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Shareholders claim it’s a fraud/criminal
Only because we were led on with a pack of lies, they kney the end was nigh almost a year ago but kept quiet and led us on with bringing in Maris the FB wonderman to back up that there was a future with water injection and side track.
I was out at 1.17 and can't understand why people are still here with very little hope and even if they alter things I can't see much recovery in the share price.
NVG
No NVG in this case I’d dealing with the after effects of trauma rather than trying to help explain the risks... I did my MT bit here quite a while ago.
Just to save you time by going through the chat the story is like this...
management claim it’s the biggest undeveloped field in the UKCS, “billions” of barrels.
They get a CPR to confirm.- yes it billions.
They borrow $230mm for an early production system.
Wells start unexpectedly producing water even though they were several 100m above the contact.
Turns out it’s not billions because they got the OWC in the wrong place.
Debt holders want to be relayed.
Production insufficient to do so - going concern/trading whilst insolvent issue in front of Board.
They do a debt for equity swap...
Shareholders claim it’s a fraud/criminal involving all the lawyers and advisors and the government...
This type of thing will never happen again will it?
mcadder and RNST, not a chance that anybody would be chasing a few angry shareholders on a BB through the courts..
any recent examples of this ?
tumbleweed good mother teresa - gives us a chance to put a roof on the warehouse to keep the money dry..! you're not happy to see me - we don't get on..
RNS - this is so entertaining from the desperate poster's continuing to shout "scam" and "fraud" in synchronisation with each other without any proof whatsoever.
The process of litigation by the lawyers for each of these idiots identifying them through IP addresses will be well under way imo.
Only a few days to the court process, 0.5p next week
Ah NVG good to see you over here... too much tumbleweed over in the other place....
Wow, RNST certainly putting in a shift on time and a half Sunday..
The paymasters must really want to see this keep falling next week, you still proclaiming to be doing this out of the goodness of your heart RNST - in a Mother Teresa type way ?? Hilarious !!!
Still can’t see any mention of the “scam” in any news media...not even the Lerwick Bugle. Perhaps that’s because journo’s can’t just print stuff that would expose them to legal action for defamation or libel, their lawyers stop them from doing this. Under the law though there is a degree of protection for those calling the BoD or their advisors crooked, corrupt, fraudulent etc on bulletin boards ...” should be viewed more as a discussion in a bar” I think was the phrase the judge used. The law does however allow them to request the IP addresses of the posters or indeed just track them down in the internet... given the level of concerted allegations of criminal intent by the gang of losers, then I wouldn’t be suppressed to see the odd letter drop through some letter boxes... on the other hand they will probably just enjoy watching the spaced out teenagers falling over in a field like the rest of us..
RNS “ It’s a no brainier but their lawyers told them they can’t do this under the bondholders agreement, ”
Can you prove this by putting a link here..
I challenge you to do this...
It’s a no brainier but their lawyers told them they can’t do this under the bondholders agreement, just like they can’t borrow money without their permission...
using my neighbours car rather than my mini to go extreme off roading in is a no brainer, however I do need his permission...
“Medicine to swallow”
Lmfao.
You mean we’re all watching a bunch of teenagers rolling around a field clang they can fly and that they can see aliens having od’d on magic mushrooms..
And wonder whether we should help or just **** ourselves laughing over a beer IR too.
(It’s the latter, with a pretence that we are concerned for their safety).., Hey Pete!
RNS “ Yes but it wasn’t allowed to do that under the bondholders agreement...”
You are wrong here. Just look at the media interview with CA march 2021 confirming that BoD comments on purchasing the discounted bonds price then as “it’s a no brainier “.
Tav
The recent cash flow assessments for going concern were done at $64.2... by PwC.. (beware I’m told they are part of the scam)
Rosie - if poss could repost every 3-4 hrs, my today's 11.34 substantive post, immediately followed by SKY-RIDER & anne37 posts, so that peeps read in order easily. Just for today & perhaps once am tomorrow? Onerous task, but you can imagine good may do. If not poss, I fully understand, and apology for asking.
The 3 parrots are back from the pub and have started chirping, so good if every few hrs they are givena heavy dose of medicine to swallow
Regards
Tavesham.. yes but I am concerned that some are writing emails and not highlighting this fact but give the impression that the BoD are swapping the whole bonds debt if $230 m for 95% of equity which very wrong and work in favour of the restructuring plans!!!!
It is only $50m equity swapping and not $230 m
And we still are left with $180m debt to service and pay.
Please highlight this in your email.
Tav.
Yes but it wasn’t allowed to do that under the bondholders agreement...
The company had enough cash to buy all the debt when it was trading at 50 percent discount. The company warnings were valid for 50 dollar oil but times have changed and the deal proposed looks strange at best, imv.
Taverham
Yes they’re forgoing $50mm of debt, but the company still owes them $180mm plus it has other financial obligations such as field abandonment and termination fees for the vessel so your logic is fundamentally flawed...
Hasiba, the bond holders are foregoing 50m of debt for 95percent equity but they know there will be more than 55m of cash in the coffers so they are giving up nothing. In fact the deceit here imv is that they are making a cash profit AND getting 95 percent of the equity . Hence the deal would never be put to shareholders.
Proposed Financial Restructuring
13 May 2021 Explanatory Statement and Appendices (Draft)
Hurricane Energy website
www.hurricaneenergy.com
investors
financial-restructuring-documentation
https://www.hurricaneenergy.com/download_file/force/613/336
Litigation
10.8 The Plan Company is not aware that it is a party to any litigation, material or otherwise.
10.9 On 10 May 2021 the FCA's Market Oversight Department requested that the Plan Company
provide information in relation to historic announcements made by the Plan Company and
recent developments in relation to the proposed restructuring. The Plan Company is not
under formal investigation, and is responding to the FCA's enquiries, which are at a
preliminary stage, on a voluntary basis.
Re my 12.03 post today, in order to preclude any mischievous forum attack, I hereby amend the final sentence to...'potential possible financial & criminal risk they may now exposed to if (and only if) they in future are found to breached the relevant Companies Act
Proposed Financial Restructuring
13 May 2021 Explanatory Statement and Appendices (Draft)
Hurricane Energy website
www.hurricaneenergy.com
investors
financial-restructuring-documentation
https://www.hurricaneenergy.com/download_file/force/613/336
4.27 In light of the terms of the Restructuring and, in particular, the significant dilution of the Plan
Company’s existing shareholders which will occur as a result of the Bonds Exchange, since
April 2021 the Plan Company has sought to engage with certain large shareholders, in order
to ascertain whether they would be willing to engage with the Plan Company in relation to the
terms of the Restructuring or otherwise provide financial support to the Plan Company. As at
the date of this Explanatory Statement, one major shareholder has held discussions with the
Plan Company, but this shareholder has not undertaken, or given any indication that it would
be willing, to provide additional financial support sufficient to dispense with the need for the
Restructuring. Another major shareholder indicated to the Plan Company's nominated advisor
that it would not be prepared to enter into confidential discussions regarding an unnamed
company, being the Plan Company, that would involve the sharing of inside information in
respect to that company and during which the identity of the Plan Company would have been
disclosed. Since the launch of the Practice Statement Letter on 30 April 2021, this major Page 30
shareholder has requested the resignation of both the chairman and the senior independent
Director of the Plan Company. Both Directors retain the full support of the Board.
FWIW I finally found some 'courage' to write an email. Kept away from the stuff that would set me off on how stupid I'd been to keep it on track . Wrote an email off to the BBC to see if they wanted to do a follow up on their news story from 2017
https://www.bbc.co.uk/news/uk-scotland-north-east-orkney-shetland-39406131
Gave a few factual highlights and finished it off with ".....My view is there has to be a story in there somewhere on how it could go so bad so soon and hopefully you’ll agree and find the real story, as a follow up to your original."
Rosie
Thanks, please do every 2-3hrs if poss
Please also with SKY-RIDER post - peeps can then easily see what Hurr BoD have written re FCA & approaches to shareholders
Pick up the phone few hrs after sending, or next day - have generally found works. He may pass story onto Times Business if he deems it time sensitive story
Kettle
So do I - am not computer not forum savvy re techie stuff
Do you know if original poster can cut and paste their post periodically?
Can anyone else answer the above question?