SCIR.L Share News (SCIR)

Scirocco Energy PLC - Leeds, England-based oil & gas investment company - Notes all five requisitioned resolutions put to its general meeting on Thursday - which questioned the company's strategy - are voted down with by 61% of shares cast.

The five resolutions demanded that directors: "1) explain measures they are going to take to improve share price performance and to rethink the company's investment strategy going forward; 2) provide an audit trail in respect of company revenues received since 2018 and explain strategy around funding of the Ruvuma asset; 3) reassess the strategy of any further investment in anaerobic digestion plants; 4) seek alternative service providers to reduce overhead spending; and 5) appoint a unnamed representative from the requisitioning shareholders to the board."

The general meeting on the resolutions was requested via a letter by a group of shareholders in early September. Scirocco says the result demonstrates support in board, while it aims to work more intently to address issues voiced by dissenting shareholders.

Meanwhile, Scirocco posts investment update on specialist acquisition and operating vehicle Energy Acquisitions Group Ltd. Says EAG is well positioned to serve demand for sustainable gas and fertiliser. Says company has beat revenue and earnings before interest, tax, depreciation, and amortisation projections over past year. Ebitda for 12 months to September 30 is estimated at GBP602,000. Scirocco bought into EAG in August 2021.

Current stock price: 0.21 pence

12-month change: down 82%

By Tom Budszus; tombudszus@alliancenews.com

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