Member Info for dflynch

Not helped by the fact that II's website cannot be accessed until late afternoon tomorrow at the earliest.

The website is down whilst Clients of Equiti are transferred across to II - potential disaster warning!

At both meetings the Resolutions to be voted on are Ordainary Resolutions requiring only 50% +1 to be passed.

Happy to be corrected if any of this is wrong.

Approx 20 million shares equals a 1 percent holding in the Company.

Mmmmmmmm!

They would also have been passed to the solicitors for the company, if the Judge's Clerk has acted in her usual efficient way.

It's that old Chinese curse again - I await further comment over the weekend with eager anticipation!

ADBUK “We see Lincoln producing under test at around 8000 bopd, yet OGA is saying it must be abandoned, even though the equipment to tie it back to the FPSO has already been purchased.”

The problem with Lincoln is, I understood, that it does not form part of a current field development plan and as a singleton “wildcat” producing well it does not fit in with the neat and tidy minds of the OGA. Spirit’s involvement would have resolved this but their attention is currently diverted elsewhere.

So, new Board leading and motivating the management properly, development of a new work plan to incorporate Lincoln and increased production from Lancaster, signing up of new players in a JV. There’s a lot for a new team to play for in the future!

I recall one of the parties speaking at the Court hearing describe CA as “activist investors” in a repeated manner which I thought to be derogatory, and critical of the genre. The distinct impression given was that the “cancel culture,” that sadly permeates the kingdom, should also include investors who properly take a close interest in the activities and performance of their invested companies.

Surely activist investors are what a company, particularly an under-performing one, require even though this may not accord with the laisse faire preference of the BoD. A good activist investor’s monitoring, and attendant communication, will inevitably result in the directors being properly held to account for their stewardship.

I wonder, was the point made for information or as an act of desperation?

From the DT

Blood test that can detect more than 50 cancers to be trialled by NHS

"The test works by detecting levels of cell-free DNA, which are produced by tumours and end up in the bloodstream. The test also looks at how a person’s DNA has been altered and Artificial Intelligence processes this to calculate if a person likely has cancer, and if so where in the body."

How does this fit in with AGL’s efforts? Is it complementary or alternative?

VMT for reminding the wider audience.

Someone like to pass the link around that will allow viewing attendance at the Hurricane AGM and EGM's

At the 30 June AGM you will be asked to re-elect Richard Chaffe, Antony Maris, Steven McTiernan and Sandy Shaw as Directors of the Company.

If Richard Chaffe and Antony Maris are not re-elected they remain in the employee of the Company as employees fulfilling their roles of Chief Financial Officer and Chief Executive Officer respectively.

If Steven McTiernan is not re-elected then the Board will have to appoint another existing Director as Chairman at the meeting.

On the 5 July EGM you will be asked to remove Steven McTiernan, Dr David Jenkins, John van der Welle, Sandy Shaw, and Beverley Smith office as Directors of the Company with immediate effect. You will also be asked to appoint John Wright and David Craik as Directors of the Company with immediate effect.

I would speculate that there is a high chance that at the end of the 5 July EGM that the Company will have a Board consisting of John Wright and David Craik, one of whom will be appointed Chairman. Richard Chaffe and Antony Maris could still remain as employees in their current roles. The Company will recruit further Directors to provide proper balance and governance of the Company in the future and to protect the interests of all shareholders.

Surely the situation is!

The BoD have the duty to declare a liquidation event and appoint an Administrator should it occur, But, as has possibly been established in the Court, no such event has occurred.

The BoD also have the option at any time to cease operations and close the company – a controlled wind-down.
As Creditors, the Bond Holders could apply for bankruptcy on the basis that they have not been paid due to insolvency – but again that is not the case, as quarterly interest payments have been made on schedule.

The problem that the company currently faces is the speculation as to whether it will be able to repay its debts as they become due.

This speculation has been a constant feature since the Company acquired its $230 million debt nearly 4 years ago. Over that period the company has been able to dampen this speculation, and additionally reduce the risk to its debtors, by producing oil and making re-payments of the debt.

Indeed, one way of looking at the situation is that the Debtors have already received back some $69 million of the $230million principal loaned.

The decision regarding implementation of the plan now lies with the Judge. Anything written here is an irrelevance, save that it will generate uncertainty, which is good for the market turbulence MM’s require to drive the market.

Furthermore, there is no value in calling the current directors of the company names or hurling written abuse. Given that most here have formed their own opinion on the matter it is nugatory and unprofessional effort to repeat the abuse.

I would suggest that everyone now mellows, until at least Monday morning.

And so we are sentenced to experience the old Chinese curse - "Of living in interesting times."

I hear desperation and stress in the voice of the BH representative - am I imagining it?

Monday morning at the earliest.

Judge indicates that even then a decision may not be available - "it is a complex case"

I understood from what was said this morning that 70% of the CB's belong to six holders and these bonds are managed by UBS!

It will be argued that the UBS management of the bonds provides the necessary "Chinese" wall protection - inscrutably!

According to this report Trice could repay the CB out of his salary.

"Mr Trice resigned as CEO of the west of Shetland operator last June, with the firm’s future now in doubt following major downgrades in its portfolio in recent months."

"Figures published in the company’s 2020 annual report show Mr Trice received £234million between June 8 and December 8 covering salary, pension and benefits while he worked during the “transition process” for the firm as part of his settlement agreement."

"That figure comes on top of the £202million pay package for Mr Trice during the first six months of 2020, while he was CEO of Hurricane Energy, covering salary, pension and benefits."

TWICE over it would seem.

MUPPET reporters!!!

Different contest - Premier league players have now taken to the pitch!

From the TIMES

The accounting watchdog is seeking a joint-record £15 million fine against KPMG after a draft tribunal report found “many very serious” findings of misconduct relating to the company’s role in the sale of the mattress company Silentnight to the private equity firm HIG.

In any event, if the Plan is sanctioned, the Bondholders will require the FPSO to be retained in order to continue extraction until the new CB bond maturity in December 2024!

Term is not an issue - plenty of flexibility and compromise available - surely that is what negotiation and business deals are all about - it makes the business world "go-round"