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Interesting reply from HUR.
The interesting part / new information is that fobids to be accepted by 7th JAN.
Looks like we are very much into the end game.
If I had to guess HURRICANE will likely be sold by end of January.
Hopefully for a decent premium to current price.
CA appear to be playing some kind of game to smoke out credible offers?
Lets see where this goes.... If nothing else an alternative plan from CA will certainly smoke out any other bidders.
Also the options for Albion energy only vest of share price > 10p
> Insane level remuneration. Hard no from me.
Vesting of those options entierly dependent on raising £250million for future HUR drilling.
Wow.... Huge RNS from crystal amber. Any plan to remove the faceless Marris gets my vote. Clearly they have enough backing to ensure general meeting and HUR will shortly issue reply. Game on!
I recommend all HUR holders subscribe for RNS from crystal amber. This about to get interesting
Kistos energy just today restructured to become Kistos holdings. Clearly in advance of a future corporate action... Wonder if they are an "interested party"? Andrew Austin is someone who would make the tax losses work favourably.
> historical tax losses can only be used against corporation tax, not windfall tax
Thanks for correction. That make the retrospective windfall tax even more unjust given the vast sums invested in Lancaster (notionally at the time to provide strategic oil reserves for the UK).
The underlying point remains - as result of tax credits HUR will see a measurable upside from oil price rising. Most other north sea oil producers are currently being taxed at eye watering 85%.
@senseman....
Ultimately it depends on the price company sold for?
If you look what is on offer here (cash in bank, 8k bopd & tax credits on historical debt) it seems likely someone will be interested... However any credible buyer would want to act sooner rather than later if they are to maximise tax credits while Lancaster still producing.
As for Marris, yes a chocolate tea pot. It is clear the management have no aspirations to develop/ progress Hurricane. Therefore get it sold!
At risk of stating obvious.... Historical debt means that HUR is (for now) unaffected by the windfall tax.
That is not the case for most north sea oil producers where price of oil rising simply results in larger tax bill.
Sit tight - it seems likely someone somewhere will see tax benefits in Hurricanes losses & growing cash pile.
If Marris gets this sold before end of January then all is forgiven.
Anyone ever seen an online interview with Marris?
hopefully it means a deal almost done and general meeting not required.
Maybe they will buy back some / all of crystal amber's holding (maintaining their overall %). They clearly want out now...
Buyback fine with me.
Rockrose and Kistos were both companies formed by Andrew Austin (both of which have done very well). The hurricane connection is fascinating as AA would have a good eye to make the tax credits work.
Interesting.... Let me add some more relevant information to the jigsaw.
Just today the ex-CEO of RockRose (Andrew Austin) today applied to have his new company (Kistos) restructured into Kistos holdings. Suggests to me he might be planning reverse take over of another company ?
See RNS below.
https://www.lse.co.uk/rns/KIST/notice-of-general-meeting-scheme-of-arrangement-hbnadsbwalr61ws.html
Impossible to second guess the motivation given limited information presented - but there appears to be some kind of corporate action or deal incoming.
Interesting RNS... My guess is a potential reverse takeover potentially incoming?
Buy into a company with historic debt (hurricane energy?)
Merge into that company and use their historic losses to offset against windfall tax?
Next year's GERs figures going to be spectacular. Some 10-15bn being siphoned out the North Sea into Westminster coffers. Who said Scotland was a subsidy junky. The Tory bams are milking north sea dry. Many oil companies basically paying 80% retrospective tax on previous investment decisions.
... that is a fair point.
No sign so far he is still holding?
169k shares.
Which from previous RNS he bought at 5p?
So about 8k worth.
Absolute buttons compared to his 400k salary.