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and ....don't hold your breath for a takeover.... those weasel words have been circulating for months...and months and months and months and, you guessed it, every lunar month.... No matter how many times you repeat it... doesn't mean to say it's going to happen .....
Johnpwh
“but as soon as they do starte buying they will force that market price of the bonds up.”
Yes but every bond they buy at a discount is a saving on the eventual redemption figure plus the interest saving in the meantime. They should buy as much as is possible until the bond price is pushed back up to its par value.
Slift
“Also, there is a covenant that prevents HUR from directly buying the bonds on the market.”
You persist in saying this as a statement of fact when you have no evidence.
Johnpwh,
Yah exactly.
Also, there is a covenant that prevents HUR from directly buying the bonds on the market.
Hi Slift
Some don't seem aware that the company can't just demand to buy back as many bonds as they like at the current discounted price (50%?). I presume HUR could buy back any bonds available in the market, but as soon as they do starte buying they will force that market price of the bonds up. So they will only be able to reduce exposure by a few %.
With a 50% discount and a coupon of 7.5% then a (very) rough guess is that the market expects bondholders to eventually get back, say, about 55p in the £ nominal. That is what the bond price is saying with only a year to go. Anything less than 100% of the contracted maturity bond payment should sound alarm bells to equityholders because, to put it bluntly, they will get shafted.
Not my deluded idea, it was Hurricanes plan 'A' that failed, earlier due to a no bondholder agreement. I believe they might be some way through the alphabet by, now lol.
Slift.
I am prepared to wait until R.B. achieves what ever it is he has in mind.
I do believe that the right people can change the course of events and he is capable of that.
I do read your posts and respect you views and will continue to do so.
Ron
Who's going to buy the bonds at 50% discount?
You?
Simple soln . buy back half the bonds from the market for 50% discount and then it will be easy to repay the remainder or refinance when they become due. Plus there will be cash left for another drill or whatever.
"Persuade bond holder's to extend payback period and approve the side track. No dilution"
And how are you going to persuade them? Here's a hint: Give them shares.
Also, extending, refinancing or restructuring the bond will incur a restructuring cost. How will you pay this? Here's a hint: Finance agreement maybe?
Stop being deluded and naive, and you may do well with investments! Don't believe these fools "hoping". Do your own research and READ THE RNS released by the company.
Persuade bond holder's to extend payback period and approve the side track. No dilution
You missed something:
Significant dilution
My apologies I missed a piece of my last post.Will give the full post now.
Kerogen I believe set up the new Technical Team and CEO as Dr.Trice made his exit. Since then there has been little connection with shareholders, targets have made and not been met, no forward works plan and little information given to shareholders on operational matters.
I would expect that A. Maris, with his past experience, is doing a good job on an operational level but there is a large gap in areas you would expect a CEO to handle. Dr.Trice had the energy, drive, enthusiasm and was able to make decisions at a company level, these are missing now.
Crystal Amber [C.A.] are certainly getting more and more involved with Hur by aggressively buying shares and by their comments. Their man R Bernstein [R.B.] is to be respected as a man who can see opportunities and has a track record of lobbying companies to the benefit of shareholders and of course the fund he works for. R.B. has made a lot of money for C.A. trading Hur’s shares. That is in the past and does not figure in their share buying now.
CA have their own consultants in the Oil & Gas field. With respect to Hur there are at least two geologists who worked there for many years and wrote papers on the Rona Ridge .They do not work at Hur now. Access to them would give C.A. very good insight on the Rona Ridge geology. Just a thought. What is it R.B. believes is worth pursuing and investing further in Hur?
Hur should have given shareholders much more information on our Sandstone Resources. Just how good are they? Is the likes of Lancaster a combined F.B./Sandstone play? Would this be carried over to the other reservoirs?
I believe one good way forward for Hur is to take on Joint Venture partners and if we have viable Sandstone Reservoirs this may be attainable. It could be progressed as we work to pay of the Bonds.
All as I see it.
Ron