We are being conned16 Mar 2023 17:58
This is self evidently a terrible deal and , as some have alluded to, probably a stitch up (and not for the first time with this company).
What I want to understand is what rights we have after this is agreed.
1) What is to stop Prax from mothballing the Hurricane well for 3 years, then resuming after 2026? We get nothing, they get everything (for less than half the cost and a little patience).
2) What's to stop them doing something ridiculous with Hurricane, such as selling a bond to Prax (or other sister entity), which is then defaulted on, resulting in 'administration' for Hurricane and another of their sister companies stepping in to buy up the assets for practically nothing. Where do we rank on wind up? I assume we will have no say and will rank at the bottom of the pile. Easy to manoeuvre us out of the way - and by god they've tried to do it before.
Basically, they're going to give us 4p for a 12p share, with a promise that they might (if they want to) give us another couple of pence.
I smell bull****.