PYX Resources: Achieving volume and diversification milestones. Watch the video here.
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I think you have answered your own question - the Board also spend most of their time trying to work out what they do - or at least how to justify their salaries to their shareholders...
I'm sure they are ok.
$3 million should pay the salaries for the next few months.
Still trying to fathom out what the board actually do. Answers on the back of a stamp.
Hi T.R & the other board members,
Hope you are all well & enjoying life. It would be nice to hear how you are all doing & if you have some funny stories or experiences to share since the last webcast. Please let us know if you are ok for money or if you need any assistance during the winter months .
:)
We're moving into the triangular economy.
Maybe the board have an ace up their sleeve and will surprise us all.
At least we have a lift in the shareprice.
I was hoping for something on par with the one dyas deal.
Ot wont happen as they have no way of raising funds on the market and they have changed strategy to the crap AD plant business.
I know they are trying to be eco friendly but at the expense of shareholders.
Basically we have a board that do not really have a clue what direction they are going in.
"the mother of all deals" - like the last one you mean steve? A tin-pot deal at best and on bloody awful terms.... I rather hope they are hibernating if the alternative is another one like that! At least then whilst they take shareholders money for doing nothing at least the cash will last a bit longer if they don't spunk it on another malign deal! ;0)
Looks like the board have gone into hibernation for the winter.
Unless they are working on the mother of all deals.
I agree with the last two post's, the Bod should have updated shareholders by now, nothing is gained by radio silence.
SCIR is also inept to push any commercial/profit generating business forward. I will let others decide if the directors are corrupt! But they seem to be drawing a nice remuneration from very little effort and certainly not delivering value to the business or shareholders.
This share is most definitely in my bottom draw. If I get anywhere near what I have invested it will be a miracle!
Maybe we were best off out of Tanzania, a corrupt and inept government with no desire whatsoever to push that project forward!
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.