6th Feb 2024 12:11
Scirocco Energy PLC - Leeds, England-based investor in energy transition - Receives letter demanding a general meeting from Forest Nominees Ltd, the holder of 79.0 million Scirocco shares on behalf of GP (Jersey) Ltd, about a 9% stake. The meeting is to ask Scirocco "to put in place a strategy to distribute cash proceeds from the sale of assets to shareholders". Last week, Scirocco said it had completed the divestment of its 50% interest in Energy Acquisitions Group Ltd to OrbeNovo Capital, a private equity firm specialising in energy and industrial investments. The sale will bring in a firm net payment of GBP702,000 to Scirocco.
Following the letter from Forest, Scirocco must hold a meeting within 28 days. It says it will comply with its obligations to call the meeting, but notes the board already is considering a range of alternatives for the company's cash, including returning it to shareholders, making further investments, and pursuing a reverse takeover.
Current stock price: 0.29 pence for GBP2.6 million market capitalisation
12-month change: up 28%
By Tom Waite, Alliance News editor
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