Member Info for dflynch

Agreed - DC, spot on!

Pretty safe bet they will not be replaced by Price Waterhouse Cooper!

Ancient proverb - “Keep your friends close and your enemies closer”

Chaffe needs to be removed from the woodpile, in due course - but at the moment he "knows where the bodies are buried" and this will be of use in the near future.

Shame that England won as it breaks our historic arrangement with the Germans.

They win at football - we win the wars!

I would speculate that there will be no appeal by the company against the Court's decision. The Bondholders might continue but we should hear from them in due course

Will the ex-non exec directors and the exec directors pay back the £17 million they wasted - or at the very least pay back their un-earnt fees whilst in the service of the company?

Antony Maris, CEO, commented:



"I would like to thank Steven and the other non-executive directors for their contribution to the Board over their years of service, particularly during the recent challenging period for the Company - I have been very grateful for their counsel and support. I would also like to welcome David and John to Hurricane and look forward to working with them as we aim to maximise the value of our West of Shetland assets for the benefit of stakeholders."

As I speculated would be the result post 5 July

Board Changes and Withdrawal of General Meeting Requisition



Hurricane Energy plc, the UK based oil and gas company, announces the following board changes.



The Chairman, Steven McTiernan, and the other non-executive directors, John van der Welle, Sandy Shaw, Beverley Smith and Dr David Jenkins, resigned from the board on 29 June 2021 with immediate effect.



Additionally, the Company announces that Alan John Wright and David Ian Craik were appointed to the board as non-executive directors on 29 June 2021. Alan John Wright assumes the position of Interim Chairman.



The Company also announces that it has received a letter from Crystal Amber Fund Limited withdrawing its requisition notice (the "Requisition Notice") pursuant to section 303 of the Companies Act 2006 (the "Act"), requiring that Hurricane's board (the "Board") convene a general meeting of shareholders. This meeting, due to be held on 5 July 2021 at 11:00 am BST, will now no longer take place. In addition, the resolutions proposing the re-election to the board of Steven McTiernan and Sandy Shaw due to be voted on at today's AGM will now be withdrawn.



Having consulted with its largest shareholders, the Company and the new non-executive directors, unanimously resolved on 29 June 2021, that in the event that the resolutions proposing the re-election of Antony Maris and Richard Chaffe as directors of the Company are not approved at today's AGM, the Company would immediately re-appoint them as directors of the Company, in order to ensure that the Company is able to maintain its ability to safely and effectively operate as a listed business. Such re-appointments would be subject to approval by the shareholders at the Company's 2022 AGM.



Antony Maris, CEO, commented:

Bought or Sold?

She would only change her nickname! Best to filter and deny her the oxygen of a response to her drivel!

It might be a naïve statement to make, but at present the production of a new CPR is not the highest priority.

Once the composition of the Board has been decided, the general direction of the company promulgated, then the prime aim must surely be to extract as much oil as possible, with a view to accumulating as much cash as possible, in readiness to pay back BH in July 2022. This of course presumes that BW will cooperate in continuing FPSO facilities, for as long as the company can maintain production.

Subsidiary aims will include the potential to re-engage with financiers to address the future cash needs of the company, and the best method of providing these. This could of course include the current BH – lets face it a coupon of seven and a half percent, from income provided from proven oil production, the surplus of which de-risks the maturity payment risk, is not a bad deal! It’s a bit like BW’s situation – can you place the 2022 CB $230 million repayment at the same coupon with the same risk profile for a further 2 year or less period?

Part of the cash requirement must focus on a future work plan. A plan that not only produces greater quantities of oil from Lancaster, but includes a holistic approach that includes the development of the Lincoln to the satisfaction of the OGA. Possibly a new Board will revisit JV opportunities, and the tie in of Lincoln to Lancaster. Spirit, or a replacement, no longer has to hang back awaiting a Court decision.

It is frustrating, particularly in view of what has been revealed during this nugatory restructure process, that if the energy expended in wasting £17 million plus had been properly placed in developing the company’s resources; then we wouldn’t be in the precarious position we find ourselves with this disloyal board.

I am sure, and very much trust, that in nominating the replacement Directors, CA will have an “oven ready” plan to maximise our investment in Hurricane. A plan, that on this occasion, will not turn out to be half-baked!

£17 million not $

Repeat of 0920 message

"The result is of course is subject to the Appeal process.

Setting that aside I would speculate as to the action of the BoD in attempting to dispose of the Company and whether there will be any subsequent action by Bondholders, or and, Shareholders with regard to the execution of their duties.

Effectively they have wasted £17 million plus!

I trust that the Director’s insurance policies are in force and premia paid."

Of course, Shareholders might like to review the behaviour of the Nomad during the past 18 months!

Perhaps the new BoD would seek a new Nomad in any event. Appointment as a Nomad is not for life.

The result is of course is subject to the Appeal process.

Setting that aside I would speculate as to the action of the BoD in attempting to dispose of the Company and whether there will be any subsequent action by Bondholders, or and, Shareholders with regard to the execution of their duties.

Effectively they have wasted £17 million plus!

I trust that the Director’s insurance policies are in force and premia paid

Shareholders -Win

Only if you are on the Interactive Investor platform!

They made an error. Vote is NULL and VOID so VOTE AGAIN!

From the Court 0801
The link will be up 0830
Sign in by 0850
Announcement 0900

I have just followed this up on the Interactive Investor platform and my previous vote is NULL and VOID!

I have resubmitted my vote voting FOR on all resolutions and it has been accepted.

Problem only applies to Interactive Investors clients and only to the 5 July EGM voting.

Hope this clarifies the situation and helps clear any confusion!

As I stated on the 11th June at 1945hrs

“Interactive Investor EGM Voting”
“Interactive Investors voting mailbox, used for casting Votes at Company meetings, indicate that the Board recommendation for all of the Resolutions at the EGM on the 5 July is to Vote FOR them.

At last, the non-Executive Directors are doing something positive and aligned with the Owners of the company!”

II have at last apparently re-acted and are taking CORRECTIVE action.

Therefore I would recommend that everyone who cast an EGM vote on the Interactive Investors platform RETURN and RECAST their vote.

This is important – shareholders need all the votes possible to ensure that the BoD is voted out on the 5th July.

Confusion reigns.

Text of e-mail received states:

With reference to the announcement/hand down of judgment of Hurricane Energy PLC hearing, at 9.00 am on MONDAY 28TH June 2021, here is the remote hearing link:

(For further joining instructions please refer to the Microsoft Teams meeting message below).

Please note due to HMCTS privacy guidance some attendees may be sent this invitation under a separate cover in the form of an email.

For your reference the court will open the hearing link to test for any potential technical issues at 9.00 AM on the day of the hearing, please ensure you are logged onto the hearing by 10.20pm. Unfortunately court staff cannot provide IT support to hearing attendees therefore a connections test is recommended.