Member Info for Fevertreeman

I am staggered by the brass neck of these two. What a F******* OUTRAGE

Cash bonuses for doing the job they are paid to do,which they have constantly been unable to deliver over years.

The independent Board directors who approved these payola payments need to think very very carefully as I see enormous push back coming at the AGM. I think the FT needs a call to give them a heads up.

1. If they are so confident about the future of the business any bonuses should be paid in shares not CASH....see point 2
2. Reward for funding in place is via their cheap options that they awarded themselves.

Black humour doesnt do this Report justice....... Check out the Governance Section where the septuagenarian Chairman's Introduction to Governance Report has gems such as:

"Companies are increasingly judged on governance standards, integrity and sustainability as much as financial performance."

"As Interim CEO, Beverley Smith ably led the technical review announced in June, culminating in the statement on a reduction in Reserves and Contingent Resources in September..."

"Working with management and supported by independent advisers, the Board considered various technical and financial
options to maximise value for all stakeholders, taking into account the rights of the holders of Convertible Bonds,
considering the maturity of the Convertible Bonds in July 2022 and lower than anticipated cashflow generation from the
Lancaster EPS. The Company also sought to engage with certain large shareholders in relation to the terms of the proposed
financial restructuring. The outcome of this wider process was the proposed financial restructuring announced on 30 April 2021..."

and the one that really sticks in my craw given the threats of liquidation, this gem:" Going forward, the Company will pursue a strategy of maximising cash flow from the existing Lancaster wells and infrastructure in order to pay down debt. In parallel, the Company will continue to explore opportunities for further investment in its West of Shetland
asset base, the sanction of which would be subject to Bondholder consent. "

All the excuse the FCA needs to go after the feckless, incompetent, disgraceful Board of Directors.

Section IV is titled: Update on Stakeholder Interactions & Management Summary......shareholders aren't considered stakeholders

"In light of the reserves and resources downgrade announced in September 2020, certain of Hurricane’s convertible bondholders formed an ad hoc committee to engage with the Company over its ability to repay its $230 million convertible bonds at maturity on 24 July 2022".......ie a lynching party to force the company at gunpoint....

And an additional question about the FCA investigation and why they felt the need to strengthen the litigation section in the risks part of the AR

is a f******** disgrace it really is. The Chairman , CFO, and NEDs who sanctioned the announcements that the FCA are looking into are in serious **** and they know it. The litigation comments have been strengthened at the behest of the advisers. I sense that the EGM is going to destroy their personal reputations and CA will be galvanising the financial media to take a very hard look at this situation. As regards the sharks advising the bondholders they must be feeling a tad uncomfortable too as their reputations as carpet-baggers and asset strippers is also about to be laid bare.....Am surpised Maris hasnt resigned

Not deramping, just posing an experienced, jaundiced take on today's RNS. Really hope I am wrong that HAA does not raid shareholders again, but I am afraid that is how things are shaping up. Mr Market seems to agree because share price has executed a reverse ferret and 18m shares have been traded with another 2 hrs still to go.

Well I'm not sure you would have lasted in our fund management morning meetings at which we debated sensibly the facts of each investment case by weighing up the management, governance, progress against milestones, balance sheet requirements, sell-side notes etc before coming to a reasoned view after often passionate and heated debate....

Harry's that is

Well said...I will defend you to the last pfenning

to call attention to the non- performance of our vaunted Chairman/CEO, who has a habit of totally shafting shareholders immune to the consequences himself as he ambles towards a fantastically lush retirement leaving others to pick up the pieces.....the evidence of failure is all around him

Pinocchio has long proved to be the smartest bear in the room regarding his personal circumstances. And don't forget there is a reason why HAA has based himself in Cyprus:
- Cyprus has corporate tax rate of just 12.5% and incorporating there only requires you list one shareholder and one director who can be an individual
- Folding his company will attract no capital gains tax on his underlying shareholding
- Special rules for expats like our antipodean Greek: Only 60 days of presence are required for tax residency: structured well HAA may only be paying 5% tax on income
-And he gets access to EU healthcare...and then as an expat retiree he gets to pay a 5% flat tax rate on pension income.
-

From up7% to down 1.64%, thats quite a turnaround on the so-called fantastic RNS that some folks were spouting about this am.......Winter is coming

Well said - this is proving to be a fantastic berth for his glide path toward a comfortable poolside retirement. Given he is the only noise in town at Kefi (people forget that when non-exec Chairman died, HAA nabbed that role as well as CEO), there is no evidence of any management succession in place, no evidence of any strategic planning etc.....Am sure he sits there by the poolside gently chortling to himself as the years roll by.....his track record is abysmal

Soundly set out and I don't understand the opprobrium being cast here. Nonsense talk about 'derampers'. which the suggests the stock was ramped in the first place. Smelly B has an investor's viewpoint not a trader's viewpoint and is just stating, in the absence of the counter-factual, the case why investors should remain cautious. A highly dilutive raise is likely to happen and is likely to happen before any concrete news about project financing being secured. And if he was content to raise at 0.6p then HAA will have no worries about doing it at a discount to current sp.....

Fair point....similar to the comments made from long term Sirius shareholders etc.....

HAA's 0.65p panic equity raise rewarded just the jersey-based Phillip Richards and Michael Alen-Buckley at RAB, who hardly have a stellar track record (as the Mittals will attest)......wonder what price and how big this one will be?

None of the directors or PDMRs have bought any shares for ages. Assuming that the close period post this announcement is over, any director buying would be a better indication of the real state of play......I wont be holding my breath

Spot on - the whole crafting of this RNS points in one inevitable direction......he will not have the financing in place and will need to fund the interregnum (how long that will be god only knows) from s/holders. Basically the can is being kicked again and Pinocchio is up to his old tricks trading on hope and bamboozling shareholders

None of the bulls here seem to be asking the commercial question of how is HAA going to pay for this sudden uptick in on-the-ground activity in the absence of secure financing....everything points to a fund raise from s/holders

- Approval from EG for updated plan is a condition precedent for the project financing, and could drag on for ages whatever the talk about honouing timetables. Do we honestly think it will be signed and sealed b4 June 30 AGM?

- Yes Corica has been appointed as the Project mining contractor BUT a signed Letter of intent is NOT a contract. Its merely a document that expresses intention to enter into a contract at some future date . Corica has no contractual relationship with Kefi yet...so they have no obligation to do anything and even then the phrase is open-ended "any time from July 2021"