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NGR, I hope you declare the shareholder meeting result in same vein.
All the luck peeps. We can be proud that we did not take this cronyism lying down. We may win or we may loose but we have fought hard for our rights.
Vote ''AGAINST'' all AGM resolution on June 30th including receiving financial statements. We do not want to accept anything from this corrupt BoD.
Vote FOR all EGM resolutions on July 5th but we were trying to sort the June 11 and June 30th vote here first.
The June 11 vote timeline has passed now. But timeline for June 30 and July 5 remains.
There is definitely a psychological game going on here. In last 1 month we had a flurry of RNS from a BOD which hardly engages with shareholders. The whole BOD needs to be removed for any hope including Tony. This restructuring is a sham.
This board of directors has clearly proven its incapability or culpability as shareholder value lies destroyed by 99%. If not complicit in a giveaway Fraud they are nincompoops who should not be touched even with a barge pole. A $50 million debt reduction at a $17 million expense with no discussion with shareholders. It is really sad that in UK we are talking about this level of cronyism. The worst part is that the legal system is being misused legally and the whole world is blind to it. There are not only supporters on this board( with vested interest) but out there also who can turn a blind eye to this travesty. This is like a third world corruption. Corruption exists in western world but is more subtle. Maybe a $50 million debt reduction with a $50 million rights issue at 1p or 2p. Let everyone have their cut but no the greed is so paramount that they want to gobble everything and try to prove that this is the only way out.
Dire, CA had given 2 new names and keeping 2 old names for transition purpose. However, much water has flown under the bridge since May 18. Given the belligerence of the board to force restructuring and continue to ignore shareholders I believe Antony is complicit. We should support the 2 new names by CA but reject comprehensively every old board member. A fresh start can be made even without the wee transition.
Mick, let the resolutions get formally posted and analysed and then we will decide for/against. I am more worried that June 30 vote does not get mixed with July 5 vote.
I know it has thrown an interesting situation. As shareholders we will still vote them out even on July 5. CA wanted a transition plan in place but for shareholders like us they have only worked to destroy value. We are happy to appoint the 2 CA nominees in place but Antony needs to go. The whole reason to vote against all proposals on June 30 was for board to engage shareholders. It has been achieved. Let us appoint the 2 CA nominees but still get rid of Antony.
Let us focus on June 11 and June 30 voting for now, so that noone votes in confusion.
The June 11/30 vote are against all board resolutions. let us carefully evaluate voting options for July 5 and start advising here after June 11.
Currently no target can or should be set on Hurricane. Things will improve definitely if we can throw off this corrupt board. $50 million throw away to bond holders at a $20 million expense. This is the mother of corrupt deals. Although bond holders do carry a major sway on board decisions but here the timing just does not make any sense. The bonds are good 13 months away. The board suggests its inability to service loans and announces a default with no shareholder involvement.
For now therefore all shareholders must cast their vote against board proposal for 11th June and against all board proposals on 30th June. That is what we can do now. June 21st is when CA will propose their plan for equity. As small shareholders, we do not have any plan but we can point out accurate fallacies in this give away.
All shareholders, please ensure you do do vote against the board proposal of restructuring on 11th June. That is important. It is Last day today. Anyone who has not done the vote please get it done and dusted.
Please continue writing to various ministries, organisations, Action Fraud, FCA. Keep chasing them. Wheels of justice unfortunately grind very slowly. However, if we keep kicking people, someone is ultimately going to wake up. Also, please vote against all resolutions on 11th June and 30th June. Finally, I will urge people not to speak in court in terms of suspicion or emotions. Legal system does not deal with suspicions, they deal with hard and accurate facts.
The hearing on 21st may was still ok to go in unprepared before the judge but if anyone intends to speak on June 21, then please write your facts, read them out internally first. Remember last time we said that company is under FCA investigation. But the fact is that we as shareholders wrote to FCA and FCA queried the company. There is no formal investigation.
Therefore we need to hear the plan from CA, start our arguments requesting his lordship to set a good precedent for other companies, work our plan(which can be based on past RNS, reports etc or find faults in PWC scenarios) which shows why the company can pay bondholders in 2022.
Please call 0117 900 9000 and they will take instructions for 11th as well as 30th. ( Make sure you tell them your vote is against for all resolutions on both days)
Also, you can send 2 secure messages. First voting against for resolution on 11th and then voting against resolution on 30th.
Since today is 4th, i will suggest you do both things to ensure vote gets through.
Buying or selling should be one's own decision completely. Noone can guarantee your money in stock market.
No a fee shouldn't have been taken. HL did not ask me for a fee.
Please if someone can post on Advfn website nudging shareholders to register their vote
Even then they are legally oblige under articles of association to hold a requisitioned meeting in 21 days. Added to that, they can announce the June 30 meeting but not a special requisition?
It isn't easy for board or bondholders. They may like to believe it. However, they won't be able to get the sanction they are looking on June 21.
Urge all shareholders to vote please and ASAP. The 2 main votes are on June 11 and June 30. For June 11, it is imperative to vote against now. It takes 7 days for many brokers to get the vote registered and deadline is 2 days prior to vote. For June 30, it is also important to get your against vote done and dusted.
"Shareholder Restructuring Plan Meeting" and "AGM" - Resolutions and My Votes Cast:
- Shareholder Restructuring Plan Meeting to be held on 11 June 2021 (Special Resolution) but Votes to be in before 7 June:
1. That the Restructuring Plan as set out at Appendix F of the Explanatory Statement is approved. - VOTED AGAINST
Annual General Meeting to be held on 30 June 2021 (Ordinary Resolutions):
1. To receive the Annual Report and Group Financial Statements of the Company and reports thereon of the directors and auditors for the year ended 31 December 2020.
- VOTED AGAINST
2. To re-appoint Deloitte LLP as the Company's auditors until the next Meeting and to authorise the directors to agree their remuneration.
- VOTED AGAINST
3. To elect Richard Chaffe as a director of the Company pursuant to article 62 of the Company's Articles of Association.
- VOTED AGAINST
4. To elect Antony Maris as a director of the Company pursuant to article 62 of the Company's Articles of Association.
- VOTED AGAINST
5. To re-elect Steven McTiernan as a director of the Company who retires by rotation pursuant to article 64 of the Company's Articles of Association.
- VOTED AGAINST
6. To re-elect Sandy Shaw as a director of the Company who retires by rotation pursuant to article 64 of the Company's Articles of Association.
- VOTED AGAINST
Please vote ASAP and remind the HUR BoD that Turkey's Don't Vote For Christmas!”
The board had not anticipated the challenge. The legal advise to them must be that it will be a smooth sailing. Now, having made this decision, they have to live with it. They are damned either way. If they don't force ahead with it, they will end up looking like muppets. If they force ahead with it, they are doomed for failure but they are clutching the straws( Legal advising them they will get it through). It will be so good if they accept their mistake and engage with shareholders. They can make an exit gracefully. But they want to make it difficult for everyone including themselves.
Mirasol, why are the existing directors not resigning or holding a GM as per Crystal Amber's requisition? They are fine to disagree but their behaviour is raising ethical and moral questions.