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^ Thank you gents...
From a long term holder who first invested in Hurricane in 2014.
For sure - Lancaster never performed. Ever since Trice left the company something hasn't smelt right. Private Investors were robbed of their investment by some dodgy back ground dealings. Marris and his cohorts (Phil Corbett - ex-head of investor relations) need to hang their head in shame given what happened on their watch and subsequent events.
True value of this company should surely be nearer 20p than 5p.
Time will tell.
Hi Senseman/DYOR2/and all the other lads at yesterday’s AGM – it was great to meet with you all. I hope our presence at the meeting and the tangible feeling of anger that we all had, particularly with the 2 Directors, has been a wake-up call to the BoD as a whole. We demonstrated again, as we did at the High Court, that we are not just gonna roll over and let them rip us off, or trample all over us. They have loads of legal duties and responsibilities to fulfil as Dir’s/BoD members and they need to be fully aware of them, or the repercussions could be substantial. One of the obvious ones that I don’t believe they have even got near too, is S172 of CA2006, which gives them a legal duty to promote the success of our company, HUR. I was shaking my head and laughing at so much that the BoD said yesterday, it was unreal. Two months ago for instance, in an RNS, Maris stated that him and Chaffe were forecasting that post bond repayment we’d have over $60M of net free cash…at the time I remember thinking, have they even got ‘O’Level maths, of course we’re gonna have much more than that, about 50% more imo. Then yesterday he slipped in that we might have $80M free cash, in a month or so’s time. The oil price has barely moved, but suddenly y’day, he moves away from his latest ‘negative’ RNS, which downplayed our financial position..again! It’s disgusting imo that him and chaffe are gonna be splitting circa a million quid between them in their next 12 months remuneration and imo, they both need to start being positive and earning it..fast!!! And like you believe Senseman, Chair also needs to start being more objective and positive in his views and also help to drive the business forward in the coming months GLA
I have always thought Chair was a CEO approved NED & then Chair, hence voted against him pre-meeting, Having seen him run the AGM (v. badly imho) and spoken to him after el19 did (I caught part of el's conversation), i concur with el19's opinion. He is far too smooth and I now see him as much of a problem and danger as CEO & CFO. I don't mind someone telling me they cannot comment on an issue (ie there position constrains them) - I draw the line when they tell me black is white and expect me to believe they are telling the truth and their true opinion.
I have always recognised CA's goals have to understandably diverge from Pis at some point but believe currently they still run broadly parallel.
it is a not a requirement for a PI to be an oil expert as Chair opines. Main requirement is ability to see clear full picture by being able to join pieces of info together, integrity, and own mind.
By the way - PIs protest vote against certain Resolutions made noticable difference to scorecard. Those we voted for got high 90's, those we voted against got low 90's (incl Chair), and CEO 89%. We knew overall results a foregone conclusion, but scorecard mattered. It will have been noted by NEDs
(Contd)..I also told him no-one should be getting a £100k share bonus for the failure in a year, to have come up with a fwd plan etc, and that any bonus s/be linked to the SP, and that until it hits 25p, then no bonuses at all - he disagreed. I also asked why Maris and bod hadn’t already asked the regulatory authority for permission to drill the sandstone, and sidetrack P7 to a higher and more central location in the Lancaster field, and reminded him latter was mentioned in HUR documentation many times in 20/21, with the aim of first production tomorrow 1/7/22. He reckons bod working at correct pace and might happen ’23. One final thought re y’days agm…our ceo did one of the worst presentations I’ve ever seen. Instead of having a few reminder notes and looking up at the audience, and also speaking with passion and a bit of commitment/determination, he read every word in a monotone way, with his head down, stuttering many times and giving me personally, nil confidence in his ability to drive us forward. So I supported other calls, for a clearout of the 2 exec dir’s, so that we can have staff with a positive outlook, dynamic and entrepreneurial spirit leading us forward, ie people who are really committed to success for HUR and can drive the SP onwards and upwards. My last comment was that I hope the bod don’t sign up for a deal with a 3rd party on another field, commit us to a share of the drilling costs etc and plunge us back into a high debt scenario, so that if/when a problem occurs with our single P6 well, they can once again declare that we can’t meet our obligations and we need to submit another S26A claim to the HC, to try and wipe s/h’s out again and gift the co away. I stated that such an event may not go well for bod members and so they should therefore imo stick with developing our own assets and maximising our monthly income. GLA
About a year ago, RB phoned me at home and we had a lengthy chat…we had a big disagreement in the last few mins. Let’s just say, I’m a pi and I’m solely interested in the company being positively driven forward and the SP continuing to rise. He has his own agenda and ever since then, I’ve not been a big fan tbh. I questioned y’day whether it was right and fair, that CA now had 3 nominee non-exec dir’s and yet pi’s who own 21% of the equity, have none. The chair tried to assure me that CA do not set the co agenda, or get any ‘inside info’ from these 3..which made me laugh. I also reminded him of our lengthy chat last feb, re my own non-exec application. I’d told him that I wanted to be on the bod to represent pi’s as there is no-one on the bod who does…he tried to fob me off with the name of one dir, who has bought zero shares and claimed they were our rep, which also made me laugh. I told him not getting any response at all from HUR re my application, was imo extremely unprofessional, although I was told by a 3rd party that was never gonna happen, after the HC last june. He stated that I didn’t have as good o&g experience as the recent appointments, which was also hilarious. Yes, I was a dir/ceo in the public sector for most of my career, but I have spent a good number of years working at the sharp end in o&g…eg ghawar field, Europe/med with chevron, ninian field with latter and also offshore with both shell and marathon for years. He then repeatedly stated that messrs maris & chaffe’s submissions to the HC were correct ie that HUR was in financial difficulties, unable to carry on as a ‘going concern’ and if the restructuring plan was not approved there’d likely be a wind-down of operations, followed by an insolvent liquidation of the company. He said no-one had predicted poo rising to $100 last year, so what they did was absolutely fine as confirmed by the internal review at the end of ’21. I told him I’d sent the HC details to the contrary and just a few months after the court’s ruling, even hur were admitting we could meet our bond payments July’22, or be close enough to bridge the gap. He still kept saying the HC submissions last June were correct…so tbh, he doesn’t fill me with any confidence either now.
An attendee asked the Chair to confirm the AGM was being minuted and that the minutes show that SHs had requested an apology from the BoD, which had been refused. He stated that unless this was done, there would exist no formal company record of an apology ever being requested, or refused. The Chair stated the AGM was not being minuted and thus no record made.
Gazelle - my lesson from 1st ever AGM is that 10 shareholders (5 is not enough) can control the meeting and give it the meaning is should have, via Q & A session which, if enough different VALID questions from different SHs. Faced with such, the Chair does not have the power to 'close' the meeting. All that is needed to ensure a 90 minute Q & A session is small degree of planning. And certain questions directed to NEDs according to their area of expertise. For example, we should have asked both oil NEDs for their views on CPR1 & CPR 2 divergence, on likely accurate resource reserves, and value of wholly new 3rd CPR
Brilliant learning as you point out. I could have attended yesterday as it happens and did get a letter of authority from ii on monday but I decided not to travel from oop north east as it would have been a long and expensive day out for what promised to be a potential 1 hour (short) meeting. Assuming I and HUR are still around next June, (?) then I am happy to be involved at next years meeting. It's a long way off though I grant you.
I spoke with Chair. CEO & CFO - will post content as time permits. Others did also. Also one of us had long chat with oil NED David Craik I believe interesting re his view re CR1 & CPR2 (since updated) variance. Please can all post details when as time permits? Am sure be welcomed by all
Curious - immediately Chair declared meeting closed man approached me & introduced himself as (name forgotten) from Stifel, stating reason no apology would be given is that such would leave company and board liable. I said was nonsense - all needed was careful wording. He persisted. Anxious to speak with Chair before he left my manners failed. I said no point discussing as we rowed different row boats and he walked away. I regret not engaging with him. But am still nonplussed. Why would Stifel guy approach me (or anyone) in such manner? Anyone any ideas?
el19 (Paul) is LTSH who spoke at length at both court hearings & emailed judge- re tech,oil, fiinances, like dog with bone. spoke same at AGM + had long shat with Chair. had to then depart but said he reads all but posts little. am sure forum would welcome & appreciate his AGM feedback. i hope he is so minded.
We made strategic AGM errors, easily rectifiable for future. They are (+ will be others made):-
1. '10 FOREMOST SH QUESTIONS' emails should have been copied to NEDs. Instinct says unlikely have been given copy by comms, CEO, CFO or Chair. Better understanding of AGM SH angst if had seen. Better understanding how 'Presentation' did NOT answer most questions, despite SHs being told they would. NEDs better equipped to hold Chair, CEO & CFO to account at board meetings. Am sure some NEDs (for lack of info) still don't get how bad chief execs are.
2. Attending SH's (need 10 prepared to ask questions) need hold pub meeting NIGHT BEFORE AGM (if in morning), or MORNING pub meeting if AGM is pm. Small prep to get organised = great benefit. Questions can be allocated to each, pre-meeting and 'backing up' need locked into mindsets.
3. We should have asked Chair at commencement if NEDs had received copy of SHs 10 foremost question list. If answer negative, floor could have given copies to NEDs. NEDs would have been surprised to learn comms/Chair/CEO/ CFO had NOT given them prior copies
4. We could and should have then asked questions in strict email running order (ie run our agenda), rather than dip in and out of various questions as we did
5. We would then have been better minded and prepared with 'killer question(s)' eg 'Shares/skin in game - in 2021, If CEO & CFO had held £100K shares each. and NED's £30K shares each, would the restructuring plan have ever seen the light of day, given that all BoD would have lost 95% of shareholdings value?' The truthful answer we know would have been 'No'. The answers given would have been comical. I am peed off we missed that question.
Jeepers - I bet that wiped the smirk off their faces...Well done @Boo80. They may be "useless" but they earn good money for it - nearly £1M /annum between the 2 of 'em.
Permission letters from brokers WERE needed (and kept by policing desk) + doors to meeting room opened ony 5 mins before KO with BoD already sat or platform. Normal or me being hyper - anyone with EGMS experience?
Juan Morera only NED who raised hand & spoke - stated CA not in business or owning or running oil companies - when BOO haranged CEO & CFO with (I quote)...' the pair of you are useless. you tried to give the company away last year and you are still at it now. you sit there smirking at us as if we were fools or scum. if you still aren't prepared to do what is best for the company, you should get lost and let CA take over and run the company'.
I attended the AGM with fellow SH's and met for our discussion afterwards in the Clarence.
Many of the points have also been mentioned by posters, but ultimately it’s how it all affects the SP.
A P8 drill will be well received by the market, although it is currently being planned to target FB, I would prefer the sandstone.
The BOD is looking for acquisitions which will diversify the Company's risk and produce revenue, there is a possibility we will drill and acquire other assets.
Our risks with the ESP pumps failing are not catastrophic, it takes a vessel and weather window to replace the upper ESP, the lower maybe able to be brought online. The cost is a few £100K and the down time, weather dependant should only be a few weeks.
The Company communications and the promotion of the Company will be improved, going forward, this was acknowledged by the CEO.
All in all, a lacklustre performance by the BOD at the AGM, but the news flow with bonds being paid, potential P8 drill confirmed in September and the current cash flow miantained at a lift price of $35 should bring about a lift in the SP.
A successful P8 brought online next summer would bring us to multiples of where we currently are.
thanks for all the feedback and taking on the task of collating data, questions and putting them to the board
We are all thankful of your efforts that has seen this chat actually focus on stuff instead of the usual inane rantings of someone
My take on the AGM was pretty much the same as Sense's. Atmospherics not good but the BOD (including the Chair and NEDs) will have been left under no illusion that PIs remain distinctly unhappy about a) the idiotic restructuring plan, b) poor communications from the company (albeit improving slightly) c) the lack of progress in developing a forward plan.
There was no (no) acknowledgement from Maris or Chaffe that they got it wrong last year with the restructuring - but the body language of the former was poor. It was made clear that the absence of any contrition was a key issue of confidence (or lack of it) for PIs
On a more positive note, and from speaking informally afterwards, I do think they working actively on a plan to develop P8 and/or to merge or acquire existing business. Decisions promised by end of Sept (after being pushed to define what was meant by end of the summer).The key will be how much risk CA let them take. I also think we will see the BoD with greater skin in the game within the next 2-3 months or so.
The Clarence was a nice pub btw
I hope we or CRS have not been “pineappled”. I think it was NSTIger that asked that.
Gazelleman
"Did anyone see or speak to Richard B of CRS? Was he there or absent. I wonder."
A very pertinent question, or have CRS been wall crossed.
Great work to sense man and the other hard core for attending today and asking direct questions. I probably should have been there too based on my stake here.
I do tend to agree wit NSTiger that the 20 min presentation was pretty lacklustre, basic, and maybe they still are taking everything for granted?
I still think Maris is taking the proverbial. He’s not a CEO - is he?
I’m not surprised at being disappointed though, as I thought the PIs were in a low minority so probs the BOD dont really care.
Did anyone see or speak to Richard B of CRS? Was he there or absent. I wonder.
Anyway.
PS, When your'e on the BoD the first task is to sort out the presentation, what the F--K is that? I've seen better on one of the old projector screens. The more digging you do into this management team the worse it gets? Why didn't CA NED's vet this presentation ? looking at CA's AGM presentations compared to this is second to none.
https://uk.finance.yahoo.com/news/kind-shareholders-own-hurricane-energy-103842998.html
Looking at the above link it shows PI investors own 21% of HUR, Crystal Amber fund own 28% and they now have NEDs on the board. It would be interesting to know how many of the 21% of the PI holders in volume we have posting across the message boards ? Does it accumulated to at least 10% if so could we collectively come together and get a NED onto the board. I have seen this done before albeit with a smaller company with a lot lower MCAP and share in circulations. I'm nominating Senseman.
Thanks Senseman and everyone else who's inputted over the past week. If we have to summarise today I still feel cheated as we haven't really moved forward. The BoD have basically bought themselves three months by fobbing us off with a word of mouth plan for a non confirmed well-8. Have I missed something ?
'untrustworthy'', obviously
Many thanks to Senseman and indeed every other poster for their efforts at today's AGM...I hope Maris and his co-conspirators are now cognisant of the tense feelings their actions have caused. Maris's behaviour expressed in public action and written expressions in public documents (RNS) have exposed him as an trustworthy character..he should publicly apologise and then buy a cack load of stock to shore up confidence or failing that, resign
Great work , Thank you Senseman and fellow attendees .
Great work Senseman. Thanks for the hard work and feedback. Atb