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This mail has been sent to around 150 previous Solo Oil holders. The group was set up a few years back, so anyone not on it, please feel free to reply to the following soloegm123@gmail.com
Dear Scirocco Shareholders
Re- The Sale of Ruvuma
I am contacting you as you may still hold shares in Scirocco, previously known as Solo Oil. On Monday, the Board announced that Ruvuma, our Tanzanian Asset, was to be sold to Wentworth for US$16 million. Over the last 10 plus years Solo, now Scirocco have invested approximately $25 million in Tanzania and the asset was due to produce its first revenue in approximately 2 years time, which would have been substantial. The sale to Wentworth is far less than the asset is worth and the monies also will be payable to Scirocco over many years, if at all. In essence, the deal is an awful one and the only beneficiaries are likely to be Wentworth and the Board, who will no doubt siphon the money off in salaries in the coming years.
The only way to stop this, is to vote against the deal and then we can work on removing this shocking Board of Directors and replacing them with a Board that has its shareholders interests at heart.
I would like to keep a record of votes cast and therefore would appreciate it if you could email me back with the amount of shares held and how you voted.
Any questions, please feel free to come back to me.
Regards
Simon ( BigDouble)
On behalf of Scirocco Shareholders
I agree with you Sambo, the Board came to Solo with a fairly good reputation and this is the best deal they could put together over a 2 year period. I’d like to see the deal blocked by shareholders and the Board kicked out. Whether or not enough support could be gathered is another matter. Flipping disgrace
Dan, why are you so unhappy with the RNS this morning. You have zero financial interest in Scirocco. Do you get worked up about everything you have no interest in. Your stress levels must be through the roof. Have a day off, let the blood pressure return to some normality.
No Dan, I’m invested in quiet a few stocks, unlike you.
Thousands of posts on a share you have no financial interest in. What a very sad, lonely individual. No doubt you will get this post removed like the other ones today. Keyboard warriors do make me laugh.