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Slift,
You've just given me almost the biggest laugh of my day.
"The annual results will assume that the plan goes ahead, and will also state the impact should it not be sanctioned. "
'Assume' ????????????
You've no doubt heard the saying that to 'assume' something is to make an 'ass of U and me' ?
Surely it's become apparent that some shareholders are going to do their utmost to ensure that such an assumption never materialises?
No sense of humour, MeBladderless, no sense of humour
And you wonder why sentient beings extracteth the urine out of thee
adoubleuk,
"The court hearing is on the 21st this month. It remains to be seen what that judgement will be. If the 'restructuring plan' is ratified by the court (which as a private shareholder I very much hope it will not be) there will be a bondholders' meeting in early June ."
Please tell us why the court won't ratify this restructure?
"Because company can currently pay the bills" is not the answer when the accounts suggest there is negative equity and will not provide enough FCF to service and pay off debt.
And by the time this reaches court slift the bondholders in agreement for this restructuring plan will be 100%.
The continued defiance of some that this has been and is a "scam" is truly astounding.
You only have yourselves to blame for risking losing everything.
Under the Company's Act 2006 and especially with the recent changes to the legislation that makes the process easier, more straightforward and more favourable for the creditors, this will be a very easy decision for the judge that hears the case...
McBladder,
" Question is how many will get off it before it disappears below the water?"
No, and that's where you've got things completely wrong. Or are looking at the situation in a very juvenile way.
Some people have already 'gone down with the ship'. Others may have survived, but lost precious belongings. But there are other survivors, maybe hurt, who will just want to tell the story afterwards. Naming names if necessary, and pointing fingers at possible faults occasioned.
Beware.
Didn't you know Captain senseless?
I'm a survivor and your the one who believes like on this forum that you're the captain of the ship. And you know what happened to him??!!
adoubleuk,
I think you're the one that's being slow lol.
Yes, if you actually know how the restructuring plan works, then you'd understand..
The 21st May hearing is a convening hearing.
There will be a second hearing known as the sanction hearing.
The convening hearing is approval by bondholders.
When the company received 75% support by bondholders, they released an RNS on notice for annual results.
The annual results will assume that the plan goes ahead, and will also state the impact should it not be sanctioned. As the going concern statement.
https://www.lse.co.uk/rns/HUR/operational-update-and-notice-of-results-3y45qx0vw1emz56.html
"Meanwhile, shareholders are being kept out of the loop and hung out to dry. This sounds to me (as a shareholder) as being fundamentally and substantially WRONG and reeks of connivenc, conspiracy, and corruption regarding the current BoD and their creditors (including bondholders), possibly of a criminal nature, and should be investigated asap, through whatever means genuine shareholders may be able to muster."
No. This is all within rules of corporate law under the Restructuring Plan and Companies Act 2006.
Unless ofcourse you think both The Restructuring Plan and Companies Act 2006 is criminal, corrupt, or whatever... then i'd suggest you take that up with the government :)
and MeSlackyBladder would be the guy in the lifeboat hiding amongst the women and children...)
NGR1616
"whilst calling this a scam etc. has it escaped any of your notice that the 7z well is full of water and 6 is fast catching up indicating that the oil that was there is being produced and will soon run out to be replaced not by more oil in another part of the reservoir with some magic new well......but by water. These wells were drilled in the sweet spots and they've turned sour. Accept that before you criticise the current board or the bondholders who stumped up the cash and took the risk in the first place."
Hello nigwit.
Stick to your day job, 'cos you don't know s*** about oilwells.
Remember when the titanic sank and the noble gentlemen went down with it while the band played. This is vaguely familiar to that - only in very slow motion as the ship has been taking on water for the last 18 months. Question is how many will get off it before it disappears below the water?
Slift,
"If the proposal isn't accepted by the bondholders, the company is technically insolvent, and therefore the annual report will not be published by the company. The company will be suspended and delisted from the market."
You appear to be a bit slow today. Or haven't read the RNS properly. Or have maybe had a pint too many at 'The Stag on the River'.
The court hearing is on the 21st this month. It remains to be seen what that judgement will be. If the 'restructuring plan' is ratified by the court (which as a private shareholder I very much hope it will not be) there will be a bondholders' meeting in early June .
"At the Plan Meeting (which is expected to be held on 4 June 2021), the Company will seek approval of the Restructuring Plan from Bondholders. In order to be approved, the Restructuring Plan will require the support of at least 75% (by value) of the Bondholders present (virtually) or by proxy and voting at the Plan Meeting. The Plan Meeting is intended to be held virtually via video conference. " (Quote from RNS)
If you can't even read your own propaganda, why write it ?
Meanwhile, shareholders are being kept out of the loop and hung out to dry. This sounds to me (as a shareholder) as being fundamentally and substantially WRONG and reeks of connivenc, conspiracy, and corruption regarding the current BoD and their creditors (including bondholders), possibly of a criminal nature, and should be investigated asap, through whatever means genuine shareholders may be able to muster. Even if (hopefully) it will mean a postponement of this so-called 'Virtual High Court Hearing' for starters.
In fact, what exactly is a 'Virtual High Court Hearing' ? Has that actually been ratified into law? If so, when, and by whom?
"if we ignore the BoD who are after all perpetrating the “scam”...
Deloittes the Auditor and their lawyers."
JUST 11 MONTHS ago.. significant number of shareholders voted FOR several resolutions:
Re-appoint Deloitte LLP as the Company's auditors
870,877,964 votes
99.92 %
Elect Beverley Smith
875,176,257 votes
99.85 %
Re-elect Dr David Jenkins
874,634,091 votes
99.79 %
whilst calling this a scam etc. has it escaped any of your notice that the 7z well is full of water and 6 is fast catching up indicating that the oil that was there is being produced and will soon run out to be replaced not by more oil in another part of the reservoir with some magic new well......but by water. These wells were drilled in the sweet spots and they've turned sour. Accept that before you criticise the current board or the bondholders who stumped up the cash and took the risk in the first place.
"There is now a sign of desperation, but just because someone's 'on the ropes' it's no reason for not to continue hitting 'em."
Am I the one that's blind...? or is it everyone else..?
Only desperation I see here are shareholders' actions..
"to continue bombarding the media, financial services, members of parliament or whoever about this horrible scam."
Mr Aduk.
“ Also, by whom has it been verified to ensure its truthfulness?”
Well if we ignore the BoD who are after all perpetrating the “scam”...
There’s the Nomad whose legal role is to protect the integrity of market not the BoD. Stifel.
The Brokers and the Brokers Lawyers.
The Advisors Evercore and their lawyers.
PWC who ran the scenarios,
Deloittes the Auditor and their lawyers.
ERCE
The company’s own lawyers.
The Bondholders, their advisors and lawyers (yup these are probably conflicted but I’d suggest they wouldn’t do anything actually illegal)
So Aduk are all these folks part of the scam?
Or perhaps it’s just what it is, a clusterfk where you and senseomatic British etc etc are just pi55ed off that you didn’t get out when the writing was on the wall for 10 months perhaps because CA “must know something we don’t” and now you need someone to blame...because of course you would never have stayed in if you had any clue this was going to happen.... by all means broadcast that you want to go down with the ship as a matter of honour, salute and remember to keep that stiff upper lip as the ship as the waves lap round your chin.... of course the sensible folks involved will save you from your honourable end by handing you 5% of the company to deny your death or glory moment .... and then you’ll probably complain about that..,
“ I wanted to go down with the ship...b@stards!”
onthebeach,
Lovely post, and quite (in my humble opinion) true. There is now a sign of desperation, but just because someone's 'on the ropes' it's no reason for not to continue hitting 'em.
I'd also urge any genuine shareholders here to continue bombarding the media, financial services, members of parliament or whoever about this horrible scam. A few years ago, Hurricane Energy was the greatest thing since sliced bread. Now, with its founder sacked, and some new politburo established, it seems to be worth dogsh**. According to them.
Plus virtually no news updates of any worth over the last year or two, but now a blizzard of them, all negative. While meanwhile the new so-called CEO is pulling in about 33 thousand quid a month for having done what, exactly ?
Incidentally, has anyone noticed a slight (almost subliminal) change to the company website, when one opens it ? There's a big picture of the Aoka Mizu in dock. Not a nice one of her out at sea, producing, a nice big flame from the flare-stack, maybe a tanker astern taking an offload.
This is an orchestrated scam.
"Because someone has to do it"
WRT to the hearing, no one is really doing anything constructive. I hate to say it, but most are like headless chickens; plenty of ideas, but are they good ones, I don't believe they are. Even the most basic understanding of how a hearing like this would be conducted might help. Who knows how to make an inventory of productions/submissions, to a Court, what specific papers need to be completed ? A simple question, what are the timelimits wrapped around making your submissions before a hearing ? If anyone is going to contest this, the clock is ticking, you can't rock up the day before a hearing and say, ohh I want to contest this, the correct documentation will need to be completed formally and in a timely manner. Do you really believe it's a matter of posting a pile of a4 sheets with a note to the Judge, asking him to take a squint, that's simply nieve. Precedence will help strengthen a case referencing similar disputes, if applicable they'll need to be included with your submissions, also, which particular Business Laws will be used to argue your case, have HUR erred in law, much, much more has to be done formally, a couple of paragraphs on this BB won’t cut it, more knowledge is needed. Who knows where the hearing will be conducted ? I thought so, if nothing else, that should tell you something. It's a gravel path.... what hope, very little I'd say, though Harry Potter and Pippi Longstocking might swing it.
And yet the price to buy the bonds on the open market has not gone up (barring a very brief tick up, after which it reverted to 50%). Bizarre.
adoubleuk,
"Why ? It isn't drowning yet."
No, there wouldn't be a "drowning" moment.
It would be an instant sink as the company delists from the market.
The company produces cashflow for all costs including operations, interest payments, salaries etc, sure.
But that doesn't satisfy FCA, FRC and AIM Market rules.
If the proposal isn't accepted by the bondholders, the company is technically insolvent, and therefore the annual report will not be published by the company. The company will be suspended and delisted from the market.
But hey, you seem to have time to be gambling, so suggest reading up on insolvency and AIM Listing rules.
Look the BOD never cared less for shareholders as long as they drew their very high salaries for lying to us peasant shareholders well before Trice was booted out they are as much to blame as Trice.
Maris brought in to complete the scam to fool us with His specialised FB skills so that would make us think there was a forward plan being made.( spent 7 months doing nothing)
These shares are going to be worth nothing so get out while you can or regret it just like I did at 1.17 it was hard to click the sell button but it had to be done.
Slift,
"Provide or suggest a viable alternative to save this company then?"
Why ? It isn't drowning yet.
Slift,
"I feel that it's more like the BoD pleading with bondholders to show mercy on shareholders by accepting the proposal and giving shareholders 5%."
And what bondholder would do that? They'd be crazy to do such a thing. When you go for wipe-out, you do it.
No, instead, I see the current action being the current BoD pleading for their own sorry a***s to be saved, having found themselves painted into a corner of their own making.
adoubleuk,
"Balls. That's just what you and Mcadder are just paid to tell us."
Laughable.. paid to tell you? Because our opinions don't align with yours that it is a "scam"?
Rather than making gambling analogies...
Provide or suggest a viable alternative to save this company then?
" I think you'll find the war was over before it even started!"
Fool.
"The latest RNS is an all-out 'declaration of war' between the BoD and the shareholders"
I feel that it's more like the BoD pleading with bondholders to show mercy on shareholders by accepting the proposal and giving shareholders 5%.