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Thanks for your input.
Really appreciate that.
Suggestions please!
Should i be averaging down today or shall i wait some more time for it to go down, as i am holding shares at an average price 1.8p for long.
Thanks
"In the event that the FSP does not result in a transaction, the Board intends to commence a significant capital return programme with up to $70 million (equivalent to 3.1 pence per share[3]) to be returned to shareholders in Q1 2023, upon completion of a capital reduction. "
Who would benefit from it, i mean someone who would buy now or someone who was holding during the date of the RNS? 77
Sorry to ask but if anyone could advise what was the cut off date share holding to avail the dividend.
Voted
I was wondering if we could file a case on the matter if fact the BOD disclosed the proposed deal to the 11% plus shareholders before official RNS.
I'm a HUR holder and remember Crystal Amber and the shareholders revolt against the HUR board last year and saved the company from being handed over to the bondholders for as good as free. The judge ruled the case in favour of the shareholders and look the company now, it's totally in different shape and value.
We must plan an action like this. I would love to support it to save us from this self centered BoD and major shareholders.
Thanks
Same were my thoughts... When I paid 8.36 for it and since then it started going down...
No one knows what happened in the background which gave free fall to the share price...
But very happy to see it catching momentum today... Hope more green days ahead...
Good luck all
13mil is lot of money for HUR and it's shareholders I guess there should be some expenses which were not mentioned. But they should have mentioned about it I suppose.
Thanks VistaMan.
But I've deducted 2.25mil for Apr and 3mil for May @75k per day and also deducted 8% commission on the May lifting.
What am I missing?
From 19May RNS:
"As of 30 April 2022, the Company had net free cash(4) of $92 million compared to the last reported balance of $106 million as of 31 March 2022. During the month, there was a net movement of $3.2 million from free cash into restricted funds in line with the terms of the Aoka Mizu FPSO Bareboat Charter extension. $78.5 million of Convertible Bonds remain outstanding and are due in July 2022."
30Apr balance 92mil that is 14mil less than reported balance of 106mil on 31Mar where as it should be:
106 - 3.2 - 2.25 = 100.55mil
That's around 8.55mil short as per calculations.
Again from today's RNS:
"The 29th cargo of Lancaster oil, totalling approximately 547 Mbbls, was lifted on 24 May 2022. This cargo was priced by reference to the average of the first five days of May's Dated Brent quotes, being $110/bbl, resulting in net revenue of $59.5 million. The next cargo is anticipated to be lifted in late July 2022.
Financial Update
As of 31 May 2022, the Company had net free cash(4) of $139 million compared to the last reported balance of $92 million as of 30 April 2022. $78.5 million of Convertible Bonds remain outstanding and are due to be repaid in July 2022. Following the repayment, assuming oil prices remain at over $90/bbl, at the end of July the Company is forecasting to be holding net free cash in excess of $75 million. If oil prices for the July cargo are above $120/bbl the net free cash forecast increases to be above $90 million."
Calculations:
92 + 59.5 - 3 - 4.76(AM commission from last lifting) = 143.74mil
That's 4.74mil short.
That's total of 8.55 + 4.74 = 13.29mil
Am I missing something in my calculations?
Thanks
Yes as the whole market is red today and that's effecting HUR too.
Managed to add couple of thousand more shares to my account.
Thanks
Its a going down even though with the good RNS.
No clue why.
Very true Steve, its win win for them.
Thanks BD and CP
Hi Bigdouble,
I would rather loose all of my money then supporting this deal. I had invested in for Solo's Tanzanian asset and can't let it go for a peanuts.
I would support against the deal.
Lets start a thread with number of shares held so that we get an idea how much shares in total we are in control of.
Shareholders and Crystal Amber saved HUR from being robbed by bondholders. Now we SCIR shareholders need to save ourselves from WEN.
Thanks
Same here, dont know why did i get greedy when it went up to 0.8-0.9p old price. I would have made some profit then, now its all major loss after holding on to it for more than a decade.
It seems to be something dodgy with this deal. Looks like we are giving away asset for free after loan repayment and future expenses.
I holding on to my shares just to vote against the deal
Very true DLPSOLO.
"Wentworth to provide Scirocco with a loan of up to $6,250,000 to meet
all cash calls pursuant to the Ruvuma JOA arising between the Economic Date of
1 January 2022 and expected Completion timeline.
The first $3m to be drawn under the loan is interest free however any
amounts drawn in excess of $3m will incur interest at a rate of 7% per annum
until such time as the grant of the security in respect of the loan is
approved by the Minister for Energy in Tanzania."
Does that mean we will pay millions till the deal is approved and signed. That will be further deduction of millions from our 16mil sale price.
If thats the case then this deals looks further more terrible.
I guess AEX cracked a better deal of around 20mil than us few year back when the oil and gas market was low.... now even at much higher oil and gas prices we are selling our asset for lower price than AEX
No doubt this will see more than 100% rise today
I would end up loosing 1000s of pounds even if i sell with with that kind of rise in the share price.
Not a deramper but just a frustrated LTH
LTH have been waiting for years and we wouldn't mind holding on few more months or around a year for the project to come to final conclusion.
Just to clarify Solo went to 0.8-0.9p hence mentioned 16-18p