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PoC …. Where do they state they need more funds?

It would be nice to know what the rejected private offer was. It may have been for us to retain a percentage of Ruvuma, which would be against the Gneiss Strategy, sorry I meant Scirocco strategy.
Why can’t they just inform us what it was?

HighlandMatt
If the deal goes through the loan is to pay for Ruvuma development costs. It Does NOT have to be paid back.

More like 80% reduction in SP. We own 25% of a Multi TCF gas field and our MC is only £3.3m. Mr Bean could have done a better job.
It’s probably in the interest of the BOD to keep the MC low so that they can take the company Private when the time is right.

Missed out probably £1m for a set of PowerPoint slides detailing the 1st failed strategy. Then another £1m for the 2nd set of PowerPoint slides for the existing Strategy. Oh and I forgot £1m for a company name change. So there’s £3m accounted for.

Even worse than you first thought. Unbelievable!

SCIR havre already had a small part of the loan I believe. I can’t be bothered to check but it was either £250k or £500k

The loan from WEN for Ruvuma development costs only has to been paid back if the deal does not happen.

We should have the funds for Ruvuma!!
See below Posted by CPerkins previously:

£10,190,000
This is the income from placings and disposal's (not including Ruvuma) since 30/08/2018 the horse hill sale.

They repaid a loan of $1.5 million
They purchased the AD plant for £1,200,000

Where has the other £7.4 million gone?

Based on both companies current MC, that would be a 10% dilution for WEN shareholders. Ideally we would want at least 20% dilution. Would WEN want this deal? I don’t know. It would mean more liquidity for their shares which I know they are desperate for.

£10,190,000
This is the income from placings and disposal's (not including Ruvuma) since 30/08/2018 the horse hill sale.

They repaid a loan of $1.5 million
They purchased the AD plant for £1,200,000

Where has the other £7.4 million gone?

Makes my blood boil!!

Just a reminder courtesy of CPerkin:

I assume any investor still on the fence is because they are concerned that their investment, which is probably at an all time low, will basically become worthless due to SCIR defaulting on Ruvuma development payments.
Here’s a couple of reasons IMO that will not happen. WEN need this deal, so I expect them to come back with a better offer anyway. With the Sp at 0.4p the current MC is valued at £3.3M. If the existing BOD are removed and we have a loan/placing for £3.3M, for the SP to remain at 0.4p the MC would be valued at £6.6M which I think investors would still think that we were still UNDERVALUED, with funding for CH-1 drill. With the loan, an SP of 1p would equate to an MC of £16M which I expect to be achievable during CH-1 drill.
So with a vote against, you could at least double your money in less than 6 months from here if we stick with Ruvuma. The existing BoD want lots of small AD/ Green Energy acquisitions so that Gneiss can milk us for consultancy fees. A New BOD would just focus on a Farmout deal where we retain a percentage or a placing so that we take part in CH-1 with 25%.

+1 Chris for your effort. On a similar topic there was a poster on this board a year or 2 ago who went into great detail on various Gneiss transactions which included timings and also involved Fitzpatrick’s wife. I thought at the time his digging into Gneiss & Scirocco finances forced Fitzpatrick to resign from the Scirocco BOD. What was their name and are they still around. I thought I had screen captured their postings but I can’t find them at the moment.

If I remember correctly, Scirocco has a number of Corporate companies holding over 50% of the shares. It it worth rallying those guys? I wouldn’t know how too. It may even go against us, but if we cannot get the required % from PIs it may be worth considering

+1 BD
A share swap with WEN seems the way to go. Doubles the current SP, leaves us exposed to Ruvuma and we even get a dividend down the line.

The main issue with the deal going, apart from it’s a bad deal, is the lack of transparency from the BOD and the conflict of interests with Gneiss (Fitzpatrick).
How much of the $3m + $3m will actually go into investments after consultation fees and costs. I cannot see the SP going over 1p for a long time. Also if I’m correct with the current reinvestment model is that if we pay for an asset acquisition, our partners get 50% of ownership. Please correct me if I’m wrong, but as I understand if we pay £1m for an AD plant, straightaway our 50% is only worth 500k.

I think if we manage to block the existing deal, WEN may warm to a share option deal. It shares the risk, it bring more liquidity to their stock and the approvals should be more straightforward.

The point that really p*ssed me off from yesterday’s presentation is that TR had the audacity to state that the deal was a 200% improvement over the existing MC. What a turd.
Where had all OUR money gone? Into the Gneissocco black hole account I suspect.

Well Wentworth think their MC should be around £80m so it depends how you look at it. Any how if we block the existing deal, we need to get a better deal with WEN. I think if any other company was interested it would be blocked by the TPDC unless it was ARA.