Member Info for mcadder

mcadder this mcadder that lol don't shoot the messenger Marcus if you want anyone to blame then blame the company for the destruction of the SP over the last 2yrs and the final bombshell RNS from the company which removed any hope of a turnaround here!
Shall I recap? 90% downgrade of reserves

Month by month decline in bopd

Up to 28% water cut

95% loss of the company

No cash after $230M debt paid

No cash for further development

I finally saw the writing on the wall on Friday got out at 1.15p and been warning peeps ever since. People ramping over the weekend with SP predictions of "back to 2p" "2.5p on Tues"
SP down another 30% today at 0.775p - I'll let the SP speak for itself....

"In its 2018 Insolvency and Corporate Governance Response (the "Government's 2018 proposals"), the Government recognised the need for a new form of restructuring plan (the “Plan”) that would sit alongside schemes of arrangement and would be focused on the needs of companies facing financial difficulties. The Corporate Insolvency and Governance Act 2020 (“CIGA”) introduced the Plan by inserting a new Part 26A into the Companies Act 2006 (“CA”)."

"Under the scheme process, while creditors are theoretically able to propose the scheme, this is rarely done because (i) creditors may not have access to all the information that the court would expect to be disclosed to other creditors or members in the explanatory statement which is required to be disseminated as part of the process and (ii) the court requires the company to have approved the scheme.
This poses some issues in relation to creditors wishing to promulgate a scheme against the wishes of the shareholder(s). Often, this is achieved by ensuring that the directors (including those appointed by the shareholder) are aware of their duties to act in the interests of the company, which, in a restructuring context,very often means the creditors. Further, under English law, certain steps can be taken to prevent destructive
shareholder action (for example, restraining shareholder resolutions to wind up a company) or creditors may be in a position to apply to put the company into administration which will then allow the administrators to manage the company and promulgate the scheme."

"In order to use a Plan, the company must be in financial difficulty, and the Plan must address that
financial difficulty."
"The majority required to approve a Plan is 75%"

If Hur can show to the court that the company is facing financial difficulty and shows a plan to address that and gets 75% approval from bondholders then in my opinion it has a good chance of being granted under the above legislation.

From advfn bb.....
hiddendepths: "It is certainly strange to say that the shares are massively overvalued at 0.75p but it seems abundantly clear that is the case! There still seem to be a few diehards who believe that shareholders will end up with over 50% of the shares after the bond conversion. The RNS was not ambiguous at all. I read it once and understood it immediately. Current shareholders will own only 5% between them. Crystal Amber may be spitting blood but I expect they'll be shafted along with everyone else. Some may remember that they were shafted once before, ahead of the dreadfully mishandled equity/bond raise. That was bad enough but this is far worse! The £50m freed by the bondholders represents a final throw of the dice for Hurricane. Unfortunately for current shareholders even if the roll comes in, they will not be the ones to benefit. It is hard to imagine an outcome where the shares will get back to the 2.5p level. I think it is very likely that there will be a consolidation of the shares - if I were advising the company I would suggest 1 for 100 to achieve a decent looking share price. It should also be borne in mind that most bond holders are allergic to equity! They are derivatives and fixed income specialists by and large. If they are forced to take some equity on board they will dump it as quickly as they possibly can, pretty much regardless of the price. I worked close to derivatives teams in the past and I can assure you this is what they do, or at least did back then. I agree with the suggestion some made earlier that Hurricane is likely to keep its listing for a while to allow the bondholders the chance to sell - and then go private, never to see the light of day again. The sooner the better, as far as I'm concerned. This company leaves a very nasty taste in the mouth!"

You mean like donotpanic who thought this would get to 1.3p today and 1.5-1.7p on Fri??
I'll look out for 1.1p although I suspect it won't see that price again....

Oh god here we go another trader claiming oversold, fallen way too far, big bounce, dead cat bounce blah blah blah.
Have you seen what is on offer here. 95% loss of the company to bondholders just 5% to be retained by shareholders? It's actually held up well considering the current value with soon to be 39.6B shares is only 0.1p

With the SP down over 50% on Fri and over 30% today, if CA are buying and this is happening to the SP despite that then there must be an awful amount of mass selling going on for the last 2 trading days. Glad I got out at 1.15p on Friday

And exactly what reply do you expect from him, if any, after writing and suggesting the bod are corrupt!

If you do get a reply it will be closely along the lines of the latest RNS.
Some here are also suggesting that CA's share price is up. It's not! There have been 12,500 shares sold at 97p and 1 buy of 3,000 shares at 101.50p....hardly inspiring! And yet someone thinks that this could be HUR related?
That is pretty desperate by anyone's standard.

Not at all surprised by todays placing. Purchasing equipment, setting up costs and investment in personnel required to be able to handle fabrication and shipbuilding contracts potentially in the hundreds of millions need upfront expenditure and cash on the balance sheet.
Last accounts showed just shy of £4M which for the likely contracts they are competing for was never going to be enough.
If one or two meaty contracts come to fruition now because of this then this placing will soon be forgotten about. Expecting firm news on the ML decision this month too.
Bought a small amount today at 31.2p

hinkais I've already done very well out of that one been in from 0.60 all the way up to 3p....

Even if they managed to oust the bod there's no getting around the likely covenants that are attached to those $230M bonds and the fact that after month's of discussions with the bondholders that they basically want their money back.
Even with the cash pile Hur have and continue to build it ALL has to go on the debt and the £50M write down of debt for 95% of the company ONLY covers the shortfall they know there is going to be. So basically the bondholders have the bod over a barrel and I can't see what alternative scenario can be reached.
No one in their right mind will raise this money knowing the financial position of the company, massively downgraded resources (only 7.1m barrels believed recoverable at Lancaster) and problems with the well.
That's why I think it's either accept this which is almost nothing or allow the company to wind down and shareholders end up with absolutely nothing!

Why are people getting fixated on whether or not CA are buying more?

Considering the proposed restructuring plan doesn't need shareholder approval I can't see how them adding anymore is going to help?

From what I was reading and put on here last night the court process is likely to be just a formality

"this went to 1.30 plus today"

Did it? I must have missed that LMFAO

donotpanic was predicting a bounce to 1.5-1.7p on Fri now says it's NT to buy.

Can buy loads right now although I wouldn't touch this ever again. Friday's update was the last straw for me.

"mcadder... so basically u r telling me you still want to jump in.. "

FFS give me strength....yeah I want to jump back in after that amazing deal on Fri!!

As I've said numerous times I wouldn't touch this with a bargepole now - not even at 0.20p!

Haha very good chisler!

I had shares here up until Fri as for me still being here I'm still around because the restructuring plan announced is so shockingly bad that many are still in denial about it and it's only fair to bring a dose of reality to people on this bb.
And I am not the only one doing so. Why don't you ask the other's what their thoughts are for being here as well lol

If people are happy to buy shares in a company that they'll soon have only 5% ownership of instead of 100% let them get on with it

I use a different thread because if your good enough to use my name as the heading then I'll use yours. Simple.
As for thinking my anger is somehow fake clutching at straws in a desperate attempt to deflect from what the company is doing is very sad and dangerous on your part.
I lost a lot of money on Friday that's WHY I'm angry but I crystallised that loss at 1.15 before losing anymore this week.
So far that's been the right decision. Start waking up and see what the bod are doing here instead of picking on those that are in touch with reality

Well at least we know now that buying 5, 10, 15, 20, 30 or 50% of the company will be a pointless exercise as far as the restructuring deal goes because it doesn't need shareholder approval.

So unless CA come up with a miracle now the percentage of their holding is immaterial

Why did I spend so much time over the weekend on Hur? Simple. Because I am angry that the bod will be diluting shareholders to oblivion and still some people can't see that. Remind me where is the SP right now?