Member Info for Phillo

Well let's see what HUM say tomorrow.

My understanding is that Pasofino is effectively up "for sale" with two interested parties, and at the same time is seeking funds to advance the project.

Hi Age

Yes, the current BOD performance has been shocking. You will not get many detractors from that view, myself included.

The issue for me is that an RTO offers another opportunity without losing the flexibilities of retaining the shares in a tax free wrapper. I understand the ongoing AIM cost issue and perhaps the need to run with the current board until the RTO is completed, but then there would be a new Board put in place with new drive and probably a new product/market.

If I have to put the shares in a standard trading account and wait for the staged payments then so be it. Its just not my first preference.

I still have a nagging doubt about the intentions of GB Jersey. They have form in being activist shareholders and from my cursory research, not necessarily in everyone's best interests. Afterall, they managed to get two Directors on to the Board and I think they perhaps could have pushed for further Board changes if they wanted to.

I am left thinking, is the best they could have done and are they really happy to accept such a low return on their investment staged over a period of perhaps years...or are they playing a wider game here that we are not aware of.

Not really sure I trust GP Jersey either.

They seem to be buying up large volumes of shares and pushing for delisting. Not entirely clear what their real intentions are.

With the restrictions on holding these shares (IE no longer in a SIPP or ISA), my preferred option is a RTO.

At least that would give me more direct control to buy or sell when I want to.

Hi

I have just received the below email. Not sure what Asset Match is ?.

We are writing to advise that the Company SCIROCCO ENERGY ORD GBP0.002 has recently announced a Corporate Action.

Subject to shareholder approval at a General Meeting to be held on 7th May 2024; the company are proposing to cancel its admission to trading on AIM with effect from 7am on 17th May 2024. Following the AIM cancellation, the company intends to implement a matched bargain facility with Asset Match. Please note there are additional charges to trade with Asset Match, and ISA accounts cannot purchase additional shares.

The board is also proposing to enter Members Voluntary Liquidation. This will be subject to shareholder approval at a future General Meeting. If the Members Voluntary Liquidation is approved, the shares will be removed from accounts in due course, and should any liquidation proceeds be received, they will be applied to the accounts on receipt.

Please note that this will be mandatory and does not require you to take any action.

Yes, and the Exec Director has taken 4% since the last meeting.

I guess in theory at circa 1.2p in staged payments he thinks there is the prospect of a very good return at these prices...or perhaps a stake being built.

An RTO is the best solution in my view. Cash return will take years and no doubt there will be management overheads. I noticed that Frazer Lang bought 4% of the Company last week. I assume this is the same guy who is an Executive Director of GP Jersey who are already the largest shareholder at 8.8%. that's now close to 13% either directly or indirectly owned by them.... intrigued why would they increase their shareholding ?.

Yes, market cap of £17.4m here.

Given the commitment by Chevron, why haven't they just bought CEG outright to get both licenses...

Reward for failure.

This/was an Investment Company, with basically one significant asset that they have achieved a low ball, and conditional offer for. Their salaries for what should really be part-time jobs are utterly ridiculous.

They should hang their heads in shame.

Glad this whole sorry saga is coming to an end....

Presumably this means we are going to walk away from KN1. Aminex will be pleased...

As a long term (and suffering) shareholder here it good to see the share price moving up.

As a M&S customer and indeed a UK wide consumer though, it does bring home to me that the huge inflation we have seen since the Ukraine war has been a heaven sent opportunity for many Businesses to raise their margins with muted customer reaction.

Fleccy. Are you topping up in BT or Vod, or both at these levels ?

Not sure if this is short covering or whether there is a coordinated sp increase for a raise at a better price.

Given the admission that none of the investees are at break even, further funds or a divestment will be needed soon. A divestment has hitherto proven elusive.

Unfortunately, it was all in the previous RNS.

None of the invested Companies are at break even point. So until they are, further investment in them and possibly a fundraise for Tern are real risks here.

I suspected a drop as soon as I read £1b pension top up.

Tern is an Investment Vehicle.

They may receive dividends from their portfolio, consultancy fees from the portfolio or perhaps more beneficial to shareholders a shareholder return following a successful divestment.

However, the portfolio is not yet at break even so a strategic divestment is perhaps the best positive outcome in the short and medium term.

it seems to suggest a mixture of grades of ore from what I read

"Note: Ore mined includes high grade, low grade, and marginal material. Ore processed is a blend based on preferential feed of high grade and low grade, with marginal ore added as an incremental feed source".

I hope that you are correct in your interpretation. I read it differently, but hope incorrectly, as 5% growth in revenue but 97% growth in Annual Recurring Revenue.

The inference I took was the BU's grew revenue by 5% overall but converted 97% of previous "revenue wins" onto annual revenue contracts.

More comfortable with your interpretation though...

I agree. When I read all Business Units were losing money and overall growth across all was just 5%, I came to the same conclusion. Going forward expenses would have to come from placings and/or selling the Wyld shareholding, at least in the short term.

DA was the great hope here but it seems there are no interested parties willing to acquire it.

TW will have a field day after today's RSN

Now over $2000

Jansen should have been more guarded and not so cavalier. OfCom's primary responsibility is to introduce and maintain competition in the market. He should have known his words would have been viewed by them with alarm....

If you say Outreach (our monopoly play) is an "unstoppable machine" and "it will not end well for the Altnets" (the Competition)....it that's effectively throwing down the gauntlet to the Regulator.

It was unbelievably reckless...