Member Info for mrc_mrc_mrc_mrd

It was forced by the lenders.

The BOD over extended the company and ended up losing a lot of cash. Another gamble, this time on gas prices.

And who are you? The BB police? PMSL

I think I would be taking that profit. It’s been a nice run but there is always a pull back, especially when the rise was based on so little (IC article).

A lot of GPA now appears to be priced in, and personally I think chances of that going ahead are slim.

I guess the big buyer is now a big seller?

Looking very weak now.

MT - speculating on a drill is hardly cause for congratulations. What if it had gone the other way?

It was nothing short of a gamble.

The one smart thing they did was offload UKOG shares immediately.

With HE1 you have to bare in mind that SCIR were diluted to hell by the disasterously cheap 3p IPO. Someone made a killing on that as the market soon valued it at 10p (with a new placing at that level)

Yes they are all over the place on risk management.

Locking up funds in a pointless AD money pit when it is needed to keep hold of the main asset!!

TR was talking on another call about holding He1 shares on speculation that last years drill would be a success. This is a shareholding which SCIR really had no business still holding after the IPO (if anyone wanted exposure to it they could have easily bought on the open market).

Big Double is in Comms with the BOD I believe.

However what really needs to happen is for AF and TR to negotiate their exit.

Ara and TPDC have played a blinder

Unlikely to be much in the kitty. 3D progressed and invoices will be rolling in.

There is a big risk now of losing the asset if the loan is not received very soon.

The BODs strategy is in tatters.

Nobody is going to lend SCIR money when the directors have presided over a DEFAULT against our Wonga facility.

Funding for AD expansion looks like an impossibility.

It is now either delist or hobble on for years with no assets and high cost base.

As soon as SCIR agreed the sale to a third party (specifically WEN) the clause in the JOA and Petroleum act come into play.

SCIR are subject to the terms of the Act and JOA. Shareholders have no choice in this! The JOA was signed years ago and government acts trump everything.

Your friend will tell you exactly the same. Sorry but you are clutching at straws.

TR and AF are the problem and need to step aside. We have other board members who can stand in in the interim and appoint a new chairman and CEO

MT - of course it is effective. The JOA and Petroleum Act allow it. By voting to allow a sale to WEN, shareholders have opened it up to TPDC and ARA through the Petroleum act and JOA respectively.

The BOD may have gotten the deal through but they have now failed to get key business done. They no longer have authority to run the business as they feel is best for shareholders and should therefore RESIGN.

IMHO there are now grounds to call an EGM and remove the BOD.

It’s a bit much to claim we are early in changes. These guys have had 4 years and still claim to have done a great job. They are only now starting to come clean because their jobs are at risk and there is a lot of pressure on them.

For me they should now resign. They can’t get vital special resolutions approved and have landed the company in Default. New leadership is required for a fresh start.

Lol a major

Get a grip.

FWIW after listening to the presentation I think the BOD did communicate well today. They didn’t need to put on the presentation and engage as they did.

Complete failure prior to today though. Left far too much up to speculation. And led PIs up the garden path with the fund as you go nonsense.

They could even keep the listing but transfer the Ruvuma deal into a separate entity with existing shareholders as beneficiaries. The listing could then be used to completely recapitalise - existing shareholders would suffer significant dilation but the value of the Ruvuma deal would be locked up.

I think either way dilution is inevitable to grow renewables. Ruvuma deal is being valued at zero so May as well carve that out for existing SH before the dilution happens.

He agreed that the costs of running a listed company are significant.

IMHO it is impossible to build a business here that is profitable without new capital. Unless they really can secure bank lending, but certainly no evidence of them being able to. Capital means dilution which he seems dead set against.

They should delist and exist purely to receive milestone payments and dividends into the company and distribute special dividends. Costs would be next to nothing - no listing and legal costs, minimal accountancy fees, no PR or Nomad, minimal directors fees (say 1 director part time to organise the paperwork and bank transfers), no strategy costs. Look at his chart of where the cash has gone and virtually everything disappears if shareholders choose my route.

They could put the share in EAG up for sale to let someone else have a crack at the growth stuff.

You could essentially get 5-10x back on todays market cap over say 5 years of Ruvuma goes to production.

I see someone submitted my question about delisting the company. TR seemed genuinely interested in it. I expect he knows that is in the best interests of normal shareholders. Still thinks he can pull off the impossible though and solve the size issue without dilution.

What is needed now is a serious recapitalisation if he is not going to go down my route of cutting costs and returning everything to shareholders.

Lol Aimster - we are already well into Q3!!!

Or have we not got that far in your reality PMSL