The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
^ If Crystal Amber sold shares on open market it would likely bring price <7.7p. More likely is they sell their 29% stake as a block (purchaser then likely agrees price for remainder of share capital to complete take over).
Interesting game of cat and mouse
From reading the latest Crystal Amber RNS it is clear they would, given their own circumstances, prefer exit now (at 7.7p) rather than wait for higher offer.
Trice got the oil water contact badly wrong.
However at least he didnt try to give company away for free.
The current malaise is hangover from a board talking company down at every opportunity prior to restructuring.
Trice got the oil water contact water.
However at least he didnt try to give company away for free.
The current malaise is hangover from a board talking company down at every opportunity prior to restructuring.
Excellent RNS this morning and finally some interest for LTH.
The board have (rightly) take some flak in recent months.
However todays news is exactly what we all wanted.
Pro-active and upbeat forward looking statement with clear intent.
Credit where credit is due.
My guess ? I expect company to be sold (10-14p) within weeks.
The tax losses at hurricane could be offset against windfall tax. Purchase price (7.7p bid) just about covered by cash in their bank. Could be a good fit for both parties.
The anonymous Maris needs to go .... Absolutely useless at articulating positive case or future vision. 9k bopd, debt free and £100mil cash in hand is a decent position to build from. The fundamental problem is that post-Trice the board has talked company down at every opportunity (yes : there is not billions of barrels, but value clearly remains)
Get your emails written. Copy the board and independent NEDs. Keep it polite / factual and on point!
antony.maris@huricaneenergy.com
philip.wolfe@hurricaneenergy.com
robin.allan@hurricaneenergy.com
linda.beal@hurricaneenergy.com
john.wright@hurricaneenergy.com
david.craik@hurricaneenergy.com
juan.morera@hurricaneenergy.com
linda.beal@hurricaneenergy.com
Plus R.Bernstein (@Crystal Amber)
rb@crystalamber.com
We should also compile list of share holders who can be contacted
antony.maris@huricaneenergy.com seems to do the trick
Copy the whole board and NEDs for good measure:
philip.wolfe@hurricaneenergy.com
robin.allan@hurricaneenergy.com
linda.beal@hurricaneenergy.com
john.wright@hurricaneenergy.com
david.craik@hurricaneenergy.com
juan.morera@hurricaneenergy.com
linda.beal@hurricaneenergy.com
Plus R.Bernstein (@Crystal Amber)
rb@crystalamber.com
> My guess is that they're thrashing around, and can't decide.
Either way... Marris needs to earn his salary or resign!
> haggis you could try spelling his name right. Doing that should work wonders.
Uhhhhm : Look how it is spelt on company web site...
Antony Maris
Almost like they really dont want anyone to be emailing the CEO ?
https://www.hurricaneenergy.com/about-us/board-directors
I want to make sure this reaches the target (marris + NED)
I reached out and asked to speak with someone at the company and was fobbed off by comms@hurricane.com
Hence my reply below.
-------------------------------------------------------------------------------------------
HUR board,
Thanks for the reply.
> the Company has been working hard to reduce its cost base, including reducing the headcount.
Can I assume from this comment that then "plan" is now to run down Lancaster P6 well then wind the company up?
If this is the case, then the board needs to release cost analysis to the market of its decision.
In particular it should be explained how the growing cash pile might be returned to investors in future.
Ultimately a board of directors remain legally obliged to act in the best interests of shareholders. This includes transparency with the markets over future intentions. Understandably, following the failed restructuring plans of 2021, considerable scepticism remains about the Hurricanes board's true motivations and allegiances. With benefit of hindsight the court were entirely correct to refuse consent. Yet no one at the company has ever admitted responsibility or resigned over the sham restructuring proposal. Trust is important and needs to be earned.
The company is now debt free and producing 9K bopd. In addition, the tax credits are clearly of value to someone given recent implementation of windfall tax. With current high oil prices, it shouldn't be difficult to articulate a positive future case!!
Yet.... the CEO seems unable, or unwilling, to do that. Astonishingly there is not a single video interview online (Pro-active investors, Malcy etc) with CEO Antony Marris. He remains faceless and anonymous to the market - despite drawing a significant salary. I find it quite astonishing there is no one at the company available to speak with long term investors. During the period of the failed restructuring (when cash actually was tight) the company employed Phil Corbett to fob-off the difficult questions. Now prospects look much better there is complete radio silence. This is unacceptable but speaks volumes about the motivation of those involved.
Thus far the only future plan is to relinquish existing licenses and confirm there will be no P8 well. Neither of these add value for shareholders. If Antony Marris is unable to articulate a positive case for the company's future prospects, then he should do the honorable thing and resign immediately.
Yours Sincerely
Has anyone got an email address for anthony marris ?
The one you would expect to work (antony.marris@hurricaneenergy.com ) bounces.
Almost like the f--kers dont want you to get in touch with the faceless CEO...
> I was just wondering what Maris does all day?
I can tell you one thing he doesn't do is answer requests for investor phone calls.
Try emailing comms@hurricane.com with request to speak to a person about your concerns...
The silence is deafening.
We are all rightly frustrated with lack of transparency and plan. Marris is useless. However I think this remains low risk. Debt repaid, producing 9k bopd and market cap covered by cash in bank. Someone will surely see value ...
^ my one concern is board happy to give up everything that night be of future value:
- licences relinquished
- no P8 well
- now potentially the tax losses (if Lancaster stops production)
Almost like they want to milk the company dry...
On the other hand the company is a cash printing machine...
So why are management not out promoting the company and its future prospects?
Can anyone find a single video interview with Marris online?
No wonder people dont trust him.
I believe it would be possible for someone to make offer to take over Hurricane and then pay off share holders using the ever growing cash in our own bank account?
Crystal Amber (with their 29% stake) remain in driving seat and have board by the balls. Not least given 20% of company also held by private investors.
As cash pile grows then a takeover (solicited or not) surely becomes ever more certain....
I think anyone taking Crsytal Ambers 30% stake will quickly make a move on the entire company.
The reason CA held such figure is because it is just below threshold required for a mandatory takeover.
Thus allowing them to hold Marris firmly by the balls.
Apology for poor spelling above.
No excuse, but on phone!
Would edit if I could
Apology for poor spelling above.
No excuse, but on phone!
Would edit if I could
So a teflon "none stick" reply to the questions below. Posted here for the benefit of others who has also provided thoughts and comments. If emailing the HUR management team then keep it polite and straightforward.
I am still holding in hope of a takeover / sale.
Good luck all, you deserve it.
--------------------------------------------------------------------------------------------------
Q1) Will the management be "showing face" and doing video interviews (with Malcy / Proactive investors or similar).
Now debt it has been repaid it is time for management to promote the company and its future prospects
In terms of press coverage, we are work closing with our communications company regarding possible interactions with the various press outlets. Please note however that we have no control over what/when they report or print or choose to interview.
Q2) Will the economy be employing a new head of investor relations in future ?
I note that they could justify employing one to answer difficult questions prior to the restructuring when companies financial future was in jeopardy. So why not employ a replacement now future prospects look brighter?
The Company continuously looks at its staffing levels and future staffing requirements. At this time the Board are considering future plans and any consequential impacts on staffing requirements, and the lead times to bring in new senior team members.
Q3) When will the senior management be buying stock in significant volume? This has been promised in the past but never delivered. Until management interest is visibly aligned with shareholders then suspicion of their motivations will remain.
As was stated at the AGM, the Company is looking to put in place a revised renumeration policy, that will include a more aligned share scheme. It is hoped that this will be in place soon to allow senior management to review share acquisition. Please remember though that the senior management are often party to inside information that prevents them from purchasing on the open market.