Member Info for RG27

£4.00 - it would be disappointing, but as I bought just over 4,000 (2015/2016) at average 94.85p I can accept the fall with good grace, and the dividends since then haven't done much harm either.

Mongolian Investment Guide.

An extremely interesting read.

Well worth the trouble to read completley as it's very indicative of the attitude of the Mongolian Government to inward Foreign investment.

Certainly being manipulated. I tried a speculative sale early this morning starting at a million, then 500,000, then 100,000 and couldn't get a quote. I could however get a quote based on purchasing 100,000.

Sir,

You will have received the following questions from a number of Hurricane’s small shareholders.

Along with other shareholders I would appreciate a full and correct responses to each of the questions.

I am extremely concerned that the offer proposed by Prax is most assuredly not in the interests of all shareholders and my concern is that it unfairly victimises the small shareholders in favour of a select few companies and individuals.

Several of the proposals included in the offer, an offer which would seem to ensure that a number of the members of the board of Hurricane who have in the past proved to be of little value to the management of the company and have indeed previously cost Hurricane Energy dearly, now appear to be rewarded for backing a less than favourable offer, whilst small shareholders would appear to be placed in the position of dependency on the somewhat dubious promises of future payments that may or may not be forthcoming.

1. Will DCUs remain under an ISA umbrella, if shares are currently held there? Such is an issue of fact under UK tax law and must be clarified for PIs as this has a potential substantial tax implication. Also, please explain the difference between
Class 1 & Class 2 DCUs.
2. Why was a RANGE of Brent sensitivity figures not included in the cash production P6 standalone figures estimates? Brent is currently $87.00 a barrel and may well change significantly over the coming year.
3. Why did the CEO & CFO's 2022 AGM comments that a P6 catastrophic failure risk was minimal and this has now been increased to a major risk? I am unaware of any new findings to justify this.
4. On 27 March, Hurricane communicated to a SH that up to another $60m would be needed in wind down costs on top of $60m already escrowed, leading to only 0.83p expected dividends per share in 2024. Please explain the reasoning/cost breakdown for the new $120m wind down figure or is this a figure plucked out of the air?
5. What is current OPEX April 2023. Also projected 2023 OPEX average?
6. Is there opportunity to develop the Lancaster sandstone reserves of 20m barrels of oil? If not, why not?.
7 Which party was the principal instigator of the Irrevocable undertakings? Prax, HUR or CA?
8. Having restated in a recent RNS it has no confidence in the BoD, have CA made clear what action it will take if 25% vote NO? If so, what action? This turnaround seems inconsistent with Crystal Amber’s attitude towards the BoD over the previous months and years.
9. Will the CEO, CFO & Chair resign if 75% YES is not achieved? If not, can a plausible answer be promulgated as it seems inconsistent with the fiduciary duties of a senior director’s responsibility.
10. What are FSP expected total costs?
11. What confidence can SHs have in HUR's risk assessment & P6 standalone cash production figures when, one year after the 2021 failed High Court 95% restructuring attempt, that cost Hurricane’s investors many millions pounds of lost value

Sent to all

Yet I can see trades are still going through

Just tried to buy £20,000, on HL, couldn't get a quote, tried all the way down to £500, still unable to get a quote.

Happy birthday to your dad.

Though I'd suggest he doesn't wing walk on a helicopter. It's not easy to keep one's balance at any age.

https://simplywall.st/stocks/gb/energy/aim-hur/hurricane-energy-shares/ownership

Allybally.

The article initially opens up fully. You can highlight and copy the article and then paste it into word or any other suitable program.

Currently 18 responses on Twitter

Start off by trying to get it on local papers in the Manchester / Wirral area.

Wirral Council would appear to have approx 15% shareholding in Crystal Amber and if their local press was interested in the council not getting value for money for their investment then that may well be sufficient to produce an investigation into CRS agreeing to back the Prax deal.

Daltry.

Copy of email sent.

Dear Ms Rennie,

I am not sure if Wirral Borough Council still has an investment in Crystal Amber Asset Management or indeed if you are involved in the Borough Council investment strategy.

I have written to you asking that, if you are involved are you aware that one of Crystal Amber’s (CRS) major investments in the fund is Hurricane Energy.

Hurricane Energy is currently the subject of a proposed purchase by Prax Capital Management for a price valued between £87,000,000 and £250,000,000.

The offer would appear to be based upon using the existing cash within Hurricane Energy for the purchase of the company and with the remainder of the payments being covered by DCU’s over a protracted period of time and these are also subject to conditions that may in certain circumstances allow the DCU’s to be negated.

The board of Crystal Amber has apparently approved of the conditions of the offer by Prax, which seems extremely strange as it does not seem to allow shareholders, of which I believe Wirral Borough Council has a 15.54% beneficial ownership, to fully realise a true valuation for their shareholding.

Substantial numbers of small investors in Hurricane Energy are concerned that the BoD of Hurricane and CRS, CRS having a shareholding amounting to approximately 29% of Hurricane Energy and who only a couple of months ago were in the process of calling an EGM with the intention of removing the senior executives from the board of Hurricane, now seem to be accepting a deal that could be substantially less than the valuation of the company below that placed by Crystal Amber only a few short months ago.

I mention the above as if you have not been appraised of the situation then as a substantial shareholder in Crystal Amber, Wirral Borough Council may not be receiving full value for their holding in the company.

If however you have been kept fully informed of the details of the purchase of Hurricane and its effect on the valuation of Crystal Amber and are happy with the details, then I apologise for contacting you and hope that I have not wasted your time.

Sincerely

Daltry

Thanks for the information.

I'll send her a message.

I have emailed Saba asking if they have an opinion on the Prax deal to purchase Hurricane with the support of CRS, perhaps
a further request for comment to Wirral Borough Council may also be in order. Does anyone know any significant executives in the Wirral to whom an email may be sent.

Significant shareholders in CRS.
Shareholder Information As at 09 November 2022, the total number of Ordinary Shares in issue (including 16,518,762 shares held as treasury shares) is 99,749,762 and, therefore, the total number of voting rights in the Company as at 09 November 2022 is 83,231,000.

There are no restrictions on the transfer of shares.

As at 09 November 2022, the Company has been made aware of the following significant shareholders, with 63.10% of the issued share capital not being in public hands.

Shareholder Name
Number of Shares
Percentage Holdings

Significant Shareholders

Saba Capital Management, L.P
21,854,592
26.26%

Wirral Borough Council
12,938,214
15.54%

1607 Capital Partners, LLC
9,349,013
11.23%

Crystal Amber Asset Management (Guernsey

Any Hurricane shareholders who also hold shares in CRS should be asking CRS for justification of the decision to support this deal.


Significant Shareholders

Saba Capital Management, L.P
21,854,592
26.26%

Wirral Borough Council
12,938,214
15.54%

1607 Capital Partners, LLC
9,349,013
11.23%

Crystal Amber Asset Management (Guernsey)
6,899,031
8.29%

Senseman
Forget FCA
Forget EGM to out HUR BoD

FYI a copy of an email recently sent to Saba.

I thought it would be nice to try to elicit some response, probably won't get a reply but one can never tell.

Sirs,

As a very minor shareholder in Crystal Amber I would be grateful if you could confirm if Saba Capital as a major shareholder in Crystal Amber agrees fully with Crystal Amber’s approval of the apparently one sided offer for Hurricane Energy.

On the face of it, the offer by Prax would presuppose that Hurricane’s existing cash holdings would be used to purchase the company with a rather conditional promise to pay further amounts through DCU’s over an extended period of time.

I do not believe that the offer by Prax for Hurricane Energy extracts the best value for Crystal Amber and its shareholders and following Crystal Amber’s recent intention to call an EGM with the intention of removing the current senior executives of the Board of Hurricane Energy, but withdrawing this on the basis that the board was pursuing serious offers for Hurricane Energy, only now to be in agreement with the board for an offer which is so restrictive seems counter productive.

You will, I am sure, have fully investigated the offer and I would be interested if you are able to shed a little light on how you believe this offer fully values and monetises the holdings in Hurricane Energy for the value of all shareholders and if as a shareholder in Crystal Amber you are in agreement with the offer.

Mariog.
There would be no issue if we got all cash now.

But then there would be little need for the rather convoluted and condition layed offer. So many sub clauses that allow the DCU's to be waived.

Whilsy working in the Middle east and Africa I have previously seen similar deals and obviously under less regulated environments a deal such as the one that is proposed for the rather unbelievable offer by Prax for the purchase of Hurricane would be acceptable only if there had been collusion and sweeteners involved, luckily we do not invest in such unregulated environments and times and our BOD would not be involved in anything as underhand as to do so. I am sure that there can only be a very valid reason why the executives of CRS has aligned itself with this, on the face of it, a particularly bad deal. I wait for their reasoning with interest.

Whilsy working in the Middle east and Africa I have previously seen similar deals and obviously under less regulated environments a deal such as the one that is proposed for the rather unbelievable offer by Prax for the purchase of Hurricane would be acceptable only if there had been collusion and sweeteners involved, luckily we do not invest in such unregulated environments and times and our BOD would not be involved in anything as underhand as to do so. I am sure that there can only be a very valid reason why the executives of CRS has aligned itself with this, on the face of it, a particularly bad deal. I wait for their reasoning with interest.

One must wonder why this offer is being backed by CRS.

It is so obviously a poor deal for Hurricane SH's and certainly for CRS with it's approx 29% holding in Hurricane.

As a shareholder in CRS as well as Hurricane I have commented on the Crystal Amber chat site pointing out that this is a deal that CRS should, not on the face of it, be acceptable to CRS shareholders as it does little to enhance the CRS share price.

Perhaps other SH's in CRS should also comment