Member Info for Fevertreeman

But the Board has a duty to consult with all its stakeholders; including the equity holders, And as others continuew to remind us, they have had chances to buy back the bonds at 50c on the dollar and didnt....

Brought in as chief Executive with a remit we all thought to sort the company out, get it back discovering and producing, and with a cv that apparently was perfect for fractured basin plays like Hur. However the last 6 months have hardly inspired confidence.....and clearly CA feel the same as they gave the benefit of the doubt when he was appointed. It may be he was sold a false prospectus by the board too , though he needed a job, and that far from being brought in to kickstart the business he was brought in to read the last rites, and organise the funeral, that way the BoD could blame him for their ****-ups. Absolutely telling that none of them has a proper economic stake in the business, equally telling that Maris has been virtually invisible and that the RNS announcements have not had his imprint on them. Yesterday's announcement sums it up - if I had been on the Board putting that announcement out I would insist that the CEO take ownership with a quote etc...it was like something out of the Politburo. Either Maris doesnt want to take responsibility or as seems equally likely Useless McTiernan is allowing the Bondholders to run the company and has bypassed Maris completely.

His new tax 'super-deduction' policy kicks off next month until March 2023 . It will allow companies like Carrs to cut their tax bill by up to 25p for every £1 they invest in qualifying new assets like machinery etc.....

1. Lots of opportunities for famers to go and buy new equipment

2. Engineering business may also benefit

A rich hero

Agreed; they have timed their thrust perfectly., having been exhausted by the abject stonewalling of a board that has singularly failed in its duties. This move presents McTiernan and the rest of the useless board with a real problem. They were presumably going to ensure that the CPR emphasised the negative, to speed the move to shutting up shop and paying off the bondholders and sneaking off. That can't happen now. And they must be uncomfortably aware that virtually their entire equity base has rumbled them.

Three steps to heaven..or more...how this might play out....
1. CA sends another letter to Chairman demanding changes and his resignation for the sake of the future of the business etc...
2. Company stays Mum and attempts to drum up support themselves
3. CA releases letter to FT, et al forcing the issue into the open. At same time CA requisitions an EGM
4. McTiernan blusters and flusters then resigns with immediate effect (plus a few others)...

The above clears out the obstructionist board but it does not necessarily solve the strategic issues for the business, but it may lift the cloud over the company and encourage some fresh thinking which is woefully lacking. That needs fresh blood so I wonder whether CA have been having chats with suitable individuals. I cant see Trice returning -he is too toxic...

Agreed

NOVEMBER 10, 2017 Hurricane chairman Robert Arnott left the firm with immediate effect. (BUt rest of board stayed)

..... Arnott said in a statement sent to the Financial Times that his efforts to improve Hurricane’s governance standards and the company’s leadership culture had “failed to succeed due to a reluctance to implement immediate change.”

Arnott claimed “a substantial gap still exists between the company’s current standards of governance and leadership culture, and those expected of a publicly listed company,” and this prompted his decision to resign.

Hahaha - expect CA to launch a full-scale PR campaign highlighting the failure of McTIernan et al in public. And they will have no defence for their stewardship because there isnt one.

All of this could and should have happened by now. THE CEO has been in situ for 6 months. What is becoming abundantly clear to me is that the continued obstruction of the Board (plus appalling communications ) is making it nigh impossible to get anything done her. The Board have signalled they want to shut up shop, pay back the bondholders, and sneak off. CA has blown their cover, as should other shareholders. They have behaved disgracefully

Well put - having sat on a board or two, it is the job of the NEDs to lead on strategy (failed here) ; listen to shareholders and other stakeholders and reflect their concerns in board discussions (failed here) , provide strategic direction (failed here) ; communicate strategy and assist the management in day to day operations (failed here), and to hold the excutive to account (spectacular failure here), not the mention their collective craven lack of financial support for teh company even when Trice was at his zenith.

Its not a change of attitude to PIs; believe they don't give a monkey's cuss. They have painted themselves into a corner since announcing that they might have to shut up shop back in December. McTiernan has to go as do the other directors

The difficulty about releasing a statement is they are then acknowledging they have a problem! They will not issue a statement ...yet. In time believe me they will be forced to issue statements galore. The PR mob will be have been on calls last few days putting some sort of defence strategy together, as Energy Voice will have already contacted them for a comment on the article so they will have known in advance. And the timing of the article is perfect, coming just after yesterday 's non-update. The fact that Hurricane chose not to provide any olive branch in that statement yesterday about consulting widely, proper strategy in place etc, tells you just how bad things are, and also frankly that the Board is paralysed and has no idea what to do.

After hoping the company would slip gently down the plughole and they could engineer to walk away with whats left of their reputations, I would think that things are going to quite uncomfortable for McTiernan, Jenkins, Smith, Shaw and van der Welle. Squeaky bum time. Mark my words, CA have done this plenty of times before. The fact that CA chose to vent their spleen in Energy Voice is deliberate: tell the industry-first so alerting potential player, what follows next will be a textbook high profile campaign by CA using everything at their disposal. I would love to be a fly on the wall of the virtual meeting which d'Ancona will be hastily trying to assemble to work out the next steps, talking points, lines of attack and defence. Good luck with that my friend . The share price is about to start moving north

I don't think that is true at all. They agitated for change at De La Rue and now that business is on a much firmer footing. Companies like Cameial and Sutton Harbour were not being run for the benefit of shareholders etc....quite right that they shake things up. my experience is that the last thing a lot of companies are run for is for the benefit of the owners ie the shareholders.

Absolutely right - no doubt CA monitors shareholder chat rooms because quite frankly I think we have all had enough of the Board's utter incompetence, dithering and disastrous stewardship of the company. I think for CA yesterday's announcement is the final straw for them. Read the comments about the Board and they are a carbon copy of many on here:

1. Confusing and misleading messaging
2. A complete failure of strategic leadership
3. Total misalignment of Board's interests with its shareholders. As CA states - total commitment of teh entire Board a paltry £60k . Utter disgrace.
4. Absolutely deaf to any criticism and a refusal to take responsibility for their actions/inactions
5. The sense that they have waved white flag over the business -why on earth would you exclude your major shareholders from discussions. Business being allowed to drift
So I never thought that CA was in cahoots and now we have the evidence. meantime the Board has spent big on additional financial advisers, and perhaps now we know why. I think we would all be happy to back CA

Oh where's your sens d'humeur

Of course and a gently stewing battered Panama hat for when The Greek announces probably on Thurs April 1st that the funding is still in the process of dotting the t's and crossing the i's and on the final lap etc

I will eat my childrens' hats

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