Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Wrt to the Times article, many thought it clear years ago that RB had access to a tame journo there. Doesn't mean it's not valid, but bear in mind it's more RB's view than the Times' independent view, at least imho.
Cebo-460 .... Fair point, let me put it another way....
"I suspect the strategy is bond buybacks and then a placing to cover the rest and then it's bags of free cash for the shareholders and maybe water injection at Lancaster to ramp up production "
Suspect is a form of an individuals truth ....like .... I suspect you punched me on the nose....
Attention seekers, although attention sellers may also be apt to some on here.
Bartle, I ussually try to ignore attention sellers, but I don't think any one said it was 100% going to happen or happened. And who gives a toss about money for a water injection well - it isn't needed, there is no rush to drill, no rush do prove up resources and no rush or need at all to do another CPR like some if the other muppets are asking for.
"Crystal Amber has urged Hurricane to use a significant proportion of its cash to buy in bonds"
It's a recommendation, perhaps a strong one, but it doesn't mean to say it's going to happen .... which means there won't be bags of free cash for the shareholders and maybe there won't be water injection at Lancaster....
Wait and see ....
I suspect the strategy is bond buybacks and then a placing to cover the rest and then it's bags of free cash for the shareholders and maybe water injection at Lancaster to ramp up production
Osborne appeards to have spoken to both Bernstein and the ex-Directors of the company. To use terms like 'side-deal' and 'bribery' ('But at least bribery, which to be clear Hurricane strenuously denies') is pretty strong stuff.
Hurricane 'strenuously denies bribery'. Who has accused them of bribery and why do they feel the need to be so defensive if they have nothing to hide?
The fact that such claims are being made by and indeed through journalist at the Times does suggest an element of suspicion.
I bet Bernstein and Osborne have spoken. More to come here on this issue
They have the two old Directors by the cojones
“…whatever Hurricane says, there is nothing in the “directors’ fiduciary duties” to compel them into such a one-sided deal.”
Interesting!
So, is there a whiff of failure to fulfil their duties as Directors?
One presumes that Hurricane Energy has thoughtfully paid the premia necessary for the normal insurances taken out to protect Directors of the company from being sued by shareholders!
But might not the insurers pay up if the shareholders were to take action to recover the £17 million wasted?
It certainly would be a useful contribution to the maturity payment in July 2022 / future work plan!
I wonder if Bernstein does have evidence of subterfuge? If someone impugned you in such a manner you would surely threaten to sue UNLESS of course evidence did exist of collusion. The fact that no members of the previous board haven't done so?
Leverage being applied to those 2 still in HUR employment
It is obvious from this article that someone has indeed suggested TO the previous Hurricane baord that there are suspicions that they may have had accepted inducements from the CONVERTIBLE bondholders to drive this restructuruing through to trigger the debt-equity conversion and destroy the incumbent shareholders to in effect steal the company
They feckin concocted a doomsday event backed without the evidence and were exposed by Zacaroli
We now need the new board to uncover the scam and remove the uncertainty
I haven't seen this article from The Times as it's behind a paywall but CA's put it up on their site -
Publication: The Times
Alistair Osborne
Anyone might think Hurricane Energy’s imploding board was in line for a bung from the bondholders. Float the notion of a “side-deal” and a spokesman for the Aim-listed North Sea oil outfit declares: “It is truly ridiculous to even posit it.”
Apologies for being ridiculous. But at least bribery, which to be clear Hurricane strenuously denies, would have offered an explanation for the board’s bizarre behaviour over the past two months. Under chairman Steven McTiernan and chief executive Antony Maris, it cut a deal to all but wipe out the shareholders, giving 95 per cent of the equity to bondholders. And all to pay off just $50 million of a $230 million debt, due in July next year. On Tuesday, a High Court judge threw out the plan: the cue for the five non-execs to resign en masse.
Their plan was outrageous: a point driven home by activist investor Crystal Amber, with 14.2 per cent. Yes, Hurricane’s operations in the Lancaster field, the first to produce from a “fractured basement reservoir”, has had setbacks. And the debt must be repaid. But, whatever Hurricane says, there is nothing in the “directors’ fiduciary duties” to compel them into such a one-sided deal. Or for them to run up a ludicrous $17 million in legal and adviser fees pursuing it. Or for McTiernan to try to strong-arm shareholders into it with dark warnings that the alternative was “insolvent liquidation”.
Luckily, Crystal Amber put up a fight, calling an EGM that’s no longer needed to oust the non-execs. And the judge agreed that, with the oil price up to $75, there is a “reasonable possibility” the funding gap “could be bridged”. Two Crystal Amber nominees have now joined the board, one as chairman — even if Maris is still in post. And, yes, it needs to raise cash and strike a deal with bondholders. Even on shares up 29 per cent to 3.6p, it’s valued at just £72 million. But you’d expect a better deal without McTiernan and his cave-in crew.'