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Asi, thanks.
Ireland is pretty bad with CGT tbh
*corrected again :)
Asi,
say I bought Hurricane for 12p. Prax delists Hur and pays me 4p back = Loss of 8p immediately.
Then same year I get 2p extra from Prax. Loss in 2023 from Hurricane's investment remains 8p or is reduced to 6p?
Say I no longer trade in the next years and I get from Prax 1p in 2024, 1p in 2025 and 4.5p in 2026.
Should I pay 33% tax on 1p made in 2024, 1p made in 2025 and 4.5p made 2026?
Ireland
Broomtree, I understand your position, but not everyone had cash to add more when share price was around 6-7p.
If I had I could buy and even now sell instead of sitting on 30-40% loss which after the sale will change again to 50% down until they decide or not give me something back, which again will be taxable 33% so the best outcome for me will be 10% loss in the scenario with full additional 6.50p is paid after the sale.
Reply received from Hur.
Dear Sir
Thank you for your email and for your questions for the upcoming Meeting for Shareholders on 18 April 2023.
Where appropriate, we intend to address all shareholder submitted questions within the presentation at the meeting, a recording of which will be published on the Company website later that day. The Q&A element of the event after the presentation will not be available due to The Takeover Code restrictions.
If you are unable to attend and seek any additional clarification after the meeting, please contact us.
Best regards
investorcommunications@kerogencap.com
Email sent.
Also added Kerogen in Cc.
Some links found but still unsure how all the DCU will be taxed.
CG14850P - Capital Gains manual: introduction and computation: computation: deferred consideration: contents
https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg14850p
CG14940 - Deferred consideration: unascertainable deferred payments
https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg14940
CG14970 - Deferred consideration: unascertainable: future payments when received
https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg14970
CG14990 - Deferred consideration: unascertainable: tax cases
https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg14990
Mr Senseman is doing an excellent job here.
Wake up man.
Ask them please why they can't keep Hurricane listed until 2026
Perhaps rising oil prices adding some pressure to close that shady deal.
Not impossible task to do
The idea is not to keep current lazy BoD, but to takeover another producer generating cash, pay dividends, work on development using extremely good programme 91p back from every 1£ spent, this is actually the best time ever to work on building OWN brand. What else do we need? Prax is not offerring anything better than we can achieve with new proactive people.
we don't know if Prax was not behind the scenes even THAT time
Time to call Zaccaroni
Dentons advises Hurricane Energy on its proposed acquisition by Prax Group
March 20, 2023
London—Dentons is advising longstanding client Hurricane Energy plc ("Hurricane), the AIM-listed UK-based oil exploration and production company, on its proposed takeover by Prax Exploration & Productions plc ("Prax"). The terms of the recommended acquisition value Hurricane at up to £249 million. The acquisition is the conclusion to a comprehensive Formal Sale Process.
Prax is a wholly-owned subsidiary of State Oil Limited, which is the ultimate operating holding company of the Prax Group, a leading, British headquartered, international integrated and diversified midstream and downstream energy group. Prax is committed to building a sizeable upstream business in the North Sea, complementing its midstream and downstream activities to create an integrated business, and it is focused on rapidly developing its oil and gas portfolio via acquisitions. The acquisition of Hurricane is the first strategic step, providing a platform from which its upstream division will grow.
Antony Maris, Chief Executive Officer at Hurricane commented, “We are very pleased to have agreed terms for the recommended offer by Prax. Dentons has been a trusted partner of Hurricane for many years and the team has provided invaluable support to us. We are grateful to Darren and the team for their tireless support and expert guidance, and look forward to continuing our work with them as we progress the transaction.”
Darren Acres, UK Corporate partner at Dentons said, "It has been a real privilege to assist our longstanding client on what is an innovative and complex acquisition by a leading energy group.”
The Dentons multi-practice team advising Hurricane was led by Darren Acres, together with Corporate counsel Paul *****, Corporate senior associates Simon Mitchell and Nicola Rae, Corporate associates Abby Dorani and Vasilis Andreou, Corporate trainee Emer Lynch, Corporate apprentice Lemuael Kyeremateng, Employment Partner Alison Weatherhead, Employment Counsel Sarah Jackman, Tax partners Alex Tostevin and Lorna McCaa, Tax senior associate Alasdair Graham, Tax associate Ivan Jelocnik, Restructuring partner Neil Griffiths, Restructuring counsel Luci-Mitchell Fry, Restructuring senior associate Mark Price, Restructuring associate Danielle Stanley, Energy senior associate Torquil Law, Regulatory partner Katharine Harle and paralegals Lucy Cleary and Michael Munn.
Dentons has been advising Hurricane since before its admission to AIM in 2014.
About Dentons
Dentons is designed to be different. As the world's largest global law firm with 21,000 professionals in over 200 locations in more than 80 countries, we can help you grow, protect, operate and finance your business. Our polycentric and purpose-driven approach, together with our commitment to inclusion, diversity, equity and ESG, ensures we challenge the status quo to stay focused on what matters mo
Good question about the licenses. Can yoi drop an email to the company, maybe they know?
I regret to say that expected more enthusiasm from the No crew after posting this email with an updated plan B.
Lada if you you like it and think this can be done, say it and vote No to the current proposal.
With the new route we can achieve the same payout in 2023 and generate more money over time. Even Yes guys, think of it.
It is worth to try. I'll vote No.