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Alternative plan , but the bond debt from the market at 50 percent discount ( which it was ) and then use cash generated over the remainder of the year to fund drilling. At same time bod take 50 percent pay cut but receive options based on 10p per share . Other cost savings implemented.
Senseless saddo if you're going to write a post, any post, do us a favour, at least make sure you can spell properly....lol
"incompetence isn't a criminal offence"
Very true Slift and no matter what happens now the bod will likely come out of this pretty unscathed. They did make share purchases at I think just below 3p but the amounts were so small even that won't hit them financially.
Pretty sure that i've highlighted how bad the FWP is in the past and how incompetent the BOD are. I'm not advocating winding up the company, but it's too late and there are no alternatives other than a restructure with bondholders to extend payment.
Unfortunately, incompetence isn't a criminal offence. Shareholders had the right to call in an EGM to remove incompetence over past year, but didn't.
I see potentially 3 alternatives - but each is either too costly (unless someone takes a big loss), or too late. 1. Major shareholders, instituitional investors, shareholders and/or new investors take a hit by funding non-viable projects (We know that they couldn't get funding from major shareholders, and no new investor/ii will invest just to make a loss)
2. A takeover offer by a 3rd party who sees value and could potentially develop the fields with a more attractive FWP (It's too late for this as restructure taking place in the next month or so, unless takeover offer comes in the next month.. but again whoever puts in the offer will be SIGNIFICANTLY overpaying).
3. HUR BOD come up with a more attractive FWP which will receive funding from ii, major shareholders, etc. (Too late for this now, they've wasted a year).
"drill another well, or to tie-in Lincoln" No and No.
Another well:- Drilling another well wouldn't pay back cost to drill. Bondholders will not sanction that, and investors would not fund it. Do you even read what's been posted here, or are you still in your oilfield dreams from the past?
Lincoln:- You printed out ERCE's CPR and kept it on your desk but didn't read it? Clearly states that there is uncertainty regarding Lincoln due to it sharing the same aquifer as Lancaster. In other words, water injection is required before any tie-backs. But that's not all..
The JV is required to drill a GWA commitment well by June 2022. This had to be sanctioned - Spirit clearly did not want to fund or make an investment for the GWA commitment well - and hence, the Lincoln Crestal well is being P&A'd in accordance with license commitments.
Also, any further investment in Lincoln (like Lancaster) wouldn't have paid back the investment. So isn't surprising that Spirit didn't agree to make any future developments on this field.
So bottom line: Both "alternatives" were not viable due to either funding or regulatory consents/commitments.
No bullying on our part, or nasty name calling unlike Captain senseless, just the facts, just like this below. This explains WHY having been considered by the bod of Hur that a fundraising through either institutional investors or shareholders would not be feasible at all. It's game over here, that's why 0.2p at best is incoming post approval with the end result of nearly 40B shares in issue....
6.8 " the Plan Company is of the view that it is highly unlikely its institutional shareholders would be prepared to either (i) provide the significant financial support which would be required to (potentially) avoid the need for the Restructuring (whether as part of a rescue capital raise, or otherwise) and/or (ii) vote to support the Restructuring. The Plan Company is of the view that to undertake such a fundraising from current or other investors would not be feasible as a consequence of: (a) the low market capitalisation of the Plan Company when compared to the size of the capital raise which would be necessary; and (b) the composition of the Plan Company's existing shareholder base, the shareholder engagement outlined above, and the likely need for the Plan Company to produce a prospectus, which has significant time and cost implications."
"RosieNas Posted in: HUR Posts: 384 Price: 6.74 No Opinion RE: It won’t be long they are just playing with it.01 Jun 2020 20:34 Absolutely, many holding in 20s. 30s and 40s too scared to average down."
6.74p? Good luck getting 1020% investment back here lol.
Seriously? Count your and your boiler-room chums posts and accuse yourselves then. Hahaha. Everything about your amateur operation smells of desperation. The more you try, the weaker you look and this will get worse because there are genuinely smart people and organisations involved in exposing the scam now.
I don't need to count them - it was a pure guess considering on my part. Ramping this to death so more people will lose money - shame on you! And as if using CAPITALS will help you Captain gormless. 0.2p incoming ;)))
Like I said. No other alternative ever has been, or will be available. The sheer desperation from senseless gormless and what must be 25-30 posts in ONE day plus many others is very sad. 0.5p is nailed on next week with 0.2p incoming post plan approval....
Alternatives to the Restructuring Plan
6.4 "No alternative transaction currently exists for the Plan Company to implement and it is not considered likely that there would be any such alternative transaction available between the time of launching the Restructuring Plan and the maturity of the Bonds. In particular, the Plan Company has carefully considered the following: (a) a consensual deal with Bondholders; (b) further investment by existing shareholders; (c) M&A and asset sales; (d) investment by Spirit Energy; (e) company voluntary arrangement; (f) pre-pack sale via administration; and (g) refinancing. The Plan Company has concluded, following discussions with its relevant Advisers, that these are not viable alternatives to the Restructuring Plan"