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Please see my post which is the copy of email reply I have received from FCA MIU
I encourage all shareholders to write to all relevant people OGA FCA and news papers to expose this clear scam into open
The BOD must not and shall not be allowed to get away with this day light rubbery
It’s our company we own it and they are being paid fat salaries to serve our interest not their own as the case is currently
We need to send as many emails as we can to stop this scam of the century in its track once and for all, and then move on to removing the current BOD and voting in people who put the company shareholders above all
We are almost there I am sure the current CEO and the chairman wish they never cooked this scam in the first place
Dear Mr Alavi
Thank you for your complaint of 14 May 2021 regarding Hurricane Energy plc (the Company). We have noted your concerns around the Company’s restructuring plan.
This matter has been received by the Market Integrity Unit in the Market Oversight Directorate (MO) of the FCA. MO is responsible among other things for monitoring issuers’ compliance with Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on Market Abuse (the Market Abuse Regulation or MAR).
We are reviewing the issues that you have brought to our attention with a view to determining whether it is appropriate for us to exercise any of our statutory powers. As part of such reviews we may use the information gathering powers available to us to seek further information from the subjects of the enquiry and reach out to other agencies as appropriate.
Once we have completed our review, we will consider whether it is appropriate for the FCA to launch a formal investigation via its Enforcement Division, whether some other form of intervention is required or whether the case should be closed with no action. In particular, an important part of our consideration is the potential seriousness of the misconduct.
As noted in our Approach to Enforcement, not all breaches of our rules or requirements constitute serious misconduct, however, where we suspect serious misconduct, we will start an enforcement investigation. We use our experience and judgement to ascertain whether this suspicion exists and there are a number of considerations we take into account when doing so. Chapter 2 of our Approach to Enforcement document provides further detail on these considerations, which include the nature of the actual and potential harm involved; the extent to which the suspected misconduct has or may affect consumers, markets or firms if we do not take action; and the public interest in investigating the matter.
Mcadder
I don’t know who’s side you are on!! Are you one of these paid members trying to defend the BOD or just a simple nobody trying to wind up the screwed shareholders
The BOD have enough on their plate to worry about given soon they will know that their restructuring plan is shot out of the water
And deep down they know by not engaging with the shareholders they are the ones who should be worried about the litigation not the ordinary share holder who trusted these people to protect their interest not to sell the company down to nothing without any referrals what so ever to the current shareholders, do you think any court in the land is going to deny the angry holders venting their anger in what is clearly a misrepresentation of their interest in what is owned by them by thisBOD
You are noting but a delusional de- ramper
I sent on Saturday and like you I also hope he will take this up with an article and bring this BOD scam to the notice of many more
I also agree the BOD and CA and other large holders most certainly are reading these posts and more we write the more these BOD’s will shake in their boots
As I think they fu...k..ed up big time and soon we will be able to vote them out and put honest and caring and business minders in charge
Please see my email to Oliver Shah of Sunday times
Just an example of what other folks can edit copy etc when sending to the right people
Dear Sirs
I am a long time share holder in the above company
The company owes the bond holders 230 million dollars which is not due for payment till July 2022
Now the company’s BOD has decided to pay this loan earlier than due date without the consent of the company’s share holders
Doing this by way given the bond holders 95% of the company
Please note the company currently has over 130 million Dollars in net cash they are producing over 11000 bo/day at price of 68$ per Burrell meaning in 15 months time the company will have sufficient fund to pay off the bond holders and have some extra cash left over
The company is planning to go to court to get approval for this scam and have quite blatantly disregarded the opinions of the share holders whom own the company
This is clearly a conspiracy and a scam to dilute the company’s share capital without any reason or indeed any need as the loan is yet 15 months to run and company is earning over 700K $ per day given the price of oil at the moment which is likely to go up even further
We ask FCA to protect the company’s shareholders against this BOD scam which had self interest written all over it without any regards to the owners of the company
Please respond and let me know what legal actions are available to us owners of this company
When the BOD put out those sip called warning the POO was no where near what it is now, the company’s net cash was nothing like it is now, beside they did not say they will create significant dilution but warned if May be one option
The BOD have clearly intending to wind this company down as despite most oil companies having returned to normal business cause of POO being even higher than before the pandemic, our BOD have put out one negative RNS after another and forced the SP from 12P to 0.7P!!!
Now if that is not deliberate I don’t know what is
There is very clearly some criminal intend by this BOD as soon or later it will out come out of the wash what these criminals are going to gain by running the company in such positive oil and gas business environment down
We need to write to Newspapers, Our MPs. The FCA and even to the Scottish parliament to bring their criminal intent out into open
If these criminals did not have dark and self benefiting intent they would not have hide behind the excuse of the pandemic and skipped any interactions with the real owners of the company the shareholders, FCA and the MPS should insist on this very simple process, why is the company’s BOD are
1- trying to pay the bond holders 15 months early
Knowing that even with possibly difficult production now and in future they will be able to have enough money in the bank to pay off the bond holders
These criminals have shot themself in the foot
They though cause of pandemic and threat of insolvency they can force the court to approve their scam and so that after that these criminals can sell the company for a 1P per share and in process secure lucrative positions in the new owners organization and Fu..k the current shares holders cause bond holders having received good return on their investment will still get their money back in such event
The share price is where it is cause of all the negative RNS’s put out by the dodgy BOD and the fact that they are going to give the CB’s billions of shares which will dilute the existing almost 2 billion shares by much much more
The markets are not going to present the CB’s with fat profit unlike our criminal BOD
I am so surprised you think otherwise!!
Thank you for the email link to FCA, everyone knows my view about the current BOD and in particular the useless and criminal CEO
I have written a long email to FCA and have indicated that the BOD have totally ignored the company’s shareholders and are going to repay the bond holders by giving them 95% of the company which belongs to the shareholders
And asked for FCA to help protect the people who have invested in this company against criminals running the company
I urge every share holder to do the same explain company’s cash holding and daily production and the fact that the BC’s loan is not due for another 15 months by which time the company will have more than sufficient free cash to repay the loan without this scam which has self interest written all over it
And a total disregard to company shareholders who stand to lose most if not all of their investment money
The FCA should be on the side of people who are going to loose
Look at the Amigo for example this situation is much the same
Very well described, net cash is going to increase month by month and we still have almost 15 months before the CB are due their money, so it’s all BS what this useless good for noting CEO who is hiding in his fancy house and has no clue how to be honest and run the company for the benefit of the share holders not the Fekin CB holders
It’s amazing in yesterday RNS he has the front to say the share holders have no right to be present in any of the upcoming meetings and therefore they can all **** off and don’t look back
This guy should be tried for criminal offense in that he is hiding the company’s real money and assets and is in with the CB holders to the detriment of the company share holders whom own the company not this clown
I am sure the shareholders can and must fight this BOD and throw them out of their fancy offices sooner the court must give attention to company with lots cash and producing to rule against this conspiracy hatched up by this criminal CEO
RGT
I think we all have to calm down and give SB and the BOD a chance to see despite stupid names change is whether the new all in one product and update will provide the required shot in the arm for the company to move forward
It will take time but we need to give the company the benefit of doubt and see where we will be in 18-24 months time
The reason we are stuck at 6P is simple. The company has said they need to raise funds via RI
Markets are not going to mark this share up unless and until the full details of any pending RI is fully disclosed and the price target is established
We know full well markets don’t like dilutions and RI means exactly that
But having said that once the funds are raised and the company balance sheet is healthy and we are back lending the profit growth will soon take care of the extra shares in issue and the SP will rise
Even now we should be at least 15P if not more
But the pending RI is holding this one back
GLA
May I suggest to get the CA to act as our leading force to pass the message to the BOD’s and advise the small holders on how they can peacefully vent their voice and demonstrate outside the Company HQ
Beside it is the law of the country that BOD’s are only elected by the share holders to serve shareholders interest and to gift the company with 10 times the MC in net cash and earning of over 700K$ per day to bunch of CB’s who unlike the shareholders have been receiving 7.5% interest every quarter for the last 4-5 years
This is unlawful act and I am sure FCA must have certain codes and conducts which must be complied with to prevent such blatant day light rubbery by this BOD
We can all write to FCA and seek advise
I proposed the very same action a few days ago, and suggested that with a concerted efforts from the PI’s we can start a campaign to force this criminal BOD to call an EGM so that the real owners of the company I.e the share holders can vote down the stupid proposal put forward by these bunch of crooks whom are put in charge of this valuable company
This BOD along with the mafia chairman have deliberately driven this company to destruction and despite everyone in the oil and gas commercial world going so positive on the industry outlook cause of rising POO which they predict could hit 80$ by end of this year as economies are going to reopen and demand will soar
But HUR criminal BOD are going to gift the company to CB’s without the consent of the long suffering share holders
Please please let us know to whom to to where we can sent our complaints and how with the help of larger holders such as CA we can force the company to call an EGM
Together we can stop this criminals from stealing this company
If you had read Malky note on HUR he said the One could not make up the contents of last Friday’s RNS
And he was right, nobody even talks about our cash pile and money we earn on 11000 bo/d
The company is and always has been a going concern, we have assets worth 10 times our MC we have even in worst case scenario over 100 million Burrell of P2 resources and I am sure there is much more but this criminal BOD have deliberately tried to run down the estimate
I am sure one of these days you would hear the company is under offer for 50% premium to current share price IE 1.6 P which by all account is a very substantial TO offer!!
It’s all a scam and you as a losing share holder coming to defense of this criminals who are running the company down to make it a bargain for their mates
I am really disappointed with your comments
What gets me is how all of us PI’s just accept the big loss
Surely the share holders have a voice but not individually but collectively
We can collectively force the company to call a EGM where the current proposal of 95% dilution should be put to vote
This corrupt and criminal BOD can’t just play with people’s life savings as though they own the company
They don’t share holders own the company and as such I propose to start a campaign by getting enough signatures to force the company to call a EGM
I hope CA and other large institutional holders which coughed up over 400 million at 32p can also join this campaign to
1- vote the dilution down
2- to sack the entire board
3- get an independent oil expert to confirm the real reserves
4- talk to Bond holders to extend the final payment deadline by two years so that with the money in the kitty and future earnings we can pay them off eventually
5- instal good oil industry experts in charge
6- clear the company of the bad previous management decisions
7- put the company in the market with a fair valuation once 1-6 are completed
Then some folks may recover some of their huge losses
Please let me know what you all think
I used to hold 60K shares bought at 29P 18 months ago I got good divi last year so seeing the predicted Divi of 12% is not covered decided to off load half of my shares when they hit 46P for a decent profit and kept the rest to see how this years divi will be
So I think this way I have made good money either way
Well, we owe the bond holders 230 million $ right ?
We already have almost 150 Million $ in the bank
We are producing 11-12000 Burrell a day at 63$ per Burrell equates to almost 750K $ per day
So why the hell the company needs to dilute the shares by 95% to pay the bond holders ?
This is a conspiracy without a doubt
And I think the CA and other large holders are in it as well
Otherwise they would have told the company why the dilution ? Pay the bond holders with the current cash pile now and pay them the rest when the coffers are full again
No way the company could not pay off the bond holders with current cash pile and POO in such high rate
So this is all part of a bigger dark agenda to destroy the company to make it a cheap as chips for a potential suitor which will keep the current useless money grabbing BOD employed with fat salaries and huge bonuses for years to come at the cost of us unfortunate small share holders
RGB
The current MC of 47million is a smack in the face
How could this market value a company with 150 million $ in the bank and earning over 750K$ per day based on current POO be valued as such
And looking at the trades today!! How on earth people are willing to sell at such stupid SP is beyond me
These folks are just rainbow chasers in for a quick return of 15/20% but as it is not happening they are moving to other plays in the market
True LTH’s will know better and will ride these terrible days and wait for the day the market wakes up and see how damn stupid they have been giving such astonishing low SP valuations
Like I said this can’t go on specially if POO continue to hold or even rise
The day of reckoning is just round the corner get rid of the current BOD and bring in a real oil man and market will shift the SP accordingly
If as you CA believe in HUR’s true value, and we all know full well the current BOD has done nothing other than destroy the value of this once blue chip company, then why are CA are putting up with such bunch of incompetent directors
Surely they as a major holders of the stocks must know as long as these useless bunch are in charge the company MC is not going to shift
The classic example is today the POO is up and Hur is down by more than 3%!! What more do CA need to put in a request for EGM to vote the key members of the board out and replace them with true believers in the company and its assets and future direction
Time to kick these useless money grabbing so called management team out and get the MC to where it should be 45P minimum