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0835hrs "One of the key attractions re HUR for me is the intentions of CA. We know they will have to exit by end of 2023 so will look to maximise value short term. "
CA RNS dated 15 Feb 2022
While it is intended that predominantly all of the Fund's investments (with the possible exception of GI Dynamics) will have been realised by 31 December 2023, in the event that this is not achieved, the Directors will consider consulting Shareholders and/or make arrangements to seek Shareholder approval on the future strategy of the Fund, including any steps that might be necessary to maximise the opportunity to realise value from the remaining assets of the Company.
Speculation: Wriggle room that allows CA to retain their investment in Hur beyond EOCY 2023.
No such thing as certainty in investing!
Discuss
From the Grudian
Environmental campaigner Greta Thunberg denounced as “******” and “colonial” the decision by the Swedish government on Tuesday to allow a British company to dig an open-cast iron ore mine on land belonging to the indigenous Sami people.
Sep 2018 to Sep 2022 is a 4 year interval
Use one of the many City of London facilities for raising capital.
The City still has a good reputation in the matter
For reasons stated previously I do not believe that CA are in a particular hurry to "liquidate their position."
The canny investor is waiting to recoup far more in the longer term than selling out early!
Difference between a rich investor and a very rich investor?
Patience
5.85 GBP average price paid
Have a read of this.
https://storage.googleapis.com/crystalamber-com.appspot.com/_downloads/Crystal_Amber_Circular_CL_final.pdf
NOTE: At 31December2023,should any of the Company’s i vestments remain unrealised, the Board will consider consulting Shareholders and/or make arrangements to seek Shareholder approval on the future strategy of the Company, including any steps that might be necessary to maximise the opportunity to realise value from the remaining assets of the Company .At 31December2023, should an y of the Company’s in vestments re main unrealised, the Board will consider consulting Shareholders and/or make arrangements to seek Shareholder approval on the future strategy of the Company, including any steps that might be necessary to maxi mise the opportunity to realise value from the remaining assets of the Company.
I speculate that CA appear to be planning a longer term relationship with HUR than the potential liquidation of the Fund might imply
Letter in today's Gruadian from Prof Sylvia Richardson - President, Royal Statistical Society
"For any real-time health surveillance system to be reliable and cost-effective, it cannot rely solely on self-reported tests.
These data sets are likely to be biased, as it is impossible to know how many people are also reporting their negative results and, if tests start to come with a cost, how many people simply aren’t testing. If we are to get reliable information about the prevalence of Covid, it is essential to maintain studies such as the ONS’s and React to allow statisticians to estimate infectiousness and the proportion of the population who are infected (including those without symptoms), as well as to identify new variants.
Abrupt disruption of a surveillance system is wasteful, will make tracking of prevalence meaningless and will put in jeopardy the future health of the public. If important surveillance studies must be scaled down, this cannot be led by arbitrary cost-cutting targets, but should be led by statisticians to ensure that studies continue to provide reliable information."
Statistics is not the answer - Deepverge has a better solution!
Winalot et al.
Holding 30% of the shares in a company does not necessarily mean that there will be a successful Takeover bid for the company. The simplest example is a bid is made in accordance with the Takeover Panel rules and this bid is rejected by the other 70% shareholding.
Yes it is possible to further acquire shares above the 30% Trigger point.
A prime example is the Aim quoted Proton Motor Power Systems plc (PPS). From their website:-
* At 4th February 2022 there were 1,547,976,568 shares in issue with a nominal value of 0.5p each, with one voting right per share.
* All securities are traded at AIM and there are no restrictions on the transfer of the company’s securities.
* There are no shares held in treasury.
* As at 4th February 2022 the following significant shareholdings of 3% or more of the ordinary share capital of the Company have been notified to the Company.
SFN CLEANTECH INVESTMENT LTD - Shareholding 1.216,600,056
Representing 78.59 % of the PPS issued shares.
I trust that this helps the discussion.
Mirasol nugatory effort as my contribution was correct.
You originally said “They currently hold 28% - they can take another 5% - after that they HAVE to make a takeover bid”
You now admit that you were incorrect about the trigger point percentage and the compulsory takeover bid. It matters not that a dispensation may or may not be given, you should have worded your contribution to truthfully reflect that!
As Cebo-456 said “… worth doing some homework on the Code rather than putting up posts that may not be factual or correct - or at least add that its your opinion or "I think" if your not sure.”
Mirasol
Incorrect - the trigger is 30% furthermore they do not HAVE to make a bid!
Tax credits are similar to Capital Gains Tax losses. They can be set against future taxes to reduce the Tax due. HMRC do not refund Tax Credits and therefore they are not a future source of income.
In simple terms, if another entity were to takeover HURR they would also acquire HURR's Tax Credits which they could set against their tax bill. It would therefore be still attractive to takeover HURR even if it were not producing any oil!
Very simple example using just 2 shares and ignoring the annual CGT allowance:
Assumption that you sold both the shares at 15p
You bought one share at 50p so when you sold it you made a CGT LOSS of 35p
You bought the other share for 5p so when you sold it you made a CGT GAIN of 10p.
Your CGT Losses on the transaction exceeds the CGT Gains (35p - 10p = 25p) therefore you have no CGT tax to pay.
Furthermore you can carry forward the remaining CGT Loss of 25p forward into the next Tax year.
Best to recordyour Gains, Losses and carried forward Losses through the HMCR Self Assessment system.
Hope that helps
Wrong board this is TRMR not pharma's
I find this extract from CA's RNS particularly encouraging.
In October 2021, the Fund reported that it had written to the Hurricane Board under Article 94 of the company's articles of association to request that a committee (comprising the non-executive directors) be established with a mandate to investigate what happened and to engage external advisers (should that be needed) for the investigation. The Fund believes that it, along with all Hurricane shareholders, suffered considerable financial loss. In December 2021, Hurricane reported that it had completed a review of events leading up to the restructuring and that no further action was considered to be necessary. Based on the Fund's first-hand experience of those events and having subsequently taken legal advice, the Fund does not agree and reserves its rights in this regard. The Fund finds it significant that despite being a victim of those events, the investigation did not seek to interview the Fund nor request any information from the Fund. The Fund subsequently requested a copy of the investigation report but Hurricane has refused to supply a copy."
I trust that all shareholders will once again get behind CA and pursue this to the very end.
We need to get this matter on the Agenda in readiness for the next company meeting!
What say you?
One could speculate that replacement CEO & CFO have already been identified, approached and conditionally accepted in which case the 30 day hurdle, presently justifying their retention, becomes a non-issue.
I would be very surprised if this is not the case given the amount of effort and treasure that CA have expended on their investment.
The Chairman is non-executive and together with the other non-executive director and the support of shareholders I would suggest that the sword of Damocles is sharpened, drawn and awaits the moment!
JTF
I seem to recollect that HURR can call the CB's before the maturity date but they must purchase all outstanding CB's, they cannot make piecemeal calls
Reported in the Times.
"The bosses of Google and Facebook knew of a deal allegedly to carve up part of the online advertising market, according to an amended complaint filed by more than a dozen states, including Texas. Google is accused of misleading advertisers and publishers over pricing for years in newly unredacted claims contained in an antitrust lawsuit against the American technology company."
Any bearing on Tremor?
https://wsw.com/webcast/needham116/trmr/2288946 at the point 40 to 45 minutes