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Scirocco Energy – As Greenan Deal Falls Flat, Shareholders To Vote On Cash Return at another AIM scandal

By Nigel Somerville | Thursday 22 February 2024

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Back in 2022 I followed the controversy over the change of strategy at AIM-listed Scirocco Energy (SCIR). In the end, shareholders backed a deal under which the company would dispose of its Ruvuma asset and move into green energy via a deal to acquire Greenan Energy in Northern Ireland. Last heard, the Ruvuma disposal had stalled and now the Greenan deal has fallen apart with the asset now sold at a loss. Both deals appeared to me to be poor ones and shareholders are being left to carry the can.
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