Member Info for dflynch

So if P6 fails everything stops and Hurricane shuts up shop. The handsomely paid senior management of Hurricane having no contingency or workable alternative plan!

Really?

Instead of venting your spleen at contributors, why don’t you invest some of your, clearly expensive, time on researching the matter further, say with HMRC.

I am sure that Lloyds, iWEB et al will appreciate your efforts.

They will surely issue, gratefully, a retraction about their advice, and offer an appropriate apology once you prove them wrong.

Have a busy and rewarding weekend responding to the issue, but please be aware HMRC are probably closed until Monday!

So I should invest in TESCO?

According to the iWEB information.

If I had purchased 10,000 shares, at an average of 15p in my ISA / SIPP account it would have cost me £1500.

If this scheme is successful my ISA / SIPP will be credited with £502 in return for my shares. I will have made a capital loss of £998 which I am unable to set off against any possible CGT gains!

Are my calculations correct?

Appalling confirmation for those who have invested their ISA and Pension contributions into HURR!

The scheme is clearly unfair to a vast majority of small investors who have been dis-enfranchised by HMRC requirements, and now this !!!

I feel a bit like Casandra as my earlier speculative thinking seems to have more than a germ of truth in it.

Clearly CA and Kerogen would have considered failure of the bid by PRAX, and sell out by the HURR BoD, at the expense of their shareholders who’s interests they were being paid to protect.

For Kerogen it possibly would be seen as a further irritation that they would have in their extensive portfolio.

For CA it is more critical. Their majority shareholder, SABA, wants the fund liquidated. Reasoning behind this is unclear, particularly when CA were in an excellent position to have HURR turned around.

Success in Investment is said by some to be due to patience! I wonder now if SABA is reviewing their impetuous demand that CA liquidate the fund, particularly in view of the funds problem with De-La-Rue.

Would it now be sensible for SABA to ease the pressure on CA and allow them to go back to their original plan of an EGM and an arrangement with Albion?

It would seem that the removal of the posts, indicating from certain parties that they had explored the issue in depth, gives some credence as to what they were communicating.

I suppose the matter would be resolved if Albion would give further credibility to the posts that were removed. Indeed, some indication from CA that the plan was not dead – but as was the case with the Norwegian Blue Parrot - it was only resting!

All will, eventually, be revealed but the action of PRAX and the HURR BoD does not favour the majority of those with minor shareholdings in their HURR investment.

I voted No! I hope others will, but the deadline pproaches!

Well, we have less than a week to go now until we know the result of the Court meeting.

It will be an interesting result as clearly shareholders are divided with regard to the scheme as it stands.

Clearly, if the HURR BoD manage to achieve the result they desire, then the fight is not over. I am sure that we will have a re-run of the Convertible Bond issue and the involvement of the Courts.

Of course, the HURR BoD may fail so what could we expect?

I would think that the Dutch investors would immediately pull-out. They are only here for the speculative future income and their exit, probably at a loss as the share price will invariably drop, temporarily with the disposal of the Dutch shares.

But what about the major shareholders Kerogen and Crystal Amber.

Kerogen are a bit of a dark horse in this saga – they have inscrutable influencers but as an investment, HURR is probably worth peanuts and no more than an irritant that they wish clear of their investment desktop.

Crystal Amber’s situation is uncertain, but a bit of speculative analysis on my part wonders if they would revert to their earlier plan A – Plan Albion, calling an EGM and removing the incompetent HURR board and substituting Albion as a new and experienced BoD.

I believe that unwarranted pressure has been applied to CA to agree to the deal. I wonder if HURR’s share price would have risen back to 40p if Saba (CA’s major shareholder) had not insisted on liquidation of the fund (irony pervades CA’s major shareholder bullying minor shareholders into accepting liquidation of the fund when it was not necessarily in the majority of individual shareholders, best interests).

The liquidation of the fund is not going well (De-La-Rue is proving to be a problem) and maybe, because of pressure from their major shareholder, and in desperation, their better investment judgement was set aside and the PRAX offer accepted.

If CA were to revert to their original, and preferred plan of EGM and Albion installation. And Albion were willing to run Hurricane, then we could have the opportunity to re-discover “those missing billions of barrels of oil” that suddenly disappeared during the "Maris era". Furthermore, we would have a competent team running the company with the ability to plan and co-ordinate the proper exploitation of HURR’s acreage.

HURR’s future is NOT limited to P6!

I think he displays integrity - he stands by his values and expects others to do the same.

Hence the reason for his actions and comments about the dodgy BOD.

So you don't have them readily to hand!

Would have thought that useful to back up your enthusiasim - misplaced or realistic'

Oh hummm!

It has been reported in the media, with regard to PRAX's purchase of the Lindsey oil refinery from Total in March 2021 that

"Prax paid some $167 million for the refinery in March 2021, and after a rebound of oil price following the relaxing of COVID-19 pandemic restrictions, the company logged a $500 million gain in a matter of months."

It would appear that they believe they can pull the same "trick" again this time using HURR's - sorry I mean HURR's shareholders - money!

Note their windfall is credited to the rebound of oil prices post Covid 19 pandemic - Is this potential event reflected in the current offer?

Cough up PRAX - "every little helps" to quote a proper FTSE 100 company, and 20p plus out-right might tempt some investors.

I would contest the credibility of the statement regarding HURR having the right to contact beneficial owners of shares held in nominee accounts.

Nominees may be asked to circulate information from HURR to the underlying beneficial owners - but that is as far as it goes!

Public examination of a Company' s share register is however permitted and the names of "nominees" would appear therein.

Has this previously posted contribution caused concern with HURR BoD and PRAX.

I do wonder if PRAX have the financial clout to carry this through.

It is speculation on my part, but I have this nagging feeling that the organisation may be built on sandy financial foundations, with one opportunist deal financing the next - the finance being provided by the "underlying" assets of previous deals. This is not organic growth within the company, but one where the strategy is to continue expansion by acquisition in order to maintain an “illusion” of sustainable growth.

The media have reported that PRAX is a $10 Billion crude oil empire, grown by a married couple from a flat in Surrey. The Guardian reported, last year, that the company’s profits have soared almost tenfold between 2010 and 2020! It has to be acknowledged, that on the face of it, it is an extraordinary achievement.

The media report also stated that “It is alleged that with large profits have come at a borrowing cost, however The Times says Prax’s borrowing facility has expanded to £739 million as a buffer against high oil and gas prices in an uncertain market.”

The report continued “Information on how this flat-based business grew into the colossus it is today is somewhat sp a r se, prompting questions over whether a closer scrutiny is required…”

I speculate, but why would PRAX not increase the offer, given the opposition to it, if they were of substance?

They want to use only £16.5million of their own funds (it was reported they had a £739million buffer in October 2022) to implement the Scheme, the balance of £104million coming from HURR own shareholders assets!

Possibly they don't have further funds (they purchased the Humberside based Lindsey Oil refinery as recently as March 2021 from the French oil company Total).

Any future payments are speculative, and I wonder, if CA would have agreed to this had their major shareholder not required liquidation of the fund. Perhaps CA can justify to their other shareholders that the first guaranteed payment will cover the cost, expense and hassle of their HURR investment, and consider any future speculative payments as a bonus. How CA will collect / pay these to their shareholders, once the fund is liquidated, will be of interest.

I also find it strange that a continental organisation makes an investment on receiving speculative future payments from a UK based private company, when the more knowledgeable UK investors do not.

Is the long game, for more knowledgeable investors, to await collapse of the deal then for someone to make a move?

Keep the pressure up I doubt that the Scheme (robbery) will now succeed.

I am reminded of that old Chinese curse “may you live in interesting times.”

"...however the orders are steadily increasing now..."

EC - Please quantify with actual numbers and the credible source of those numbers.

sp**** should read s p a r s e

I do wonder if PRAX have the financial clout to carry this through.

It is speculation on my part, but I have this nagging feeling that the organisation may be built on sandy financial foundations, with one opportunist deal financing the next - the finance being provided by the "underlying" assets of previous deals. This is not organic growth within the company, but one where the strategy is to continue expansion by acquisition in order to maintain an “illusion” of sustainable growth.

The media have reported that PRAX is a $10 Billion crude oil empire, grown by a married couple from a flat in Surrey. The Guardian reported, last year, that the company’s profits have soared almost tenfold between 2010 and 2020! It has to be acknowledged, that on the face of it, it is an extraordinary achievement.

The media report also stated that “It is alleged that with large profits have come at a borrowing cost, however The Times says Prax’s borrowing facility has expanded to £739 million as a buffer against high oil and gas prices in an uncertain market.”

The report continued “Information on how this flat-based business grew into the colossus it is today is somewhat sp****, prompting questions over whether a closer scrutiny is required…”

I speculate, but why would PRAX not increase the offer, given the opposition to it, if they were of substance?

They want to use only £16.5million of their own funds (it was reported they had a £739million buffer in October 2022) to implement the Scheme, the balance of £104million coming from HURR own shareholders assets!

Possibly they don't have further funds (they purchased the Humberside based Lindsey Oil refinery as recently as March 2021 from the French oil company Total).

Any future payments are speculative, and I wonder, if CA would have agreed to this had their major shareholder not required liquidation of the fund. Perhaps CA can justify to their other shareholders that the first guaranteed payment will cover the cost, expense and hassle of their HURR investment, and consider any future speculative payments as a bonus. How CA will collect / pay these to their shareholders, once the fund is liquidated, will be of interest.

I also find it strange that a continental organisation makes an investment on receiving speculative future payments from a UK based private company, when the more knowledgeable UK investors do not.

Is the long game, for more knowledgeable investors, to await collapse of the deal then for someone to make a move?

I am reminded of that old Chinese curse “may you live in interesting times.”

Kever - are you giving financial advice?

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The 2021 Annual Report was published on the 13th of May 2022.

Clearly the 2022 report must be ready, if not already printed - and there can be no excuse for a delay.

Surely shareholders should have the benefit of access to this critical report before making any informed decision about the future of their investment in HURR?

I disagree - await events!