Member Info for mcadder

"The latest RNS is an all-out 'declaration of war' between the BoD and the shareholders"

Is it? I think you'll find the war was over before it even started!

Not that it really matters anymore but I see oil has tanked tonight 3.5% down to $66.8

Senseless - don't come asking us 3 for money when you lose everything here. We ain't charity you know but at least we can say "we told you so"

And it's not like we haven't tried to get you to wake up here and see the situation for what it is....game over

Captain Senseless

What we look like dressed up in yellow frocks is the least of your worries.

"Not a pretty sight"

I'll tell you what's not a pretty sight....

"The Company notes that, as at the date of this announcement, the Lock-up Agreement has been executed or acceded to by entities holding in aggregate approximately 83.25% by value of the Convertible Bonds. The Company considers this to be an important step towards implementation of the Restructuring Plan."

Over 75% now. They want this plan. They want their money back. They'll get their wish. This is 100% knackered one way or the other.

So if approved each share will be worth in theory 0.1p.
If not approved the shares risk being suspended in the near term, but before that they'll be pretty much worthless.

Just like your insults and name calling are worthless. We ain't the ones that still have money in this dog. But clearly you just like losing money senseless sid

"HUR is not insolvent.It is a profitable entity at present."

So they're not insolvent. So shall we ask them to get rid of this paragraph as they must have it wrong?!! lmao

"Shareholders and Bondholders are reminded that in the event the Restructuring Plan is not approved by Bondholders at the Plan Meeting, or if it is approved by Bondholders but not sanctioned by the Court, the Restructuring will not be capable of being implemented. In that scenario, it is likely that there would be a controlled wind-down of the Group's operations followed by an insolvent liquidation of the Company."

RNS - your post sums it up very well. With all the ramping and talk about CA coming to the rescue or the judge at court deciding on the day not to do their job and approve the plan I'm surprised this isn't back to 2p already! Think I'll let the SP do the talking...

Press release gov.ie
Government publishes framework for Ireland’s Offshore Electricity Transmission System to facilitate huge growth in renewable energy
From Department of the Environment, Climate and Communications

Published on 13 May 2021

Speaking today, Minister Eamon Ryan TD said:

"Meeting the ambitious goal of 70% renewable electricity by 2030 will require development of significant offshore renewable energy over the coming decade. What’s really important is that this policy is a further step towards building that renewable sustainable resource right here in Ireland. It will give us energy security, and it will also help us to reduce our carbon emissions. Over the next decade we will be electrifying our transport and other systems and we will need electric power from sustainable resources to do that. Offshore wind is a win-win for local communities and for Ireland."

"The fundamental difference with the new procedure is the court’s ability to approve and implement the Part 26A plan notwithstanding that a class of creditors or shareholders has voted against it (i.e. the 75% threshold is not achieved). In a scheme of reconstruction this would be fatal; not so with a Part 26A plan. This power brings
us more in-line with EU and US corporate insolvency procedures and the hope is that it will allow more companies to be rescued in their existing form, and reduce the number of pre-pack administration sales.
In order for the court to override the wishes of a class of creditor or shareholder (“dissenting class”):
1. it must be satisfied that if the Part 26A plan were to be sanctioned, none of the members of the dissenting class would be worse off than under a “relevant alternative”, the relevant alternative being
“whatever the court considers would be most likely to occur in relation to the company if the plan were not sanctioned" ......i.e Insolvency!

Practicalities of the Financial Restructuring Plan

"In practice the overall scheme process is usually
very front-loaded with the greater part of the
time incurred before the legal process is initiated.
Before then the terms of the proposed scheme
and any ancillary documents will need to be
negotiated with the relevant stakeholders, and
the scheme and ancillary finance and other
documentation drafted. Depending on the terms
of the scheme, further finance documentation
may need to be finalised and executed after
sanction of the scheme and before the scheme
becomes effective. Directors have a duty to
provide full and frank disclosure."

Basically reads that the time consuming part of the process was the period prior to announcement of the proposed restructuring plan i.e the months of discussions that took place behind closed doors with the bondholders. So the court hearings part will just be a formality.
Is this the info you were after Captain Senseless??
So considering this doesn't need shareholder approval you think "writing to the judge" nosenseman will make any difference? Maybe put some kisses on the letter, see where that gets you.

Government has one shot at reinvesting in shipbuilding, industry leaders say

Robert Lea, Industrial Editor
Wednesday May 12 2021, 5.00pm, The Times

"If Boris Johnson wants to make the UK a “green shipbuilding superpower” , as he promises, he has some “tough decisions to take”.

"That is the view of Maritime UK, the umbrella body for the country’s faded shipbuilding sector, which says the government has one shot at reinvesting in an industry in which, as politicians repeatedly remind everyone, Britain once led the world."

"Tom Chant, chief executive of the Society of Maritime Industries, says that if the prime minister is serious, the government needs to financially support an industry that cannot compete with and produce the large tankers and commercial ships coming from South Korea and China."

8 posts in 2hrs hey Captain senseless - someone's well and truly rattled and taken the bait hook line and sinker.....take Adrian's advice, you've met your match and lost this one, you've been well and truly played. Filter us for your own sanity but we know you won't.

Hey senseless your kisses might have more effect on the bondholders send a few their way nudge nudge wink wink they may, just may allow shareholders to keep 10% instead of 5% if you blow a few in their direction. But other than that "it's game over" still ;)))

Senseless Sid here's one sentence for you so even you can understand, as I appreciate someone with a childish immature intellect probably like yours doesn't understand a long detailed well reasoned post....
This is finished, game over.

There's a sentence even you can understand ;))

Ouch dropped the bid to 0.72 right before close looks like the incessant ramping by several poster's including the senseless chap isn't working. This is only now being held up by those that maintain a rose tinted view that somehow there is going to be a white knight to save the day. That is looking very very unlikely now and then we have those (senseless chap again) shouting scam and fraud without having any proof at all. And don't even think about using the previous CPR report as a basis for being misled, they have more disclaimers in them than you can shake a stick at.
The business has failed in so much that we now know the reserves aren't there from the information we now have and what has been learnt of the geology of the area over the last couple of years and they haven't been able to make anywhere near enough profit to keep the bondholders at bay. That's why the business failed and helped by a guy who was in charge who believed 100% in what he saw as huge potential in the fractured basement oil play and made a number of wrong conclusions on the data, of which we now know all about. But that does NOT make this a fraud.
I could go on but essentially I can't see how the court process can be stopped. Yes CA could turn up at court and provide another alternative BUT that alternative would have to be another means of financing the huge debt in a way that the bondholders would agree to in return for the prospect of never seeing that money back in full because of the diminished reserves, and declining production etc etc. No one is going to provide the necessary financing based on the likelihood that they not only won't get it all back but would not even see any return on that financing. It would be financial suicide.
This is why it's got to this because they (the bod) couldn't find any other alternative means of financing and ended up entering into negotiations with the bondholders for months whereby the only viable alternative was to just do a debt write down but for almost all of the company. The reason being the bod effectively have no other security to offer them.
Therefore it's game over here imo.

April 2021 Lancaster Field Data
P6
Average oil rate (bopd)
10,100

It was 10.1k bopd average across April. Lets not split hairs hey. AND in line with their 2021 forecast of a decline in bopd.....

"the Company expects Lancaster field production to average 8,500 - 10,500 bopd in 2021"

So I make that an average of 9.5k bopd for 2021....

If the SP continues to see modest recovery here the OO at 30p is going to seem a bit more appealing. On that basis I am looking to take up the OO in full. I know sentiment has hit the floor on this bb of late and understandably so but there are signs that the turnaround is about to happen.

bloodninja - the only reason it's still around 0.75p and holding for now is probably hope that this restructuring plan doesn't go through.
Problem with that though is the company have warned of a wind down and insolvency if
1. The court doesn't approve it
2. The bondholders don't accept it (which frankly would be ludicrous as it's very beneficial for them but not shareholders)

So the hope will be based on some miracle happening involving CA. I honestly can't think of any viable alternative given the situation of the debt and production which has now dropped to 10.1k bopd.

Yes correction RNS shows they've gone from 11.62% to 12.20% which is encouraging as that figure will also include the latest dilution

"Myopic world"

Sounds like you've been learning new words in your psychiatric assessment appointments. Well done

"People are wholly aware of what is happening"

Yes they are and that's why this isn't back to 2p

And all I've done is stand up to a bully like you that refuses to answer questions, but just attacks other posters with idiotic childish names and immature sentences. They only have to check the posting history of senseman and can see for themselves.