Member Info for ShouldveSold

I have just searched the Scirocco website and Google, Proactive, etc for a recent financial update or status. I am unable to find anything. Half year update is due in June.
So I actually don't have a ballpark idea of net cash or pre-paid/allocated project funds.
We'll either have to wait for the half year report or any update on an acquisition for a clearer picture.

The only quote I could find was from  March 2020
*Quote
“The board is confident that the company has sufficient cash resources to meet current firm budgeted commitments within its existing portfolio of assets in Tanzania, and to cover general working capital needs for the remainder of 2020,” Solo said in a statement.
*end quote*

Its my understanding Scir already have the funds for CH1.

DaProphet its my understanding that the financial arrangement that was in place to drill P#1 got withdrawn because of Covid.
The world went into lockdown and drilling got postponed.
With no funds to drill and having to drop the licence, bankers pushed for a merger with CERP.

I don't think PI share options would of been an a possibility. I have actually forgotten how much money was raised during the last 3 months of 2020.

DaProphet I think we were all expecting 6p leading up to spud and I believe it would have got there. What no one saw coming was the 6 share placings in 8 weeks which had the result of pushing the SP down to 2p.

On reflection, I retract my retraction.

Scir has monetised one of its investments and made a profit. They may still have a percentage left to get a free ride in the HE1 potential performance. That is good investing in my opinion.
HE1 may rise a bit more up to spud but historically SP movements plateau whilst drilling is active for that eventual binary move on results.
Hopefully SCIR still hold a percentage and can then make another decision at the relevant time.
I am always complaining about SCIR's inability to generate cash and they have finally achieved it so. They do get a reluctant thumbs up from me.

I do.
I am choosing to not debate the pro's & con's of the EGM until after the voting is completed and the results published in any announcement.
If investors are unsure on what to vote, they can abstain.
If one feels one has to vote because of consequences then perhaps one should seek professional investment advice.

I retract my previous post of " great investment decision"
Scir knew HE1 was going live on a dual list and chose to sell a percentage beforehand. So they either expected a sharp fall or made a monumental bad decision.
I want to be angry but this is comical.

So SCIR sold before yesterday's rise? LOL

Fjones40 the market has let us all know where it thinks the SP represents fair value. And over the past 6months that range is between 1p -1.25p.
As mentioned yesterday SCIR's fundamentals haven't changed. They may have indeed just collected £800k but in the grand scheme of things, that is pocket change, legal or bankers fees, maybe even petty cash to pay a few outstanding office bills.
Scir will not be able to make an acquisition with £800k. But what it does do is reduce the probability of a share placing or if there is still going to be one. It will reduce the amount needed.

Star I wasn't wagging my finger at you, I was just highlighting that you are leaving yourself open to more bear attacks.
Again I am not here to police what people post.
Being as the voting process is still active, I believe people should make their own decisions and not read what everyone else is doing to make a decision. But if people are unsure and need influcening or persuasion, so be it.
I think if they are making that decision based on what you have posted and the SP doesn't behave in a way they thought it would. Then they would look at you to assign blame for their investment decision.

It doesn't look like the market has taken that news as positive. And we are getting back to the real SP value of Scir after all the hype yesterday.
I think news of how Scir will now deploy those funds gain from that profit taking will boost the SP and market cap.

I'm sure we'll get an update soon on the value of that new position & how much profit was realised.
If someone here is doing the maths, I look forward to that post.

Profit taking !!!
At last, a great investment decision by the BOD.

Lol Bully I have chosen to stop engaging with Willec because of this stance on the company, his interpretations and his unique way of expression.
I don't think you gain anything from continuing to joust. But if its something that you enjoy or find engaging, cool.

Bohemia I agree with the disingenuity but no matter how many times I re-read your valuation paragrpah, I am left confused by the numbers.

Star, I think if you are going to not disclose how you voted, but then recommend investors do vote for all the resolutions, then suggest people don't take investment advice from this BB, you are leaving yourself open to Canon fodder.

Karlci I agree. Its a no brainer & being as its the CERP assets which are now the only assets keeping the company afloat. Its fitting.

I don't see why BPC shouldn't revert back to Columbus Energy. It would require zero rebranding.

The one thing I have taken from that presentation is that Eytan calls a spade a spade. I prefer a straight taking CEO than one who uses fluffy language.

That was pretty clear. I now expect the institutions who will end up owning a lot of shares will be in a position to control the SP for the rest of the year and or until their convertible positions are clear.
I am under no illusion that the financers will choose to hold their shares to become steakholders.
That 8p SP indication that was given, in my opinion would be dependent on all the institutional finances converting their equity into long positions, which I don't see happening.

That came across as very "me me me" though, rather than a organisation moving forward.

An Interesting lucrative day for Momentum & day traders.
I'm watching to see how HE1 closes out the day & indeed the week.
Approx 2 weeks to spud & I have seen someone calling a £1.50p target within that time lol
I don't know if they have plucked that random number out of the air or whether that is based some other calculation.

With a SCIR year to date high of 2.6p & no change in fundamentals, I would be surprised if it broke through that resistance. Certainly with sustained news flow & positive drill results I expect new highs but I will let the market tell me what value it has.

bigdouble I see.
I don't think SCIR's current operations fundamentally underpins a 10p SP value. I accept its just a number you think sounds about right.

When Ruvuma is actually monetised through a sale/production & or an acquisition brings in cash generation, that will certainly change the fundamentals which will require a re-rate.

Helium One may indeed go to the moon & tow SCIR with it but being as no trading range for HE1 has been established I don't know where to base my expectations on it as an asset or how pegged it will be to HE1.

bigdouble may I ask how you get a 10p SP value?