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+1 AA

Hey Mrc. I wouldn’t want to be out of here over the weekend. It could be a multi bagger from here!!!!
Get a good night sleep and don’t get too excited with my posting. There’s multiple scenarios from here and yes, things don’t look too good at the moment but it not over until the fat lady sings. Most of the SCIR investors know what a poor situation the company is in and don’t need kicking in the boll@cks with your constant ultra-doom-and-gloom posts.

No monies have changed hands and at the moment WEN are out of the picture, so who is the contract with?
It’s just the terms of business for a divestment that MAYBE set in stone, but at the moment there is no guarantee that it will happen.

An offer of £10m would be a steal for some buyer and it would be over 1p a share for holders. Not where we would like to have been a year or so ago, but at least we could walk a way with our pants on.

Mrc negative as ever. If a SCIR was bought out, I would expect the company who bought us out, with SCIR as a private company, would continue to be a Ruvuma JV partner. The existing deal with WEN would be null and void.

With the current MC, we are a prime target for a takeover. It’s whether the BOD are legally obliged to inform us of any offers?

If the offer was to buy the company and take it private, that would be legally acceptable.

As I stated Mrc, it was the one & only good thing that the BOD have done, by luck or whatever.
They are not bothered by the state of the SP as long as they have enough cash in the bank to pay salaries and buy the odd 2 bit AD plant, so that Gneiss can get a consulting fee.

Well how about posting a possible positive scenario once in a while.
You were going on for weeks about we should sell the HE1 shares for 7p ish else we face doom & gloom. In the end the BOD sold most the HE1 shares for above 20p. The only good thing that they have done, but then they squandered the money.

To add to my last post, ARA would buy the remaining percentage as a cheap option to cover their percentage to TPDC.

Mrc you ALWAYS post the most negative scenarios. Also the TPDC cannot claim all of 25% from SCIR. If TPDC want 20% of the project, only 5% would come from SCIR.

Mrc there should be minimal intervention of the government as all parties (except WEN) are members of the JV. When Bounty Oil & Gas relinquished their percentage of KIliwani North, there was no government intervention where their percentage was divided proportionally between AEX & Solo. Were you around then? I don’t think so.

As well as the WEN deal, there was a second offer from a Private Equity group but TR never disclosed what the offer was. I’m beginning to suspect that the offer may have been to buy us out, which would be great for us PIs from where we are now, but would put the BOD out of a job. A buy out at £10m would be over 1p per share. From where we are today I would consider that a win. Anyway never going to happen with the current BOD. Their top priority is to keep themselves in a job and don’t give one iota about the SP.

The RNS was ambiguous. TR clarified the terms during a webinar with a Q & A session. If the deal goes through we do not pay for any loan or interest. We all agree the deal is extremely poor. It just gives the BoD some funding for their salaries and to purchase a few small AD plants (or similar) in order to provide Gneiss with some more consulting fees.

Mrc is correct, however if TPDC or ARA take up their pre-emption rights, no loan would be required anyway as the handover process should be fairly quick, probably before the drill.

Correct me if I wrong but TPDC are only entitled to up to 15% of the Ruvuma licence taken proportionally between all the JV parties. Which equates to 3.75% of our 25%, so it should be interesting how this plays out. I think ARA will want to do the deal for 25%, give TPDC 15% and split the remaining 10% between themselves and AEX.
We somehow need to find a legal loophole where re-negotiations from scratch can take place. Wishful thinking on my behalf with current bunch of muppets in place.

Mrc no deal is done as yet. Let’s see how this plays out.

ARA could offer the same deal as AEX ie 8.33% with free carry although the BOD would reject that. We need the BOD to show complete transparency with any offers on the table.

If WEN buy SCIR out with a share scheme offer, would that negate the legal claims from the JV?

Just remember posted by CPerkin previously:
From 6th August 18
Total Income £11,940,000
Loan repayment -£1,220,000
AD plant -£1,200,000
Other spending? £9,520,000