Member Info for haggis_trap

> Quick question, is everyone still thinking the management team is the real deal

I don't doubt their geological skills or integrity.
Commercial skills lacking so far.
Any kind of monetisation of Kveikje should see share price jump from this low level.

Right - I am back in...
Might yet regret this!

Some simple maths : Kveikje discovery (3.5 million barrels) should be worth ~17.5million ($5 / barrel).
Current market cap is just £5 million.... There is a clear disconnect.

Assuming they can monetise Kveikje by end of the month, as promised, then share price should surely move upward.

Sad to see what has become of share price here... Sold out at 40p (for chunky loss). Still think the management team is legitimate and will might come good eventually. Could be good investment at these prices.
3 issues:
1) need to prove they know how to monetise discoveries to date.
2) they are completely at the behest of equinor.
3) very small fish in big pond

> Clearly the market is saying nobody will get the 12.5p

At share price of 6.5p the deferred units are valued by market at 0.5p rather than 6.5p suggested possible.

By the way... If guaranteed 12.5p I would take it too. So I don't blame CA.

RB has been likely been bought out with special dispensation to ensure CA get their 12.5p. Why else back this scam?

12.5p is a fair price. But not structured this way. Shareholders have no comeback and still carry risk after sale (for less reward)

By the way : other reverse take over offers were on table. I bet many of the equity swap deals were worth more than this stich up.

This is a rotten deal. Basically sell company for 6p (funded by our own cash) for a smaller share of future profit. It absolutely stinks. I am out as I don't trust the board / prax to deliver the full 12.5p (nor does the market). Would rather take 7p now. The alternative is 7.8p in 12 months time with maybe more to follow....

Sadly with CA and Kerogen likely bribed to accept the stitch up it seems a done deal to me. That Maris (a wage thief) walks away with million pound bonus for destroying company is a sickener.

The first time I ever heard Maris actually speak was in presentation announcing this terrible deal. Prior to that he was unable to articulate future prospects to market . The man is a rat.

I have sold at 7p.
Better than 4-6p in June plus (maybe) 1.8p in 12 months time.
At least I can put cash into a company that cares about its share holders
F--k Maris. The man is a criminal in my eyes.

That is a real boot in balls. F--k Maris and his board.
Daylight robbery. However he will get his million pound bonus.

My *guess* is CA & Kerogen will some special deal, not available for PIs, to offload their deferred preference units immediately after the transaction (therefore getting the 12.5p up front to sweeten the deal).

PRAX group have a presentation written by HUR on their own website.
That HUR havent posted this to their own website speaks volumes.
Clearly in cahoots. SCAM!

https://www.prax.com/offer-for-hurricane-energy-plc/

^ See the dodgy deal thread.
It is all summarised there for you

see the dodgy deal thread for summary.

> Do we get to keep our shares then?

you will get 6p per share plus a "deferred consideration unit" paying 17.5% of future profit (upto maximum of 6.5p)

f--k dat.
why not just keep your existing HUR shares and 100% of profit ?
this deal is rotten.

The RNS is complex. Let me explain the deal in summary.

To be paid up front:
1) Transaction dividend 4.15p.
To be paid in 2x amounts of 3.32p and 0.83p (14 days after transaction completes)
2) Supplementary dividend of 1.87p
This to be paid assuming no issue with April 2022 uplift

So total of just 6.02p upfront per share.
This is less than current cash in bank!

This will be supplemented by:

3) Deferred consideration of upto 6.48p maximum.
This is basically a 17.5% share of future profits so could take 3-4 years to accrue.
Though if Prax can use tax credits it might be paid earlier.

In total these would give a final transaction price of 12.5p.
My view is that this deal is a STINKER.

On the face of it 12.5p is reasonable offer. However not structured in this way where shareholders remain saddled with future risk (in return for smaller share of the profit). Would you sell the company now for 6p/share in return for 17.5% of future profits ?

Lancaster has produced 200K barrels with another 250K to potentially follow.
It seems CA and Kerogen (44% of shareholders) have agreed to back the deal.
However approval of 75% required ?

I will be voting against.

Would you sell shares now at 6p (less than cash in bank) in return for 17.5% of future profit? This deal is a stinker

Hold the horses ... I am still processing the RNS. On face of it 12.5p seems reasonable. The issue is shareholders only get 6.5p now with the remainder being deferred dividend payments (~6p) from 17.5% of future Lancaster profit.

I need time to process information. However initial reaction is I am not impressed. A small payment now (matching existing share price) followed by 17.5% of future profits.

SCAM?

Interesting weeks ahead given ongoing FSP and Q1 capital return. One might argue the capital return (giving profit to shareholders rather than invest in future growth) is designed to suppress share price....

The management clearly got no ambition beyond running Lancaster down.

The greedy retrospective windfall tax has crippled Kistos at time they should be producing record profit. Almost as if the Tories see it politically expedient to destroy the north sea industry (given its economic importance to Scotland). Ultimately consumers will pay cost of increased oil & gas imports because the domestic supply has been trashed. Who would explore or invest in North sea right now?