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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 £702,000 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 £2.6 million market capitalisation 12-month change: up 28% Copyright 2024 Alliance News Ltd. All Rights Reserved.
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