Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Oldman, just had a look too and does look that way... At no point have hur made it clear we get to present a vote to the court or if they have it was buried in a jungle of jargon. If so this is great news isn't it because the court will see just how many shareholder are for and against rather than just how many share are for and against. Thoughts ? Thanks
Sorry some one do an edit please said wasted twice, I'm on my phone in the sunshine. Thanks
1. Will DCUs remain under ISA or SIPPS umbrella?
2. Why did HUR cite cash production standalone figures based solely on $80 Brent? Why were not higher Brent sensitivity figures included in the estimates?
3. Would Messrs Maris & Chaffe explain why their 2022 AGM comment that P6 catastrophic failure risk was minimal has mutated, for deal justification purposes, into being major risk?
4. On 27th March, Hurricane communicated to a shareholder that up to another $60m would be needed in wind down costs on top of the $60m already collected, leading to only 0.83p expected dividends per share in 2024. Can the board please provide the reasoning/cost breakdown for the $120m wind down.
5. What is current OPEX April 2023? What is projected OPEX average for 2023?
6. In the Scheme Q&A, hurricane stated that they would not buy other assets because Crystal Amber would not support this. If this were not the case, could you please outline what your future plans with the company would have been, and how much we could expect to see returned.
7. Is there opportunity to develop the Lancaster sandstone reserves of 20m barrels of oil? If not, why?
8. Which party was the principal insister on the Irrevocable Undertakings? Prax, HUR or CA?
9. Having restated in recent RNS it has no confidence in HUR BoD, have CA stated what action it will take if 25% vote NO?
10. Will the CEO be resigning if the vote does not reach 75% yes vote vote as so much time and money wasted has been wasted ?
Sorry could not resist that one as I would surely love to see him and his side kick step down. On another note these questions if ignored come into play for plan B if needed as it will be frowned upon by a judge if we are not answered appropriately.
Well done senseman as usual for getting the questions started. Thanks
Hi Drew we can object to the court if the vote passes using section 994 of the companies act 2006, I am willing to submit the objection but I would need help formulating the objection... Thanks
Good explanation of it Kooba I have a greater understanding of it now. Thanks
Sense or any body can you explain that concept but put into our situation here we have now so I can understand it better please, I struggle to get my head around things sometimes as suffer with brain fog... Once I understand I will go off and research more to try and help find more info
Pro investor,
I hear what you are saying and I’m only putting suggestions out there, I am planning on filling out whatever paperwork needed for an objection or attending the court which ever is the procedure ( haven’t got a clue how it would work yet ) but I do need ammunition as I can’t turn up with an empty objection to prove unfair prejudice. So I’m throwing ideas around to try and spark up ideas in other posters so as to help me with this as this will be new territory for me and don’t really have a clue what I’m doing compiling an objection to take to court. Haha heeeeelp
Sefton, the idea had popped up in my head Maris personally being sued as it could possibly scare off prax as buying a company where the CEO might be found guilty of derelict of his duty to his shareholders at the coup attempt lol might just be enough bad publicity for buyers to run for the hill as for all they know fraud could be uncovered, but I haven’t got the funds nor the inclination to climb this mountain.
As far as the courts there is the companies act 994 which states in black and white the judge will take into consideration the objections of minority shareholders of unfair prejudice, if the law can be used to our advantage we will use it best we can. If we sit back we get what we are given..
Mariog
If we knew we going to get Zaccaroni to be checking over the deal I would certainly relax alot more as he would have a field day on their asses for trying anothe coup lol
This is a real long shot but do you guys think if we put our own terms forward as to what changes we would need to be implemented to change our vote to a yes and not objecting at the courts, is this worth a try ?? As I do think they are a little nervous right now as their communication is normally inept and now they seem to be communicating on a way different level, is this because they may need the ruling judge to see they have made every effort to be transparent and fair/helpful to all levels of shareholders or has our sheer number of PI’s ( think prob a 100 ) ) who would vote no and would object at courts got them a bit jittery ??
My main terms would be Hur to stay listed on the stock exchange so as to uncomplicate the tax position for the PI’s with isa accounts or prax to buy Hur out right then they can do what the hell they like with it…
shout out your terms so we have a record but be concise and keep it within the realms of possibility as a judge may be reviewing it at some point, and we don’t want to seem like we’re the unrealistic minority just unfairly treated.
Do we have any rights before the vote to put our terms and conditions forward as minority shareholders anyone know ?? And if we get ignored on this it still plays into our hands asit’s lots more ammunition for when we object to the judge that the minority shareholders were ignored. If we were to to submit our terms would we submit it to hur or stifel ?? Just throwing ideas around guys to see if we can really rock the boat.
I’m also very interested to find out what the tax situation exactly will be with our isa accounts as if we will be taxed on the Dcu’s then I think it will go in our favour with the judge as surely that comes under the unfair banner to change the minority shareholders tax position. I will contact my broker again to see if they have had clarification on this.
On another note if you have any questions on how the deal would affect you as a shareholder to put to hur don’t hesitate to ask them and ask as pertinent a question as you can to them because it’s all ammunition if we fail at the vote and have to then object. Sorry to waffle on, I now have brain fog.
Yes thank you I did see, I just hope I get some back up with understanding how it all works and what is to be done and getting together clear concise objections as I struggle understanding technical jargon sometimes. Thanks
Yes kever you are correct I wasn't being careful with my facts but sure alot knew what I was getting at. I will endeavour to be more exact in the future...
I think we are on our own sefton as Crystals hands are pretty tied as far as I can tell. Buy who is to say that maybe RB maybe forced Hur to put the for sale sign up for Hur and then Hur goes ahead with the sale on the proviso that RB will back a deal and now he’s between a rock and a hard place. It wouldn’t surprise me if some 1 on Hur board had some communication with prax before they instructed Stifel to deal with the sale, it just so convoluted.
Senseman
p6
9 jan 7800 bpd water 51%
2 april 7530 bpd water 53%
so production falling circa 90 b per month, water increasing 0.66 a month
IF linear, production end dec 23 6720 bpd, water 60%
p6 currently holding up beautifully.
Good news Sense.
All the more reason for us to keep 100% of the ownership of Hur than a bad deal and being left with just 15% of poss future profits.
Thank you Former, the deal has to be finalised by the courts and we have the right to object, so yes we can get our objections in front of a judge but we have to hope for a fair minded judge to get a fair crack of the whip to overturning this deal. Thanks
Easyp
Very good.....the Prax deal sucks but CA has sold us out so I don't see it being defeated
Don't worry we have plan B if we happen to loose the vote, I will be objecting on the grounds of fairness to us smaller PIs. If we get a fair judge they will not win....
Good point Dflynch, I have no idea but when we voted for the cancellation of the Company's share premium account it was 3 weeks between the vote and to the judges decision, I'm not sure whether this has any relevance.
Sense I agree not quite relevant just yet and needs sitting on just incase the vote was lost but I purposely posted hoping Hur/prax are reading this and see it's not going to be a walk in the park now we have plan B too as back up. Let's hope we don't need plan B
Asi I would deffo need help in the area of herding lol but I am sure the sentiment of wanting to keep Hur in the hands of us shareholders if a shabby deal was all that was on offer that we would see willing participants ready to sign objections with their real credentials, well I hope anyway.
Oldman yes I think any ammunition along the lines of what we have done to point out to Hur that smaller PI's are being unfairly treated by this deal are helpful, we also have not had clarification about how it affects us on the tax/ISA situation too which we have asked for, we would need to compile as long a list as possible to back up our objections. Thanks
So if the no camp did loose the no vote even minority shareholders still have rights when the deal is put to the court to be signed off...
This is what I've found that we can object using section 994 of the companies act 2006, I've put two links below one of which is the government site link and the other an elaborated explanation of it which I found it simpler to understand and I am sure there are many more on line too.
So if we all signed an objection using this act of unfair prejudice ( other possibilities too with this act ) to us we may sway the court as I'm sure there will be around 100 of us which is a good amount to get the judge's attention I'm sure.
https://www.4newsquare.com/unfair-prejudice-petitions-what-makes-prejudice-unfair/
https://www.legislation.gov.uk/ukpga/2006/46/section/994#:~:text=994Petition%20by%20company%20member&text=(b)that%20an%20actual%20or,or%20would%20be%20so%20prejudicial.&text=(b)on%20any%20other%20improper,part%20of%20the%20company's%20members.%5D
If prax and hur see that we could still block this at the last hurdle then they may come back to us before the vote with a higher offer as well as it being structured more fairly like not taking Hur private and giving us dividends so our tax situation is not changed. Thanks and hope if this is usable and it gives us a little hope hur won't be swiped from underneath us without fairness.
Thank you Asi with that clarification, could I also ask would this deal be orchestrated within a scheme of arrangement if you know please.