RE: Hur2 Mar 2021 15:50
You have various opinions, based on position no doubt. It depends on what you look at, but based on current oil and sustained extraction of 12k barrels of oil daily there are no immediate concerns. People will go on about a bond payment, which is due in June 2022......details below:
In July 2017, Hurricane issued US$230,000,000 in 7.5% convertible bonds due 2022 (“Convertible Bond”). The Convertible Bond was issued at par and carries a coupon of 7.5%, payable quarterly in arrears. The Convertible Bond is convertible into fully paid Ordinary Shares with the initial conversion price set at $0.52, representing a 25% premium above the placing price of the concurrent equity placement, being £0.32 (converted into US dollars at USD/GBP 1.30). Unless previously converted, redeemed or purchased and cancelled, the Convertible Bond will be redeemed at par on 24 July 2022. The Convertible Bond was admitted to the Official List of International Stock Exchange in September 2017.
We know there is over $100m in the bank and this is ticking up nicely. I think the bond will be paid in full, or if there is some monies outstanding then it will no doubt be rolled over. Debt can be refinanced and I think HUR will get a better coupon too, as interest rates fall.
The CPR is something that most feel, including Crystal Amber that there could be an upward revision. I can see a 100% uplift easy after the kitchen sinking job 6 or so months ago.
Personally my view is a bigger fish will come along and table an offer for HUR. If you have read my posts previously you will know my feeling is that Chrysoar will probably be the one that shows their hand......we will see.
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