Member Info for steve58

If the existing AD plant can cover the general overheads we are halfway there.

Looking at the voting figures it looks as if Prolific either didn't or weren't able to cast their votes at the AGM.

I agree as long as the cash calls can be met.
Go for it.

The board are now completely stuck.
Prolific cannot be issued new shares to cover the outstanding loan draw down.

If scirocco need further cash for anything, prolific will certainly not give it to them as it won't get repaid. Seems shareholders have put the spanner in the works today.

I wonder what the directors next move will be.

Not the word directors and shareholders alike want to hear. I trust wen are aware of the situation.
News broken on market watch.

Resolutions 5 and 6 were voted against.

Very interesting.

Given what was said.
Unless they manage a huge cash generating deal soon the sp could fall even further.

So $3 million up front.
They pay a fifth of the costs we pay the rest and we have 28 scuffs a day to look forward to and about $50 million a year income.
If only it were that easy.

Maybe there is no way out.
But considering it is such an awful deal.
I think they have to find some way out of it.
Maybe some news tomorrow.

Maybe they could just tear it up.
Or do what they do in the movies.
Put it in a bucket and burn it.

So if aminex sp values them at £100 million on drill we should have been £100 million less about £30 million drilling costs so about £70 million or about 8p a share. I'm sure shareholders would wait another 18 months if that were the case.

Shareholder value.
Down 90% since the one dyas deal was aborted in Feb 2020.

Then of course Covid came on the scene.
Not good timing as far as the board are concerned.

A sinking ship at that.
Maybe an rns first thing change of strategy.
We have decided gas is our future.
We have a strategic investor who is putting up all the drilling costs for a percentage.
There is nothing that says they cannot terminate the current deal and decide to carry on holding the asset.

In reality we will get some answers maybe not the ones we want to hear.
I am signed up and ready to watch the action.
Can't honestly see the caterers being too busy.

Only down 99.94% since inception.
They can blame some of it on previous management although seem to recall sp was about 2.5p when one dyas deal was announced.
So down 90% since Feb 2020.
Takes some beating.

They may try although if you look at their performance since the aborted one dyas deal it does take some beating.

Probably nearer £1 million.
I'm sure any fees are based on the total consideration even though it won't be received for a few years.
That seems about the value the sp is pricing in at the moment.

Well said.

Maybe we will get some update before the AGM.

I have looked in detail.
Looks as if we will have to accept an offer less or equal to Wentworth’s.
They have up to a year to let us sell to them.
Wentworth will not wait that long and the drill will be completed and results known by then.
Looks like a bit complicated imo.

Ok.
You are correct.
As always.

Looked up pre exemption rights.
Very interesting.
Says rights for existing shareholders to have first refusal on the issue of new shares by a company.
Deemed necessary to protect shareholders against dilution of their shareholdings.
Could be APT want a stake in Scirocco for a large share of Ruvuma.
As I say anything possible here.