Member Info for Corryvreckan1

Wolfe said that CA’s request for a GM is “simply mystifying”.

I am reminded of the opening line to the track Mystify by INXS:

“All veils and misty”

I disagree, I don't believe they had a firm date in mind previously, or if they did it was almost certainly not 7 Jan.
They appear to have been forced into making an early decision by CA.

"Surely we should have been informed of the end bid date this is material information!"

We have been - haggis is quoting from our RNS at 10.30am.

Deadlines for calling a GM:

Section 304 [Companies Act 2006] - Directors' duty to call meetings required by members
(1)Directors required under section 303 to call a general meeting of the company must call a meeting—
(a)within 21 days from the date on which they become subject to the requirement, and
(b)to be held on a date not more than 28 days after the date of the notice convening the meeting.

So they potentially have until 10 February to hold the GM.

Deadline for FSP bids now set at 7th January.
Court hearing to approve Reduction of Capital and enable future distributions to shareholders expected to be 31 January.

Stay tuned...

Now I’m done.

Nurse has been round, I’m sleepy now.

I’m not done with this yet:

“Hurricane Energy plc has announced a return of capital.” – no they haven’t! They have announced a “Proposed REDUCTION of Capital” and a GM to vote on it. IF approved by the shareholders and by the Court they will then have the ABILITY to make a capital return, and while they have stated that they intend to do so it doesn’t mean that they necessarily will - as stated in the Circular:

“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…”

“The proposed Reduction of Capital itself will NOT INVOLVE ANY DISTRIBUTION OR REPAYMENT OF CAPITAL OR SHARE PREMIUM by the Company…” [my Caps]

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“…your account will be credited with a cash payment, which will be treated as capital for tax purposes.” – I’m not convinced this is correct but open to hear other views. The Reduction of Capital is designed to create distributable reserves that give the company “the ability to make distributions of profits by way of dividend and/or to make purchases of its own shares…”. I would therefore expect any dividends to be treated as income rather than capital but maybe there is part of this process I’m not aware of? If it’s share buybacks then your account is not getting any cash directly so doesn’t apply.

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“The return of capital is subject to shareholder approval at a General Meeting to be held on 11 January 2023” – no it isn’t! The capital return programme is NOT on the agenda at that meeting.

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None of this will apply if the FSP concludes with an agreed sale that is approved by Shareholders prior to any potential distribution being announced.

Grrrrr!

It gets worse:

"This means that your account will be credited with a cash payment" - they have not notified that will happen, it could be a share buyback.

"Under the terms of the return of capital, your account will be credited with GBP0.031 for each share held." - completely ignored FX fluctuation as well.

"subject to a court hearing to be held on 31 January 2023" - EXPECTED to be held on

I think that's a disgraceful and incredibly misleading message for your broker. It's astonishing they have issued that.

If approved at the Court hearing (date "expected" to be 31st Jan, not even confirmed yet) Hurricane can then put a capital return programme in place. They announced it as being in Q1, not to a specific date, so it could be any time up to 31 March.

They have also NOT announced that it will be a dividend, nor what the timetable for that might be (XD date and subsequent payment date). It's normal to give anything up to a month's notice, or longer of that. If it's a share buyback then you are not getting credited with anything.

Also, if you sold your shares before the XD date then you wouldn't get credited for any dividend, so how can they state "your account is expected to be credited with the cash proceeds" just now?

Anyone else back me up here, or am I missing something (other than my marbles)?

They would be eligible for any dividend paid if bought before the ex-dividend day, which will not be until February at earliest, possibly March. They will have to announce the timetable in advance so it will be known.

If the capital return is to be partly, or fully, a share buyback then any capital gain from that would happen as the SP adjusts accordingly, but that will happen over time.

But nothing can happen on any of this until after the Court hearing which is currently expected to be 31st Jan.

Agreed RE: accounts - they can’t be re-listed while their still overdue. They haven’t even been filed yet so it’s not going to be Friday and given the City is then into holiday mode I can’t see it being next week either.

No - read first line of RNS at very top, they're 3 months late with issuing this! They already have RNS out for the next 2 tranches as well.

It did go into Admin. It was in Admin for 18 months.

Did you mean liquidation?

Iconic Labs has a Main Market listing, not AIM.

“don’t advertise what u don’t no” – in this case that’s more ironic rather than Iconic!

How’s life in Kiribati, Moon?

micru – while rule 41 does seem to apply here I believe they may be able to appeal (rule 45) and ask for an extension if needed and if justifiable? I haven’t checked the Appeals Handbook to see what that involves though, and I’m not familiar with any other case that may have successfully appealed. Just a thought.

On your last point - Iconic were actually forced into suspension due the appointment of Administrators, so a little different to RMM who requested a precautionary suspension while seeking clarification of the Company's financial position.

More often than not, yes. It does vary intra-day though so may be worth tracking, and then you will also get occasional days when it narrows a lot.

Look at the trade prices going through as well, often the active trading range is a lot tighter than the reported spread.

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118p not a great target price, but as they say in the article "the group's equity is one that can re-rate with macroeconomic stabilisation.” - so looking for a clearer path forward next year before anything significant. Understandable given the volatility around in, well, just about everything!

Your question on the divestment, not certain on this but an educated guess - it's possible they may have been carrying those brands on their Balance Sheet at a value of c.£147m, so the sale for up to £47.5 would leave them with a potential write down of c.£100m. Carrying value therefore a non-cash adjustment. Not great, but if the brands were distracting from their core operations that they see as more profitable going forward then they've decided to offload while they can. Not uncommon for a new CEO to 'kitchen sink' any potential bad news early on.

Not sure about buying pressure, but Friday just past was a 'triple witching' day, so high volume of transactions as contracts roll over and funds rebalance. A lot of new contracts and flip sides being put in place today. High volume doesn't always translate into price increase in this case.

CA are looking to monetise their holding so likely trying to avoid crossing 30% into bid territory. I imagine they are perhaps waiting to see how the current FSP and proposed capital return programmes work out.

Partly inspired by a superb whisky named after the whirlpool, from the Ardbeg Distillery.
57% abv and around £80 a bottle but very warming to share a dram of at this time of year.
Slàinte mhath :)

I know the wider area fairly well but haven’t been that way for a few years.