The latest Investing Matters Podcast episode with London Stock Exchange Group's Chris Mayo has just been released. Listen here.
so CA are bond holders as well? Holy mother of God. No hope for us poor souls.
so the bondholders pick up the entire company, still get their $180 million dollars and then draw curtains on the company. The plan is to close the company in 2024.
Another dismal article
https://www.energyvoice.com/oilandgas/north-sea/west-of-shetland/319114/end-of-the-line-in-sight-for-hurricane-energy/
And no word from CA. I may walk into Hurricane's office and give the CEO piece of my mind. At least let it go.
if 75% bondholders agree to the plan then the shareholders are wiped out. Wondering whether shareholders have any say or not. No statement from CA. They have deep pockets. Might have sold off and accepted loss of reputation.
I have written an email asking their advise on their holding in hurricane
Crystal Amber Fund
PO Box 286, Floor 2
Trafalgar Court
St.Peter Port
GY1 4LY
Guernsey
Telephone: 01481 742742
CONTACT THE INVESTMENT ADVISER
Please email the Adviser directly at contact@crystalamber.com
Do we know how many shares they will issue at what price? what is the total shares in circulation today?
CA should step up and remove this board. The shareholders have no confidence in this board as they are already saying we will wipe you out. These aim casino companies need regulated. 90% resources gone, cash generation so suspicious.
On 14th January, the company said ''Year-end net free cash1: $106 million, compared to $87 million at 30 November 2020''. This was at $35 a barrel recognised revenue.
On 19th April the company said ''At 31 March 2021, the Company had net free cash1 of $127 million, compared to $106 million at 31 December 2020.''
This doesn't make sense. They make $19Million in December and they only make $21 million from January to March unless they have deferred revenue recognition or there was significant drop in production. The realised barrel rate would also have gone up.
This company executive board is mother of all crooks.
Caution on the side of error required. The last few rns have all taken down the SP. After a week later from RNS, positivity appears from the boarders till the time company shocks us with another rns. If the board is being truthful, then there aren't much resources and currently the board is drilling to return the 180 million dollars to bondholders. However, there may be much more oil than ERCE or the board knows of and once things stabilise and company has money to drill further, there can be an upside.
when do the short tracker get updated?
No choice, 90% loss is as good as 100% loss.
There can be but the board seems in no hurry whatsoever to get things back on track. They have been shrugging their shoulders since last one year saying we can't do anything. Bondholders seem to be calling the shot here.
When do we get to know if it is the shorts? As someone said this is a confusing share. After RRE got taken over, some hope on acquisition was lost as this is small change for BP/Shell and they are divesting into green tech now. If kerogen is Chinese then apologies for being politically incorrect, their business practices are really shark like. Wherever, they enter they just finish off everything. Look at their shipping fleets finishing off fish life from oceans. Their debt practices are always bad and I hope against hope these bond holders are not chinese.
here and wondering why I didn't bail out long back. When the system decides to take you down, you are down come what may. Similarly the stacks against shareholders is just too great. Our own board has decided we are worthless. There is some foul play for sure but then the sharks always eat the small fish.
Which means no further dilution imminently. The bond holders want their money back and are having a full say in the board currently. There are 3 scenarios:-
1. The board is communicating everything truthfully after Trice's spiked valuations. In this case, the shareholders must find an exit sooner or later.
2. The board has given up and are playing along to get their salaries and money back to bondholders. This means no value will be left once the oil dries out.
3. The board is waiting for a takeover which gives money back to bondholders and accommodates their salaries. This may be a cheap takeover with a maximum bid of 8-10p ( Currently a pipedream)
The update suggesting no further activity to me means that bond holders are not willing to invest anything further and are forcing board to return whatever money they can. All 3 scenarios do not bode well for LTH. However, a takeover which gives CB's their share of flesh will also give some scrapes back to us.
Probably can't get to shake off some shareholders still or at least to their liking.
It seems the bondholders have a strong control on the board and want to get the complete company on the cheap.
There isn't a RNS, why sudden optimism?
The RNS from the company have always been very disappointing. It can be to build a picture of accurate fact reporting and fairness so that in case there are no surprises or it can be a cohort with bondholders to flush out smaller PI's. Either way the RNS have always been a let down.
why is the rns delayed? It was expected in February.