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I think the quicker everyone accepts mrc has no intention of doing what he said he would do, a lower amount of animosity will be carried forward and the topical chat can remain on Scirocco.
Anyway Mrc I thought you said you were no longer going to post here if the sign off was completed before the Longstop, which of course it was.
There seems quite a bit of input from one or two who can't just move on, maybe you got it wrong, well sh*t happens.
This is a very accurate summation of Scirocco.
Steve - nobody will let them get away with a 3rd strategy change surely!
Then all we will hear from Perky and AA is that we need to “give them time”….then a bother 5 years will pass and more funds will have been wasted.
BOD out IMHO.
For the umpteeth time, cash on the balance sheet rarely translates into SP and MC value because over tiome it naturally get's eroded, it is only when it is invested to provide a return on that cash that it provides shareholder value. In the meantime the question is always how do shareholders get value for that cash? How will it be invested? What is the potential return? And the track record of the incumbent board plays a big part of that equation; what is their record? What have they achieved for investors with their cash historically?
Which, when you ask those questions of the current board doesn't play back very well does it? If their track record is anything to go by any investments have provided very little for shareholders and anything and everything else has been siphoned off into sleazy arrangements for the benefit of the directors and NOT shareholders.
The only way that cash will ever be reflected in the sp / MC is of the BoD offered to pay it all out to shareholders as it comes in through a series of extraordinary dividends. Anything else will be frittered away over time.
Performance related bonuses.
I think they should all be repaid to the company.
The 90% plus reduction in the share price is certainly some performance
The current market value values the AD plant business at nil.
The only way to get the sp moving in the right direction is to do a much larger deal that generates a lot of income and profits quickly.
We spent a million on legal and professional fees last year alone.
For a virtually dormant company that takes some doing.
They have sold the last of the legacy assets and have cash coming in.
This is now their last chance to rectify the situation.
If a further change of strategy is required so be it.
10x less lol? I meant one tenth the cash balance.
Mayhe the MMs have learned that Scirocco has paid out £2.25M to settle deferred salaries & performance related bonuses to Board members and the real cash balance remaining is similar to what it was pre-sale completion.
I think that is the problem.
Shareholders do not trust the directors to spend it in a proper fashion.
They will probably lend it out to some related company who has not got the means to repay it to us.
We have £7 million plus in tax losses available against future profits.
Hope this explains that no tax will be payable until these losses have been used up.
The MMs valued Scirocco higher when it was struggling to sell Ruvuma and had 10x less the cash Scirocco now has in their account lol.
Comedy
That's not what I said.
Anyway Mrc I thought you said you were no longer going to post here if the sign off was completed before the Longstop, which of course it was.
So looks like tax to pay in the U.K. then
It will of course be taxed at source in Tanzania as per the conditions of the PSA and GSA. However the tax loses in the UK can be used V the income it generates in the UK accounts.
In the real world nicley that might be true - I suggest that Tanzania is not the "real world" - AEX made no profit on its investment in Ruvuma over 8+ years but got taxed $2m in CGT on the divestment of its 50% in Ruvuma license ; daylight robbery! But these injustices are the "reality" in Tanzania.
You only get taxed on profit and SCIR will not be in profit
I wonder how the Ruvuma income will be taxed?
£7 million in tax losses in the last accounts.
Should be higher this year.
The board screwed up the one dyas deal and they have certainly done the same.
All those years with probably $20 million spent since 2012 and then when near to production they sell out for peanuts.
Total incompetence imo.
But all done now and so we look forward to next installment in this long running saga.
As for not posting here quite the contrary, the poor things on overtime
Steve- nobody is going to give this BOD cash.
As to your claim that SCIR have valuable “tax losses”. I don’t believe that is true!
Crusty - someone might have traded a few shares at a profit on the news. Zero volume though if you discount the muppet that dropped £10k at 0.67p.
Morning steve, hope all is well. I have certainly made my feelings on the disposal crystal clear here in the past. It looks like Ruvuma is going into production near term and according to the AEX shareholders that went to the AGM (Crusty and Roger) to name two, the paperwork for the GSA and licence is due at the end of this month. If this is correct then the FID will quickly follow and at least SCIR get the 2nd $3 mill this year and will also have given up a huge money earner for around = or less than they spent on it in the first place.
Whether the bod here can do anything meaningful for investors with the money remains to be seen.
Good morning Chris.
Awaiting the next decision by the board.
Imo the AD plant business is a waste of time and money and with electricity generation prices falling not very profitable.
Interesting weeks ahead.