The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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You couldn’t Make it up.
Sell one asset to fund another. Then sell that asset too. Now left with nothing.
What an absolute disgrace this BOD and their cheerleaders are. Special mention to our ever cheerful Cperkins and Ariel Arrow.
I’ve lost track but do ‘we’ have any Helium One shares left? They increased significantly today (although still trading a lot lower than previously).
What is left within the business? Money owed, loans that will never be repaid? Shares? Assets?
I have to say that I fully agree MRC. I'm sorry to say it, but I do think that winding up this investment vehicle to form a shell company for the distribution any future Tanzanian returns would be the best possible end to this story of missed opportunity and poor leadership. History tells us that the current model clearly does not work.
Cash needs to be returned to shareholders and the company shutdown.
Why would anyone let this company “invest” a single penny if their money again given track record.
The RNS still has Tom’s name as a contact!
We need to see the funds invested in a sustainable and profitable business venture!
Just about enough to keep paying the BOD's wages until the next sell off. Woeful.
A bit more money in. But the BOD has just lived off selling the assets that NR assembled. Everything they have done has just wasted money.
So big Tom has finally had his nose dragged out from the trough, no more slops to eat, he’s had his fill, he’s resigned to save the company cash 🤣🤣🤣🤣🤣 what about that other clown Ferguson?? Is he waiting for the scraps and leftovers before he’s given the boot, I wonder what Ritson thinks of this outfit now, 🤣🤣🤣🤣🤣🤡🤡🤡🤡🤡🤡
So, what Scirocco has stated here… is that you don’t need an investment infrastructure if there isn’t a big pool of cash to invest right now and given the current status of divestments the timing is appropriate. Without a clear mandate to invest the company will now review other options and will continue to have necessary executive support for that review.
If memory serves me right.
Once this is sold the company has no investments therefore will then have six months from sale date to implement another investment rto etc or the shares will be suspended.
They then have a further six months before they are delisted.
The problem is we are still owed $15 million from our Ruvuma disposal which could take years to receive.
The easiest way is to do a voluntary liquidation whereby any cash left and future receivables will be distributed to shareholders as and when received.
Agreed. Wind it up and return whats left to the shareholders before it has all gone?
Couldn't agree with you more 44RJ. I have watched this company being destroyed by the BOD for many years now but always held out for Ruvuma which could have been transformational but the only successful transformation the BOD have made is changing the company's name from Solo to Scirocco and what a different that has made to our fortunes (not).
Hi Steve
I hope Tom reflects on his time at Solo/Scirocco and realises the misjudgements that he/they made over the years. The BoD attempted a strategy well beyond their capabilities, fuelled by asset stripping the legacy investments to fund a scatter-gun strategy (North Sea gas, anaerobic digestion, etc.).
Albeit with the benefit of hindsight, it seems that only one of these projects ever had legs, which was/is Ruvuma. All us shareholders ever wanted was to remain invested in that flagship project by battening down the hatches and staying in the game. If the BoD had of preserved cash and run a lean ship, I'm sure that we could have remained invested, perhaps even protecting our full 25%. Things are really moving over in Tanzania now and it looks to me like a goer. Imagine being invested in that project now at 25% with a development licence and CPR on the way, and a new drilling programme around the corner, and with the government commencing the build of a pipeline to supply gas to the growing country for the next 25 years…
So, I hope Tom reflects on what could have been, and shows some remorse to the LTH that have lost a serious amount of hard-earned money for him and the BoD to chase unrealistic dreams in support of their delusions of grandeur.
Not at all surprised.
Staying on long enough for his payoff.
Why did he wait this long.
All to save cash.
What a joke.
We
You would also need to clarify how any future income from the Ruvuma sale was to be distributed.... and with what element of a "haircut".
I would certainly be adamant that the "review" was a finite process with a fixed period and cost, after which, if they coulld not come up with a coherent strategy that the Shareholders agreed with, then the company would be wound up and all assets distributed to shareholders
Hi Panch, In the RNS posted on the 21 Dec The BOD Said they intended to finalize a review on a range of options available to it by which it is able to deliver value to shareholders which MAY include the distribution of available cash. My opinion is that this was included to try and help get a Yes vote. The true statement from the BOD should have been the they never intend to give any money back to shareholders and any cash will be held to fund the Salaries of the BOD until runs out, but this would not be a vote winner at the shareholders meeting. I may be wrong but we must see what the BOD say about the Review if it ever mentioned again.
@Allenby - "so we have to see if the money distributed to share holders as indicated before the vote"
Do you have any more details about what was discussed regarding this, please? How much was suggested would be returned to shareholders?
Well someone likes the result of it.
And includes the pipeline build to produce gas into the gas to power network + an MOU to produce LNG...
CPR + 25 year development licence also due so SCIR will start to see a few million more hit the bank account before long.
https://twitter.com/cperkin99/status/1745079813734289418
I was outvoted so we have to see if the money distributed to share holders as indicated before the vote but I will not hold my breath
So, we are selling our only producing asset, and the BOD is declaring that the investment vehicle and business model chosen has not worked. I await the next genius idea, and hope it is something that actually generated income to cover costs.
Have voted against through Hargreaves
Thanks Matt, will get onto Hfx tomorrow then.
Response from Shareregistrars - We can't see your name on the shareholders list. If you hold shares through a broker, you need to ask them to vote on your behalf.