Member Info for Fevertreeman

Market having fun with this dropping it 5% to shake out holders then popping it again. The utter incompetence of the management of this company is a business school case study in lack of proper governance by the Chairman and NEDs. In fact I am considering suggesting to LBS that they use it.....

Although I do feel oddly deflated that there wasn't any sense that firm contract news is in the pipeline. Clear signal from Bundred that any news second half weighted, and looks like the comments about other OEMs could have us waiting quite a while for any contract news. I see the sp drifting back to 60-65p over next few months, assuming market doesn'[t have a setback (which frankly the US is due).

I think Crystal Amber and us are of one mind - out of their depth, and utterly unfit for the roles they are being paid to do

What a total a+++! I am a long term holder you fool.

Q: would private equity take a flyer on this?
Q: would Trice be part of any consortium or is his credibility shot?
Q: would another listed E&P make a move, using stock rather than cash?
Mkt cap is roughly half the value of cash in bank (still 15 months to go pre-bond matures). If the OWC can be kept stable and production w/i range then still upside potential

The Board's agenda here is plain to see - they want OUT, and the inconvenient truth is that the movement in the POO scuppered their chance to run for the hills. They are paralysed by the situation and not in control. If they were, we would have (1) some idea about strategy (2) Chairman and CEO both fighting the company's corner, which is not the case, in fact reverse given the passive aggressive nature of the non-communications and (3) Board would be buying share to support the company.

They are (1) totally out of their depth & paralysed: if they couldn't control Trice, they have no hope of managing aggressive hedge fund bond holders (2) Who's running the show? Well it ain't the CEO (who was conned by the BOD not to be CEO but funeral director to lead mourners in front of the Hurricane hearse) and the CFO is totally w/o credibility, so my guess is it that Evercore, the investment bank, is pulling the strings. (3) Value is what s/o is prepared to pay for the assets, so I think we all agree that its worth more than present sp but w/o agreement of Bondholders this is going nowhere fast - but we keep accumulating cash. Bondholders have successfully prevented CEO from any activity this year, as they eye full repayment of the bond next year. It seem utter madness that and BOD is prepped just close off any debate and shut the business down.

So can Evercore CA and the bondholders between them come up with a solution. Who knows but I do know that this board is not up to the task

whither share price if FDA ask for yet more confirmatory data and trials? Would love that this is a slam dunk but wonder where we land if this happens?

This is not Sirius btw, which was still a spade in the ground project a the time it got taken out.

Unless the oil stops flowing the bondholders are in with a chance of getting their cash back but if they play too much hard ball, they risk driving this to the wall (which is what the board wants it seems). The most logical and neatest solution is for this to get taken over. Hence I think the sp has not cratered which has caught the idiot board by surprise. They just dont have the skill sets for the game now being played.

Bottom Line is this: Hurricane as independent is dead in the water thanks to Trice and the Board's failure to manage him and their actions since. So this is where it gets interesting " What is the future value of the cashflow from their one successful well, plus tax credits, plus unexplored acreage worth to someone, assuming that a deal can be reached with the bondholders (who want their money back). Any talk of an equity raise seems mad to me; no one would underwrite and without a clear strategy it will not get s/holder support, so the bondholders are also in a bind.....

This has to be one of the most incompetent, craven, leaderless group of NEDs I have encountered in many years of being a City pro. having sat on a plc board of a much larger group, I am incredulous at (a) the complete lack of contrition for their appalling stewardship (b) the Board's seemingly comprehensive failure to craft/enunciate any sort of strategy (c) the total breakdown in communications with their shareholders, large and small (d) no resignations (e) what appears to be a cynical stitch up of teh new CEO, whiom if he had known the extent of teh mess he was joining would not have.....I can see the discussions around the boardroom and they will not be pretty. Weak chairman, disinterested non-entities NEDs who I doubt have anything constructive to add, a CFO who is probably not up to the task, and a CEO wondering who is in charge. If you were Evercore the bankers hired to manage the financing you would be sitting with your head in yours hands (and probably chatting with Crystal Amber)

1. Maris said nothing about strategy, plans etc in the CPR announcement; clearly just a patsy for the board to avoid being given the blame. What added value has he given to date
2. Utterly spineless crew of has-beens led by a craven chairman had another attempt yesterday to turn off the lights and accept f+++ all responsibility
3. Given the importance of the CPR, it failed to explain why suddenly we4st of shetland is bleak, why a filed they havent explored is now deemed worthless etc
4. POO is still putting monies in the coffers and Crystal Amber whose all in price last I looked was 6p must be spitting blood at their treatment
5. It is a total clusterf+++

Absolutely agree -talking about selective disclosure; what about the promising? This RNS has been west of Shetland acreage Maris banged on about. . The CPR provides not a crumb of comfort

the heavily remunerated investment bankers are up to?

I feel for Maris; totally legged over by the Chairman and rest of the Board. Brought on board to give them air cover for their utterly appalling stewardship and total incompetence. he thought he had a shot at running a promising but volatile O&G company, instead what ehy wanted him to do was perform the last rites and sort out the funeral, whilst the Chairman and his useless bunch of NEDs sneak out the back door. Crystal Amber are rightly seriously angry

I find it astonishing that we have a number of posters who seem to feel sorry for Adams, and seem to post as if they are on first name terms, share drinks around his pool etc. It's just a pity he doesn't show the same regard for courtesy and the truth that you show him.

At which point, the market will start seriously doubting whether H will ever get beyond the financing stage, given his astonishing And cynical disregard for meeting any deadline that he proposes, and God knows we’ve had many of those. Rather than just shut his mouth he seems unable to utter anything resembling the truth, though to borrow from Ophray Winfrey its “his truth”

1. BOD totally and utterly out of their depth dealing with CA and the aggressive posse of bondholders. With Trice gone and a hopeless CFO this is hardly a surprise. Hence the heavy-lifting involved needed Evercore and Dentons - a sure sign that things are complex and tricky
2. This is still a difficult call - we could end up being diluted to the wazoo given the bondholders are in driving seat -some glimmers of light only relating to POO
3. Am convinced that Maris's Trappist monk routine is due to (a) finding out that the craven, useless Board had sold him a total pup (b) discovering that his room for manouvre was severely curtailed by the Board's panicked write down which triggered an aggreesive response from bondholders. Only explanation for last RNS abandoning further work ...
4. It all hangs on CPR and Evercore earning their corn and agreeing a sensible arrangement with b/holders.
5. I have no idea what intrinsic worth of this business is beyond fact that they could shut off operations, close down HQ, and just keep pumping 11000 barrels a day at $60 till the stuuff runs out.

A savant ; puts you in the company of Phillip at RAB Capital who got in at 0.6p as our idiot chairman again messed up