Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
Can someone more financially verse explain the entire proposal? The link is here:-
https://www.hurricaneenergy.com/download_file/force/717/224
Specifically it states '' Reduction of Capital will involve the cancellation of the entire amount standing to the credit of the
share premium account (currently approximately US$822.5 million)'' The Reduction of Capital would, after taking into consideration. The Company’s current accumulated losses of approximately US$645.2 million, create distributable reserves to the value of approximately US$177.3 million.
So we will be eligible to receive all of this $177.3 million. It is clear that the share is trading at below cash value as it has discounted the entire capital loss.
If there is anything more significant to these values, then I will love to hear.
Bird in hand better than 2 in the bush . Money in hand is better than any other capitalisation program. I will prefer to have something back. I have seen share buy backs not having any impact on sp and worst for the shareholders. There used to be a company called heritage oil who spent a significant money on buying back shares which only resulted in shares nosediving even further. The shareholders were then sold off at a much worst price. Prefer money always or follow the money.
It seems lots of forms 8.3 and 8.5 followed by someone scooping up late evenings. Any rumours yet?
It does seem we may hear sooner rather than later on the offer.
There is over a 210 million capital return to be done by company in 2023/2024(Around 11p). There is a further opportunity to be then sold off at a price of around 5p minimum given all the accumulated tax loss , equipment , producing oil well and acreage. Given that we already had a 7.77p offer, I am imagining a 12-15p offer is not out of question now. But for LTH's like me and others who averaged down, this will be a small consolation. But at least things are clearer now. It had a take over written all over it specially over the last year or so. However, I am not sure who will be the bidder here. The likes of Shell and BP will consider this small change and the medium sized players mostly go for drilling opportunities. It can be a consortium also. With oil price heading northwards every day and energy security high on mind, I am sure of a good bid. Fingers crossed.
Does anyone know what exactly is the news?
And if few of our allies just ban Russian oil completely
https://youtu.be/j2EdQD_Eag0
So in a way CA has acted as our shield else there was no way ordinary shareholders would have won the case. We were not even organised enough to get a solicitor. I believe the tax credits plus the net cash ( around 3-4p) will make up the case for hurricane in future for a takeover.
I think CA have no control over the chairman or CEO/CFO except probably nominating or changing them. They can not get involved in day to day working of the company which is unfortunate in itself. They bring their own people who then eventually get carried away. The only saving grace is they can not plan a new con without getting rid of CA
Just a distraction away from Hurricane but in larger scheme of things may impact our share also. Who is everyone supporting?
Thanks Dive!
adoubleuk passed away? when? that is indeed sad.
The market seems to be valuing it purely based on expected cash in bank accounts. Complete discount of tax credits , the Wos acreage and other tangible assets. We need a forward plan to move sp forward.
Meeting place for shareholders as proposed by senseman.
ok yes. On other thoughts this is not the judge room, this is the shareholder's forum. Yes, lets go for it. Sorry, will take back my post if possible.
I myself am no big fan of Maris but I still give him an advantage of doubt. Oil prices were very low at the time the board started working on the plan with bondholders although arguably it should have been folded once oil prices started accelerating. But most organisations look at certainty. What has happened is gone. We all along with the board need a better value for shareholders here and only that should be the aim today . Don't try bring skeletons out of closet or seeking apologies.
Aim should be to seek a company that can buy us out at a better value or a special dividend or a robust forward plan.
I think a forward plan is necessary now and all investors should push for a forward plan at the AGM. The idea of being taken over is also not a bad one if we get a good bidder. Wos has a rich acreage and a bigger driller will have better idea of the correct strategic points. P8 is another area which should be explored.
oil wells have known to spurt out oil for years on end even with very high water cuts. I am not an oil expert but i remember a number of oil experts who gave the same advise during the court hearing. A special dividend makes full sense. Just return what is ours.
I have been in stocks in past where companies initiated buy backs and to the horror of shareholders the sp continued to go south. Buybacks are essentially a wastage of company money. A special dividend can be more useful but only if the company gives a good plan to market. I agree this share is a cash cow now. Oil wells have continued to spurt out oil even 10's and 20's of years after their predicted end life. If they can bring the other well back up then this will be more cash on top.
Add to that Mr doom gloom Antony is himself saying company will have now $70 million cash after bonds repayments. So we have a producing oil well, 70 million cash, 500/600 million carrot for any company to cover their tax loss, Wos acreage and obviously a hedge fund CA trying to secure the best deal for us.
Nidgeyr, MM's taking every opportunity to beat down the price and pick on cheap. The smarter one's will hold this. CA is not going to waste its investments. If they are holding, I am also.