Member Info for steve58

If they become a private company then the new shareholders in the company will buy the scirocco shares at a premium to the market price. The old shares will then be delisted and cease to exist.

The premium should include the monies due from the Ruvuma sale although they will want to make a profit so should expect a slightly lower price to reflect this.

The old directors will also probably get paid off together with the liquidator so the sale price of the shares will be adjusted downwards even further.

Many shareholders have lost huge amounts here

and will be glad to see the back of them.

The 2020 results were issued early May.

So could be sooner than we think and maybe a deal announced before that.

Got out months ago cost me a lot of money here.

Ruvuma looks dead in the water at the moment.

Government taking ages on a decisions.

Drilling licence expires in August I think.

Imo shareholders may be lucky to see .50p over many years but still depends on ruvuma monies being received.

Why are they taking the company private.

A scheme to get even more money to themselves.

I do sometimes wonder if they already have.

The fact that this mine is supposed to be such a good earner and yet the banks cannot sign on the dotted line.

100 million mc so about 2p.

They must have known when they bought the German operation.

That's the problem here not the experience in place on the board.

Should have raised a lot more sooner at a much higher price and purchased their own rig.

Of course when not being used it can be rented out to recouping the original purchase cost.

Every dollar increase in the gold price should get through to the bottom line.

It should cost no more to extract the gold it is just the profit margin gets bigger.

Just a pity the financing hasn’t got sorted.

Gold price could easily top $3000 in the next few weeks.

Worth nothing to us unless the mine is financed.

Blame my calculator.

Looking at the potential resources if drilling is successful we could be looking at thousands of barrels a day production within a couple of years.

Really all depends on getting this side track drilled successfully and a good flow rate.

Wouldn't be surprised if their is a bit of a buying spree tomorrow.

A lot can happen over the weekend especially if they are working the weekend.

ATB to you.

If I had £10k I'd get a billion.

Must be an rto certainty here.

Maybe if they pay the workers a bit overtime they could get it done tomorrow.

Should read this will rocket.

Just acquired just over 4 million.

Only a small amount but at this price with a hint of good news this could rocket.

Watch your holding getting close to 3%.

Should pay for the care home fees then.

Only an interest.

May not be enough.

A problem could be that they may have to delist if they are basically a cash shell with little cash and net liabilities.

I thought companies had to be suspended if no trading activity after six months and then delist six months later if still no business activity.

We have tax losses available ready for an RTO.

£500k potential income at current gold price.

These grades are quite small so hopefully much higher once processing has been done.

Of course as I have said before Welsh gold has a premium attached to it.

Maybe sell Horse Hill stake to avoid more short term dilution.