Member Info for mrc_mrc_mrc_mrd

Good work steel watch. If it leaves on Tuesday then that will be 14 days I think?

Pretty good. I guess any maintenance has been completed now as well.

I wouldn’t bet against Chilting Aloj, this guy is hot stuff! I’m surprised he hasn’t had Bloomberg on the phone wanting an interview.

If he says it’s too high then it’s too high!

Lol chilting - who are these investors in the know?

Pelle and KO?

Not a great profit considering the years of work and risk that went into getting to this point.

Also shows how flawed the business is that this “tidy profit” has led to negative returns for shareholders. Cash will be reinvested in the BODs salary IMHO, or perhaps some work for the Gneiss lads??

It’s a crappy situation AA. One lucky sale amid chronic mismanagement.

SCIR would have had a vote on the IPO for sure.

Think they had a seat on the board too if I’m not mistaken?

Hard to wriggle out of responsibility on the cheap valuation. There was demand for a placing at 10p a few months later so you really do have to ask some serious questions about who benefitted.

As I say AA they gambled and it paid off. I think even these guys would not be arrogant enough to claim to have foreseen the level of speculation on HE1 by retail punters.

Remember they valued HE1 at 2.5p at the start of this year. I wonder if gneiss or any connections to the BOD benefited from the cheap IPO? It certainly wasn’t good for SCIR.

Nope, I just read the company RNS announcements and the conclusions are logical. Work programme cost is greater than funds available. More dilution required (we had 16% last year through the use of our death spiral finance facility. This is despite selling off most of our liquid assets.

Where do you expect the money to come from for the work programme?

Ah so they are expert traders and psychologists now?

They have to be good at something I suppose!!

HE1 holding was a massive risk. Looks like we now need a fund raise in the next 12 months, which would not have been needed if they had sold the lot.

Shame really, but what do they care?

Yes Chris, I have said multiple times that they have lucked out on the share sales.

The BOD have joined in the speculation and risked SH money. This time it has paid off.

I am not laughing at the losers on HE1 - just the cynical rinse and repeat nature of certain parts of the AIM market. There always seem to be a new batch of mug punters that buy into the hype. We will need a consolidation with the next raise at SCIR by the looks of it?

Did you get out of CEG?

Can’t but laugh at this RNS. Quite outrageous from the Twitter golden boy!

So another £10 million left to be spunked on seismic and salary before another fundraise to put another nail in the coffin.

It has taken longer than I expected to reach an end game, but approaching it now. Should see the iPO price again fairly soon IMHO.

Wish SCIR had sold their stake in full. Hopefully they have the sense to sell on this news at least.

Ah, so we only have half a million pounds invested in an idea at the moment until EAG by the AD generator.

Hopefully they won’t screw that part up and end up paying 2x BOD to manage nothing!

Frank - don’t know much about WEN but a merger or buyout is the best outcome here IMHO.

SCIR is far too small for a listed company.

IMHO a straight sale of Ruvuma would end up getting ****ed away on fees.

Most people here would take 1.8p which would mean valuation of £15 million. Slight discount for Ruvuma when cash, HE1 stake, and Greenan are taken into account. Probably save a million or 2 in fees though!

£7 million

Any other valuation is fantasy

I expect the valuation to decline over the next year, so won’t be putting another penny in this dirty old dog!

Chris - I get the feeling you are being obtuse

If not then please see my earlier calculation.

The way you are valuing the asset (in both cases) is just silly.

But we are not that far apart on greenan (I say £1.45 million, you say £1.2 million). You are including £200k of transaction costs on top of the £1 million cash. And you are excluding SCIRs share of the bank debt (950k)

Chris - be honest please. You said “asset value”.

The asset value is £2.9 million split 50/50 with our JV partners.

Why are you including the transaction costs of £200k in the asset value!! That money is a sunk cost.

So in total EAG has paid £2.9 million (I am ignoring the £200k that has been spunked on deal costs).

So SCIR share of the asset is £1.45 million.

20 times that is £29 million.

Ruvuma is worth (according to your bangings on), $20 million (£14.57 million). So you are now claiming Ruvuma is worth $40 million???? I wish I could live in Lala land sometimes!!

Interestingly we have basically just handed our JV partners £500k. Is their contribution really that valuable?!

Chris, the JV has taken on the debt from the greenans

We have taken on debt Chris

I’m quite comfortable jan and Krakker

ENQ has been good to me, and it’s not a profit until you sell!!

Historically selling before results has been a good move, so perhaps I will be given an opportunity to buy some more next week.

Chris - “ Still encouraging news on the asset worth around 20 times as much as the one we are waiting on completion.”

The asset we are waiting to complete on is supposedly worth £4million.

Ruvuma is not worth £80 million. We have the read through of $20 million so nowhere near.

Or did you mean something else?