The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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I have been thinking about the bonds since I posted last night. What if the Bond holders have manipulated the sp so they can convert the Bonds at a low price and then let the sp rise to where it should be...37p+ and hence more than doubling their money.
lonestag
The conversion terms of the bond is fixed in respect of the bondholders rights. The company can itself elect to convert earlier than 2022, but not the bondholders. I think there is a useful RNS on the HUR website mid 2017 which describes the various parties rights. Hope this helps.
Don't lose sleep thinking about HUR bonds, I think its the least immediate problem!
That was partly wrong, the bondholder can convert but at a pre-determined price of $0.52. Not sure if that is on predetermined dates (which is usual for such securuties) or on demand. So they wont do it unless they are daft, they cant convert at the current SP and then benefit from the HUGE bounce that will occur this week...…..
Having a bad day, I'm accelerating my afternoon nap to right now. Night
Gosh Drillordrop
What a massive relief, there I was poised to sell everything based on TLF's idle or unfortunately not so idle speculation. Thanks, but I'll get my news direct from RNS and by doing my own research which I can trust!
drillordrop Could you please restrict the BS to the LF BB it's becoming a bit tedious.
It’s probably worth noting AS comments on bonds at lasts years results presentation on 28 Mar 19:
in respect of our convertible and other debt financing, we don't expect to be out in the debt market this year. That makes -- will make little sense in respect of our future spending plans. The convertible is due 2022, but there are some features that may allow us to extinguish it in advance of that if the prices are right. Clearly, we want to have as clean a balance sheet as we possibly can as we approach 2021 when we start taking FIDs on full field developments.
That says to me that the plan was to force conversion this year. However, given the current SP conversion seems unlikely and I would be surprised if HUR were to choose to repay early. I can’t recall any statement that says (GWA)FID is delayed but my expectation is that it will be given events.
drillordrop,
"Why so angry? Is it that you’ve lost so much money and can’t understand why? I was trying to help "
You really are a bit of a ninny. Don't you realise that when anyone writes 'I'm only trying to help' or something like that, nearly everyone realises that the person must be lying, and in fact their motive is quite the opposite of 'help'.
Why do you make people angry? Maybe because they don't suffer fools gladly.
drillordrop,
"are you an ill informed pensioner with way too much time?"
No, I'm an exceedingly well-informed pensioner, but one who doesn't draw a pension and instead lives on his accrued investments and savings from a lucrative lifetime career at the sharp end of the oilwell drilling industry.
Sometimes I think I have 'too much time', but it allows me to do things like play seven (or more) hour poker games, one of which I'm just back home from, and poker pays the rent.
'Don't you realise that when anyone writes 'I'm only trying to help' or something like that, nearly everyone realises that the person must be lying, and in fact their motive is quite the opposite of 'help'.'
Some examples, all posted by TSD on JOG:
It pains me, it really does
08 Apr 2019 09:50
When will you listen to the experts like me.
Trying my best to help you all here.
09 Apr 2019 08:06
I’m here to try and save you from yourself ..
RE: Hope everyone is ok
15 Apr 2019 12:12
I’m here for the potential new investors .
TSD - the newbies friend