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Dear Scirocco Shareholders
Just a reminder. If you have not yet contacted your broker and voted FOR the 5 resolutions below, you have until around 10th October at the latest to do so. This is the only way and probably the final opportunity to stop the Board squandering what Scirocco has left.
Any questions, please feel free to contact me.
Resolution 1
THAT the Directors account for the measures they are going to pursue to recover from the very poor performance of the share price and re-think their investment strategy going forward as the Board says it “is focused on growing the company to become a major European energy player” and the current strategy will not achieve this.
Resolution 2
THAT the Directors provide a full audit trail of the revenue produced since 2018 and to explain why they need external funding as they have not used this to protect the Ruvuma Asset despite assurance being made.
Resolution 3
THAT the Directors reassess the strategy of any further AD Plant investment, given the market perception of the strategy in the poor share price and also the poor returns to date, complex ownership structure and high fees involved. The Directors need to provide clear financial evidence, which has so far been lacking, that this is a profitable investment, given we do not appear to own any of the facilities. We wish to see better investments being made in the future in more established medium size enterprises which demonstrate clear income generation and return to shareholders rather than the current AD plant venture.
Resolution 4
THAT the Directors seek alternative providers of services and benchmark them with Gneiss Energy and other sub-contractors and service providers used by the Company before any further consultancy is carried out. The intention being to reduce the spend on consultancy fees, including salaries and share options given the poor performance of the Company in terms of current market value and lack of revenue. Other providers are available and should be invited to tender for services.
Resolution 5
THAT the Directors appoint a representative of the Requisitioning Shareholders to the Board in order for future concerns of shareholders to be listened to before decisions are made that are detrimental to shareholder interests
Not sure how they can get away with this, as the resolution that was voted down clearly states the option expires at last AGM.
Resolution 4 – Directors' Authority to Allot Shares
The Directors may only allot shares or grant rights over shares if authorised to do so by the Shareholders. The authority granted at the last annual general meeting to allot shares or grant rights to subscribe for, or convert any security into, shares is due to expire at the conclusion of this year's Annual General Meeting.
From Scirocco Board
In order to access the meeting you will need to be sure to bring along those identity documents specified in the circular which are as follows:
Shareholders are reminded that in order to access the General Meeting in person, a shareholder will need to either: (a) be a named shareholder on the register of members as at the record date for the General Meeting (being 9 a.m. on 11 October 2022); or (b) be a beneficial holder of shares who holds shares through a nominee account or share trading platform and have the appropriate corporate representation letter evidencing such beneficial holding. In each case the shareholder must be able to provide such evidence of his or her identity as the Company’s registrar may require in order to confirm him or her as a shareholder or a beneficial holder of shares through a nominee account or share trading platform. In circumstances where this cannot be provided, an individual will not be permitted to access the General Meeting.
These must be brought along on the day to allow you to be identified by the registrar and to gain entry notwithstanding you have shared with the company by email in advance. In addition, and based on guidance from Scirocco’s registrar, the letter of authority should confirm that the shareholder named is authorised to attend, speak or vote at the meeting.
If you are with Hargreaves it’s easy to send them a secure message. Feel free to cut and paste this
Just send HL the follow secure message -
I would like to vote FOR the 5 resolutions that will be voted on in the General Meeting which will take place at 9am on 13th October 2022. Please confirm that you have carried out my instructions.
Appreciate the feedback from fellow Scirocco shareholders. We are being very careful where to use the available funds. It’s a shame others don’t take this as an example. If there comes a time where funds are required we will let shareholders know. Thanks
RNS Number : 1073Y
Scirocco Energy PLC
02 September 2022
02 September 2022
Scirocco Energy plc
("Scirocco Energy" or "the Company")
Requisition of General Meeting
Scirocco Energy (AIM: SCIR), the AIM investing company targeting attractive assets within the European sustainable energy and circular economy markets, announces that it has received a letter from a group of shareholders of the Company requesting the Company to convene a general meeting of the Company's shareholders pursuant to section 303 of the Companies Act 2006 (the "Act").
Following a process of engagement with the requisitioning shareholders to confirm that the requisition is valid in terms of the identity of the requisitioning shareholders and the number of shares held by them, the Company can now confirm it is subject to the requirement pursuant to section 304 of the Act to call a general meeting within 21 days of receipt of a valid requisition and to hold such a general meeting on a date not more than 28 days after the date of the notice convening such general meeting.
The board of directors intends to comply with its obligations in accordance with section 304 of the Act and a circular convening the general meeting will be posted to Shareholders no later than 15th September 2022.
A summary of the five proposed resolutions relate to requests for the Directors to: 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 full text of the above proposed resolutions will be set out in the circular.
Shareholders are advised to take no action at this time. Further announcements will be made in due course.
Mrc - wow you did so much to set up an action group, to be honest I can’t remember you doing anything of the sort. The only thing you have ever done is post continuously on LSE on a share that you are not, or probably ever been invested in. I just find that a little strange. Enjoy your weekend
Mrc - there are people in the world who stand up and do something if they see an unjust and there are people who sit there and tell people what to do and later on tell people what they should have done. Which category do you think you fall into. Have a great day.