Member Info for petethestreet

I am confused flyingP.

The RNS states:

the full value of the Supplementary Dividend will be paid (either as a dividend or as part of the Deferred Consideration Units (DCUs)) at the same time as the Transaction Dividend

‘Either as SD or as part of the DCU’s

Am I missing something?

Yes the impression I had pre voting was that this would be SD payout. Have we been shafted a little more?

400k No

Flipping heck you ain’t big on handing out info K. But very happy for you.

Thanks littlened
Wish I’d not posted the last one now. We crossed. That is heartening. I’ll talk to my broker. If it is the case it makes a big difference.

Well Kever and ASI no one has satisfactorily answered the tax implications. You are right my 33% was a guess and taken from a poster Jennifer who was guessing it would be similar to dividend tax which is the closest guess we have had aired on here so far (and yes this can vary depending on circumstances ). But there is a tax liability as these payments we assume can not be made within the ISA wrapper so it will affect the payout and should be considered. Agree?

Most hold these in isas. DCU payments will be made outside of that tax free wrapper. The DCU payments will be subject to income tax. Agree?

But it is not a 66% return. The DCU’s will be taxed at 33% so a max of 4p after the initial 6p

I’d come to that too flyingpir. An ok deal for crs who want out but not a tax paying PI.

It’s looking like this tax position is probably the case meaning we can now reduce any of the remaining possible 6.5% ish by a third.. hmm not looking so good now.. I could be back on the ‘no’ spreadsheet.

Just spoke to Hargreaves’s Lansdown who tell me’ the deal may not now happen’. No idea what that means. I assume help desk Chinese whispers where ‘it has not been voted through yet’ transforms to ‘it looks like the deal is off’ ? He did hot on to say if it does the DCU payments remain in the ISA tax wrapper. I’d like to see that in writing.. the Q and A states the DCU’s can be held in the nominee accounts..
I think I would vote for the deal as it is very likely to pay the 6.02p and would derisk for me with a good chance of a further return with Prax acquisitions offsetting p6 failure. I hope to recoup 8.8p av with maybe a bonus..

Boys that shout in class.
I include myself as one of the above.
I heard your voice in all the early noise Jennifer and it made me think of the bright female in the class that ‘gets it’ but is not heard. Clearly you understood this deal from the off but saw the issue - personal tax liabilities. The Q and A is ace and at last I now get it but need to make a decision on my tax position (if my 18yr old self could hear this!). So just to say you were heard and thanks. Clearly that is ridiculously patronising but hey - I’m just continuing to fulfil my role!!

If this is just part of ‘normal negotiations’

1. Why does the RNS state ‘this marks the end of the FSP..’
2. Why have 45% of shareholders (crs and k) legally committed to a yes vote to the proposal. As the major share holders them saying ‘yes please’ is not a negotiating. It’s is accepting.

https://www.energyvoice.com/oilandgas/north-sea/490714/convoluted-but-fair-analysts-weigh-up-praxs-bid-for-hurricane/

This from Kooba on ADVFN
Ok so the thing i am trying to establish on the DCUs is what a 17.5% revenue share actually means ..in some comms they refer to 17.5% net....My initial reaction was we would get 17.5% of the net after all costs that currently filters down to the balance sheet after providing for a big old cost base!But then in an example on the presentation Maris gives an example if Hurricane acquired production assets.If Hurricane bought in another 5000 bopd it would benefit DCU owners by 1p per year.So reverse engineer that5000 bopd at 95% uptime 1.73m barrels per annum.Lets take $80 as brent basis. So $138.4m total revenues.17.5% of that revenue is $24.2m which gives you the 1p per year.This indicates then that the 17.5% revenue is total revenue so the same as Bluewaters 8% cut on well 6.So if this applies to well 6 revenues too ( difficult to see how it doesn't) it makes a dramatic difference to my interpretation of what the DCUs can produce.If we take 7000 bopd average over the next 12 months for W6 with 95% up time and $80 brent then that would pay out 1.4p per DCU and would keep paying to economic exhaustion.Still needs confirming and some further assets in there to be able to see the full 12.5p by end 2026..but if the share is 17.5% of total revenues you can see how we get there.If a total of 12.5p is genuinely achievable then this is a better deal than any wind up in my view. We get 6p out which is basically most of the cash now and continue getting meaningful revenues from W6 and potentially de-risking additional production up to the 12.5p or end 2026.The company needs to better explain the DCUs and how they offer the genuine value to expiry they claim then this all makes more sense as to why the shareholders totalling 45% are on side.Any thoughts?

Yes add my 400k to the no vote. If I’m gonna hold these feckers for 2 more years and bear the risk I may as well do it on my own with a higher pay back. Thanks Prax but do one.

Really great point! Let’s hope

This headline says it all:
Hurricane Energy recommends takeover pitched between £82.7mln and £249mln.
Can I buy your house - my offer - £82k but maybe some more but no more than £249k.
Just shocking. But I guess far worse grievances in the world. We took a punt. We got shafted. I get a 4p return on my 9p. :(

thought he'd hate it.

.. What happened to the others of the 'multiple interested parties' I wonder. Were there just two sharp suits from Weybridge the only left in the game?

Can't believe I'm tied into this fecking share for another 2 1/2 years.

..Will this BB still be around when HUR go private?

Happy Thursday all.

Does the RNS not state ‘this marks the end of the FSP’

As for CRS, I guess they get almost all their cash out at 6p (wasn’t their av a touch over?) and a near free ride to hopefully gain a small share of future profits. Guess they have little faith in the future if HUR and there are better investments for their 6p