Member Info for Corryvreckan1

1) No updates. It’s just a week since the deadline and there were a number of conditions and clarifications required on the proposals received so will take time to work through them.

2) They have never announced a 3p dividend payment and we are still awaiting further information on the potential capital return programme.

If anyone uses ii you may want to log in today to see all the changes to the format, before you get caught out trying to trade at short notice tomorrow as they have moved quite a few things around. Personally not impressed but still early to get used to it.

If anyone uses ii you may want to log in today to see all the changes to the format, before you get caught out trying to trade at short notice tomorrow as they have moved quite a few things around. Personally not impressed but still early to get used to it.

If anyone uses ii you may want to log in today to see all the changes to the format, before you get caught out trying to trade at short notice tomorrow as they have moved quite a few things around. Personally not impressed but still early to get used to it.

Ah right, see what you mean now, thank you.

Although interestingly their calendar already shows the Q1 TU to be issued on 14th as well, without having issued a pre-announce yet.

https://www.tuigroup.com/en-en/investors/financial-calendar

If anyone uses ii you may want to log in today to see all the changes to the format, before you get caught out trying to trade at short notice tomorrow as they have moved quite few things around. Personally not impressed but still early to get used to it.

Another O/T for Trek if I may as you have said before that you use ii for some investments. Have you had a look at the new format today? I would recommend doing so before tomorrow in case you get caught out trying to trade at the bell as they have moved quite a few things around.

Some of the changes are really not good IMO, particularly the buy/sell function, although still early days to get used to it. You also can't have more than one tab open anymore (on Chrome), so if you have your investments page open you can't also have a news, buy/sell screen or watchlist open at the same time for example as it treats it as a new login from another device and blocks it.

MaryBr190 – can I ask what you are expecting around the 25th?

Thanks for your post Claret1, I had forgotten about selling Rights and you are correct about any cash from sale partially offsetting your dilution. However, Rights are not always transferable and in this case I haven’t yet seen anywhere if they will be. Maybe still too early in the process and may not be known until they announce the terms post AGM.

Good to see you back Culpepper, hope all is well. I haven’t seen any TU date either.

Good reminder on the one-off costs dropping out, particularly the hefty IT programme due to finish by this spring.

I’d also expect the horrid cold spell in Nov/Dec will have focussed a lot more people towards insulation and draft excluding.

The warmer spell after played havoc with my hibernation plans though :/

Oh dear, not this nonsense again! It’s complete bunk. There was a similar email sent out by a broker on 22 December. Following link to ‘Capital Return’ thread where I dissected that broker note, start from winalot’s post at the bottom:
https://www.lse.co.uk/ShareChat.asp?ShareTicker=HUR&share=Hurricane-Energ&page=2&thread=38D99FDF-B079-475C-9751-ADA49E1C000B

All IMO of course but I think I gave enough factual evidence to support it.

And in this new case whoever it is has included “…and will be mandatory.” They appear to have confused the ‘Reduction of Capital’ (which will now be mandatory if the Court approve it) with ‘Return of Capital’ (which will not be mandatory) and completely ignored the following statements in the Circular issued by the company:

“However, in seeking approval of the Reduction of Capital, the Company is not indicating any firm commitment to declare dividends or to purchase its own shares, but considers that the Reduction of Capital would position it more favourably to do so, as applicable, in the future…”; and
“The proposed Reduction of Capital itself will not involve any distribution or repayment of capital or share premium by the Company…”

See also picsmaister’s summary of the GM posted here yesterday at 12.05, point a) refers.
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I knew waking from hibernation early was going to be a bad thing :(

senseman - Agree with you on Malcy’s comment, we still await the same clarity on all ongoing matters that we did a month ago, albeit now knowing that we have multiple proposals received. [Correcting my earlier post when I said multiple ‘bids’. No actual bids yet, just “proposals” with conditions attached].

Disagree with you on PI representation. I wouldn’t summarise 5% of PI shares voting as “PI's overwhelmingly support return of capital & CA's activism”. They may do, but I don’t think we can infer that from the results. I make it 16m shares (less than 1% of all shares in issue), other than CAs holding, that voted For. Even allowing for the usual voter apathy that’s not exactly overwhelming.

I also wouldn’t describe the vote as non-crucial. If it had failed then Hurricane would be unable to make any distributions to shareholders until it did pass at a future date (unless we become insanely uber profitable to turn our current accumulated losses into distributable reserves without having to cancel the share premium account). And CA were supportive of the distribution going ahead in Q1 and also wanted it to continue under their (now parked) proposal.

May all be academic if the FSP concludes successfully of course. I suspect that they may hold off on any distribution announcement until after formal bid(s) received as possible some of the conditions on the proposals could be that the distribution does not take place…

Agree with GloucesterR at 16:49 yesterday. They managed to focus minds enough for multiple bids to be completed and submitted in two weeks including the holidays, so four further weeks (from 7/1 to 6/2) to work through the conditions and thereby potentially avoid the distractions of the CA GM proposal should keep the pressure on.

Also – “PetroTal expects to release its 2023 production and capital budget in mid January”

That’s a month earlier than last year, so that plus Q4 first half of next week, then it’s Wednesday Conference, Thursday Investors event, Friday – beers!!!

picsmaister - I think they were talking in financial years rather than calendar years but I could be wrong

Yeah, be good to see clarification on that, although did you mean ‘tax years rather than calendar years’? Hurricane’s financial year matches the calendar year. I suspect they did mean just 2023 - normal for comms to refer to financial year when breaking down Quarters etc. - but the timing also has obvious tax implications for many shareholders.

Thanks picsmaister, much appreciated. Initial thoughts:

Y/E is 31/12 so Q1 2023 is Jan-March. Circular stated “Quarter 1, 2023, upon completion of the Reduction of Capital”.

Gut feeling was always it would be a mix of divi and buyback. They talked about a capital return programme which suggested more than just a one off divi event.

They should not have 'needed' shareholders to tell them at the AGM that they should be buying shares so that doesn’t wash! Plenty of other opportunity for them to have done so in the past.

Thanks Mary, useful presentation of next steps.

halfful75 - there won't be a default option, you will have to actively vote and I believe that HL offer that facility online/via app. They should send you a notice via the app/email once the vote is open to you. The deadline for voting online will normally be a few days before the AGM.

You don't have to stump up extra cash for a Rights Issue but if you don't then your holding % will be diluted. Worth researching a bit more beforehand, maybe via Investopedia or similar. HL, IG, ii etc. also have useful help pages on this kind of thing. RI may not happen straight after the AGM, they will have until end 2023 to do it, so may not need cash yet and they will need to give advance notice of the date (not sure how long though?).

I did find it odd that yesterday’s RNS stated an “update on the proposed requisition of a general meeting” by close today rather than ‘we will announce the date of the EGM by close’. Deadline for EGM to be called would be tomorrow (21 days from Friday 23/12) and it appears you can’t cancel it once called (can’t find anything in Companies Act?), but you can withdraw a request before it’s called.

From 13 Dec RNS:

"...the Company is currently working towards producing an updated Mineral Resource Estimate ("MRE") at the Project, intended to be announced in Q1 2023. The updated MRE will then be used to support a Definitive Feasibility Study, expected to be completed by mid-2023."

New here, ALL was on my y/e watchlist so just going through some reading.

Thank you picsmaister.

I suspect a For vote was generally anticipated and already in the SP, and the vote still needs to be ratified by the Court (anticipated to be on 31 Jan, don’t anticipate any problems there) before they can do anything further. They also haven’t yet announced what form the capital return will take or for what value(s) so until we hear what it actually means in financial terms there’s not much to do. They can’t start a capital return until sometime in February earliest.

Also now have the FSP process extending (turns out the 7 Jan deadline hasn’t changed very much in that regard, other than encouraging a few bidders to get a move on) and the CA requested EGM process/timetable running in parallel.

Oh, and we are still pumping oil. So that’s…nice :/

*Sigh*