's the paradox I don't understand, which is why I questioned it at the last presentation. We are told on the one hand that AD businesses are a great investment and eminently suitable for bank loans, but told on the other the BOD needs funds for acquisitions (hence spitting the dummy over not being able to issue shares to Prolific Basins). My only conclusion is the banks require a certain amount of contribution and collateral from EAG / SCIR, and the BOD couldn't provide it. You would think if it was that good a deal a Director's loan would sort that out, but I think TR is too greedy for that.
Even though Tanz gas is relevant to providing a further $13 million to SCIR SVS?
Good luck to all the parties involved with Tanz gas. I'm not going to concern myself with it.
Looks like the contractor doing the seismic at Kiliwani has stopped.
See RNS issued at 5.00 pm by Aminex.
Not sure what implications if any this has for us.
They seemed to hint that the next deal could be a big one so lets wait and see.
I actually meant,.literally fishing. On a rented yacht somewhere with the Wolf or Wall Street lol.
All it would take is one tweet to let shareholders know that they haven't scarpered off with the Ruvuma funds and that they are working on something. Radio silence is not helping anyone.
You can’t go fishing without bait.
Maybe they are bottom fishing.
Unless they can come up with some very good money earner I don’t really see much of a long term future here.
The AD plant business is a waste of space imo.
Decreasing margins, increasing costs.
The company we lent £1.2 million to is insolvent so repayment is very unlikely.
Given the so called experience of the board the last four years have been nothing short of a joke.
It can and should be turned around with more cash arriving soon.
However, I have my doubts given their track record so far"
Funny thing is Steve is that T.R was clear that Scir couldn't wait for the Ruvuma funds to clear to make acquisitions/investments. But then he follows that up with "Scirocco has lost out on investment opportunities". Now its seems as of the Board have either all done a runner or gone fishing.
That won't bother you then?
This AD business needs significant scale to cover the overheads. Where is the money coming from to build that sort of business?
Spending £1-2m on another small AD plant is not going to change that.
A significant recapitalisation of SCIR is required to build a successful AD business. Existing shareholders likely to get screwed IMHO.
I think the problem is that they did, however, they could not wait on us to get our Ruvuma monies so any deals have either not happened or the business has been done with another party.
Should be interesting what the board can come up with next to bring fast income into the company.
If they can at all.
I thought EAG had a pipeline of deals lined up?
I would post some quotes from the report, however people are more than capable of doing their own reading.
The bottom line is that there is no realistic return in sight from EAG that will make its way to shareholders bank accounts. Uptime in the low 80s won’t make too much difference to that!
Like I said no substance.
Lol, Perky has made you happy. Surprise surprise!!
I'm relieved that someone else reads it the same as me.
Unless he is privy to information unavailable to others I can see no substance to his posts.