Member Info for mrc_mrc_mrc_mrd

We will get some concessions I’m sure. It really is a stupid tax. The utilisation of tax losses would be a game changer but doubt we will get that.

Romaron

Only people who know how realistic it is to use EP at Bressay are in ENQ at the moment IMHO. For AB to mention it I think they will at least have developed a concept for EP on Bressay. You could look at the AK topsides spec for an idea of what is needed to convert EP. I guess the hull and marine systems will all be good to go. Maybe some upgrades to cargo pumps to handle the heavy stuff? On topsides I would guess quite a lot of changes.

ENQ know the FPSO so no nasty surprises this time round.

It will be interesting to see if Equinor go for it - I guess not what they are used to doing! EPL might make a smaller under the radar investment more likely than the big projects.

On point 4 - it’s all nominees listed as major shareholders on the website.
https://www.sciroccoenergy.com/investors/aim-rule-26/

However it looks like a shareholder could get hold of the register. I also thought there might be some direct shareholders on the confirmation statement, but nothing.

https://www.stephens-scown.co.uk/corporate-commercial/who-is-entitled-to-view-a-companys-register-of-members/

BD - you could try and speak to PMG boss Tom Cross - they have U.K. renewables assets and are cashed up £30m.

He is a real deal maker and started Dana from nothing. A genuine man trying to build something. Not a money magician like the incumbents!

Gneiss want to keep the gravy train on the tracks so pretty confident they won’t have attempted to sell the company as a whole.

Just a thought. maybe there are other companies out there that would jump in if they smell a shareholder revolt.

Perhaps the shareholder called EGM should also call for an independent investigation to be commissioned into this as someone else proposed!

If proper rules were not followed for related party transactions then legal action could be taken against the BOD and Gneiss to recover funds? Or against the Nomad?

Aimster - one would hope that any further cash going into EAG would buy more equity from the 50% partners. In theory the 2 EAG founders have put in their industry experience for their 50% stake and SCIR put in the cash.

SCIR have an option I believe to acquire the additional 50% of EAG.

So probably not as bad as you are thinking, but again it comes down to trust in the BOD

An all share offer would be of interest to WEN IMHO.

Completion risk due to preemption would disappear and they would get a £3m asset plus whatever cash is there after He1 disposal.

They would also be getting Ruvuma for less - an offer for 1p values SCIR at around £7m. So after the other assets Ruvuma only valued at say £5m.

The value to SCIR holders is that we get a competent management and option to either sell up at more than double todays price, or stay and retain exposure to Ruvuma.

You tease KO

Alcapone- if SCIR don’t meet the cash calls as they come due then they will forfeit their 25% which will be split between the other partners according to their equity share. All in my humble opinion.

I guess potential legal action against the BOD once shareholders gain control?

They have not declared the related party transactions correctly IMHO. first notification we had was after Fitzpatrick stepped down…but Gneiss were getting millions prior to that. Was any benchmarking done to keep it above board? Why were shareholders not informed of the related party transactions?

There is also a conflict of interest with Fitzpatrick gaining from this deal that he will be able to vote through and influence the BOD to approve.

Forest nominees seem to be connected to Gneiss. Impossible to see who the beneficial owner is but wherever they invest there seems to be a Gneiss connection.

Will Romaron be live tweeting from the AGM?

These forest nominees were involved in BLOE.

I haven’t followed that story so not sure their prt in it all.

Jeffrey1979
Posts: 772
Price: 27.20
No Opinion
RE: AB purchasesTue 11:48
Morning All...I got a response from their investor relations team:

We are working with the Barclays analyst to understand their assumptions and how they got to the answer they did, but I don’t believe there is anything in there that would warrant a clarifying announcement to be made. We have issued our guidance, which remains unchanged despite the introduction of the new levy.

Given all the information that is available is public, we don’t anticipate issuing an RNS. In the meantime, please be assured that we are looking at what investments qualify for the additional allowances and will try to optimise our programme accordingly. Our AGM is scheduled for this Friday 17th June, and this in-room meeting will afford shareholders the opportunity to direct questions to members of the Board.

Hope this clarifies. In future, can I please recommend that IR queries are directed to the following email address: investorrelations@enquest.com as that will reach me more quickly.

Oh or maybe he has been diluted to 3% based on the directors deal tab here.

From October 2020 we have Forest Nominees Limited (Guernsey). 8.5%. Could be Gneiss related tax dodge? My guess is Fitzpatrick controlling that somehow.

Ferguson also had 3% in October 2020.

BD - Fitzpatrick still owns 8% or so I believe and the BOD have their freebies

IR did say they would not release an RNS

As to the board change - who knows. We have just been through a pandemic and peoples lives and priorities have changed. Enquest won’t be immune to the great resignation.

AA - are you for or against? Do you even hold shares? Who’s payroll are you on? ;)

I’m not 100% sure whether they have a say. Perhaps the competition part. But the preemption should disappear, and perhaps the other government approval. Could be a selling point for WEN to remove some completion risk.

Anyone else think TR put the EAG structure in place as a poison pill? It will be a hassle for WEN to look after or dispose of that.

So valuing SCIR at £10 million?

Depends how much they want that 25% and how desperate SCIR is (cash balance, HE1 shares, potentially fire sale of EAG, more prolific, or new equity raise).

If WEN were to go hostile then presumably Gneiss would not get paid.

May also avoid requirement for some of the Tanz approvals?

All share offer at 1p / share?