Member Info for DYOR2

CA QC continued to give an excellent presentation of the case for SH's and the judge took a lot of notes. Smith now has an opportunity to challenge the presentation. A few SH's gave good accounts of SH value and the reluctance of the BOD to work other options and destroy SH value.

Far from over and depends on Smiths presentation in a few minutes but he has a considerable task to challenge CA's findings.

Cavendish, Yes relax ...I am now thinking of buying.

My finger is now removed from the sell button

Thornton is nailing it, starting to look good before cross examination.

CA QC going well, Smith looking stressed ... CA quoting the law as it stands, great to hear an alternative argument in a structured manner.

Short break now for 10 mins, then CA's QC turn.

The Blue Water extension is be used by Smith as an major hurdle, however the reality is BW will almost definitely extend their lease terms.

Smith seems to ramping up the negative outlook for all assets and the field CA QC is taking notes ..hopefully to challenge Smith on his extremely negative outlook.

Lady luck is on our side Smith (Hur's QC) is not convincing and falling over on cross examination. We just need a good representation from CA's QC... Its far from over yet

Hashiba

All done mate.

Do you have any ideas about the EGM requested by CA, I thought an EGM should be within 21 days of request ?

Keepwell

I listed in to the Hearing and my take was that the Judge was very well informed on the details and in particular the SH grievances. He made the HUR QC very accountable and called him to account on several issues regarding SH's engagements.

The outcome is yet to be published by the Court, but my own opinion was that the delay in the process of HUR having to make a meeting with BH and SH and to fit that into to the time line before 30th June (cut off for annual AGM) would be very beneficial to SH's.

The £100K per month consultancy fee for the Plan and £1.2 bonus was also mentioned.

The Judge also took onboard the fact that there is a lot of disgruntled SH's and also the Restructuring Plan is highly controversial.

Hashiba

Emails send to all BOD individually, to combine the EGM with the AGM.

The Hur QC stated it was the original intention.

Thanks for leading on this.

It worthy of note that the Sanction hearing would have to be between 18th and 30th June to allow the AGM to be be held separately, which has has a cut off of 30th June.

The likely hood of the sanction meeting being able to be rescheduled to hit this window is very unlikely. Therefore the BOD will be forced to combined the EGM and AGM if they still want to hit that time window.

This was an excellent move by the Judge and will allow SH's to be able to vote on all EGM and AGM resolutions.

Excellent result so far so good.

Next stage sack the BOD.

GLA

TC

Good to hear, at least we will have a fighting chance with the removal of the Board and the installation of Directors who want to deliver in the best way possible for ALL stakeholders.

They have challenges but we also have opportunities.

Senseman

Just written my email to the Judge, like most on here I have lost a large some of money and would rather go down with a fight.

I am monitoring my 'Corporate Actions' tab on my iii Account for voting.

GLA

Will do !

Mcadder

I think, Scenarios 2 and 3 mean less free cash holdings in July 2022 but more cash flow until Dec 2024.

TC
Thanks for the info. I just wish the BOD would release something realistic/positive towards the future developments and financial projections, which if production and POO hold up we are in a comfortable place.

The SP still has the doom day scenario priced in which may of been the case late last year but is looking more unlikely with every off load.

Until the risk of not being able to repay has reduced further the SP will not rise much. It is looking likely we will make enough money to cover the CB's if production and POO hold up, however our BOD need to start showing some signs of working the future. I do expect this share and BOD to get more positive as this year progresses.

I am still confident this Company will survive and LT Shareholders will see this SP rise over the medium term.