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I see Prax have wasted no time in taking down the Hurricane Energy website.
NMBS
Will there be a public record of trades, because if not their will be no public knowledge of their true value.
Broomtree
Creation of the matched bargain facility has no bearing on future DCU payments. They could still pay nothing. HUR management have always used the risk of P6 failing to support their scam schemes, so if P6 fails next week how much will you get? Of course P6 may continue to produce for another two years or more in which case shareholders will be deprived of the true value.
As regards the matched bargain facility holders of DCU's need to check with their provider if they have arrangements to trade using the facility. I have been told by my provider they don't.
Broomtree
You can take whatever you like.
Kever
"So a 12.5p return on a 7.7p purchase is a 62% profit over the next 3 years"
You can't even do basic arithmetic.
Given the promised pay out the net investment on a 7.7p purchase will be 1.68p and IF (bye the way that's a big IF) Prax do pay out the full 6.48p the profit will be 386%. It could also be a 100% loss.
Broomtree
Once HUR is delisted Prax will be in total control. Prax is a private company accountably only to its shareholders. They are not going to give DCU holders any more than they have promised. It could be 6.4p or it could be nothing.
Prax or their agent will hold the DCU register They have promised to put in place a matched bargain facility but this has yet to be confirmed. Will Prax publish DCU trading prices? If not how will DCU holders know their value and bear in mind that if a DCU holder dies the executor will need to obtain a valuation for probate
And most importantly what mechanisms are there for DCU holders to hold Prax to account? It is reasonable to suspect that CRS and Kerogen have a private arrangement to dispose of their DCU’s well before 2026 given their support for the scheme and once they are gone Prax will be the masters and free to run roughshod over the remaining private investors.
"If the DCU payments are complete they will receive a further £4,035,599"
It's a very big IF and as you say nothing is guaranteed. They could get nothing and suffer a big loss.
Prax is not in business for benefit HUR shareholders and the mechanisms to hold then to account are very flimsy.
Kever
You are not loathed because you voted for the deal. The deal may suit you and I respect your decision. The reason you are loathed, if that the right word is because you lack credibility and post false information, eg claims of a 14p offer. Therefore whilst I have respect for your decision I have no respect for you as a person.
You might also respect the fact that many members regard this as a bad deal.
Broomtree
HMG make the law and as regards taxation HMRC interpret the regulations. You can believe what you like but HL are not the arbiters. HUR have asked HMRC for a ruling on both SIPP’s and ISA’s. They did not ask Hargreaves Lansdowne who you seem to regard as the ultimate authority.
My provider have advised, and I stress advised that the DCU’s will not be permitted to remain in ISA’s but for SIPP’s they said they may be allowed but cannot confirm this as a definite. But this is advice based on the interpretation of the rules by my provider and I await a ruling by HMRC
Please do not continue to spout the ADVICE from Hargreaves Lansdowne as the gospel truth.
Picsmaister
If Kever declares that black is white then it must be true.
Broomtree
It does not matter what Hargreaves Lansdowne say. The ultimate arbiters are HMRC.HUR have said they have asked HMRC for a ruling on both ISA’s and SIPP’s and this is still awaited. We have no idea when HMRC will provide a response
Whereas with ISA’s the DCU’s can apparently be transferred out to a normal dealing account the situation with SIPP’s is somewhat different. Removing the DCU’s from a SIPP will constitute a withdrawal subject to income taxation and that will necessitate a valuation of the DCU’s at the time of withdrawal.
My provider is saying the DCU’s will not be able to remain in my ISA and will be transferred out and into my normal trading account. I await a ruling from HMRC but there is no certainty as to when this will come. If they do have to be transferred out they will become a new investment and as such a base value will be required for CGT purposes. How will that base value be determined as the CDU’s will not be listed?
I also asked my provider about my SIPP holding and this is uncertain. They said the regulations for SIPP’s are not the same as ISA’s so it may be possible they can be kept. But if the DCU’s cannot be held in SIPP’s they will either have to be sold, subject to the matched trading facility being set up in time, or paid out. Removing or paying out the DCU’s will constitute a payment taxable at income tax rates so once again a valuation will be required.
The deal is a complete mess and full of uncertainties and shows the boards contempt and total lack of concern for private investors.
Sonofthebull
I know the late Andy Kay would have agree with you but this is arguable. The regulatory body NSTA, and you know what NS stands for, controls the area west of Shetland. Also if you look for north sea boundaries you will find they extend north to 62N and west to 4W which takes in all the current operations west of Shetland.
broomtree
This may help
https://groceries.morrisons.com/products/saxa-table-salt-113204011
Kever
You are naive to the point of stupidity if you expect members to forget what happened two years ago
Thanks to all who replied. My main concerns are the amount of debt and questions that have been raised about capping. If anyone doubted my motives I can assure you it was a genuine request for information. I will be doing more research, and await the trading update.
I have spent some time watching DEC because of the attractive dividend but have yet to take the plunge.
It looked good when the sp was 110p and even better when it was 100p and now at 90p the yield is very enticing. But the great yield is not so good if the capital value continues to drop, and you have to ask why does the sp continues to fall when the yield makes it look like such an attractive prospect.
I am aware of the Bloomberg report and thinking maybe institutions are reducing.
Interested to hear views.
Broomtree
Maris and Prax are selling this deal on the basis that P6 is in danger of imminent failure. How likely is that?
Kever
Did you read this bit:
The Deferred Consideration Units are complex instruments and a number of factors will determine whether any amount will actually be paid to Scheme Shareholders by way of the Deferred Consideration Units. The minimum payment under the Deferred Consideration Units could be zero.
Repeat:
could be zero
Kever
Did you read this bit:
The Deferred Consideration Units are complex instruments and a number of factors will determine whether any amount will actually be paid to Scheme Shareholders by way of the Deferred Consideration Units. The minimum payment under the Deferred Consideration Units
Repeat:
could be zero