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My bad sorry! Should have read down the page a bit. In mitigation I still feel disappointed by the HUR deal but time will tell as to how well CRS did from it. I suspect the Lancaster Field has years of oil left in it.
The drop is due to the dividend doing ex-div today so a natural 25p drop..
I took a small loss and sold after watching CRS screw up the HUR deal. Suddenly today the market drops CRS by 28%.....what is going on?
Interesting today how the spread has closed. One good thing no major sell volumes today. But yes tomorrow will be an interesting moment. I wonder if they will issue a new NAV statement tomorrow. Last one was 117p so less - 25p. = 92p where we are now (ish).
Will be interesting to see how this reacts xd given the discount
Wish they were still in Equals, I think that company is going places.
If they don’t have to throw any more into ‘money printing’ we may get a further return
Not exactly, as it’s a fund, so it will have an impact on the overall NAV (long term). Not sure how much of the discount is already baked in.
Presumably with this share the price will drop on ex dividend day by 25p but is it likely to recover soon after that
Broomtree, you were spot on. I was hoping for 30p oh well, not sure the impact is going to be on the NAV.
I’ve got it pencilled in for the end of the month, we’ll see.
Given confirmation of the Hur deal is only a couple of days away we should expect news on the return shortly - I would hope
Not much confidence in replacement, wonder what CRS thinks?
As above
Classic dog-in-a-manger-ism….
I’m sorry for your losses in HUR.
If deal goes through recommend paying particular attention to the cut they take through their fund management fees, ie will it still be worth paying ~2% of NAV for this?
Related to that worth scrutinizing the validity of their post-deal quoted NAV when it comes. By that time the vast majority of the fund will be in non-public instruments. For example how are they valuing the speculative biotech GI Dynamics? Also worth noting currently they can't place a NAV value of Hurricane any more than the market cap whereas if/when deal closes they will have room for more 'interpretation' and charge fees accordingly.
The deal looks unlikely to be derailed. The value potential for CRS TODAY isn’t reliant upon the deferred consideration.
HUR holders disappointment at the deal isn’t relevant to contemporary purchasers of CRS shares…
For anyone who believes that the Hurricane deal will go through, that the deferred consideration will be paid by Prax and is willing to wait the 3 years for payment in full, it begs the question why wouldn't you just invest into Hurricane rather than via this fund. That way you get the capital return entitlement in full directly on your own terms. Each to their own but without Hurricane the remainder here is struggling.
My post says: “This without attributing anything for the HUR “deferred consideration units”
Couldn’t be clearer. Who is being a “bit naughty”…?
Bit naughty to be quoting these Hurricane figures without the qualifications that deferred consideration is highly contingent and extended payment period runs to 2026. Deal hasn't even been voted for yet. Anyway those numbers were already out there for anyone speculating with a calculator. As for protecting value of their De La Rue holding, judging by today's results that ship may have sailed.
@easyp - that is my analysis too. Buyers of CRS at today’s price c.80p are getting exposure to >110p of assets, with a significant portion of their acquisition price likely to be returned to them in the near future. This without attributing anything for the HUR “deferred consideration units”.
Some of the “uncertainty discount” applied to CRS will likely be unwound if this goes through as indicated, so this could be a decent speculative opportunity for those open-eyed as to the risks involved.
The deal sounds better for CRS than it does for HUR small private share holders or perhaps I am missing something?
Personally I do not trust Maris or Prax....shady people, shady deal.
In case you missed this from Hurricanes bb
RE: All shareholders please write toToday 12:37
Hi All
The following message has just been sent to Mr Maris.
Dear Mr Maris
You may recall I wrote to you on 8th February reminding you that any decisions that are made which are unfairly prejudicial to
small shareholders can result in a claim being made against you for unfair prejudice.
I have some concerns surrounding the present offer being put forward by the Directors.
Whilst I can understand that CA having nominated Directors on the board will be in possession of certain information which
is not in the public domain I cannot understand how Kerogen are in the same position. Would you please explain how this shareholder
became aware of such information that prompted them to endorse the offer with an irrevocable undertaking of support ?
Whilst on the subject for the sake of clear transparancy I must ask you to confirm that neither you or any other representative of
Hurricane made any approaches directly or indirectly to other institutional shareholders with information of the offer and attempting
to solicit support prior to the offer being made public?
For the avoidance of doubt I refer back to my earlier message and advise that the current count of independent shareholders who
might create Group Litigation is in excess of 80.
I do not intend at this stage to comment on my views of the offer. I do require a response to the questions raised in this message
very promptly.
Thank you
Make sure also to let us how Kerogen were involved as they have no board representation, or am I wrong.
I think the current CRS support for this deal has left a lot of Hur and CRS shareholders shocked and feeling they’ve been left ‘up a creek without a paddle’ - you’ve indicated you’re going to explain your actions; with respect this needs to be done ASAP