Member Info for Corryvreckan1

Worth noting that the deadline for exercising the warrants is 18th June, may have some bearing on the dividend timetable?

The mischievous part of me would like to see a May announcement of an ex-d date in early June to force the issue...

Wow - I'm surprised at Lloyds not providing that (and presumably Halifax by extension as well?). Not cool, and real bad press for them.

A note on the form numbers before it gets confusing. NR301 is the official form for Canada, W8BEN is the official form for the US. However, many online brokers now just use the classification W8BEN and have extended their form to include multiple jurisdictions to make the process more efficient. To the point that W8BEN has now become a generic term to refer to the process rather than just the form.

The key thing is, if you have not already done so, you will need to complete this at some point before June to get the tax relief, so just get on with it and then you will see the guidance notes on the website/form and all will be clear.

As ever, D.Y.O.R.

Regarding the ONP - PTAL's 2023 guidance was based on it not being available this year at all, so any progress on repairs could be a bonus to their forecasts.

I think clarity on the dividend process may come in May/June when they have a clearer view on the timetable and announce the relevant XD, record and payment dates. To be fair to PTAL, it's not their responsibility to advise shareholders on their personal tax requirements, and most companies are not authorised to do so. And it is their first dividend payment so let's give them time to put something together before June, perhaps a section in their Investor Relations pages covering the main principles.

Canada withholding tax is 25% on divis, but 15% rate should apply in UK under the tax-treaty if you have a W8BEN in place before payment.

Warning - not all brokers honour this, particularly the cheapo apps, so start asking them questions now so you don't get caught out in June!

(Tax issues aside for the other thread)

Cracking RNS, well done PTAL. Thought there might have been a slightly larger up front divi before quarterlies but all good. Buybacks in line with what we discussed before. And lots of party barges, 1.5m barrels, yay.

ONP could become a dead duck at this rate, but that may become a higher political issue if all this oil keeps going east.

Correct JungleB, most brokers have one standard form covering multiple jurisdictions. But I don't yet know what the tax treatment is for Canadian companies so best ask your Broker.

DEC is not an American company, it's registered in the UK. It just happens to have it's main operations in America. But they pay divis in US$ so the form is needed to get the tax relief.

The formatting of the results RNS on here makes it near impossible to read on my laptop. If anyone else has same problem then the stock exchange version is good:
https://www.londonstockexchange.com/news-article/WIX/wickes-group-plc-full-year-results/15887362

Or download the original pdf from Wickes website:
https://www.wickesplc.co.uk/investors/investors-overview/results-reports-and-presentations/

ISA situation may be academic – see Note 12 on today’s RNS which implies that you will not be shareholders in the new entity anyway:

12 Details of the Deferred Consideration Units
Scheme Shareholders (other than Restricted Overseas Shareholders) will be entitled to make an election to receive Class I DCUs. Each Class I DCU will entitle the Class I DCU Holder to receive LOAN NOTE(S) (subject to applicable securities laws), in an amount equal to the DCU Cash Amount, the principal of which will be redeemable in cash on the redemption date.

Alternatively, Scheme Shareholders (other than Restricted Overseas Shareholders) will receive Class II DCUs. Each Class II DCU will entitle the Class II DCU Holder to receive further cash, in an amount equal to the DCU Cash Amount and the Deferred Consideration Cash Amount, if payable.

THE DEFERRED CONSIDERATION UNITS WILL NOT REPRESENT ANY EQUITY OR OWNERSHIP INTEREST IN HURRICANE, and accordingly will not confer on the Deferred Consideration Unit Holder any right to attend, speak at or vote at any meeting of the shareholders of Hurricane or right to any dividends or right to any return of capital by Hurricane.

My capitals, and I haven’t really gone through the full implications of this yet.
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Also, Hurricane will be a wholly owned subsidiary of Prax and so their shares will be not traded on a recognised Stock Exchange and therefore wouldn’t meet the Government regulation for ISA shareholdings anyway.

All IMO and open to challenge…

Agreed asimpleinvestor, but this is where my point "* This is where the Deferred Consideration gets a bit murky..." concerns me. The BoD need to determine if a new offer is worth more to shareholders overall. It's made harder by the use of 'potential' future returns by Prax and they may use that to get out of approving a new offer?

Not sure, open to hearing views.

My earlier post was:
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“The obligations of each of Crystal Amber and Kerogen under their respective undertakings shall remain binding in the event of a higher offer, or any other bid or offer for Hurricane.”

I read this as if a higher offer is received then it has a better chance of getting 75% of those voting to approve it because CA and Kerogen’s 45% is tied to Prax regardless. That might then force Prax into a higher offer still to beat the new offer. This low-ball attempt may yet force out something better?
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Yes - anyone can still come in with an offer. If it was a higher offer per share than that offered by Prax then the BoD would need to consider it's merits* and offer it to shareholders to vote. Prax could then come back with a counteroffer.

* This is where the Deferred Consideration gets a bit murky...

Bumping this thread in case anyone missed it earlier.

TopTrade - hold my previous reply, I may have been too hasty and I was thinking about payment dates rather than XD.

Probably best to wait for the formal timeline to be issued in the days ahead which will state key qualifying dates. There may be a tradable residual value after any XD date that would equate to the 'potential' for future payments from the new venture.

No - the initial circa 6p will be paid 14 days after the scheme is effective, so your existing shares will already be suspended pending delisting at that point, if not already delisted.

How easily you can then trade your new shares in the new private company is unknown.

Quick version:

"Each Hurricane Shareholder will receive one Deferred Consideration Unit for each Hurricane Share. "

So that will effectively be your new 'share' in the new private company to which they will pay out any of the future 17.5%. They will need to maintain a new register of shareholders.
Your existing Hurricane shares would then be delisted and cancelled.

And on the payment dates, from the RNS:

• If the Supplementary Dividend is declared and paid in full, Hurricane Shareholders will receive dividends totalling 5.19 pence per share (£103.4 million), payable within 14 days of the Scheme becoming Effective.

• The Cash Consideration of 0.83 pence per share (£16.5 million) will be paid, conditional on the Scheme becoming Effective, within 14 days of the Scheme becoming Effective.

So possibly mid June to receive the cash, if deal is approved.

Full report is on their website today as a pdf:

https://www.hurricaneenergy.com/assets/reserves-and-resources

This is shocking, this should have been issued as a separate RNS rather than lurking in note 6. It includes a reconciliation to previous CPR for anyone with more knowledge of these things.

6 Reserves and Resources Update and Rule 29 Asset Valuation

On 16 March 2023, Hurricane published a competent person's report ("CPR") with an effective date of 31 December 2022, which included an asset valuation by ERCE. In connection with the Acquisition, Hurricane is required by Rule 29 of the Code to publish an updated, independent asset valuation (referred to in this document as the "Valuation"). ERCE is independent of both Hurricane and Prax.
Continues...

Do a word search on CPR to find it more easily.

From the RNS:
“The obligations of each of Crystal Amber and Kerogen under their respective undertakings shall remain binding in the event of a higher offer, or any other bid or offer for Hurricane.”

I read this as if a higher offer is received then it has a better chance of getting 75% of those voting to approve it because CA and Kerogen’s 45% is tied to Prax regardless. That might then force Prax into a higher offer still to beat the new offer. This low-ball attempt may yet force out something better?