Member Info for schlemiel

adoubleuk

Thanks for that.

So, can we now conclude that Hurricane's assets have material value?

That the board-Kerogen knew this and saw an opportunity to exploit this very fact?

That the assertion that an existential threat posed to Hurricane (liquidity squeeze) was pure lies and propaganda designed to force shareholders into accepting the now nefarious restructing plan which in effect was a plan to steal Hurricane's valuable assets that the board asserted had little value?

That Kerogen's influence has now been completely diminished ?

And that now Hurricane contains substantial upside now the plan to transfer control from shareholder to bondholder has been roundly defeated?

That Hurricane is now once again a viable, solvent and worthy investment of our investment capital?

I may be a newbie on here but my handle on ADVFN is Mirabeau so I have been holder of Hurricane so many times and never made any real money. Watched from afar to see decent holders being fecked over by filth and slime. I hope those people get their just reward

Come on Mr Bernstein, you have saved the company from harm, protected shareholders from decimation and now go for the jugular regarding those that have caused so much emotional harm and unncessary stress

Apologies for any typos. Spellchecker not working

Why issue 60p options anyway? If managment have zero intention of exercising such options why the feck would they issue them? Are they trying to create elevated expectations or is it simply an exercise as per previous placings etc?

The problem of course is that for all the bullll****e about 'going to production' pumped out by SOLG we're not sure if they actually intend to do this but then againt they could be deadly serious.

If SOLG came out and publicly stated 'we intend to explore, prove up any disoveries and the monetise' then we and the market would know were we all stand but they don't do this. It's tedious subterfuge and verbiage

Another presentation last week. Why? A pointless exercise

We and more importantl the market need clarity of direction. The price has gone absolutely nowhere in 5 feckin' years and that's a consequence of dilution, fear of further dilution to finance Alpala development and zero monetisation through JVs, farm-ins etc

Is this a company Board & Bond holder collusion to deprive shareholders of their equity using any and all forms of tricks and falsifications? Surely this cannot be a civil matter?

If lies have been told to steal the company from its owners then the current valuatin of the company is materially undervalued once those lies have been revealed to be just that, lies with one purpose, to drive down the valuation of Hurricane by using fear of wipeout. That cannot be lawful and legal

There must be documents and information showing the true state of affairs. The entire board defenestrated themselves directly after the Court's judgement knowing they had been exposed and Kerogen's role? Kerogen must be exposed for their role in this stitch up

I bet Bernstein and allies will leave no stone unturned to get to the truth

The Decision

Having considered the competing views, Mr Justice Zacaroli refused to sanction the scheme. Agreeing with Crystal Amber, the Judge was not convinced that the “relevant alternatives” were as suggested by the Hurricane Board, nor that shareholders would be “no worse off” absent the Hurricane Plan. The Judge recognised that there was every reason to believe, come July 2022, Hurricane would be able to repay the bonds in full, either from available cash or by bridging any shortfall. As the Judge recognised in his judgment, the bondholders’ desire to obtain control of the company was not a good reason to deprive the shareholders, now, of all but a fraction of their equity, rather than waiting to see if the actual performance over the coming months continued to improve.
Conclusion

As Government financial support is withdrawn and the fall-out from the COVID-19 pandemic comes closer into focus, we anticipate that the attempted use of Part 26A Plans will become more frequent.

For shareholders or creditors who find themselves at the mercy of company boards and/or other creditors trying to take control at their expense, this decision could prove pivotal. Having approved the seven previous restructuring plans under the new procedure, far from the rubber-stamp exercise the Hurricane Board and its advisers might have anticipated, this was the first time the Court declined to sanction a Part 26A Plan. It was a terrific result for Crystal Amber and all Hurricane’s shareholders, relieved that its share of the company has not been diluted, and hopeful that Hurricane will now continue to trade profitably with a view to repaying the bonds in full.

Rosenblatt Limited Partner Simon Walton led the charge on behalf of Crystal Amber, supported by Senior Associates Luther Kisanga and Matthew Littlestone, and Trainee George Kestel.

end

Opposition to the Hurricane Plan

Crystal Amber disagreed. It instructed Rosenblatt Limited, Leading and Junior Counsel from Erskine Chambers, financial and technical experts. At a 3-day sanction hearing before Mr Justice Zacaroli via Microsoft Teams, Crystal Amber opposed the Hurricane Plan on the basis that it was premature, manifestly unfair and – crucially – that the Company had identified the wrong “relevant alternatives” if the restructuring plan was not sanctioned, and the Court could not be satisfied that the shareholders would be “no worse off” than in what was, in fact, likely to be the relevant alternative. Specifically, Crystal Amber argued that rather than immediate or short term insolvency, Hurricane would continue trading, generate cash, and repay the Bondholders in full by July 2022, after which the economic benefit from Hurricane’s assets would be for the shareholders. In a shining example of access to justice in the modern phenomenon of having Court hearings via Microsoft Teams, over 100 people – most which were private investors – could participate in the hearing, making their voices heard.

cont.....

The dissenting class can be “crammed down” by Court sanction in circumstances where (a) no members of the dissenting class would be any worse off under the “relevant alternative” to the plan; and (b) at least one of the classes that has voted in favour of the Plan would receive payment, or have a genuine economic interest in the company if the relevant alternative was implemented. The “relevant alternative” for these purposes will be whatever the Court considers most likely to occur if the plan is not sanctioned by the Court (and given the nature of plans, this may well be said to be an administration or liquidation).
The Hurricane Plan

Under pressure from twitchy Bondholders, the Hurricane Board decided earlier this year that Hurricane was not likely to be able to repay its $230m of bond debt due in July 2022 – despite having more than a year until maturity and sufficient cash to service the interest in the meantime. The Board determined that the best way to resolve this problem was to hand over control of the equity to the Bondholders, in return for an extension to the maturity date of the bonds, plus a modest reduction in the debt (which reduction was then countered by increased and additional interest). Hurricane would then continue trading for up to three years, with all free cash (forecast to be around $170,000,000) being paid to the Bondholders. It was said that the “relevant alternatives” to the Hurricane Plan were either an immediate and uncontrolled liquidation, or a “controlled wind down”. In either case, the Board determined shareholders would be “no worse off” than they would be under the Hurricane Plan. Accordingly, the Board applied under Part 26A, claiming the shareholders did not need to be consulted nor asked for approval.

cont........

https://www.rosenblatt-law.co.uk/media/hurricane-force-a-victory-for-shareholders-big-and-small/

2nd July 2021

On 28 June 2021, the High Court delivered judgment refusing to sanction a restructuring plan put forward by the Board of Hurricane Energy Plc [“Hurricane”], and vehemently supported by an ad hoc committee of Hurricane’s bondholders [“the Hurricane Plan”] [2021] EWHC 1759 (Ch). Whilst the Plan drew criticism and concern from several hundred of Hurricane’s private investors, only one institutional investor, Crystal Amber Fund Limited [“Crystal Amber”], was ready, willing and able to invest the time and money to formally oppose the Plan, with full legal and expert representation.
Restructuring Plans pursuant to section 26A of the Companies Act 2006

The Corporate Insolvency and Governance Bill 2020 received royal assent on 25 June 2020, and was passed into law as the Corporate Insolvency and Governance Act 2020 [“the Act”]. Alongside several other key updates, the Act introduced into the Companies Act 2006 (Part 26A) a new “cross-class cram down” arrangement and reconstruction process as an additional tool to rescue financially distressed companies [“Part 26A Plan”].

This new restructuring tool is available to companies which have, or are likely to encounter, financial difficulties that are, or are likely to, affect their ability to carry on trading as a going concern.

Broadly speaking, a Part 26A Plan is similar in form and process to the existing scheme of arrangement procedure under Part 26 of the Companies Act 2006 [“Scheme”]. Case law in relation to the Scheme process is well established and will be applied to determining Part 26A Plans. However, there is one major distinction between a Part 26A Plan and a Scheme; while a Scheme requires approval by at least 50% in number constituting 75% in value of each relevant class of creditors or members, as the case may be, present and voting either in person or by proxy in favour of the Scheme for it to proceed to sanction by the Court, a Part 26A Plan allows the court discretion to sanction a plan where a number representing 75% in value of the creditors or members, as the case may be, of each relevant class present and voting either in person or by proxy in favour of a plan, even where there is a dissenting class (or classes). The dissenting class is “crammed down”, hence the newly coined phrase.

cont...........

'A trading update in January 2021 highlighted how cash generation has recently improved as a result of the recovery in the oil price, with the company generating $19 million in the month of December 2020 alone, taking cash to $106 million. The Fund notes that the price of Brent crude has recently continued its strong recovery, from $38 per barrel in October 2020 to more than $60 a barrel. The Fund believes that in 2021, this increase alone should add more than $100 million in cash to Hurricane. It should also significantly increase the value of Hurricane's other, hitherto, untapped resources if this level is maintained.'

https://www.sharesmagazine.co.uk/news/market/LSE20210519070005_3978898/Crystal-Amber-requisitions-GM-of-Hurricane-Energy

-

Market cap £70m with bond obligation to be addressed. The bias is to the upside.

https://hotcopper.com.au/data/announcements/ASX/2A1307617_DGR.pdf

'Strategic Business Review :

The Board of DGR Global has identified several funding options for the Company moving forward, utilising its Balance Sheet to minimise shareholder dilution. Additionally, the Company is conducting a comprehensive review of its overall running costs, business model and structure. '

Intriguing. A lot of movement regarding Mather. Leaves SOLG CEO, leaves IRR and now DGR looking at itself. It holds 9% in SOLG

This release looks like a company seeking monetisation and divesting imho

A combo of short covering (Kite Lake's been covering this week) and others taking long positions. That's a recipe for bullish price movements assuming forthcoming news is positive. Bernstein didn't come this far and fight this hard for a company without no reason at all. He knows Hurrican contains decent equity which Kerogen wanted to procure for themselves at YOUR expense. Slimy w-ankers

I set up the Hurricane thread on ADVFN (Mirabeau) years ago and made some, lost some over the years, net loss though but I couldn't resist this opportunity

Insensitive of me to declare my holding considering some holders losses. Size 10's at times.

:(

I can now sell a million at .03345p, above bid. looking positive

There's material value here which may explain why the previous board colluding with Kerogen were so very keen to snatch the company from under the nose of the shareholders. This self-same thing happened to Timan Oil and Gas which was stolen by Lebedev for peanuts and then he sold the assets for aruond £250m. These things happen and the snakes can get away with it

I believe Bernstein will try and find a buyer for the entire company. CA is now controlling the agenda, almost the de facto board of HUR. Kerogen have been put back in their box. The Shareholders now control the forward direction of the company

CD - good point. thanks for that. Mind at rest now

All

thanks for that

2021 will hopefully be a break-through year.

Analysis & News

Oil Prices up 2% on OPEC+ production deal, according to sources
Proposal to Boost Oil Production by 400kbpd/month vs 500kbpd expected

OPEC+ will convene today for the 181st OPEC meeting as well as the 18th OPEC and non-OPEC ministerial meeting. The focus will be on setting production quotas going forward from August, while there is a possibility that OPEC+ make a mention on whether to extend production cuts beyond April 2022.

At the time of writing, OPEC sources have stated that there is a proposal for a modest increase in oil production of 2mbpd between August and December, with the monthly figure at 400kbpd. In reaction to the source reports, oil prices rose to session highs with Brent crude futures nearing $76/bbl.

This proposal is slightly less than the market consensus, which had been for 500kbpd from August. Keep in mind, that with demand projected to outstrip supply by circa 1.9mbpd, the oil market is still likely to remain tight with recent Iran Nuclear talks on pause and thus extending the time before Iranian oil comes back online. In turn, this keeps risks tilted to the upside, raising the likelihood of oil prices reaching $80/bbl.

Heading into the meeting, Russia had once again vocalised their desire to boost oil production, preferring to increase supply around 500kbpd-1mbpd, while Saudi Arabia’s Energy Minister continues to go down the path of remaining cautious in raising production with the spread of Covid variants remaining a concern. However, in light of these sources, it would appear that Russia has sided with the cautious approach.

That being said, during OPEC decisions days, it is not uncommon for a plethora of source reports to do the rounds across newswires as well as on social media with #OOTT on Twitter being the primary location for oil commentary. Therefore, it will be important to follow OPEC watchers on Twitter, such as Amena Bakr and Javier Blas who are invaluable during these OPEC meetings.

https://www.dailyfx.com/forex/market_alert/2021/07/01/Breaking-Oil-Prices-Jump-as-OPEC-Agree-Oil-Production-Increase.html

About

Mr Wilkins is the founder and principal of DWCorporate Pty Ltd a leading privately held corporate advisory firm servicing the natural resources industry.

Since 1994 he has been a director of, and involved in the executive management of, several publicly listed resource companies with operations in Australia, PNG, Scandinavia and Africa. From 1995 to 2001 he was the Finance Director of Lynas Corporation Ltd during the period when the Mt Weld Rare Earths project was acquired by the group. He was also founding director and advisor to Atlas Iron Limited at the time of Atlas’ initial public offering in 2006.

Since July 2001 Mr Wilkins has been a running DWCorporate Pty Ltd where he advises on the formation of, and capital raising for, emerging companies in the Australian resources sector.

He is currently non-executive Non Executive Director of Australian listed company Key Petroleum Limited, Non Executive Director at Mawson West Limited (formerly TSX Listed)

TIDMSOLG

RNS Number : 8703D

SolGold PLC

01 July 2021

1 July 2021

SolGold plc

("SolGold" or the "Company")

Appointment of Company Secretary

The Board of SolGold is pleased to advise of the appointment of Mr Dennis Wilkins to the position of Company Secretary effective on 1 July 2021.

Dennis has more than 25 years' experience working in governance and company secretarial roles for resource companies covering many international financial markets and regulatory environments.

If Bernstein has info to prove malfeasance and corruption between Kerogen and the previous board then what leverage over Kerogen that will give the new HUR board