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Mcadder, The doom and gloom is clear by the current board. But the current board is the issue. This article written sometime back is proving to be so correct.
https://www.energyvoice.com/oilandgas/north-sea/244376/ceo-exit-a-big-blow-for-hurricane/
I hold Trice responsible for a lot of our mess but Anthony Maris since his inception in August 2020 has worked to kill the company. His leadership has proven to be disastrous.
People are free to sell their shares if they want to but some will sell at a 99% loss, some at 90%. Doom and Gloom is clear from the current board unless CA is able to get a solution or we get news(TR1) on recent share purchases. Or just or we get attention of someone.
I hope you agree Anthony Maris has been more than incompetent or as someone referred dangerously competent.
I received a call from Takeover panel and the guy who sounded low but was very genuine said this is not in their code. I tried to reach the Sun editorial helpdesk but no luck yet. I have written to High court of justice trying to figure out where our case is listed and whether the judge will accept views from shareholders.
Choose from the reasons below. Add and delete in your own words:-
1. The total debt of bondholders is $230 million but is not payable till next year. (There is a good 15 months’ time)
2. The company has $127 million in Bank and is generating revenue every single month. Infact, they have under reported revenue on March 31st. On January 14th they had reported a revenue of $19 million for their activities in December alone taking total cash to $106million from $87 million in bank. However, on 19th April, they reported only $21 million in 3 months. However, the point is the company is still producing revenue regularly.
3. The company has not once sought approval or vote from shareholders to raise money and pay off bondholders. They did not even care to tell in the last one year who the bondholders are and when the default can occur. They now tell the shareholders that a default has occurred and have now signed a deal with Bondholders that will reduce the debt for $50 million and give away 95% ownership of the company to bondholders. This is despite rising oil prices and revenues coming in constantly. This will wipe out virtually every single shareholder.
4. The company with its first CPR (Competent person report) had suggested that they have billions of barrels of oil with them. Then last year through a second CPR they suggested that the reserves are in fact only 10% of what was initially told. They have not tried to answer why there is such a huge discrepancy between the 2 CPR’s and why they have not sought a third party advise in this regard to finalise the exact nature of reserves.
5. The second largest shareholder Crystal Amber has tried to communicate with the board to take the company forward, all attempted communications with the board have been ignored, which clearly breaks the AIM Corporate Governance rules.
6. The company had made it clear last year itself that further work was needed to prolong the production - this was always going to have to be paid for - either by raising the cash or JV etc. the first action should have come up with a plan and then sell it - approach stakeholders to see if they were willing to finance. If not, then there should have been contact with major shareholders etc. if that failed then offer existing shareholders. However, the company has gone ahead and transferred the company over to the bondholders who should have been the last possible option.
I am trying to find the judicial bench where our case is listed. Meanwhile Write to:-
Serious Fraud office ( Tell them about court case on May 21st and ask them to treat it as urgent)
public.enquiries@sfo.gov.uk
Write to Takeover Panel:-
supportgroup@thetakeoverpanel.org.uk
Write to London stock exchange: -
https://www.londonstockexchange.com/resources/trade-resources?tab=rules-and-regulations
Whistle blow to London stock exchange on phone:-
https://www.lseg.com/whistleblowing
Write to Financial Ombudsman( Tell them about court case on May 21st and ask them to treat it as urgent)
https://www.financial-ombudsman.org.uk/businesses/complaints-deal/investments/stocks-shares
Write to Sun newspaper
https://www.thesun.co.uk/contact-us/
"Thousands of shareholders robbed blind by the board at Hurricane Energy PLC"
Thanks AdoubleUK. This company may have been crap or have become crap but the way Board has acted is corrupt. These people have no human feelings, they are like vultures who will sell their mother for some money. I don't understand why can't they earn money the proper way. Make a little extra but why wipe out others completely? Why do they want to be the only rich person? I just wish ordinary men were not that weak. But fight we will.
Taverham, that is why serious Fraud office has been provided. I was talking to someone from Financial Ombudsman today( Must say took me ages to reach someone) and they felt my query needs redirection there so that they can properly investigate.
I will try to find out where our court case will be listed and it is worth making judiciary aware of our concerns also.
As I said it may lead us to nowhere but do you want to go down with a fight or without? And how much time does writing and sending an email take? We all have been much longer here.
I will write to the chancery clerks and get information:-
https://www.judiciary.uk/you-and-the-judiciary/going-to-court/high-court/courts-of-the-chancery-division/business-list/contact-the-clerks/
There is one other place we can write to which is the High court of Justice. But I have not been able to find any contact details there. Does anyone know how to reach out to the judiciary and inform them of our concerns.
Please complain in the order of sequence below:-
Serious Fraud office ( Tell them about court case on May 21st and ask them to treat it as urgent)
public.enquiries@sfo.gov.uk
Write to Takeover Panel:-
supportgroup@thetakeoverpanel.org.uk
Write to London stock exchange: -
https://www.londonstockexchange.com/resources/trade-resources?tab=rules-and-regulations
Whistle blow to London stock exchange on phone:-
https://www.lseg.com/whistleblowing
Write to Financial Ombudsman( Tell them about court case on May 21st and ask them to treat it as urgent)
https://www.financial-ombudsman.org.uk/businesses/complaints-deal/investments/stocks-shares
Write to Sun newspaper
https://www.thesun.co.uk/contact-us/
"Thousands of shareholders robbed blind by the board at Hurricane Energy PLC"
Reasons you can choose and add/delete:-
. The total debt of bondholders is $230 million but is not payable till next year. (There is a good 15 months’ time)
2. The company has $127 million in Bank and is generating revenue every single month. Infact, they have under reported revenue on March 31st. On January 14th they had reported a revenue of $19 million for their activities in December alone taking total cash to $106million from $87 million in the bank. However, on 19th April, they reported only $21 million in 3 months (January to March). This is serious as oil prices have risen from December to March. The main point however is the company is still producing revenue regularly.
3. The company has not once sought approval or vote from shareholders to raise money and pay off bondholders. They did not even care to tell in the last one year who the bondholders are and when the default can occur. They now tell the shareholders that a default has occurred even though the bonds maturity is a good 15 months away. They have now signed a deal with Bondholders that will reduce the debt for $50 million and give away 95% ownership of the company to bondholders. This is despite rising oil prices, money in the bank and revenues coming in constantly. This will wipe out virtually every single shareholder.
4. The company with its first CPR (Competent person report) had suggested that they have billions of barrels of oil with them. Then last year through a second CPR they suggested that the reserves are in fact only 10% of what was initially told. They have not tried to answer why there is such a huge discrepancy between the 2 CPR’s and why they have not sought a third party advise in this regard to finalise the exact nature of reserves.
5. The second largest shareholder Crystal Amber has tried to communicate with the board to take the company forward, all attempted communications with the board have been ignored, which clearly breaks the AIM Corporate Governance rules.
6. The company had made it clear last year itself that further work was needed to prolong the production - this was always going to have to be paid for - ei
Mcadder, It may prove out to be a complete waste but i will sleep better knowing I have taken some action. This is a cruel joke plotted by Maris in conjunction with Bondholders.
I am however pretty sure that if someone likes CA can takeover, there is a lot of value to be realised here. Only that we don't know what they are upto
Infact as I have said, will love to see this company wind up and Anthony Maris kicked in his balls. Getting 0 is honourable than getting 0.1
Let it not do anything Slift. But It is better to go down like a man than a coward.
Please pick and choose from the reasons below and add/delete making the case strong.
1. The total debt of bondholders is $230 million but is not payable till next year. (There is a good 15 months’ time)
2. The company has $127 million in Bank and is generating revenue every single month. Infact, they have under reported revenue on March 31st. On January 14th they had reported a revenue of $19 million for their activities in December alone taking total cash to $106million from $87 million in bank. However, on 19th April, they reported only $21 million in 3 months. However, the point is the company is still producing revenue regularly.
3. The company has not once sought approval or vote from shareholders to raise money and pay off bondholders. They did not even care to tell in the last one year who the bondholders are and when the default can occur. They now tell the shareholders that a default has occurred and have now signed a deal with Bondholders that will reduce the debt for $50 million and give away 95% ownership of the company to bondholders. This is despite rising oil prices and revenues coming in constantly. This will wipe out virtually every single shareholder.
4. The company with its first CPR (Competent person report) had suggested that they have billions of barrels of oil with them. Then last year through a second CPR they suggested that the reserves are in fact only 10% of what was initially told. They have not tried to answer why there is such a huge discrepancy between the 2 CPR’s and why they have not sought a third party advise in this regard to finalise the exact nature of reserves.
5. The second largest shareholder Crystal Amber has tried to communicate with the board to take the company forward, all attempted communications with the board have been ignored, which clearly breaks the AIM Corporate Governance rules.
6. The company had made it clear last year itself that further work was needed to prolong the production - this was always going to have to be paid for - either by raising the cash or JV etc. the first action should have come up with a plan and then sell it - approach stakeholders to see if they were willing to finance. If not, then there should have been contact with major shareholders etc. if that failed then offer existing shareholders. However, the company has gone ahead and transferred the company over to the bondholders who should have been the last possible option.
The email is
supportgroup@thetakeoverpanel.org.uk
Making a list down based on replies received in order of preference:-
Serious Fraud office ( Tell them about court case on May 21st and ask them to treat it as urgent)
public.enquiries@sfo.gov.uk
Write to Takeover Panel:-
supportgroup@thetakeoverpanel.org.uk
Write to London stock exchange: -
https://www.londonstockexchange.com/resources/trade-resources?tab=rules-and-regulations
Whistle blow to London stock exchange on phone:-
https://www.lseg.com/whistleblowing
Write to Financial Ombudsman( Tell them about court case on May 21st and ask them to treat it as urgent)
https://www.financial-ombudsman.org.uk/businesses/complaints-deal/investments/stocks-shares
Write to Sun newspaper
https://www.thesun.co.uk/contact-us/
"Thousands of shareholders robbed blind by the board at Hurricane Energy PLC"
I have received a reply asking me to direct my query to the serious Fraud office. The email is public.enquiries@sfo.gov.uk
Please just email whatever you have written to Takeover panel also to serious fraud office
https://www.sfo.gov.uk/publications/guidance-policy-and-protocols/#statement
It may not Yellowman. But i want to go into my grave knowing I did give back some fight. We may loose but this CEO should never get a job again. Someone mentioned Press. It is a good idea. Noone in media has yet sniffed any wrongdoing. They all take their notes from the city. No investigative spirit left. But hey ho, someone might listen to us.
I am posting again as my post from 9:56 got reported. Someone desperately wants to stop us complaining about their illegal actions here. COMPLAIN! FIGHT! You have absolutely nothing more to loose. Even a wind down is good here. They didn't even leave us at 1P. The greedy bastards wanted all of it.
I will urge not only to write to takeover panel but all the below. I have received a few replies and people are aware there is some wrongdoing here. Wait for this post also to get reported.
Write to London stock exchange: -
https://www.londonstockexchange.com/resources/trade-resources?tab=rules-and-regulations
Whistle blow to London stock exchange on phone:-
https://www.lseg.com/whistleblowing
Write to Financial Ombudsman:-
https://www.financial-ombudsman.org.uk/businesses/complaints-deal/investments/stocks-shares
Write to Takeover Panel:-
https://www.thetakeoverpanel.org.uk/the-panel-on-takeovers-and-mergers/contact
Write to government:-
https://www.gov.uk/complain-company
Please do mention the company money in bank account, time for bonds to mature, a board which is hell bent upon destroying shareholders, no ask or say from shareholders during last one year. The reply I got was only 2-3 people have complained but prima facie there seems to be a wrongdoing specially given there has been no vote from shareholders on any topic or say. Don't wait for a miracle. Even if this company gets wind down, it is better than picking up scrapes. Fight!
I will urge not only to write to takeover panel but all the below. I have received a few replies and people are aware there is some wrongdoing here. Wait for this post also to get reported.
Write to London stock exchange: -
https://www.londonstockexchange.com/resources/trade-resources?tab=rules-and-regulations
Whistle blow to London stock exchange on phone:-
https://www.lseg.com/whistleblowing
Write to Financial Ombudsman:-
https://www.financial-ombudsman.org.uk/businesses/complaints-deal/investments/stocks-shares
Write to Takeover Panel:-
https://www.thetakeoverpanel.org.uk/the-panel-on-takeovers-and-mergers/contact
Write to government:-
https://www.gov.uk/complain-company