Member Info for mrc_mrc_mrc_mrd

Perhaps a cairn counter offer.

Get rid of our debt and catapult us into the ftse 250.

Added benefit of a little diversification with their Egypt and exploration assets (including North Sea)

No SHS - depriving Gneiss of their booty is in the interests of the company. It would be a bloody nose to the BOD and may force them out.

It’s clear to me that this deal and the continued participation of Gneiss and their proxies is not in shareholders interests.

It will be an interesting investor call on Thursday. Unfortunately I won’t be able to attend .

SHS - vote against the deal and deprive Gneiss of the fee. Relinquish the asset.

All WEN had to do was wait until the cash calls started coming in to SCIR and they knew TR would cave. The big bluff about funding as they go has been called. Well played WEN. Another reason to get rid of TR. This deal was not inevitable. It’s a failure of management.

AB is probably a billionaire by now. He admitted he was close to being one in 2012. Good guy to have at the helm.

I don’t think he would take us private.

Utter contempt from TR.

I would like to see the BOD put their hands in their pockets and show some confidence in their ability to grow this company. Say £100k each at least.

If they can’t do that then they need to go IMHO

AA - you seem to deliberately misunderstand.

The asset was worthless in SCIR hands because they can’t afford it. That has been shown to be true. TR has said as much himself!!

For WEN it is potentially worth a lot more than $3 million they are paying up front. Of course they won’t see revenue for a long time, but when you have the cash to develop then a lot of risk is removed.

WEN have almost zero risk and huge reward.

SCIR have effectively given this asset away.

All we have left now after fees and taxes is some potential keep the lights on money over the next 5 years, and a tiny AD business that we only own 50% of.

This is not a viable business as things stand.needs a board room clear out and full recapitalisation. Basically a start again job.

Davey - can you show your working for the 5x?

We will probably never know Steve - but they charged about 20% from memory for the U.K. asset disposals.

Whatever happened to that money?

So many assets gone and nothing to show for it except a couple of fat directors and their hangers on.

The tax would be payable in the U.K. I would imagine.

Good man Amjad

Yes much better opportunities out there due to market crash. Why chase penny stocks with questionable management and related party red flags?

Davey - yes there is a convertible waiting to drop. If Prolific basins pull the trigger now they will get £0.5 million worth at around 0.41p (10 day VWAP).

Nobody knows the SCIR cash position but it is obviously not good if they need a loan to tide them over.

The deal has not been approved by SCIR shareholders so I wouldn’t count your $3 million yet.

Based on previous deals the Gneiss cut this year including the retainer will be somewhere close to $2 million IMHo.

Don’t chase losses 44 IMHO

The BOD are low quality it seems so likely they have screwed up the pivot to AD as well?

Given the assets that we have, my opinion is that this is richly valued. A recapitalisation is probably on the way? IMHO.

The fact that Malcy is still riding this old girl is very telling.

https://www.energyvoice.com/oilandgas/419265/scottish-uk-politicians-ministers-oil-gas-declaration/

Well I have been saying for a year or more that this is the best case outcome and you have been accusing me of bashing the company!

You and Chris both seem to have had a sudden change of heart!

This is a bad day for genuine LTH

The BOD and the Fitzpatrick mob need to be shown the door. They seem to be doing a similar number on PIs all across AIM?

I’m not surprised AA thinks this is a good deal…confirmation that he is earning a fee from those guys ImHO. Perkins as well.

Yes Aimster all correct

However WEN will also have to pay costs from 1st of Jan 2022. The loan is just to bridge SCIR to completion. They will repay the loan with the costs recovered from WEN themselves.