Member Info for mrc_mrc_mrc_mrd

AA - I see mr bird is executive at least 2 of the companies (bezant and xtract). However I can see that during his tenure the SP of both companies has done rather poorly. Perhaps backs up my point (even though he appears to be much more competent than Tom Reynolds).

I dread to think what Pinsent Masons and PR companies will be charging the company to deal with this shareholder revolt.

Ariel - given that he was born in 1943 I am guessing these are all non-exec positions.

Tom is CEO. For me that is a full time job if you want to have a successful company. The strategy here is atrocious. Seems to just be Toms fag packet musings he did on his lunch break.

Highland - I agree about the costs. Less than £2m market cap company cannot afford this management structure and AIM listing. Hence my suggestion that costs are cut to the bone and the company is delisted. HOWEVER, if the plan is to be an ambitious listed company as per the strategy, then a FT CEO is required. Someone needs to drive through all the funding and deal making that is required to meet the stated goals. Handing it over to 3rd parties just will not cut it I’m afraid.

TR has to go.

Perhaps for non exec positions.

Tom is an executive board member at 2 companies and non exec at another.

Nathan - I challenge you to find another CEO doing this.

We need at least one full time board member, especially for the fees we are paying out. 10% of the market cap every year just for Toms contribution!!

He is interested to the point of how much dough he can get in my opinion. Scirroco is in deep trouble, and to my mind he should be focusing 100% on that until we are on a surer footing. We are paying a full time salary and deserve all that he can give.

To be fair, delisting makes a lot of sense at the moment. Will only work for shareholders if a caretaker director is installed and hamstrung by revised articles of association.

That way all Ruvuma proceeds can be returned to shareholders and potential 5x from here over the next couple of years.

All in my opinion.

Wow he does not deserve that remuneration for what seems to be his 3rd job / side hustle.

At least their shares are worth F all now

Apparently he is a resident of Russia!!!

https://find-and-update.company-information.service.gov.uk/officers/FLdXCZaqaiOYJgfrBnjmY85i-T8/appointments

https://www.zephyrplc.com/about/board-management/

https://aquaterraenergy.com/team/tom-reynolds/

44 - they have no hope of raising funds in the current situation. They can’t issue shares and the markets in general are not open for debt funding.

It is in their interests IMHO to play hard ball and force the rebel shareholders out of the company. They can then continue to offer contracts to their friends and pay themselves salaries for another few years without any disruption. Rinse and repeat as they say.

Getting absolutely hammered.

The BOD need to resign and let some competent individuals protect the companies assets.

The BOD do not have the confidence of their shareholders.

Interesting find highland - is he using multiple versions of his name to hide these appointments?

Finncap have this to say:

“The rig market is tight and partner alignment will be required, but the well should be drilled comfortably within the 3year licence window, hopefully in H1 2024. “

Unlikely to affect the SP until dates are firm IMHO. Buy the drill type hot money is not going to come in until later.

Good news that some of this money is getting spent. How much does 50% of a drill cost?

The circular isn’t posted there either?

They are making a right pigs ear of even this simple task.

I guess a 30% loss on the initial investment (as a worst case) is not bad for SCIR!

Joking aside…no it’s not bad news. It won’t make any difference to the new strategy though. More cash to pay G&A and consultancy fees. That is all.

Even this “successful exit” is a pretty poor considering it has taken 4 years to get any money back from it “.

Also the devil is once again in the detail - around 1/3 will be paid up front. So we are getting back less than we invested.

They are saying €100 per MWh this winter (around half current price).

This reinforces for me the dishonourable conduct of this BOD,gneiss, and enablers.

There are small investors who have probably lost more than their original investment when fees are taken into account.

Meanwhile the BOD have done rather well financially.