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Simple investor, your post at 0034hrs stating the minimum price that the Company could be sold for is 12.34p per share is simply wrong. You have read and interpreted the regulation incorrectly - you are then stating it as a fact which then misleads others.
Planned TAR - approx for 2 weeks.
Some on here including myself posted that all the signs were there for a low fund raise - (not quite as low as what happened), and that it looked like further delays with the Yanks- and with the SP in the 20-30's the risk clearly outweighed the reward - sonI jumped ship. I still am on the fence pondering whether to jump back in at those levels as, in my opinion, the reward certainly now outweighs the risk. Could it drop another 5-10% with no news - quite possibly but equally news could drop anytime that the Yanks are fully financed and that would be game-on with a nailed on 100% increase (and I would of course miss this boat). News could also drop that the Yanks or the company has walked away and the SP would take a hit (20-30% would be my guess) but with no need to raise money for a while it would recover back to those levels in a few months. Those are just my thoughts, I don't like those that bash shares pretending to be invested or the Sado's that take pride on people losing money as most have been there. I also have no intention of trying to get others to buy or sell.
GLA whichever position you have on this share
I have always posted and said that I believe Suzy to be honest a good person and great scientist - just not convinced she is CEO material - but hope I am wrong.
NW, I get the connection with Moreta and that his appointment was requested by CRS which they are entitled to do as a major shareholder - I am still not convinced that this is the same as having a seat on the Board as others have suggested- nor that this has all the official benefits of being officially privy to price sensitive non-public info, which may (not necessarily) keep him quiet but it would also stop him trading during closed periods and would require full disclosures and timely discolures of all trades. TI may be wrong but that doesn't sound like something RB would want to operate under.
0161.
And how exactly are they going to best fund the drill for well 8. Let's say its a conservative $100 million for drill and tie-back . If anyone thinks that the best option is to pay for it themselves out of the free cash then they need to perhaps give their head a wee shake. ;-)
How gas RB been gagged ????? . He is not officially inside, and has no one officially on the BoD, unless I missed that RNS.
Nope, they need producing assetts that are accruing WT - is it unthinkable (maybe, maybe not) that something like the Harding or Andrew may be sold to Hurricane for a nominal fee but with a % of each barrel still going back to the seller for the next x number of years - that way everyone benifets - it is no secret that the owner of those older assets would prefer to diversify, a smaller low-cost operator can effectively and quickly reduce OpEx, the seller still takes their cut without the risk of being the operator - and the buyer benefits from being able to offset accrued WT against further exploration costs (or vice versa :-).
The bottom line is we can all guess and speculate what is brewing - but it does look like some sort of M&A is on the cards in the next 8 weeks. RB is unusually quiet - happy???, it will be interesting to see the direction and choices the BoD and advisors take.
Angs / SDX come on guys you are surely having a laugh aren't you.
A stab in the dark would be an older BP or Ex-Bp producing assett - possibly the Andrew or the Harding - Even Maris and Chaffe couldn't be paid enough to look seriously at SDX on AnGs.
More likely a TO by a mid teir producer.
Good post DC and I totally agree. And as other have said, if it were not for Mr Justice Zacaroli , and Andy Thornton QC and Ben Shaw (representing CRS), then Huricane would have been in the Hands of the Bond Holders.
I do think that Stephen Robins who was representing the Bond holders and who came across in my opinion as way out his depth and pretty clueless Tom Smith QC who, in my opinion, also looked clueless and unlikeable at times with his annoying smirking and snearing - which helped the court come to the right decision - in my opinion.
Those highlighting the money that could have been saved by buying back the Bonds early are spot on, but let's not forget the additional circa $20m that the Chaffe and Maris wasted trying to give the Company away at the expense of Shareholders.
The fact that RB never made a move to get rid of Maris at the AGM may indicate that they must be relatively happy that Maris will make the correct decisions going forward that will benifet their fund - which should also benifet all retail investors.
All in my opinion.
Nige, its not an airport - arrivals and departures do not need to be announced ;-)
Read the link that flying pie posted above, it really isn't that complicated - So for any Company to get real value for money and offset their tax liabilities, they need to be producing a decent amount of oil and profits. That is why it really only makes sense for Hurricane to somehow aquire another producing assett - (unlikely but not impossible, and a deal with BP for the Andrew or similar would not be that far fetched - but like I say, unlikely) or more likely a merger or takeover of Hurricane - where the suitor can offset their current tax liabilities on their own assetts against some of the cost of the acquisition, some lease costs, Costs for FPSO mods, WOSP tieback or gas reinjection assocuated costs, even some operating costs and all the Exploration, drilling/testing and tieback costs.
The 80% tax relief can only be used to immediately offset the extra "windfall" tax that the government are taking from producing Companies in production from 28th May (or was it June) so not hugely beneficial for Hurricane to fund exploration themselves as their extra tax liability will be nowhere near the 100+million$ needed to drill a well (or two), tie back and go into production themselves. - Borrowing costs cannot be included either - that's why it is more likely that we will see M&A action so that some mid tier or large oil producing company, with funds in place, can take a chance on Hurricane , fund the drilling and offset their extra Tax liability under this new bill that is coming through.
Daltry, I am no supporter of the current Board of Directors, but it does look like Crystal Amber seem to be tolerating them and voted at the AGM to keep Marris in place - surely that speaks volumes and tells a story.
Also, rightly or wrongly, you Haggis and others want this "plan" - but surely not even a competent Board of Directors would or could issue any sort of plan whislt the Engery Profits Levi Bill is, or was, still only a draft document and still under consultation till earlier this week. This Legislation is a game changer to how any plan is financed and by whom - I suspect that this legislation changes everything and RB and the BoD know that. - Particularly regarding the Investment Incentive where Oil and Gas companies can immediately offset Capital Investment expenditure as well as some Leasing and Operating costs. Further more the fact that unlike Tax Losses, this does not need to be activated against relevant income and can be used to create or augment a Levy Loss - this surely means that the Mid Tear and Major Oil Companies would rather invest than pay the Levi to the Government. The fact that finance costs and decommissioning costs cannot be offset under this new legislation can only be in Hurricanes favour.
I am sure that the clever legal people in all the large energy companies will now be doing the sums to ensure they give away as little as possible under the new Bill - clarification will be needed on how much acquiring a small Company like Hurricane could be offset given that they have already been granted the ring fenced allowances - but certainly 80% of any further costs to upgrade the FPSO, drill, tieback to the Wasp (or whatever other Gas Solution they decide on) could be immediately used to reduce any suitors current Levy Tax bill - and then can Hurricanes ring fenced tax losses offset production on not only Lancaster but also any other of the suitors producing assets ????
Possibly because she wouldn't have a HOPE hope in hell if getting a placing away at 30p.
Let's hope that the Company are aware that anyone with any inside knowledge of TRX could have mad a real killing trading and possibly shorting (if offered) Val over the last 6 months or so.
I think drilling is a red herring and do not believe that the BoD have any intention of drilling - plus if they were then why wait till Sept to make that decision - it would then be Q2 before everything was in place to start drilling and unlikely that even a successful drill would be in production any time next year.
This has M&A action written all over it, not sure which way. I also think we may see the directors finally buy shares this coming week - although possibly only a token effort.
Thanks for the feedback on the AGM guys
No one should be surprised in the least on this - it has been on the cards for a while now and both the previous RNS before todays were written in such a way that they would drop the SP to get the placing away. No timline for TheoremRX to raise the cash and Suzy's talk in the interview a while back saying or insinuating that Val would walk away if the latest stop date wasn't met are quite frankly embarrassing. So 10p it is, even a positive interview will not stop this dropping to the 10p placing price as Suzy's credibility with investors is shot.
Its a computer that generates those useless click-bait articles for Simply-WallStreet - and they rely on muppets reposting them on BB's like this one.
Most of those questions can only be answered by issuing an RNS before the AGM - the one regarding having "skin in the game" will most likely get a response along the lines of - we cannot comment on individual board members private share dealings etc.
I also doubt that the Company will or can divulge any details of any forward "plan" or M&A related details before the government divulg the finer details in how much and in what circumstances the WF-tax can be off-set.
To the chap asking how CA will play this - IMO, CA will do exactly the same as the rest of us - look to make as much money as possible for ourselves - they do not owe PI's anything in fact it may be argued that without RB, Hur would be in the hands of the Bond holders already - that said, if you drop RB a polite e-mail, he does ussually respond.
Some good questions which may get the BoD thinking, and may prompt an pre-AGM RNS, if not then don't hold your breath about getting answers to the majority of them.