Scirocco faces liquidation on vote to return investors’ cash

Scirocco Energy plc is facing a members’ voluntary liquidation after today’s vote to return the company’s cash and any cash proceeds from the sale of its material assets to its investors.

MEETINGS

At a requisitioned general meeting, 80.19% of shareholders voted in favour of the resolution with 19.81% against, out of a total 363,291,448 votes cast.

The company’s Tanzania interests were in the Ruvuma natural gas PSC from which it expects contingent payments and Helium One Global Ltd.

It also acquired 50% in sustainable energy vehicle EAG which shareholders voted to sell.

Following the vote, Scirocco said it would clarify the detailed steps required to return the cash and would update the market in due course.

The company added that the process would “highly likely” be via a members’ voluntary liquidation.

Scirocco will call a further general meeting in two to three months’ time to obtain shareholders’ approval to appoint liquidators.

Shareholders’ support will also be sought, in the same or separate general meeting, to cancel the company’s admission to trading on AIM.

Without a mandate to pursue its investing policy, the company is now an AIM Rule 15 cash shell.

Its ordinary shares will be suspended from trading on AIM if the cancellation to trading is not concluded within six months from today.

If a further six months elapse without the cancellation taking effect, pursuant to Rule 41 of the AIM rules for companies, Scirocco’s admission to trading on AIM will be cancelled.

Within two years, the company’s chief operating officer and independent non-executive officer have left and its chief executive officer is about to leave.