Member Info for little_me

SCIROCCO ENERGY LIMITED

Company number 05542880

19th July 2024

Appointment of a voluntary liquidator

This document is being processed and will be available in 10 days.

What next? are we all going to be named for our 'share'?

What happens now?

My broker is suggesting the shares I have are likely not going to be able to be sold!

If I retain them then my account will show £0 and I will just live in hope that the monies coming in from the sale of assets is proportioned to me. But how will we know when and if that is happening? And how will I be contacted?

Was there any mention of the BOD being restricted in spending the remaining cash while they still have their fingers in the till?

I'm hoping they recognise the gravy train has finally come to a halt.

They should be struck off as Directors as they haven't delivered on any of their promises!

If the BOD are given 6 months then I would suggest this is solely to close the Ruvuma deal. No more handouts. Pay/bonus/remuneration of any kind is frozen. Otherwise, they will be paying themselves as much as possible and as quickly as possible or come up with some other scheme to consume 'our' money.

The BOD have shares. It's best for them to also take the 'cash' they are entitled to at the same rate as the investors. No more, no less and at the appropriate time. But no more payouts to them!!

I assume if/when the remaining funds are returned to shareholders the payment will be determined by 'who holds shares' on a particular date, and no consideration is given for those that have been drained of their investment for 5 years or longer. Everyone will get the same share payout regardless of the 'age of the share'

I’ve lost track but do ‘we’ have any Helium One shares left? They increased significantly today (although still trading a lot lower than previously).

What is left within the business? Money owed, loans that will never be repaid? Shares? Assets?

The RNS still has Tom’s name as a contact!

We need to see the funds invested in a sustainable and profitable business venture!

LinkedIn - https://www.linkedin.com/in/tom-reynolds-6234648/details/experience/

Aquaterra Energy

Non Executive Chairman

May 2021 - Present

Part Time

SEM Energy Ltd

Chairman

Mar 2020 - Present

Part Time

Scirocco Energy

Chief Executive Officer

Oct 2019 - Present

Presumably full time!

Quixote Advisers Limited

Managing Director

Oct 2017 - Present

Presumably full time?

Zephyr Energy PLC

Non-Executive Director

Apr 2019 - Present

LinkedIn doesn't suggest part-time, but presumably, someone cannot have a third full-time role!

I wonder what Tom's definition is of full and part-time. Does his day have more than 24 hours?

The RNS statement was already known - the information was included in the 2022 accounts document filed in July 2023.

I am sure they are all patting themselves on the back for another wonderful year, and extracting more unworthy fees and remuneration from the business for doing sweet F A.

SCIR is also inept to push any commercial/profit generating business forward. I will let others decide if the directors are corrupt! But they seem to be drawing a nice remuneration from very little effort and certainly not delivering value to the business or shareholders.

This share is most definitely in my bottom draw. If I get anywhere near what I have invested it will be a miracle!

John Fitzpatrick company - has just posted updated accounts. £1.4M of investment properties. I know he can do what he likes with ‘his’ money. ‘His’ money has come from the outrageous fees which has crippled SCIR.

It’s a shame the BOD haven’t managed ‘our investments’ as well as they have their own!

It’s clear to see from these forums that the majority of share holders, large or small would have saved the funds from previous sales (Helium etc) to reinvest I. Our prime asset. ‘We’ can all see that. Without asking for large fees for consultancy or drawing a huge wage for being a ‘director’ so why couldn’t our BOD release the same? Why have we spent millions on poor consultancy advice? Why are we now arguing with the BOD every time they make a wrong decision! And why are we not reaping the rewards as AEX are?

The BOD have a lot to answer for! They are incapable of running a business. They have made themselves very rich with our money! They could have been richer if they knew what they were doing!

The best thing the BOD can do at the AGM is resign… return their shares without any payment and close the door behind them. They have successfully dragged this share beyond return and lined their pockets handsomely via pay or consultants fees amongst friends.

We only need to keep the assets ticking over what we have and rebuild our funds. I think one person in charge could do this with a reasonable renumeration package.

This morning I received notification from Interactive Investor that I could cast my vote(s) for the GM

I have voted FOR the 5 resolutions.

Unfortunately logging into my account also reminded me of the significant losses I have with this share.

Tom is also a director for:
AQUATERRA ENERGY LIMITED,
ZEPHYR ENERGY PLC.
RAB MICROFLUIDICS RESEARCH AND DEVELOPMENT COMPANY LIMITED,
QUIXOTE ADVISERS LIMITED…..

he has also been director of many other companies that he has resigned from or the company has been dissolved.

How much time is he able to give to all these companies?

How interested and engaged is he with each of these companies?

Directors having more than one entry at Companies House is common even if using the exact same name and date of birth. Confusion occurs with registered address of companies and directors details.

Fair point MrC

I’m fully aware that my ‘investment’ is also insignificant to many.

Hi Steve196

I think many on here would exchange your ‘loss’ of £180 for theirs! As they are many 100’s more times invested. Think of your loss and add 2 or 3 more zeros and that’s the situation many are in.

I’m happy for SCIR to invest in sustainable etc. but I’m please do not invest millions, pay millions in consultancy and dilute, and then sell the asset we have help build/find for a small percentage of what has been invested.