Member Info for mcadder

While I go and play with my "sandcastle" I will contemplate the fact I was lucky to get out at 1.15p. Considering the bod are about to dilute shareholders substantially and leave them with 5% of the company this is way way overvalued

Wolf of lse - not everyone has figured it out yet that 0.1p is where it's heading but the rampers like istock just prefer to paint the picture that we are being childish.

Remember the rampers names

I feel genuinely sorry for all those getting sucked in by ramping from numerous poster's giving people false hope.

Remember their names folks

Yes it is a "proposal"

But the bod also warn that if not approved at court would result in a wind down of the company and potential insolvency.

So all in all pretty dire

Ok get rid of the bod then what?

You still have the huge $230M debt to deal with and the bondholders who want their money back. The company are unable to pay back on the due date so are technically defaulting hence the proposed restructuring plan.
They have been talking to bondholders for months and are negotiating from a very weak position.
So anyone else who comes aboard still has the same problem to deal with. And who will touch this and raise the required money with only 7.1M recoverable barrels at Lancaster, declining production, and further £100M needed to develop further production and decommissioning costs?

I can only quote what the company have confirmed not my fault if you and many other's are still in denial but by all mean buy away ramp this up lol

"Nobody knows what is going to happen next"

The latest RNS is quite clear what is going to happen next - and in 2 weeks time.
Shareholders to be diluted to oblivion

The reason for not buying the bonds is clear imo.

They probably weren't allowed to touch the cash pile they are sitting on for anything other than paying back the debt plus interest

Keep buying for that 'dead cat bounce'

Obviously some people have no idea what they are buying. The share price was 2.3p before the announcement that shareholders would be left with just 5% of the company following a £50M debt write down. That still leaves £130M of debt.
If that isn't worse the company warn of a wind down and insolvency if the restructuring plan isn't passed.
Following 95% loss of company value of shares will be 0.1p

"For a major recovery" ???

Recovery of what? Oh yeah sorry I forgot you're here for a trade here comes the dead cat bounce lol

The only thing that will be in major recovery here is the recovery of bondholders money leaving shareholders with a whopping 5% of HUR!

Yep. I would have thought if they were that way inclined legal advice would have been sought on Friday. I think whatever happens now it's game over. The proposed restructuring plan doesn't need shareholder approval either

Well put it this way. Following the disastrous 90% resource downgrade here the SP justifiably tanked to between 2.5-3p.
Following the disastrous proposed restructuring plan to leave shareholders with 5% of the company it doesn't take a genius to figure out that would value the shares at 0.20 at best.

Lot's probably bought in on Friday hoping for a miracle from CA but nearly a week on and nothing from them. The court hearing to approve the SUBSTANTIAL dilution is only 2 weeks away.

Quite honestly I don't know what would happen to the SP if the plan isn't approved but the company said this if it isn't....

"In the event that the Restructuring Plan is not approved"....... "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."

Possible in that scenario that shares would eventually be suspended.

Some are hoping for a quick dead cat bounce trade. Other than that these shares are effectively worth at best 0.1p. Why?

Look at the impending SUBSTANTIAL dilution heading Hur's way if the restructuring plan is approved in 2 weeks time for just a £50M write down of debt.
A loss of 95% of the company to shareholders and yet people ramp this with talk of oil prices coming to the rescue. Production will decline over 2021 so any increase in oil will make no difference.
Traders hoping for a quick trade here that's it. With shareholders retaining just 5% the shares are now way way overvalued.

Papilon - same here I'm here to help too - shame it's mostly falling on deaf ears!

Unfortunately higher oil prices at this stage will not change the situation. If they had been at $80+ for the last 12 months consistently then we MIGHT have been in a better position in so much that we MIGHT have just had enough money saved up to pay back the debt when it's due. But that is not the case and as we know oil prices fluctuate and cannot be relied upon to remain in Hur's favour when it comes to the bondholders and their demands for their money back when it's due.
And if the last 12 months are anything to go by any court presented with 2020's oil price chart would see just how volatile it can be.
The bonds will have clear convenants written into them in the event of a 'technical default' which is the situation Hur finds itself in. They won't have enough money even if oil now went to $80 over the next year, because of this.....
"the Company expects Lancaster field production to average 8,500 - 10,500 bopd in 2021"
So an increase in oil will be met with a decrease in bopd for 2021. The oil price argument is not going to hold up and improve the prospects.
The situation is as real and dire as Friday's RNS suggests.
Once the restructuring is ratified at court this is what will happen pretty much immediately....
"If sanctioned by the court, the effect of the issue of the Exchange Shares will be to substantially dilute the shareholdings of existing shareholders."
Then 39.6B shares or there abouts will be in issue to reflect the £50M debt write down. That's why this fell substantially on Friday and today.
Apart from the odd 'dead cat bounce' here and there the general trend is further down.

"The bookbuild is expected to close on 4 May 2021. A further announcement will be made in due course"

Doesn't suggest the result will be known today, just that it will close on 4th May, likely an RNS tomorrow morning with the result.

Goldenbadger - if as you suggest CA are, then according to the righteous Marcus-Antonius about who to trust then it certainly ain't them!

AIM round-up: Kodal Minerals, Crossword Cybersecurity, ITM Power, Hurricane Energy
thearmchairtrader.com

Hurricane Energy [LON:HUR] was the day’s worst performer, shedding 32% and extending Friday’s losses off that proposed financial restructuring. Shares have now lost in excess of two thirds of their value from last week – the financial engineering that has been laid out may be necessary for continued operations but equity investors are evidently on the losing side of this trade. Volumes weren’t as brisk as we saw going into the weekend break, but a quarter of all shares issued are reported to have changed hands over the last two trading days.

Ark87 - I've no idea how they seem to have got it so wrong either. Many many people bought in and held on the back of their large holding. The date for the judge to consider the financial restructuring plan is 21st May which as of tomorrow morning is only 2 weeks and 2 days away