The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Make sure also to let us how Kerogen were involved as they have no board representation, or am I wrong.
I think the current CRS support for this deal has left a lot of Hur and CRS shareholders shocked and feeling they’ve been left ‘up a creek without a paddle’ - you’ve indicated you’re going to explain your actions; with respect this needs to be done ASAP
Whilsy working in the Middle east and Africa I have previously seen similar deals and obviously under less regulated environments a deal such as the one that is proposed for the rather unbelievable offer by Prax for the purchase of Hurricane would be acceptable only if there had been collusion and sweeteners involved, luckily we do not invest in such unregulated environments and times and our BOD would not be involved in anything as underhand as to do so. I am sure that there can only be a very valid reason why the executives of CRS has aligned itself with this, on the face of it, a particularly bad deal. I wait for their reasoning with interest.
I’ve been in Hur since 2014 and dabbled in CA as well over that time. I am staggered that after all the efforts and costs that CA put in to save Hur from the original crooked deal, they then sign up to this awful deal for peanuts. It just goes to show that the board have no clue or care towards the people who actually put up the money, they are in a win win situation whichever way it goes. The rest of us will now have to dig a little deeper, work a little longer because of their greed. Vote them out I say! I wouldn’t be surprised to see the share price heading closer to the low 90s’ from the fallout of this farce. Vote them out!
I can only think of 2 reasons why CRS is supporting the hur acquisition scheme.
1) the are confident given the new CPR reserve estimates that the return on the DFU’s will deliver a good profit for them.
2) OR they have already negotiated a future sales agreement for their DFUs with a third party to deliver a good profit for them.
Just my personal opinion ofcourse.
FYI the volume of opinion on the lse chat site for hur is overwhelmingly hostile to the scheme.
One must wonder why this offer is being backed by CRS.
It is so obviously a poor deal for Hurricane SH's and certainly for CRS with it's approx 29% holding in Hurricane.
Something stinks, three years CRS have been trying to keep Anthony Maris (Hurricane CEO) in check. Hurricane Energy look to have turned a corner and CRS accept such a low ball offer. All CRS shareholders along with Hurricane shareholders are being Fckd over with this deal.
I was a long term holder here but sold out this morning. The portfolio had already taken a turn for the worse to put it kindly, with De La Rue alone value falling 50% in 12 months and having a corruption case pending, the sort of thing I wouldn't normally touch with a bargepole so started to feel a bit uncomfortable here anyway.
The Hurricane deal is grim imo as covered extensively on that board. With the portfolio here being shot to bits actually surprised share price here hadn't fallen further so all things considered a relief to be out.
I would point out to CRS shareholders that the headline value that Prax has set on the purchase of Hurricane (£250 million) is not a guaranteed figure, the only guaranteed amount is £87 million, the remainder is not.
Prax would appear to be unlocking Hurricanes approx £230 million cash pile for a pittance with more to come.
There is something rather unbelievable about this deal and the fact that the Hurricane BoD would even consider it.
I also find it extremely worrying that CRS should have allied itself with this deal.
It does not enhance its share value in favour of all shareholders.
As a shareholder inHurricane I'm certainly not happy with the deal.
It certainly does not appear to be a well negotiated deal and would appear to use Hurricane's cash to finance the purchase of the company.
There is no guarantee of fair value for Hurricane sh's and I do not see that the deal is also in the interests of CRS shareholders.
I'd like to know why CRS would appear to be in favour if the deal.
What do CRS shareholders think about the deal announced by Hurricane in this mornings RNA .
Hurricane shareholders not happy with it!
In the final results for the YE June 2022 ( https://www.lse.co.uk/rns/CRS/final-results-m4dvqfren8ujjiw.html ) there was note on Crystal Amber’s Hurricane investment
"Having previously banked profits of £43 million on Hurricane, the average cost of the Company's current shareholding is 6.7 pence a share."
I interpret this as the average price paid for HUR shares (not having banked profits of £43 million ) was c 14.1p and if HUR was divested at something like it current price then the whole HUR episode would have been a complete and utter waste of time / have yielded little or nothing.
Or was the £43million banked almost pure cream ?
I think the former is correct.
Opinions ?
It would appear Barclays now own 17% of CRS?
News imminent?
Wishful thinking by moi?
NAV fell because HUR SP fell half a penny mostly 'cos Brent fell and no news. Just temporary numbers
Probably more than two folks on the BB.
End game, I suggest you keep your fingers, legs and eyes crossed that Hurricane receives a sensible offer and that CA happily accepts a 10 - 12p which should help the NAV a little.
In the meantime take the dividend ( at least my holding is showing a profit albeit a smallish one) and wait for the final whistle.
Honestly, are there just two folks on this board? No comments for weeks despite the HUR fiasco and the latest NAV published showing down to 122p......tumbleweed blows down the street.
What is the end game for CRS and HUR?
Still no firm sign of the ca$h from HUR!
Show me the HUR money!!!!!!
I’m not sure what in the Hur update brought about the ‘pause’ regarding the management but hope it’s not a ‘smoke & mirror’ exercise and we can get on with a return of cash and/or sale
Lack of demand and very low volumes but this morning the actual rate was sell 95.25 and buy 97.75 so in reality it’s not so wide
Can anyone explain why spread on these shares is so high at 4%?
Cheers, makes sense.
Further to my last, we are sharply down this morning.
Any views on why?
Purchase HUR shares as non-Exec director perhaps?
A director selling shares? Why now? Might be getting divorced but unexpected imo.