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Is this the job of BOD windown this company? Why is there no vote from shareholder to issue news shares? At the moment it seem that BOD try to off load company access to bondholders to exchange 50 millions .what about 180 millions left how can they find money to pay that back? Shareholder should seek to kick all BOD off and find. Other who can lead company or if they are stiil in the job .this company will gone. Shareholders will lose all.
Apologies. Got it wrong. £35m in the Placing not the bonds. And 29th of June.
When people like Ashley Kelty says it's all over = it's all over folks - he's very pro offshore and has a lot of experience of raising capital...........................
"Mr Kelty, who has long been a supporter of the West of Shetland pioneers, said the outlook is grim.
It certainly looks like debt holders will get very little in return, so I don’t know what viable options are available”, he said.
Debt for equity may be an option, but this wipes out current shareholders completely, and would require a large haircut for bondholders too. I can’t see there being any appetite to give Hurricane management further funds – investors are wary of highly indebted companies (cf Premier and Tullow) who have diverse portfolios – which Hurricane doesn’t.
I think this is just another twitch in the death throes of Hurricane. It’s very sad as I was a big fan, and had high hopes for the basement play.”
According to the RNS on June 28 2017 [from memory as a few days have passed since I looked it up and I'm old]....Kerogen wanted £35m of the convertible bonds.
Mr Cat
"Hur bod decided to fist not bother with trying to raise funds from institutions":
Do you know this is true? Did their Broker take market soundings? Absence of evidence is not evidence of absence.
"bypass, and subsequently not even engage with it’s own shareholders on this plan"
This is factually untrue, they engaged with both large shareholders, one (Kerogen) engaged and saw the plan, but refused to help finance alternatives. The other (CA) refused to engage via the brokers market soundings.
"bondholders who could be Kerogen/Chinese":
No evidence for Kerogen being a Bondholder, in fact the evidence points to the fact that they are probably not, (why be wall crossed to understand the plan when you already know it as a bondholder). Not sure what the Chinese thing is about, other than it looks a little like a xenophobic conspiracy theory.
"with regular and often unnecessary overt negative updates":
The updates are factual, the NOMAD is responsible to the market not the company for that, you may see them as negative because you don't like them and would prefer them to put out positive (but misleading news) pointing out on at least 4 occasions that you may be diluted or have no value for shareholders was fair warning as far as what eventually happened, if you chose to ignore that then that was your choice..
Dear Mr Alavi
Thank you for your complaint of 14 May 2021 regarding Hurricane Energy plc (the Company). We have noted your concerns around the Company’s restructuring plan.
This matter has been received by the Market Integrity Unit in the Market Oversight Directorate (MO) of the FCA. MO is responsible among other things for monitoring issuers’ compliance with Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on Market Abuse (the Market Abuse Regulation or MAR).
We are reviewing the issues that you have brought to our attention with a view to determining whether it is appropriate for us to exercise any of our statutory powers. As part of such reviews we may use the information gathering powers available to us to seek further information from the subjects of the enquiry and reach out to other agencies as appropriate.
Once we have completed our review, we will consider whether it is appropriate for the FCA to launch a formal investigation via its Enforcement Division, whether some other form of intervention is required or whether the case should be closed with no action. In particular, an important part of our consideration is the potential seriousness of the misconduct.
As noted in our Approach to Enforcement, not all breaches of our rules or requirements constitute serious misconduct, however, where we suspect serious misconduct, we will start an enforcement investigation. We use our experience and judgement to ascertain whether this suspicion exists and there are a number of considerations we take into account when doing so. Chapter 2 of our Approach to Enforcement document provides further detail on these considerations, which include the nature of the actual and potential harm involved; the extent to which the suspected misconduct has or may affect consumers, markets or firms if we do not take action; and the public interest in investigating the matter.
Has any investor read “The Plan” that production costs will increase soon and that the option on Aoka has to be agreed by the 4th June 2021, these are facts which are behind what is happening here also the fact that the Well is struggling to produce- hence the work over in March also if the well drops below 6000bpd then there is an extra charge made by Bluewater - if you want to do anything read the information that Is being given to the courts to rule upon and decide for yourself- ignore all the noise on the boards- and if your not invested - count yourself lucky.
https://www.hurricaneenergy.com/download_file/force/613/336