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Unfortunately until the directors are removed we are not entitled to see bank statements. This is probably the only way we will find out where all the money has gone as the audited accounts will not have sufficient detail.
Dear ******
Thank you for clarifying that there is no restriction as to where General Meetings can be carried out. Notwithstanding, Shareholders do strongly feel the location has been chosen to deter shareholders from attending. This is not within the spirit of the 2006 Companies Act and has further damaged the Boards reputation in shareholders eyes.
I would ask you to request all copies all documents relating to shareholders signing insider agreements to ensure this did actually happen. I trust as Nomad that would be part of your compliance.
Finally, please would you notify all relevant parties that shareholders intend to use their right under section 342 of the 2006 Companies Act.
“Members power to require independent report on poll”
Notice will be sent to all relevant parties before the vote.
Once again thank you for your time.
Regards
On behalf of Scirocco Shareholders
If you have voted and not registered your vote at soloegm123@gmail.com please do so.
It is important we have an indication of votes registered so we can compare against the announced vote. I’m afraid I would reply on fair play with this Board.
Also it maybe necessary, it the short term, to pull all the support together to call a shareholders EGM. I will need as many contact details as possible in order to do this. I have over 100 already which is a great start.
The Board are obviously concerned as they would not have issued the RNS today. Don’t let them do more damage than they already have.
Why was this not available now????
Investment Facility
On 29 June 2020, the Company announced that it has secured additional liquidity in the form of a US$5 million investment facility with Prolific Basins LLC (the “Subscriber”), a specialist energy investor. The tranched investment structure allows the Company to have a flexible funding option in place, should it be required, for the planned appraisal programme on its Ntorya gas field in Tanzania and for general working capital purposes. Securing the investment facility further strengthens Solo's optionality regarding its existing natural gas portfolio and its business development work.
Under the terms of the Subscription Deed, the Company immediately drew an initial US$500,000 under the investment facility, by way of an initial subscription for new ordinary shares of 0.2p each in the Company (the "Ordinary Shares").
Provided the Company satisfied certain conditions set out in the Subscription Deed, an additional investment of US$500,000 will be made by the Subscriber following the Company's 2020 annual general meeting which was held on the 25th September 2020. The Company expects to make a further announcement on this shortly. A further US$1,000,000 may be invested within the next 12 months. The Subscriber may invest a further additional US$3,000,000, with the consent of the Company only, for a total of US$5,000,000, in the aggregate, under the Subscription Deed.
The Company remains wholly committed to realising value from its interests in Tanzania and is encouraged by the interest received in its assets since commencing that sales process. We are however cognisant of the challenges being faced by the sector presently and therefore feel it is necessary to secure this funding now as it provides significant optionality and
4
strengthens our hand with regards to any future negotiations in the knowledge that we can continue to fund our position of this exciting development if we do not receive offers that reflect our inherent value within our Tanzanian portfolio.
The issue is more shareholders need to share the work load instead of just talking about it.
We need the following
1/ Someone to get the ball rolling regarding an investigation into scirocco reckless spending / analysis their accounts etc
2/Someone to look in detail at the relationships between scirocco / Gneiss / directors and report any fraudulent activity to the relevant authorities.
3/Someone to start an official scirocco shareholders group that has the authority of its members to call an EGM etc.
4/ someone to are contact with the larger shareholders to get them on board.
5/ someone to start looking for a new BOD
I am happy to take on point 3 but will struggle to do more.
I assure you if this happened the Board / Wentworth would start to have major concerns about the deal completing.
Any volunteers!!!!!!
Some more voting information from another holder
At Hargreaves the voting is dealt with by the Shareholder Meetings Team who lodge proxy votes with the Company.
At Redmayne Bentley(Leeds)- 0113 243 6941- the Corporate Actions Team lodge the proxy votes through Euro-clear to the Company Registrar.
Redmayne Bentley(“RB”) have 90 SCIR shareholders on their clients listing- probably a small number in comparison to Hargreaves- but any shareholders using RB services and require help could contact RB direct along the lines that I have done.
So many are 90% down so losing the lot would not actually make that much difference. What spoke volumes is when TR was asked what the fees were on the sale. He would not give an answer other than in line with market norms. They will bleed the company dry If shareholders allow this to proceed.
Thank you for your enquiry.
I can confirm that we have received your instructions to vote AGAINST Resolution 1 at the upcoming Scirocco Energy Meeting on 29 June 2022. This will be cast in advance of the meeting.
If you have any other questions please let us know.
Kind regards
Rosie Hargrave
Corporate Actions