Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
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FWIW I did ask IR about when Dr T's opinion albeit "confident" opinion on the perched water would become fact. I did get a reply that merely advised that he was "looking forward" to updating at CMD.
We are not that far from this update so I would like to think that he wouldn't be looking forward to anything if they were drowning in water akin to the Titanic as the Twitsperts would have us believe based on their own extensive inside knowledge of Huuricane's data.
Not sure that is true James; extract from my post yesterday
Just running through the End Dec 2018 posted Accounts with a Financial and Risk and Opportunity Manager head on, and worth highlighting the following with End 2019 Accounts in mind:
Income Statement
"The accounting for the Convertible Bond required the recognition of an embedded derivative liability related to the equity conversion option. The fair value of the embedded derivative is based on a simulation model which is impacted, in particular, by the volatility assumption applied and the Group's share price at the reporting date. The higher the assumed volatility and the higher the Group's share price, the more the fair value of the derivative liability increases. Any increase in the liability creates a corresponding non-cash charge in the Income Statement.
At 31 December 2017, the fair value of the embedded derivative liability was valued at $28.6 million. Between 31 December 2017 and 31 December 2018, Hurricane's share price rose from £0.31 to £0.44 per ordinary share, and the volatility assumption increased from 23.6% to 30.1%. The volatility assumption was calculated as a blended average of the trading history of the Group's own shares and shares in a relevant peer group, for a period of six months prior to the measurement date. It is assumed that this is an approximate forecast of the volatility in Hurricane's share price for the period to conversion. These movements have driven an increase in the derivative liability of $42.4 million, to a closing figure at 31 December 2018 of $71.0 million. Further share price rises would increase the liability and corresponding losses, assuming other factors remain the same. The majority of interest costs of $24.5 million for the Convertible Bond have been capitalised during the year. " SO LESS LIABILITY ON END 2019 RESULTS.
No they repay at par and need the cash to do so.
This would hamper drilling plans as bondholders less likely to convert.
Also from memory mgmt need 58p for VCP to kick in.
Question is does it benefit Hurricane "the company" as opposed to shareholders "renters" to have a lower share price whilst the convertible bond is in place?
It reads to me as if it does but does anyone else read it the same way. Going back over results prior to today since it's inception there has always been an uplift in the share price to factor in - am I right in thinking that they pay less if the sp is lower?
Could be going below 24 ish support. Next long term support is down to 2016 @ 10p. Minor reversal is urgently needed. Today's news Big Oil have been living beyond their means won't help.
Peter
So now 24.75p, back at August 2016 levels. People still think the board shouldn't trouble themselves to issue a reassurance statement?
I'm sure they could tear themselves away from their important work for 10 minutes to enable that. It is partially their silence, assuming there is nothing up, that is feeding the speculators/ fearful causing this decline.
Yes they shouldn't have to reiterate what they have already stated, but maybe the situation is bad enough that they have to.
Why not RNS? I’m hoping because there is something cooking (partnership / sale / fund raise..) which is preventing the Co from doing so. I don’t think the Co can really be uninterested in decimation of the Mcap and surely not ‘can’t be bothered’ to issue a reaffirmation RNS statement.
I can not think of another reason. If something had changed for the worse they would be obliged to RNS. I wish I was buying now but maxed out and skint.
https://twitter.com/laptop1515/status/1219218773569409026?s=19