RE: HUR Directors buying26 Apr 2023 14:34
PANIC PEANUT SIZE BUYING BY BAD PEOPLE (ADVISED BY MEGA-FEE-EARNING PUPPET MASTER STIFEL) to:-
(i) Present, at later date, all 3 chief execs having 'skin in the game'
(ii) Add another vote to the required 50% Court Meeting Vote tally
The penny has dropped that, even should HUR reach the require 50% (Court) & 75% (Scheme) thresholds on 4 May (and NTSA & NSIA approval thereafter), there is a final hurdle at end May/early June (date to be set) to be overcome. That is, a Court Sanction hearing whereat a Judge will examine the Scheme (& voting) & adjudge whether it is fair and reasonable to all interested parties - including circa 21% PIs - and whether there exist valid grounds for it not to be sanctioned (Court approved). An immediate ground which springs to mind for it not be be Court approved (rubber stamped) is that PIs have effectively been disenfranchised from the 50% Court Meeting vote by the majority of PI shares being held in nominee (ie: broker) accounts which collectively amount to 1 vote per broker. And that since most PIs (HMRC necessarily) hold shares in ISAs owned by nominee brokers, HMRC have (inadvertently) disenfranchised PIs. Thus the fundamental remit of the 50% necessary (fairness) hurdle has been abrogated (set side). Thus the Judge should consider disallowing the Scheme on the common sense basis that the 50% threshold would never have been achieved had the disenfranchisement not occurred - thereby HUR would have failed at the initial 50% hurdle.
It was on this 'fairness' basis that in 2021 J. Zacaroli refused to sanction the Restructuring Application at the initial 1 day Convening (rubber stamping) Hearing. and ordered a full 3 day 'Evidence Hearing'.
HUR are afraid that even if it succeeds on both 4 May votes, that the Court will receive 100+ erudite objecting emails from PIs prior to the end May/start June final Sanction Hearing. This is the crux.
There is NO NEED to write now to the Court. No date has been set, and no Judge appointed. There will be enough time post 4 May, should PIs not agree the outcome, for PIs to collectively construct an agreed objection email/ letter/ document to be sent to the appointed Judge by as many PIs so minded. On this basis, energies should REMAIN FOCUSED on collectively getting as many PIs as possible (whether for or against), to VOTE by DEADLINE FRIDAY 1pm UK time
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