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" I am happy to particularise "
What language does he spik as native tongue?
Hurricane Energy – Shareholder Action Afoot – Why Bother?
By Peter Brailey | Sunday 9 May 2021
I wrote recently on the refinancing proposals for Hurricane Energy (HUR) and why I saw it as the endgame of current holders. I predicted the Bulletin Boards would be alive with negative commentary against the BOD. This has duly happened. One commentator has contacted the ************* team with particularised points on why this may be a scam, and we are always happy to respond to considered reasonable requests for comment and assistance. I am happy to particularise why I do not consider Hurricane has been a scam.
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I don’t see the share holders panicking
April 29th 2.3 p
May 7th 0.81p
"Don't PANIC Mr Mannering!"
kammi if that's what you truly believe then fair play. You have absolutely nothing to worry about then! All will be fine here, because I completely imagined that RNS and realise it was just a bad dream ;))
If I’m a Board member why would I post this??
“ -being a hapless bunch of directors asleep at the wheel whilst it crashed into a wall with $230mm of debt is not actually a crime, it may be regrettable, it may be infuriating, but the shareholders re elected this shower every year..”
If your going to make stupid insinuations at least have the gumption to read what I put...
My dear mebladder, how can you possibly say ,you can sleep at night . You are here 24/7 telling every one for days that they should sell up as the share is going to be worthless. Take a grip,actions speak louder then works. I don’t see the share holders panicking and posting like you do. Hope you sleep well tonight as tomorrow you will be back posting again and It must be very difficult time for you. Take care.
RNSTrader is nigwit on the other board, He will always blame Trice, and support the boards actions. Either a board member or paid troll?
"The guy's an imbecile RNS."
those who know him from elsewhere in his many incarnations know this only too well - just abuse, abuse abuse. Never even attempts any informative discussion
The guy's an imbecile RNS.
A classic case of a deflector that can't handle the truth so resorts to attacking the messenger for confirming the facts and implications of the latest announcement as well as our balanced opinion on the subject.
That sounds like great advice RNS. And with a nickname of nosense sid I can just picture him sat in a shed surrounded by plants in complete darkness.
Motormouth? Wild assertions? So what is this then?
Failure to Implement the Restructuring
"In the event that the Restructuring Plan is not approved by the Bondholders at the plan meeting, or if it is approved by Bondholders but not sanctioned by the court the Restructuring Plan will not be capable of being implemented. In that scenario, it is likely that there would be a controlled wind-down of the Group's operations followed by an insolvent liquidation of the Company."
It's in the RNS. Black and white. It ain't assertions or made up out of thin air!
Slackbladder - there u go again...all motormouth wild assertions. I am neither rattled by, nor obsessed, by you. You are a deviant, sick man. I merely do just enough to enable you to demonstrate to the board precisely who and what your are. You do an excellent job
I must be doing something right to well and truly rattle you with your obsession with me lol. My mum and yours must be similar both probably regretting THAT night but hey the world is stuck with us both.
Only difference is I can sleep easy at night knowing I got what I could out of this train wreck before 0.5p beckons. Your "2 PHD's" won't be of any help to you soon senseless sid ;))
Kammi - yes, McAdder, MeBladder, McBladder, SlackBladder certainly is a card. Ramper, bully, pig ignorant, no skin in the game. World a better place if his mum had had a headache the night was conceived. Same as the night Trump, Johnson, Putin, Xi were conceived. Imagine the world if the 10% of humanity whom are intelligent, sentient beings, gave up the fight and flew to planet Zog. The glue holding the world together would disappear and we would be back swinging from the trees within a generation. Worth a good cry over
"market valuation of sp is an indication that this restructuring plans is more likely than not to fail, otherwise sp would be 0.1p to 0.2p but it’s not"
The announcement is the reason why the SP has lost so far nearly 3 times it's Mcap.
The only thing that's kept this between 0.75-0.85 so far is the hope of another alternative.
There is none. Don't think for one minute that the bondholders have just agreed after a 5 min chat to this agreement. This has been many months in the offing.
Hur confirmed that they had sought professional legal advice before doing so too. There's only one option that I can see now....
Someone unexpectedly comes up with financing of £50M. But they would effectively have to agree to see that money be swallowed up paying off the debt before even starting to see a penny of it back. And they'd have to wait till July 2022 at least before they could start getting back what they lent from production revenue.
And the risky thing in that case is that by then if bopd have dropped further they are effectively engaging in a high risk strategy as to whether they even get back what they lent. They'd just simply be better off not taking the risk and not lending in the first place.
CA clearly state they invest for the benefit of shareholders, I would be very surprised, if they don't make a legal challenge, I'm sure there lawyers will be finding evidence and possibly wrong doing to make a case. This Off s just my opinion, any everyone will have their own. Of course it's high risk, we are all adults, those who want to play it safe have the choice to sell out.
"Where's PlantedBHA for his opinion on this?" he was a (ex?) driller, pure and simple not an expert in oil and gas technical, commercial and finance.He will be making' hole, whilst the company goes under...
i would disagree that the market is expecting an alternative. the 50% drop followed by 30% pretty much shows the market is expecting this to go to 0.1p.
the MMs wont let that happen in a day as they need to keep an orderly market and also try to shift some of the shares they have had to buy. it also hasnt crashed to 0.1p because they need to hedge their bets just in case - an alternative is a possibility however remote. the court case is a couple of weeks away has helped in this respect. if the company is given away i suspect the crash to 0.1/0,2p will complete no matter when the new shares will be due to be issued
anyone still in is taking a huge gamble in my view. i can understand if you have £1k left from many multiples of that that it seems not worth it. however selling now and maybe buying at 0.1p and you could double your money a lot easier as opposed to not selling and being left with £100. not advice just how i see it playing out. i sincerely hope i am wrong. GLA
I respect your views but company takes over another in the present time and not building hope of buying it in the future with no certainty....and many other factors come into play including the oil price volatility...
We obviously don’t agree with each other ... but the market valuation of sp is an indication that this restructuring plans is more likely than not to fail, otherwise sp would be 0.1p to 0.2p but it’s not.
Market is expecting alternative scenarios which value HUR at much higher than the dilution sp..
Hints of these scenarios may take place this coming week...
Yes I do believe they will sell for a quick turn, because bondholders don't take big risks, they lend money to those who do take risks or a fixed return, 7.5% pa in this case. Don't confuse bondholders with equity holders.
Bidder will need to offer say 1p that's £20mm, however to go unconditional he needs 90% of the shares, CA have 14% so they will hold out for more, leaving the bidder to go for a scheme needing 75% of those who vote - all too risky and commercially naive course of action from any savvy commercially astute company. Cost even at this price is £20mm ($28mm) plus they have to repay the debt $230mm or renegotiate from a position of weakness (CoC covenants are put in for this very reason), Use the current cash to drill P8 and hope to recover more than the 7mm bbls in the CPR. Total potential cost $258mm plus the existing cash has to be invested in more drilling $100mm... so that's potentially $350mm cash out in the hope you can recover it all from P8 plus what's coming out of the current well stock... not going to happen.
Approach bondholders who've just paid a little over 0.1p for their shares, you could even offer .15p for 90% of the company and give then a quick 50% profit, and give them greater security that they will be repaid, once you have 90%+ of the shares you can legally acquire the rest (current shareholders ) at that same price 0.15p.... total cost about $80mm...although you have debt to service 180mm.
IF they believe that the fields have enough oil to give them a return then this is the way they'll do it , Cant see why anyone with any commercial nous would go the first route.
Haha I simply can't stop myself from laughing kammi. It will be almost as funny as the misguided deluded ones that refused to see the writing on the wall who still believe they will get 2-3p a share once the restructuring plan goes through. With the pending substantial dilution and just 5% left to show for it people will be lucky to get 0.2-0.3p.
Yes it's that funny....NOT
And I feel sorry if anyone else loses another single penny on this because of the sheer incompetence of the previous management and one person in particular.
Senseman, love the name mebladder. On this board every day and many many times. Saying he has sold up. Must be hurting a lot as he can’t let it go. Only invest what you can afford to loose,otherwise you will end up like mebladder . Desperate to tell people to crystallise their loss.
So you believe that the bond holders will sell Hurricane cheaper once they get hold of it....you can’t be serious!
The bond holders will sell it at much higher price if this restructuring plans go ahead as Hurricane financial distress has eased dramatically,enabling them to employ remedies to the existing wells to increase productivity and dig more wells to expand. This has been stated in the restructuring plans. Then suddenly Hurricane is worth a lot more and sp spikes!
The logical thing for any company to bid for Hurricane is now at a fire sale price . Hurricane is now at its weakest moment to be swallowed cheaply and not after restructuring plans...
Simply pay cash for a distressed company which is producing decent profitability with assets to expand by paying its debts and a few pennies more......then grow and profit.
Hasiba, with all due respect your argument is not logical.
Let's assume for a second that there is an American company looking for an indebted oil company with some oil production.
They have two ways to acquire HUR:
1) offer to step in and settle the debt now (Covenants will trigger on a change of control) cost $230mm plus accrued interest.
Use the current free cash to drill another well as well as ensuring the AM contract etc is extended more $$?
2) They could just wait and for a few months they'll be able to chat with some bondholders with shares, offer them $60mm for 95% of the company and allow the bondholders to sleep well at night knowing they have a company with a decent balance sheet to settle the $180mm debt when its due, they may even extend the repayment date for a fee.
There is no commercial or financial logic advantage to try and buy the company now...
I think all shareholders should keep doing their bit whatever they can. We should even write to Anthony Maris and get him to address shareholders and take our concerns. However, all shareholders prepare for brace. The behaviour of the board is highly unethical given not informing shareholders of the lock in agreement and default and then this deal in such a narrow time frame. However, each man is to his own and should make their decision. For those who can take this loss, move on to better pastures. Those who can not should stay to see end of the drama.
If CA is not able to do anything to change this according to your opinion....then why wouldn’t come out since to say so?!
The simple answer because they will..and likely they are looking for a third party for T/O . Many American companies with huge cash are looking for indebted oil companies, to grow and Hurricane would be ideal for them...