Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
Senseman, I feel if all of us vote No and CA abstains ( neither votes in favour or against) then we may be just there.
I have written an email to RB regarding same. Irrevocable proxies are not written in hard stone. I have written to Kerogen also but they are not that approachable.
Unless you remember to vote this deal down and keep an eye on the court this is heading to. The judge needs to be told that shareholders have not yet approved the deal.
The scheme of arrangement will get voted down given the shareholder quorum. The return of capital was axed out as the board wanted to show that Prax is taking over the company for £250 million. Prax is only offering 0.83p per share in cash. Rest of the dividend it is offering is either hurricane cash or cash from lancaster if it continues to produce oil. Else you get nada.
In short, this is being advocated as the deal of century by the cabal when infact it screws the shareholders completely.
The only happy bunnies are the board who get £4.4 million and they also continue to keep their job.
Try this link:-
https://simplywall.st/stocks/gb/energy/aim-hur/hurricane-energy-shares/news/we-think-hurricane-energy-lonhur-might-have-the-dna-of-a-mul
I agree we are the ones under water here because of a corrupt Maris/Chaffe.
I am for a firm No. More i see the details of the deal, more I feel pity on CA for trusting Maris/Chaffe.
I think the general consensus is No with smaller shareholders.
Kooba, this deal is not a good one and shareholders understand that. It is important to rally them so that the nervous lot remember the old times when we defeated the bondholder management nexus.
Also, CA is still around and this time they will understand the rationale to have a new management.
That is fine Broom. I am not against anyone wanting to accept the deal or anyone not wanting to read the post. To each their own.
Just to reiterate, there are variation of posters here. Some wanting Yes based on production risk and no better deal, some nervous about the deal. However, there are benefits of voting No. Please do not forget the period when this company was about to be diluted to 0.1p by bondholders and many posters were recommending taking the offer or get £0 but our persistent stand made us win. Many shareholders unfortunately sold and took a loss at that time
I agree there is a risk but there have been wells in Saudi in far worst situation producing oil for last 20 years and this risk will always be there. Even Prax won’t offer us any future return if that happens. As Sense man pointed out Rod's post re fact that despite P6 pumping merrily away, each year with HUR BoD ERCE CPR revision, our 2P reserves are not depleting, ie ERCE at HUR's request are consistently uprating them. This may be seismic - indicating (not my field at all) that sandstone oil may be seeping into P6 as P6 pressure decreases? - which may mean that P6 flow stabilises at above bpm economic production limit for several years ie 2026 and beyond.
Also, will remind fellow shareholders that CA have their own axe to grind and we are own. Those who feel this is not a correct deal, please vote No ( Of course nothing against people who want to vote yes) and Voting no is a win-win for all even with people wanting this deal to go through. I will explain advantages of voting No.
1) It does no harm voting no. If you vote no and the company does go in wind down, we still get 8.17p return according to the incompetent board itself presented in Q&A. There is a risk of the well ceasing to produce but this risk was well known even before today. And trusting a snake is easier than trusting the management. But we will get better offers rather than wind down and explanation is in point 2.
2) The market now has seen the Prax offer. Once this offer is rejected by us, there can be other offers on table. Although this is completely hypothetical but not impossible. The board also suggests that they will not stop a predatory offer. CA and Kerogen may have locked themselves in this deal as Prax might have put that condition and may thank us to get the offer rejected. Prax knew a better counter offer can come once they put their deal so they asked for irrevocable commitment. Even if this is an assumption, it does no harm voting No. Prax are no idiots. It understands the potential here and there are others who do that as well.
3)The board says the terms are equal for all. However, there is a bonus of £4.4 million aggregate to the management team not available to shareholders. This is to be split between 28 staff but not with any shareholders.
4) Hurricane has some unique intellectual property not valued at all in this deal, the accrued tax losses, the cash, the acreage. Prax is getting access to more cash with Hurricane's money itself.
5) We pay dividend tax on returns from Prax and will be waitin
Great Spot Senseman. Kudos Rodney and 404x for brilliant analysis. We have more than 25% between us to vote this down and we will vote this down.
There were 2 points raised yesterday. One by ASI regarding the total bonus of 4.4 million and Kooba regarding risk to production. I have inculcated point 1 in my post. The second is the same risk that was there when bondholders were about to dilute us down. I agree there is a risk but there have been wells in Saudi in far worst situation producing oil for last 20 years and this risk will always be there. Even Prax won’t offer us any future return if that happens. So just because there are posters recommending everyone to say yes to the board's deal, some nervous that this deal will pass through, I present the No Viewpoint. Please do not forget the period when this company was about to be diluted to 0.1p by bondholders and many posters were recommending taking the offer or get £0 but our persistent stand made us win. Many shareholders unfortunately sold and took a loss at that time.
Also, will remind fellow shareholders that CA have their own axe to grind and we are own. Those who feel this is not a correct deal, please vote No ( Of course nothing against people who want to vote yes) and Voting no is a win-win for all even with people wanting this deal to go through. I will explain advantages of voting No.
1) It does no harm voting no. If you vote no and the company does go in wind down, we still get 8.17p return according to the incompetent board itself presented in Q&A. There is a risk of the well ceasing to produce but this risk was well known even before today. And trusting a snake is easier than trusting the management. But we will get better offers rather than wind down and explanation is in point 2.
2) The market now has seen the Prax offer. Once this offer is rejected by us, there can be other offers on table. Although this is completely hypothetical but not impossible. The board also suggests that they will not stop a predatory offer. CA and Kerogen may have locked themselves in this deal as Prax might have put that condition and may thank us to get the offer rejected. Prax knew a better counter offer can come once they put their deal so they asked for irrevocable commitment. Even if this is an assumption, it does no harm voting No.
3)The board says the terms are equal for all. However, there is a bonus of £4.4 million aggregate to the management team not available to shareholders. This is to be split between 28 staff but not with any shareholders.
4) Hurricane has some unique intellectual property not valued at all in this deal, the accrued tax losses, the cash, the acreage. Prax is getting access to more cash with Hurricane's money itself.
5) We pay dividend tax on returns from Prax and will be waiting till 2026 for our full return. Returns are not guaranteed again. Remember, you currently just have 6.02 guaranteed. Rest may happen, do not get me wrong but it may not happen also.
So calling all shareholders to arms, please ensure to get this deal voted down. We do have more than 25% between us to achieve thi
Since there is a barrage of posters recommending everyone to say yes to the board's deal, please do hear the contrary view. Reminiscent of period when this company was abt to be diluted to 0.1p by bondholders and the posters recommending taking it or get £0. There were people who supported the management back then also and the same show repeats again.
I will remind fellow shareholders that CA have their own axe to grind and we are own. Those who feel this is not a correct deal, please vote No ( Of course nothing against people who want to vote yes) and Voting no is a win-win for all even with people with lesser averages. Let me explain.
1) It does no harm voting no. If you vote no and the company does go in wind down we still get 8.17p return according to the incompetent board itself. And we know their past and present. But rather than wind down we will now have better offers. No one will wind this down. This board never will frankly.
2) The market now has seen the Prax offer. Once this offer is rejected by us, there can be other offers on table. Although this is completely hypothetical but not impossible. The board also suggests that they will not stop a predatory offer. CA and Kerogen may have locked themselves in this deal and may thank us to get the offer rejected . Remember the only reason Prax put this offer was that everyone gave the irrevocable deal. They knew a better counter offer can come so they asked for this from board. Even if this is an assumption, it does no harm voting No.
3)The board says the terms are equal for all. However, there is a bonus of £4.4 million aggregate to the management team not available to shareholders.
4) Hurricane has some unique intellectual property not valued at all in this deal, the accrued tax losses, the cash, the acreage. Prax is getting access to more cash with Hurricane's money itself.
5) We pay dividend tax on returns from Prax and will be waiting till 2026 for our full return. This won't be the case in a wind down scenario.
So calling all shareholders to arms, please ensure to get this deal voted down. We do have more than 25% between us to achieve this. Just remember to vote at GM, write to takeover panel, frustrate it in the courts.
Remember, you currently just have 6.02 guaranteed. Rest may happen, do not get me wrong but you may get a lot better. Vote No.
Again, Just to reiterate to all fellow shareholders who feel this is not a correct deal, please vote no ( Of course nothing against people who want to vote yes). Voting no is a win-win for all even with people with lesser averages or even for CA and Kerogen. Let me explain.
1) It does no harm voting no. If you vote no and the company does go in wind down we still get 8.17p return according to the incompetent board itself. And we know their past and present. But rather than wind down we will now have better offers.
2) The market now has seen the Prax offer. Once this offer is rejected by us, there can be other offers on table. Although this is completely hypothetical but not impossible. The board also suggests that they will not stop a predatory offer. Maybe CA and Kerogen are banking on us to get this offer rejected but even if not, we loose absolutely nothing. In fact it is a gain.
3)The board says the terms are equal for all. However, there is a bonus of £4.4 million aggregate to the management team not available to shareholders.
4) Hurricane has some unique intellectual property not valued at all in this deal, the accrued tax losses, the cash, the acreage. Prax is getting access to more cash with Hurricane's money itself.
5) We pay dividend tax on returns from Prax and will be waiting till 2026 for our full return. This won't be the case in a wind down scenario.
So calling all shareholders to arms, please ensure to get this deal voted down. We do have more than 25% between us to achieve this. Just remember to vote at GM, write to takeover panel, frustrate it in the courts.
Remember the period when this company was abt to be diluted to 0.1p and the boards. There were people who supported the board back then also and the same show will repeat again. But vote No.
Littlened, against you at all or anyone wanting to vote yes but we feel that voting no is a better option as it does not harm and in fact will create an even better scenario.
Just to reiterate to all fellow shareholders who feel this is not a correct deal, please vote no ( Of course people who have lesser averages are free to vote yes). Voting no is a win-win for all even with people with lesser averages or even for CA and Kerogen. Let me explain.
1) It does not harm. If you vote no and the company does go in wind down we still get 8.17p return according to the incompetent board itself. And we know their past and present. But rather than wind down we will now have better offers.
2) The market now has seen the Prax offer. Once this offer is rejected by us, there can be other offers on table. Although this is completely hypothetical but not impossible. The board also suggests that they will not stop a predatory offer. Maybe CA and Kerogen are banking on us to get this offer rejected but even if not, we loose absolutely nothing. In fact it is a gain.
3)The board says the terms are equal for all. However, there is a bonus of £4.4 million aggregate to the management team not available to shareholders.
4) Hurricane has some unique intellectual property not valued at all in this deal, the accrued tax losses, the cash, the acreage. Prax is getting access to more cash with Hurricane's money itself.
5) We pay dividend tax on returns from Prax and will be waiting till 2026 for our full return. This won't be the case in a wind down scenario.
So calling all shareholders to arms, please ensure to get this deal voted down. We do have more than 25% between us to achieve this. Just remember to vote at GM, write to takeover panel, frustrate it in the courts.
Having gone through the Q&A list, i still will vote no. First, it does not harm me. My returns in both scenarios are guaranteed. Even if the company does a wind down we will still get 8.17p return. Second, the board says the terms are equal for all. However, there is a bonus of £4.4 million aggregate to the management team not available to shareholders.
The board also suggests that they will not stop a predatory offer. Given the Prax offer on table, i am sure other bidders now understand the value that hurricane offers.
I still maintain that CA's impatience here is more with the board whom they themselves failed to replace. Maris had lost trust of all after the bondholder debacle. He should have been removed. But whatever the reasons, whether finding a capable CEO or costs involved, we are where we are.
So my vote is still a no given that hurricane has some unique intellectual property which is not mentioned in Q&A, of course the tax losses, the cash, the acreage. Prax still is getting all that with Hurricane's money itself.
We surely can vote no rather than waiting till 2026 for our full return.
Kooba, the individual PI's have full rights on their shares and for voting on a No. Likewise CA also has same rights. Noone is calling RB a Judas. We all do respect him for saving the day when the low level creeps like Maris had butchered us mercilessly.
CA is infact in the same boat as us. Their average is also around 6.87. CA also agree that the board is useless. They just have given up after being invested here for 10 years.
We have a full right to vote this resolution down and we will. We will frustrate the company's attempts in courts, in front of takeover panel and will question Kerogen's undertaking via FCA. All this may result in nothing but we will fight as it is our right.
Likewise you can present your viewpoint but the majority smaller PI's do not agree with it.
I think there may be a few shareholders who have averages less than 5p and may feel this is a good end to it all. Noone can blame them. For others which are in excess of 25% need to vote this deal down and then look at getting Maris removed. I remember the days when company announced debt restructuring, there were a couple of posters supporting it, there were articles supporting the deal in media as well. But long and short of it, we didn't fall for it.
This time around as well we loose nothing voting this scam of a thing down. Maris has been the main issue as i highlighted in my previous email. His appointment marked the demise of the company. Heck, even the twitter account has its last post in 2020. The company just gave up under his leadership. Since the day he came in, all he has wanted is to sell the company to detriment of shareholders and net something in return. CA's biggest mistake was to carry on with him.
Anyways, we need to start shooting emails like we did the first time. I am also hoping that a predatory bid may happen.
The real problem has always been Maris and the board. Since his time of taking over in 2020, Maris has been trying to run the company down. The report commissioned was under him which dis regarded all previous resources. His attempt was to sell it to bond holders and net a bonus. This time it is to sell it to Prax and net the bonus.
I do see CA's rationale. They have given up on the board completely. But they want out.
It doesn't harm us in voting No. CA has failed to remove the management which is its failure.
If you hire a car salesman who is hell bent on selling your car for less, then you can't expect a good price. Maris joined this company to sort his retirement. He never had any good of anyone else at heart.
Also, just to mention there is a fat bonus for the management board for the success of this takeover. Run down the company and then pay yourself a fat bonus.