Member Info for Corryvreckan1

mrmouse - I don't think the mods monitor the boards all the time, there's just too many boards to do that, although I imagine this one is on a 'regular review' list.

If enough people (number unknown) report a post then they will take action but that often ends up with entire threads being culled rather than just the reported posts, so the informative posts get lost as well. As a result people often just filter the posters they don't want to see.

In medieval times, when I were growing up, they just cut people's tongues out but apparently there's some ridiculous draconian laws against that kind of thing now.
I jest, of course.

*sighs wistfully for the good 'ol days*

I have an online broker as well and it's in today. There was a postal strike yesterday so yes, likely to be delayed. They are delivering today (next strike Fri 9th) and probably playing catch up first, look out for it tomorrow or Monday I would think.

Thanks Velo, and best festive wishes to you and yours too (and to everyone else too on this happy divi day :)

It's a bit like that penny waterfall machine in the arcade - put a few in at the right time and place and suddenly there's a cascade back out. Except this time it's all yours and not delivered to the guy that puts 1p in after you finish!

Very good Spaceman, very good ;o) A bit of dark humour to, um, light the way.

Anyway, for those still asleep - Iconic Labs is already out of Administration. Case was closed at Companies House on 8th November and the Administrators submitted their final report on 29 November. The company is now operating under the terms of the CVA. Won't be re-listed yet though, still a way to go.

https://find-and-update.company-information.service.gov.uk/company/10197256/insolvency

It's a chunky dividend and a lot of that may get re-invested, so pushing the SP up tomorrow. People may be buying this week in anticipation of that.

308 - The timetable and amounts to be drawn down were stated in the CVA. As that has been approved by both the creditors and the shareholders then they are bound by it now. Administration couldn't end without having the CVA agreed.

Edgy007 - yes, plus a dozen other steps they have to go through before re-listing.

It’s not going to be re-listed on Monday, and if you were planning to sell your shares in time to pay for Xmas or your leccy bill then maybe best have a Plan B in place as well, just in case.

Someone posted on here a reply from HL earlier this month that indicated they thought it might not be before late January.

The end of Administration is just one step towards re-listing, it hands control back to the Directors, but it doesn't guarantee anything.

Do we not get a free full stop that was cut off as well? Disappointed there, Velo!
Or maybe it was implicit in the word ‘conclude’? Hmmm.

I do, of course, jest ;) While I sometimes disagree with your analysis/observations, and my charts often appear to look different to yours (usually to my detriment), I always enjoy your style of writing and the turns of phrase that you use. Last night and today’s posts brought a warm smile when I read them this cold, murky day. Thank you for sharing.
C

ii will get their notification at the same time as everybody else, via RNS.
You will be able to see an RNS in the button at the top of this page, or on the stock exchange website, long before ii tell you about it.
If anyone is relying solely on their broker to keep them informed then you may end up way behind everyone else.

Thanks for the information and links senseman, much appreciated.

Much volatility in the price of oil to come, I suspect what we have seen so far will appear like ripples compared to what's to come.

Offload price timing is - suboptimal (my new favourite word).

profitorloss
You get one vote per share you hold and they will all be accumulated by your broker and submitted with all the others as a block.

Whether or not your company allows you to vote separately per the holding volume on your 2 accounts may vary by company, depending on whether they see you as one customer, or your accounts as two customers, for admin purposes. Some brokers allow you to determine how many of your shares you wish to submit a vote for, it should be clear on their webform/instructions.

But lets be clear here - we are not, at this stage, being asked to vote on either a dividend or share buyback scheme. The vote is only a yes/no for the Reduction in Capital process which will give Hurricane the ABILITY to distribute to shareholders, but there is no guarantee that they then will, or how they will, or how much. That comes much later and only if the FSP doesn't complete.

Very important to separate the two stages - Reduction in Capital on the Balance Sheet first (per GM vote), possible return of capital at a later stage.

Just an alert - that's a direct link to the proxy form pdf, it will automatically download/open the pdf on your device rather than just open a web page

Profitorloss – short version of my reply:
Every shareholder does get offered the opportunity to participate, but they have the choice not to. Hurricane can’t force you to sell your shares in a buyback. If you don’t sell then your % holding of the company will rise because others have sold and therefore their % has fallen. If you don't want your % to rise then you have to sell. But it is your choice.

On your second point yes, you’re a bit wrong. The theory/principle is that the SP should rise, not fall, from a share buyback as there will be fewer shares in issue afterwards to enjoy the future payments that will be coming our way, therefore each share will receive a higher portion and should therefore be worth more.

That’s how the company return capital to shareholders via a buyback, by offering the chance for a higher SP you can sell at (either at the Tender price or via market re-rate depending on the method of buyback) as opposed to giving you a cash dividend, wherein yes the SP will fall on XD day.

I have a longer version of an answer but it would run over 2 posts and I don’t want to clog up the board, nor get into detailed discussions on the mechanics of the process. Maybe look at somewhere like Investopedia or similar first, but if you still need a longer explanation then come back to me next week.

Apologies all, I can see my last sentence at 12:46 could be interpreted different ways. I could have put it better as:

If CA didn't sell sufficient shares then they would cross the 30% threshold.

winalot - I'm not fully clear on a correct answer to your points so I'll leave that for now/for someone else.

My 2nd paragraph there in fact applies to every shareholder, not just CA.

Agree with first part, all same class (I think) and a tender would have to be offered to all. But not every shareholder has to, nor will necessarily want to accept an offer at that level and so the end result is a shifting of each shareholder’s relative % held after the event.

If it is an open market repurchase and they cancel the shares, CAs holding % would increase if they didn’t also sell on the open market, or off book.

Using dflynch’s example:
Current - CA holding (est.) 577,680,000 / Shares currently issued 1,992,000,000 = 29%

Buyback say 300,000,000 shares on open market and cancel, CA haven’t yet sold any.

After - CA holding 577,680,000 / Shares now in issue 1,692,000,000 = 33%

CA would have to sell to avoid crossing the 30% threshold. If nothing else it gives them a decision to make.

Thank you

profitorloss
"I think the buy back would be on all shares, so they would still have 29%."

If they keep them in Treasury then yes. If they buy back and cancel the shares then the total shares in issue falls - if CA don't sell any of theirs then their % of the now reduced total increases by default, as indicated by daltry earlier.

Not sure they are allowed to apply a share buyback under return of capital to just one shareholder though? A Tender Offer would be open to all shareholders. If CA offered all or a % of their shares for tender then the final result would depend on how many other shareholders also wanted to sell at the price offered.

I’m not completely certain on that so happy to be corrected if wrong.

CSVP???

mariog - Do you mean by using a Tender Offer rather than open market purchases? Not sure they would get all of CA's shares that way but it would perhaps give them some of the monetisation they are looking for, and ease them away from the 30% threshold.

Perhaps a combination - part dividend/part buyback - given the preferences indicated seem split between the two then that might try to keep everyone happy (and therefore, inevitably, no-one).

Anyway, broker deadlines for voting online seem to be starting mid next week but end result of process unlikely to be confirmed until mid/late Jan. Is it time to hibernate yet?