Member Info for schlemiel

I believe we'll see something like that in the next major update on 14 Oct. Two new board members and a new firm of auditors who now have access to documents detailing what has occured since Trice was defenestrated.

I reckon there's a lot of detritus to be exposed here from the previous board incumbents but it's gonna be a bumpy ride

Just accept they have printed as you see them. You can spend the rest of eternity arguing about the identity of the trade (buy or sell) but we cannot without seeing the necessary documentation determine if the trade reported is either a buy or indeed a sell. We just don't know. I gave up on this silliness years ago unless of course we get a formal notification indicating a change in % ownership at notifiable levels

The indicative bid-offer (u can buy and sell within the spread at times quite heftily so) here is nonsense and that alone makes trade identification even more difficult to determine

I was wondering. If we assume that the previous board grifters conspired to artificially downgrade HUR's assets ie the balance sheet deliberately weakened to undermine the company, then surely one would necessarily assume that to correct this destructive action one would reverse such a transaction and revalue upwards those self same assets. Would we need a new CPR? I think so but then the previous one by ECR was I believe a travesty

I have my fingers crossed the two Crystal Amber board members uncover evidence of malfeasance and conspiracy allowing us to leverage the bondholders to submit to shareholder demands

There's real embedded equity value to be had, in time. Assets don't simply disappear into the ether

It could be Smarteye

terrym

Lotus is part of the Geely group

It does make reference to 'Australina pricing' so maybe it could be SEE but then that's pure speculation on my part

ah well, another day

Now online bid 3.30p to sell 1m. We have a buyer in the open market

6 mins into the trading day, it's Monday morn so you'd expect almost zero liquidity and yet I was just quoted (online not NT) 3.23 to sell 1m. That's impressive liquidity imho. Yes, online limits will fluctuate but there's still a definite buying presence

3m at 3.267.

It seems that someone used Friday's news to either sell or buy depending on your point of view. It seems 'news days' at Hurricane will now be used to either liquidate a position or build a position, again depending on your point of view until a news day arrives when this shuffling ends and we see a decisive price move one way or another

Volumes on Friday were around 60m+

If we assume that all the damage caused to the company since Trice departed has been deliberate and planned then the new board need only reverse those decisions, repair the damage and build upon as best as is fiscally possible. It is not as though the damage caused is external to the business and beyond management control, all is within the control of the new management. The company's destiny is now in the right and proper hands whereas that wasn't the case after Trice departed

As you both state so eloquently, the way forward now is for the board of HUR to publish as per a RNS a forward plan countdown (timeline) to total debt retirement giving 'Mr Market' the transparency and therefore confidence one, to derisk the company and two, to rerate the company and encourage buying of the stock

'Having consulted with its largest shareholders' (note, plural)

Hurricane's two largest shareholders are :

Crystal Amber Fund Limited* 500,120,240 25.11%
Kerogen Investments No. 18 Limited 318,531,211 15.99%

And note -

'Having consulted with its *largest shareholders*, the Company and the new non-executive directors, unanimously resolved on 29 June 2021, that in the event that the resolutions proposing the re-election of Antony Maris and Richard Chaffe as directors of the Company are not approved at today's AGM, the Company would immediately re-appoint them as directors of the Company, in order to ensure that the Company is able to maintain its ability to safely and effectively operate as a listed business'

-

My reading of the above is that both Crystal Amber and Kerogen have agreed to work together and that our initial assumption that both entities have differing or competing objectives maybe off the mark.

Imho, Kerogen's got its wish with agreement from Bernstein that both Maris and Chaffe should remain while Crystal's interests should be represented at board level by Wright and Craik.

So will the next results be a compromise and that Kerogen will agree to restructure or some other accommodation be made to ensure that Hurricane can move forward, prosper and deliver for all stakeholders? That would be the sensible way forward

Just my speculation, warblings and witterings.

At times like this we need people like AdUK to add clarity, experience and insight to correct or corroborate...RIP

'China

At the Shanghai auto show this year, level 3 was old news. Anyone not familiar with autonomy might have assumed that it was an existing, established, and outdated technology when compared to all the level 4 vehicles being shown.

China is certainly wanting to push ahead with autonomy and get level 4 vehicles on the road as soon as possible, however, they have no regulations in place for it yet. The governing body with the power to put level 3 and level 4 applications on the road is the Ministry of Industry and Information Technology (MIIT). The MIIT is currently working on a draft regulation that is poised to allow level 3 and level 4 vehicle applications on public roads, effectively leap-frogging other regions.

The "Draft Admission Guide" sets out safety requirements and operational rules around cybersecurity, data localization, functional safety requirements, and the management of software updates. The draft includes stipulations on the information that the vehicle must communicate to the driver e.g. the operational status.

The vehicles must also provide driver monitoring, ensuring the driver is paying adequate attention or has not fallen asleep while the vehicle is operating autonomously, a particular concern for level 3 which requires the re-engagement of the driver on short notice. The vehicle must also be clearly certified under different operational domains, for example, road types, weather conditions, lighting conditions, connected availability, etc. The vehicles must also be capable of self-diagnosis of their autonomous system and change their operational design domain or notify the user accordingly'

Superb article covering laws regarding DMS etc

https://www.idtechex.com/fr/research-article/barriers-fall-unleashing-autonomous-cars-in-2021/24763

The new IDTechEx report, "Autonomous Cars, Robotaxis & Sensors 2022-2042", discovers that level 3 autonomous vehicle technology has been ready since 2017- so where are the autonomous vehicles? The answer lies in unclear liability rules, which have turned out to be a massive headache for automakers like Audi, Tesla, GM, Mercedes, and others.

SAE level 3 means that, under certain conditions, the driver can stop driving: they do not need to monitor the road or pay attention to their surroundings. In reality, this would only happen in pre-specified, highly restricted conditions. Even so, where the vehicle is clearly 100% in control, the human driver should not be held responsible for a potential crash or traffic rule violation.

This creates a tricky situation for regulators. The vehicle needs to be able to transfer the task of driving back to the driver with sufficient notice, to prevent anything going wrong. Regulators are finally addressing this issue, and we are now on the precipice of seeing level 3 vehicles hitting the road.

cont..........

company's heading in the right direction even if the Friday market has decided the news doesn't warrant a boom day response, that boom day will come though as the free-cash/debt cross paths, a wall of worry

Saving the company from destruction by escaping the clutches of the grasping bonbdholders would be a fitting tribute to the lad...

I bookmarked Aduk. Top poster who posters including me look to for guidance and clarity

Once the market realises the company is safe it will rerate

thanks for correctin my workings but this will do me fine -

'could be debt free by end Jan'

Show me a company that is throwing off free- cash at $22m pcm. God, without the bonds this company's value would rocket.

At current POO and production rates (hefty assumption I know) the FCF by maturity date is exceeding $165m, and that's free cash flow adding to the existing cash balance

Numeracy is not my strongest point but is this correct? -

'Reducing the par value of Convertible Bonds held by third parties to $152 million. '

'As of 31 August 2021, the Company had net free cash(4) of $144 million, compared to the last reported figure of $122 million as of 31 July 2021.'

Free cash is increasing by $22m pcm by my calcs!

Yes, there are other future liabilities but at this rate that debt will be retired before the maturity date and by some margin. Someone with a better handle on such matters may have a contrasting opinion

about AdoubleUK. A good poster. M H RIP