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Yes...timescales upside down has to be a shareholder vote
And the GM I reckon..time to get voting
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More shareholder submissions ..the judge has allowed.
Lots of valid points.
&
.......................Shareholder meeting has to be called..................
.
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Think all submission made so will be his ruling.
I favour him seeking a shareholder vote , but that could be put aside in the sanction meeting through cram down.
But this should enable the requisition vote to take place so we can all show out support for the BoD before anything goes through and a new board could go back to drawing board and stop being bullied.
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Usage has taken our break but we return at 2.00pm so there should be more to report once the Judge makes decision on relevant classes. He also alighted to the fact why there is time sensitivity on this eyed timetables set by the bondholders.
Other interesting thing is he said it would make no sense for the bondholders to call a liquidation event if this did not go through as it would significantly reduce likely turns to them.
Company lawyer agreed that an orderly wind down would make more sense.
Hasiba - And what you would give a score for CA / Share holders chances of success?
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CA lawyers Rosenblatts have written to court and some points were mentioned ..I gather they are keeping powder dry for sanction meeting.I must say I believe the Judge gave excellent challenge on a number of points nd I’m sure has give CAs lawyers some leads to or a shareholder vote.
Hurricanes lawyers said that they would be calling an AGM for 30th June and would be proposing the GM requisition be held at the same time...ie they hope to call the meeting once all this has gone through and the new shares issued.
If the judge decrees that there should be a shareholder vote then there should be the requisition vote on the board at the same time.
Whole thing far more interesting than I thought it would be and well done shareholders repaired to speak to the Judge I was unaware that was to be the case.
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Another shareholder on....I didn’t realise they would allow shareholders random submissions.
Another shareholder now questioning the 2017 CPR ..and a 2019 cpr ( don’t think there is one!)
No engagement with shareholders.
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A pi shareholder ex oil industry has now made two well informed statements and questioning financials and work programs. Big point on LIncoln ..why no hooked up.
Smoke and mirrors he says..
Why now
Emotional stuff ..will it make a difference ?
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Judge questioning why shareholders not consulted because their ownership is affected by restructuring. Interesting he definitely has sympathy for shareholder position.
From me:
All gone quiet over on ADVFN at the moment - I'm still optimistic but very nervous, the Law is a very fickle mistress, everything X'd here.
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One has to be pleased at the courts challenge on assumptions made by the company in a number of areas..definitely get the feeling he is concerned at shareholder treatment..inviting challenge at the sanction hearing in my opinion.
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Lots of objecting shareholders contacted the court
[I loved that bit]
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Judge questioning the notice given to shareholders
Not fully explained ..think the judge was picking up that all was based on forecast from company and the outcome could be better ..or worse. My reading is he thinks this too early. Might be wrong.
"Apart from the judge - who else is on the call Albie?"
I haven't got a clue RichTheNewbie, I'm just 'cut n pasting' what's posted on ADVFN from someone who can hear the proceedings, sorry.
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Much focusing around whether the shares have value..appears to me the Judge is asking why if there is no equity value are the bondholders taking equity. Decent challenge so far but revolving around whether shareholders should have a say. Reason to be upbeat but early days.
I’m watching but can only get access by contacting court not allowed to share.
Judge asking decent questions so far, oil price sensitivity being raised.
Possibility value for shareholders if oil price improves.
CA have representation at today's Court Hearing?
Does Kerogen Capital our largest share sholder own in their own right or have access to Bonds via a 3rd party, would be nice to know the answer in the interest of balance.
1. That Steven McTiernan be removed from office as a director of the Company with immediate effect.
2. That Dr David Jenkins be removed from office as a director of the Company with immediate effect.
3. That John van der Welle be removed from office as a director of the Company with immediate effect.
4. That Sandy Shaw be removed from office as a director of the Company with immediate effect.
5. That Beverley Smith be removed from office as a director of the Company with immediate effect.
6. That John Wright be appointed as an additional director of the Company with immediate effect.
7. That David Craik be appointed as an additional director of the Company with immediate effect.
I'd have gone for the chuffin lot of em and start again!