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Therefore June 30th then becomes our critical point. If restructuring gets delayed/rejected, the board needs to be thrown out on June 30th
Every vote is crucial. Given the sanction hearing will have fireworks on June 21st,I hope his lordship is going to reject it or at least delay the restructuring. Most shareholders here must plead with the honourable judge not to set an incorrect precedent where bondholders can ride rough shed on shareholders in such a situation. Crystal Amber will surely present a strong plan and will plead to reject the restructuring.
Put in a request for transfer of shares. However, challenge them and ask them any workarounds.
Yes, they have and they can get back their principal even without restructuring. That is the basis of shareholder activism here.
Please also keep writing to ministers/media/companies house citing how covid legislation has been misused in this case. The shareholders have been denied the right to oust the directors and bring change. Urge the higher authorities not to set a wrong example for others to follow . We need someone big in the food chain to stand for us. Can a good soul who knows a legal corporate rep get us a pro bono solicitor to represent us? I have a few friends in the criminal field but don't know a insolvency solicitor who is available pro bono.
Senseman, agreed. Let us not cause Panic. Just keep voting against all resolutions both for June 11 ( Deadline June 7) and for June 30.
Many brokers by default go with company resolutions. It is better to register your against vote. Keep calling customer service. They have a duty to take your vote.
Please record your vote against restructuring on 11th and also against all board resolutions for 30th June.
The only way for company to engage with us is if we vote against all resolutions.
Hi, I had a chat with the customer service at Hargreaves at 0117 900 9000. They won't have corporate action listed for 11th or 30th. However, he took instructions on my behalf. The vote is against for 11th and against for all resolutions on the 30th as well.
You can amend the vote if by chance you voted for any resolution on 30th. urge you to vote against all the resolutions of the company so that they are forced to engage with shareholders.
Ring up your broker please. Send them a secure message
Dire, if the first 2 directors include Antony, it is good to be against for now
Great Boracic! We all must support this with appropriate points. Please remember this is serious Fraud and this can be great if we can get them involved. I will also mull over what to present precisely to them. But I am sure a lot of folks here will help you
It seems many people have received AGM vote instructions as corporate action with their stock brokers. HL does not seem to have it. Is there anyone else who have not received AGM voting instruction? This is different to restructuring vote.
Great post Golden B! Hurricane left shareholders with nada and people want to believe bondholders are doing a favour. No they are not. They are trying to recover more than their money.
ok thanks Spike! I hope the toffs will let us plebeian know in due course.
Interesting times. The market reaction has been rather muted.
wow, what does that mean for the company and shareholders now?
Do we have a contact for him? He owns shares in this company. Is there a way he can join court proceedings? As a shareholder, i haven't forgiven him for his sins of omission and commission but then he is a shareholder also.
Thanks HH. How does this compare with PWC presentations? I think there are decommissioning costs and impairment charges. Also for certain contractual obligations, they have set aside some money. It will be good if we can do a thorough analysis of the PWC scenarios with actual figures generated by company. As Hasiba pointed out , these can be gross figures which can be completely different to net ones.
Good morning
Current priority - register vote re 11 June Shareholder Meeting - being attended to - periodically post reminder until 11 June
NEXT PRIORITY - Deadline 9 June for representations/ evidence to Judge re 21 June Sanction Hearing
MY SUGGESTION (please consider carefully) - deadline is 13/14 days away - there is no rush. This allows time to see if (i) Hur announce EGM date (ii) CA announce their 'alternate plan'. Plus 13/14 days is a LONG time - much can happen (eg resignations, further RNSs etc). I intend to wait until 6/7 June before I email court. Principally as anything I write now may be superseded by events before then. Secondly because we have written to judge last 2 days re Sanction Hearing date. Let those emails clear so that emails re objections re Plan at Sanction Hearing are not mixed in - better they start arriving in few days prior to 9 June deadline
We are best served if we act collectively with a degree of common agreement - will give all confidence and make easier.
MY SUGGESTION THEREFORE - is that we collectively wait till 6/7 June before writing, to see what evolves, for greater impact and easier life. Note - this is only a suggestion.
OTHERS - please express your view. Mine may of course be rubbish