The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Haggis, I will suggest writing to Richard Bernstein about your experience.
There have been 22 RNS from June 1. This is for a company which hardly communicated to its shareholders right from September to March. The change of board hopefully now will keep us better informed.
Was suggesting that I was wrong regarding default on ADVFN. He must have scared a few in selling. This default business was all cooked up for courts. The judge could see all through it. I think with CA now at helm, the company will be more transparent about its cash position. I think people should avoid being scared by daily drops of SP. This definitely has a 8-10p written all over it. I have also noticed the SP drop during morning to again accelerate back in evening. There are generally chunky buys just before close. The MM's and shorters are probably scaring the weak hearted and then loading towards the end.
Thank you- yes, we fought for justice and despite the $17m this board wasted on fighting shareholders, we prevailed.
The Hurricane board is correct as to the risk of suspension. However, we are working on this. Saba has never discussed Hurricane with us. We don’t think that there is great urgency and as the Standard reported on Friday, the value of our strategic holdings may be attractive to a bidder. We are not sellers and in fact have been buying.
I’m not allowed to advise but our view is that this board has done a great job in ruining investor confidence. However, when we look objectively at
production levels, the oil price and the fact that Bluewater contacted me last week to say how keen it is to remain, we see that the share price can multiply from here. Risks remain but the upside is enormous.
Yes Aduk, i agree they are useless as well. Frankly, it depends now on shareholder vote and then the sanction hearing where the judge clearly will ask why he was misled by Hurricane lawyers.
Any chance if FCA has done anything further with their investigation?
Please fill in the link with the below information.
I want to report how shareholders are being deceived in Hurricane Energy Plc. There is a serious fraud being perpetrated against shareholders as their rights are being crushed continuously by the board. They do not want shareholders to meet and vote out the board. Please help!!
Fact 1: -
On 19 May 2021 existing board of Hurricane Plc announced that it has received a requisition notice (the "Requisition Notice") from Crystal Amber Fund Limited pursuant to section 303 of the Companies Act 2006 (the "Act"), requiring that Hurricane's board (the "Board") convenes a general meeting of shareholders. The purpose was to remove the existing board of directors.
On Friday 21 May, 2021 existing board of Hurricane plc informed Justice Zacaroli of high court of justice (Case no CR-2021-000852) that articles of Association prevented Hurricane from setting the requisition meeting before June 11th.If you look at the Articles, it is 21 days’ notice- so it could hold meeting on 8th June so not only it seems they mislead the judge but the basic idea is that shareholders are unable to vote out the board which is trying to push an unfair restructuring proposal.
Fact 2: -
On September 11th existing board of hurricane energy through RNS Number: 6811Y informed ‘’ the Company intends to engage with all key stakeholders regarding its forward work programme, capital allocation and financing arrangements.’’
However, the forward work programme never came and neither did hurricane ever engage with shareholders.
They have through RNS Number: 1528X on April 30th, 2021, declared that
‘’ The Company will execute a debt for equity conversion, which entails (amongst other things):
$50 million release of the principal amount outstanding under the Convertible Bonds in exchange for the issue of ordinary shares in the Company (the "Exchange Shares") comprising 95% of the fully diluted pro forma equity of the Company immediately following the Restructuring.
There will therefore be no meeting of shareholders to vote on the proposed issuance of Exchange Shares, nor will shareholders have a right of pre-emption in relation to the issue of the Exchange Shares.’’
They took this before court on May 21st for review by Justice Zacaroli (Case no CR-2021-000852) where Hurricane was asked to seek shareholder approval.
Thanks! Guess what! I called them and the person on phone said yes they will vote ''For'' the proposal. I had to check with him again and then he realised I want to vote against the special resolution on 11th June.
You can do so at the below link:-
https://www.sfo.gov.uk/contact-us/reporting-serious-fraud-bribery-corruption/
I want to report how shareholders are being deceived in Hurricane Energy Plc. There is a serious fraud being perpetrated against shareholders as their rights are being crushed continuously by the board. They do not want shareholders to meet and vote out the board. Please help!!
Fact 1: -
On 19 May 2021 existing board of Hurricane Plc announced that it has received a requisition notice (the "Requisition Notice") from Crystal Amber Fund Limited pursuant to section 303 of the Companies Act 2006 (the "Act"), requiring that Hurricane's board (the "Board") convenes a general meeting of shareholders. The purpose was to remove the existing board of directors.
On Friday 21 May, 2021 existing board of Hurricane plc informed Justice Zacaroli of high court of justice (Case no CR-2021-000852) that articles of Association prevented Hurricane from setting the requisition meeting before June 11th.If you look at the Articles, it is 21 days’ notice- so it could hold meeting on 8th June so not only it seems they mislead the judge but the basic idea is that shareholders are unable to vote out the board which is trying to push an unfair restructuring proposal.
Fact 2: -
On September 11th existing board of hurricane energy through RNS Number: 6811Y informed ‘’ the Company intends to engage with all key stakeholders regarding its forward work programme, capital allocation and financing arrangements.’’
However, the forward work programme never came and neither did hurricane ever engage with shareholders.
They have through RNS Number: 1528X on April 30th, 2021, declared that
‘’ The Company will execute a debt for equity conversion, which entails (amongst other things):
$50 million release of the principal amount outstanding under the Convertible Bonds in exchange for the issue of ordinary shares in the Company (the "Exchange Shares") comprising 95% of the fully diluted pro forma equity of the Company immediately following the Restructuring.
There will therefore be no meeting of shareholders to vote on the proposed issuance of Exchange Shares, nor will shareholders have a right of pre-emption in relation to the issue of the Exchange Shares.’’
They took this before court on May 21st for review by Justice Zacaroli (Case no CR-2021-000852) where Hurricane was asked to seek shareholder approval.
I hold XXXXX shares in our Account no XXXX
My instruction is clear. Please vote against and I repeat reject the special resolution of hurricane energy plc.
The vote recorded should be rejection of the restructuring plan.
I posted email from RB earlier.
''The company is able to hold the General meeting requisitioned on 11 June but it seems to want to delay this until after the court sanction hearing.
I am aware of letters being sent to the judge asking him to postpone the hearing by up to two weeks. I think this may be helpful.
Another area for you to focus on: on Friday, Hurricane told the judge that it was not the Articles of Association prevented Hurricane from setting the requisition meeting
Before the sanction hearing on the 11th (the date then set for the sanction hearing). If you look at the Articles, it is 21 days’ notice- so it could held from 8th June.
So it seems that Hurricane mislead the judge. If you would like to focus on this point to the judge and to your fellow shareholders and request the company puts out
an RNS on this point, this may also help.''
Please confirm also. Last time I voted on a corporate action through HL I specifically told them to vote against one of the resolutions and they votes yes on all. It is good to double check and reconfirm.
The company is able to hold the General meeting requisitioned on 11 June but it seems to want to delay this until after the court sanction hearing.I am aware of letters being sent to the judge asking him to postpone the hearing by up to two weeks. I think this may be helpful.
Another area for you to focus on: on Friday, Hurricane told the judge that it was not the Articles of Association prevented Hurricane from setting the requisition meeting
Before the sanction hearing on the 11th (the date then set for the sanction hearing). If you look at the Articles, it is 21 days’ notice- so it could held from 8th June.
So it seems that Hurricane mislead the judge. If you would like to focus on this point to the judge and to your fellow shareholders and request the company puts out an RNS on this point, this may also help.
They were so sure CA won't do anything. The court is just going to rubber stamp the proposal. The oil has gone down the drain. My god, such blind faith in the board.
I am sure if this moves to 5p, many people here will sell. I just urge them to vote against the board if any corporate actions come up and if they haven't sold by that time. LTH's with average of more than 10p and above like me have a long road ahead. Remember we all are in same boat.
The CA lawyers are there now. The judge is likely to get irritated by more emails. Our activism has helped market notice the corrupt directors. It is enough for now. Let us just keep an eye out for corporate actions and prepare to make this board a history.
Mate, it is ok. Onwards and Upwards hopefully. I have a slightly higher average Sp than most here. So hoping this is the turn around story.
Very important for now is to keep an eye for corporate actions and take steps appropriately. Read the wording carefully and watch out for oxymoron. ( To throw away the actual morons) Check with your online brokers how to vote if you are not sure.
And sorry forgot to put quotes. The request is from RB to hold on sending emails specially to the judge. This is his complete email:-
''My understanding is that Friday’s court hearing is simply to convene the case- no actions will be taken. The meeting that is important is on the 11th June.Our lawyer has said that judges in this area are fair.The court has received more than 100 separate complaints and it can irritate the judge.As you know, we have said that we intend to take action. This has not changed.''
Guys, relax now. The authorities at all places are now aware. They have all woken up. The directors have absolutely no escape here. Let us now sit back and enjoy the fruits of our activism. Do not send any more emails anywhere. Let us hold our guns for some time. Well done all. Great work British/Avaliba/Hasiba/Tux in motivating people.
Please watch out for corporate action notification in your online account. Remember to throw away this board. Many shareholders have execution only account so call and check how you can vote.