Sapan Gai, CCO at Sovereign Metals, discusses their superior graphite test results. Watch the video here.
This is the end of the line.
Let us part in peace.
GLA, 🐸
No gloating from all in support of the scheme, please!
Be gracious.
GLA, 🐸
What the point of people going to the station AFTER the train, on time, has departed! A word comes to mind!🐸
Some must be v. jubilant, I am not.
But, c'est la vie!🐸
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.
7 June 2023
RECOMMENDED ACQUISITION
of
Hurricane Energy plc ("Hurricane")
by
Prax Exploration & Production PLC ("Prax")
to be effected by means of a Scheme of Arrangement
under Part 26 of the Companies Act 2006
Court Sanction of Scheme of Arrangement
Hurricane and Prax are pleased to announce that earlier today the recommended acquisition by Prax of the entire issued, and to be issued, share capital of Hurricane (the "Acquisition"), to be effected by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 (the "Scheme"), which was announced by Hurricane and Prax on 16 March 2023, has been sanctioned by the Court.
The Scheme will become Effective upon the Court Order being delivered to the Registrar of Companies, which is expected to take place by 7.00 a.m. on 8 June 2023. There has been no change to the expected timetable of principal events for the Acquisition set out in the announcement made by Hurricane in relation to the Acquisition on 24 May 2023.
Dealings in Hurricane Shares will be suspended with effect from 7.30 a.m. on 8 June 2023. Accordingly, today will be the last day of dealings in, and registration of transfers of, Hurricane Shares.
Subject to the Scheme becoming Effective, it is expected that the admission to trading of Hurricane Shares on AIM will be cancelled at 7.00 a.m. on 9 June 2023. A further announcement will be made when the Scheme has become Effective.
Full details of the Acquisition are set out in the scheme document in respect of the Acquisition which was published on 6 April 2023 (the "Scheme Document").
Defined terms used but not defined in this announcement have the meaning given to them in the Scheme Document.
Dentons UK & Middle East LLP is providing legal advice to Hurricane. Pinsent Masons LLP is providing legal advice to Prax and the Prax Group.
Contacts:
Hurricane Energy plc
Antony Maris, Chief Executive Officer
communications@Hurricaneenergy.com
+44 (0)1483 862820
Stifel Nicolaus Europe Limited
Financial Adviser, Nominated Adviser & Joint Corporate Broker to Hurricane
Callum Stewart / Jason Grossman
+44 (0)20 7710 7600
Investec Bank plc
Joint Corporate Broker to Hurricane
Chris Sim / Charles Craven / Jarrett Silver
+44 (0)20 7597 5970
Vigo Consulting
Public Relations Adviser to Hurricane
Patrick d'Ancona / Ben Simons
Hurricane@vigoconsulting.com
+44 (0)20 7390 0230
Prax
Alessandro Agostini, Head of Exploration and Production
(Care of Camarco)
+44 (0) 20 3757 4986
Gneiss Energy Limited
Financial Adviser to Prax
Jon Fitzpatrick / Paul Weidman
+44 (0) 20 3983 9263`
Camarco
Public Relations Adviser to
IWEB also withholds 30%, due to own internal dividend processes when income is generated in the US. I changed to x-o (Jarvis) who only applies 15%. Just done it after last dividend. Will know for sure at the end of the month for next settlement. x-o offers a cheap dealing cost of £5.95 per trade(s), similar basic setup as iWEB. Best, 🐸
Somm,
DCUs (Deferred Considerations Unit) to a maximum of 6.48p in total payable every six months at varied amounts, they could take up to 3 years to be settled. DCUs are not guaranteed and the amount could be zero. Best, 🐸
Here is the link: -
https://wp-savannah-2020.s3.eu-west-2.amazonaws.com/media/2023/06/COTCO_Press-Release_June-2-2023.pdf
Best, 🐸
Somm, "Does anyone know when the Scheme will become Effective - rough date?"
If scheme sanctioned by the Court on 7 June, it will be effective right after on same day. First payment of 6.02p will be within14 days thereafter.
All shares bought prior to the sanctioning will be entitle to the 6.02p. Best, 🐸
PAX
PRAX
PRAT
🐸
Kever, naughty child,
You have made your choice, and so have I.
I have considered all my options, even selling in the market before the sanctioning on 7 June. I have decided against it and will wait for the outcome of the Court hearing. If the scheme were not to be not sanctioned and had I sold my holdings, I doubt I would be able to be back in at the same SP. If it is sanctioned and the DCUs are not honoured, I still will have no regret because it is the choice I made - regardless of any outcome, I will make a v. good profit. 🐸
Kever, dear soul,
Again, you took it personally and quite wrongly. The clue in my post was "… quite happy to accept a deal because beyond the initial payment they would, more or less, break even when/if the next DCU payment would be settled.” Meaning that someone would break even only after the 1st DCU payment, if it happens.
As for the 6.48p I wish I could be as confident as you, but I am simply not. Having said that, I would be happy to be proven wrong as it would make a 349% total return for me on 800K shares and 529% on 200K.
And I still think it is a horrendous deal. Let us see what will happen on 7 June ;-) 🐸
Broomtree,
Thanks, appreciated. Bastille-days are no longer du jour, burning cars and smashing store fronts are far more amusing now, a revival of 1968-days. Perhaps you could smash/squash something on my behalf if you were to attend, a fly on the wall maybe?
Threads, "exclusive" or not, are still here for all to see, some more popular than others. I would put the one(s) you refer to in the "others" category ;-)🐸
Broomtree,
As I have said many times in the past, either way I will be in v. good profit.😎
As for the sanctioning of the scheme is concerned, how would I know in what way it is going when it has not taken place yet? What I know for certain is that on 7 June I will be in hospital recovering from an ankle surgery. 🐸
Kever, sweet Kever, you take things too much to heart.
Your quoting me is from the thread “RNS and Takeover” to which you have not contributed and hence it could not have been in response to what you may or not have said as your post seems to imply.
However, by what you wrote and in having denigrated the merit of HUR going alone, it seems that you solely focus on the survival of well P6 and thus adopting the glooming perspective portrayed by a reprehensible BOD. The 26/05/23 RNS, in contradiction, shows an entirely stupendous situation, which glorious report (the only one from AM) was of course published well after the passing of the resolutions. Entice the credulous with fire and brimstone then ridicule them for believing!
My vision of HUR is not solely on the performance of P6, still doing quite well incidentally, but more so in the potential towards the prospects of further exploration(s) and/or acquisition(s), ensuing more riches, while, in that pursuit, benefiting from the tax credit of c.230/250M for ourselves. We have the capital towards that goal, given the chance, probably nil now due to the support given to the scheme. As it stands, we are gifting the latter sum to PRAX and get nothing in return for it, the whole scheme being financed with our own money and current and future production from assets we own. Meanwhile, PRAX will keep 82.5% of P6 ‘s revenues till they honoured the capped DCUs, if they do so, and 100% beyond that.
What is there to not like, eh? 🐸
Here is the dichotomy of those who say the main reason to invest in the stock market is to make a profit, yet the same people are quite happy to accept a deal because beyond the initial payment they would, more or less, break even when/if the next DCU payment would be settled. To those I would say very loudly how inept they are!
If I were to invest to break even, it would be wiser to leave my money in the bank, I might even be better off by earning some interest on it. Personally, I am not investing to break even, I am investing to maximize my investment(s) and make them as financially rewarding as possible. I base my own judgment towards such goal and this deal do not meet my criteria, and by a long shot.
Either way, I will come out very good, but given the opportunity, denied by all those who agreed to that devilish scheme, I might have (still?) come out even more fantastically good in a longer run.
I also understand that the world of investment owes me nothing, as broomtree puts it - incidentally, misquoting by perhaps a lack of grasp of the concept of the conditional “would”, but by George, I will endeavour to use such world to make as much money for me as possible. Otherwise, I repeat, what would be the point of investing?
Utterly nonsensical to the extreme.
ASI, you are naughty, enjoying popcorn, what about your waist? Likewise, I am awaiting the finale, although I am still on the stage while you are on the balcony watching the drama unfolding ... with yet more popcorn I presume.
GLA 🐸
Here we go, are the fireworks going to start again?
Some have said they have bought in HUR after due diligence, or words to that effect, and that this deal is v. good. In my view, had they carried out due diligence presently they would have realised how horrendous a deal it is, regardless if one is under water or would make a good profit from a v. low average.
As for the DCUs, there are not guaranteed. Therefore, they may or not be honoured. Over this, from the horse's mouth: -
“The Deferred Consideration Units are complex instruments and a number of factors will determine whether any amount will actually be paid to Scheme Shareholders by way of the Deferred Consideration Units. The minimum payment under the DEFERRED CONSIDERATION UNITS COULD BE ZERO.” last capital letters are mine
Cf. RECOMMENDED ACQUISITION of Hurricane Energy plc (“Hurricane”) by Prax Exploration & Production PLC (“Prax”) to be effected by means of a Scheme of Arrangement under Part 26 of the Companies Act 2006
There is no point arguing over this. It is factual!
The only guarantee is a payment of 6.02 p/share within 14 days of the effective date, pending sanctioning from the Court. GLA 🐸
Hi Djones21476,
See below a self explanatory message I have posted under a different thread. iWEB is part of Halifax, both from the Lloyds Group. They all share the same rules and processes etc.
[Further to my post of 10:22am, here is the reply I have received from iWEB: -
“Thank you for taking the time to contact us about your complaint. Please see our final response for your records.
Initially, please accept my sincere apologies that you have had cause to complain about our service. I would like to assure you it is never our intention to cause you any such difficulty and I am sorry if this has been the case.
My understanding of your complaint is that you are unhappy as you are yet to receive the capital return payments from Glencore. This was due on 1st June 2023 but has not been paid yet and you would like to know why.
As previously advised, the payment has not been made to customers yet as we are yet to receive the money. I regret that this is out of our control, and we cannot make guarantees as to when such payments will be received.
As per section 7.8 of the agreed terms of service,
“All income received by us will be paid into your account within 10 working days of receipt, unless you ask us to pay income to your nominated bank account or elect to take part in a DRIP scheme.”
On a final note, I understand you would like to know how many complaints we have received in relation to this issue. As previously advised, this is not information we are obliged to provide customers and it has no bearing on the outcome of your complaint.
In view of the above I can find no grounds to uphold your complaint. I hope I have explained why we have not made a mistake. However, as previously discussed, I have agreed to cover the cost of your call so you should expect to see £8.00 credited into your share dealing account within three working days. This will be made as payment without admission of liability.
As no further investigation is required, I can confirm your complaint is now closed.”
At least I got £8 from them ;-)]
Best, 🐸
Further to my post of 10:22am, here is the reply I have received from iWEB: -
“Thank you for taking the time to contact us about your complaint. Please see our final response for your records.
Initially, please accept my sincere apologies that you have had cause to complain about our service. I would like to assure you it is never our intention to cause you any such difficulty and I am sorry if this has been the case.
My understanding of your complaint is that you are unhappy as you are yet to receive the capital return payments from Glencore. This was due on 1st June 2023 but has not been paid yet and you would like to know why.
As previously advised, the payment has not been made to customers yet as we are yet to receive the money. I regret that this is out of our control, and we cannot make guarantees as to when such payments will be received.
As per section 7.8 of the agreed terms of service,
“All income received by us will be paid into your account within 10 working days of receipt, unless you ask us to pay income to your nominated bank account or elect to take part in a DRIP scheme.”
On a final note, I understand you would like to know how many complaints we have received in relation to this issue. As previously advised, this is not information we are obliged to provide customers and it has no bearing on the outcome of your complaint.
In view of the above I can find no grounds to uphold your complaint. I hope I have explained why we have not made a mistake. However, as previously discussed, I have agreed to cover the cost of your call so you should expect to see £8.00 credited into your share dealing account within three working days. This will be made as payment without admission of liability.
As no further investigation is required, I can confirm your complaint is now closed.”
At least I got £8 from them ;-) 🐸
Just had a go at iWEB who is systematically late with payments from GLEN. The current position is as they have not received the monies, they cannot settle it. It will happen next week with no further precision – the agent referred to their T&C which allows up to 10 days to pay from the time it has been received, NOT from when it was due, i.e., 1st June. They could/would not tell me why they have not received it yet. Also refused to say how many complaints were received over this. Managed to get some compensation for time spent on 35+ mins telephone call, which amount will be given with the written reply to my formal complaint. I am not holding my breath though for either. GLA 🐸