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I believe a deal can be struck between CA, other shareholders which can give better value but nothing greater than what we have seen sp this year. Unfortunately, LTH's may get shafted either ways but there does seems something underway.
Yes Ricardo, we all could have been better without this sorrow. But having lost all, the only hope is to avert the car crash on 21st.
I think we should avoid fighting and focus on writing emails to anyone who can support us. I am planning to write to Chancellor Rishi Sunak and Kwasi Kwarteng. No politician is beyond criticism but I like Rishi for a number of reasons. Maybe his office can lead us somewhere.
The time wasted with the three amigos and supporters can be utilised in writing more emails and gaining support.
That is a difficult scenario( arms length and all) but these days you never know. However, they suggest an ad-hoc group of 69% bondholders but have never revealed the identity or who holds them.
Apologies, Jason Cheng and Ivor Orchard
I did write to Jack Cheng but never heard back.
Captain, mind telling me if you have sold out or what will be your strategy?
I have tried reading this email in several different ways. It does give hope but then it also means CA are still trying to find the real reason to challenge and they haven't found it.
And i wish that for all the people here including the ones in the subject. I wish everyone the strength to overcome their losses, however small or big and get profits elsewhere. I truly hope and Pray that some Miracle happens here. I did not give complete email from Richard Bernstein as I felt if they are really at it then let them carry on plus personal references. However, if it increases hope, here is the complete unedited one with personal references removed.
''Regarding an EGM, even if we had written to Hurricane Energy calling for this on 30 April, the timelines before the meeting could take place would mean that by the time a vote would be taken, bondholders would hold 95% of the shares and the votes. As I wrote on Tuesday, planning is essential. You should not draw any conclusion from the fact that you have not yet seen us announce a legal challenge. There are several areas that we are currently investigating. We have to be thorough and ensure that if we are able to restore shareholder value, it is done in the best possible way.
We are unable to give any guarantees other than that if it is possible to recover value, we will.''
And that is why I am here. But as per you , you are here only for exercising rights. I welcome contrarian views and as i said it is clear we as shareholders have little choice.
I am sure they are not paid rampers, maybe just that they made a considerable loss. It can also be that they sold at 3p and managed to get out with less loss and now are deriving sadistic pleasure in our losses in name of exercising their rights. It must be a source of happiness for them to watch people trying to make efforts here and possibly not getting anywhere. Again advantage of hindsight is always good. I may have sold it on a spike to 5 , i didn't. Was I carried away by the BB messages? I will say no as it was my greed which wanted me to hold on. I am responsible for it and I will be responsible for my loss going from 98% to 99%. Do I have a choice? Very less.
Guys,You are not adding anything new. We all know that we are living with an incompetent board about to dilute us 95% but at a 98% loss it is useless for me to sell. I have calculated and my loss will be 99%. I will have to wait even if you are 100% right and this company is going bankrupt. I think you guys can relax knowing you are correct in saying about the doom and gloom.
And ''We are unable to give any guarantees other than that if it is possible to recover value, we will.''
I have been writing to CA and they have been replying that they are looking at all aspects. These are some of the excerpts from the email I received.
''Regarding an EGM, even if we had written to Hurricane Energy calling for this on 30 April, the timelines before the meeting could take place would mean that by the time a vote would be taken, bondholders would hold 95% of the shares and the votes.''
''We have to be thorough and ensure that if we are able to restore shareholder value, it is done in the best possible way.''
Ok I will after 2 today. I will log off now and be back later. I need to find out where our case is listed on 21st. If we can raise our concern to the judges, they may at least delay the case.
I hardly post here but am an active share trader. I will do the needful. However, I must say the board has played its card well. All the best. Meanwhile I did write to CA( Richard Bernstein) and they have confirmed they are looking at options.