Member Info for senseman

DF
I have emailed HUR comms (comms@hurricaneenergy.com) asking when it will be RNS published. If you, and others also, have time, please zip a quick email asking similar.
Johns
I enjoyed the going full tonto post - a guy's gotta have fun
Broom
You are a very bad man...)

just by applying common sense the majority always assumed it was an income play

404X - Today 08.46
For anyone with HL to vote if you've not already done so couldn't be easier.
The link is https://online.hl.co.uk/my-accounts/investor-mailbox
There are two separate votes, Court Mandate Meeting + General Meeting.
If you don't approve of this deal you would vote against all of them.

dflynch - Today 08:14
It is now getting critical that Investors, if they have not already done so, cast their votes for the Court Meeting and the Extraordinary General Meeting taking place on Thursday 4th May.

At the Court meeting individual Investors on the HURR company register at 6pm on Monday 1st of May can cast their one vote. Beneficial owners of HURR shares, that is Investors holding HURR shares in a Broker’s “Nominee” accounts, are disenfranchised from voting at this meeting.

However, and of particular importance to these disenfranchised Investors is the vote at the Extraordinary General Meeting, which follows the Court meeting. At this meeting PRAX and the HURR Board of Directors require 75% of the votes cast at that meeting to be in favour of the Scheme. That is not 75% of HURR shares on the company register; it is 75% of the shares voted at the meeting.

This is where the disenfranchised beneficial owners of HURR shares can influence events, as they can vote all their HURR shares held in Brokers “nominee accounts. Your vote will count and influence the result.

Each individual Broker will have a different method of recording votes cast by the beneficial owners of HURR shares. These usually are by either “secure” message, a telephone call, or a corporate actions “voting” function on the Broker’s website.

For example, Interactive’s clients use a corporate action’s voting function – very easy and efficient. It would be helpful if posters could post the method used by their brokers so that others may benefit and vote.

In order to process these votes Brokers usually close the voting days before the meeting so it is critically essential to CAST VOTES TODAY!

VOTE VOTE VOTE VOTE VOTE VOTE VOTE VOTE
dflynch today's Tuesday 08.14 excellent post - 'CRUCIAL - Vote your HUR shares today' explains beautifully WHY all should vote, and HOW.
404x today Tuesday 08.46 backs up with link to Hargreaves Lansdown (PI largest nominee broker - perhaps 50%)

HARGREAVES LANSDOWN VOTING (online) (phone to instruct if not online)
Brokers will likely apply strict deadlines. Hargreaves Lansdown (HL) deadline is Friday 28 April 1pm UK time (2pm CEST).
To vote via HL - Login
Under 'My Account' tab dropdown - click 'Portfolio Home' on far left - will open accounts etc
At far right see & click 'Shareholder meetings'. See (2) listed 'Court Mandated Meeting' & 'Ordinary General Meeting'
At far right click (each in turn) 'Give Instructions' tab'
Court Mandated Meeting - 1 item to vote on
Ordinary Mandated Meeting - 2 items to vote on
There is a PRINT option after each 'Meeting' vote, If can, print and retain (take to meeting if attending)

Because of the 4 May's cruciality (a voting meeting), HUR may insist upon broker letter confirming HUR SH status & holding for entry to the meeting. If one intends attending, phone or message broker for email, message or letter confirming such & take to meeting.

dflynch will repost his today's 08.14 post repeatedly between now & Friday 1pm. I will do similar with this post. Please do not get irate - many SHs only look in here periodically - and 4 May is CRUCIAL. It does not matter whether one votes for or against, it DOES matter that as many of the 21% HUR PIs as possible vote, and vote on BOTH meetings (ie Court & General). BOTH matter. I have voted against (NO) to all proposals, but that is just my view.
VOTE VOTE VOTE VOTE VOTE VOTE VOTE VOTE

ron - apology my error
cr.2023.001420@gmail.com
if you write short note patrick will say hello

ron
a quickie to make you aware
we have maybe 3 weeks to write to the court post 4 May - look at the hur presentation video for the end court date when the judge rubber stamps or otherwise.
a few are conversing privately to draw up a doc for posting here so others can post to judge before that date
if you want join the small group email me at my backup email peter0255@blueyonder.co.uk and if others ok it you can be copied in

fand
with april offload due 26 april i think 4 offloads fairly sure (barring misfortune), notwithstanding annual shutdown (BW will keep as short as poss same as 2022).
even if add couple of days to april offload, means 35 weeks left in 2023
say 2 weeks max shutdown (last year was it 7-10 days?). leaves 33 weeks
april offload took 9.5 weeks so still under 10 weeks.
33 weeks for 3 offloads = 11 weeks p.offload so 77 days
540000 barrels divide by 77 = 7012 barrels a day average now-end Dec
Since P6 was producing 7460 bpd as of 16 April (RNS 18 April), the average 16 April - end Dec unlikely to fall to 7012.
With luck we could even see 4 offloads mid Dec

cat
common sense is that you need be on HUR shareholder register (as DF has outlined how to do by transferring/buying shares outside ISA) for court postal votes (or cast in person 4 May) to count. A way to clarify would be to email HUR with question. If your shares are held by nominee eg Hargreaves, they vote on your behalf and are entitled to 1 vote only for ALL PI shares they hold as nominee. In simple terms. HL OWN all PI shares, PIs are simply BENEFICIAL HOLDERS. To be an owner (and thus have 1 vote) you need buy (or transfer) a few HUR shares into independent trading account (as per DF's explanation/instructions

oldman - let us know and/or phone them to pin down if can be done and id not, why not. since so many hold with HL (50% of all PI broker shares from memory?), is crucial

cat
dflynchy wrote originating post 11.14 today. it's import is clear. i can't answer question but would expect DF to check in and clarify at some point

xx reply 11.29
"dflynch - Is that true?
"If so, each shareholder here needs to buy a single share in a non ISA/SIPP account and do this"

dflynch reply 12.13
"Yes xxP
It is true and that is why I did it.

If you bought today you would probably have to wait for settlement (Thursday) before you could dematerialise. So you could be on the register Tuesday of next week. But these timescales would be tight and each broker might have different settlement / dematerialisation time -scales.

You could also reverse BED and ISA transferring 1 share out of your ISA / SIPP account into a Trading account and then immediately dematerialise. Could complete that in one day as there should be no settlement period - it's instant I believe!. However you must consider the Bed and ISA fee - two trades effectively.

Speak with your broker"

dflynch Mon 11.14 (see also 11.29)
"How to circumvent the consequence of holding your shareholding within a Nominee Account and the vote at the Court Meeting 10am 4 May.

The issue is that shares held in a nominee account are restricted as to how they can be voted by shareholders at the Court meeting.

Shares held in the nominee account can be split between votes FOR the Scheme and votes AGAINST the Scheme.

For example. Imaginary stockbrokers Limited
They have 10 clients each with 100k shares in HURR

These clients shares in HURR are held by Imaginary in their Soon-be-rich nominees account.

The clients are beneficial holders of the shares, but legally they belong to Soon-be-rich nominees. As such on HURR’s company register Soon-be-rich only will appear as the owner of 1,000,000 HURR shares.

Imaginary offers a service that allows their clients to vote at company AGM’s etc.

In the case of HURR and the Scheme say 9 clients are against the Scheme and 1 is for it. Consequently, Soon-be-rich informs HURR’s registrars that they will cast 900,000 votes against the Scheme and 100,000 votes for the Scheme.

For the HURR scheme to go ahead 75% of the votes cast must favour acceptance of the Scheme.

That is one reason why it is important to contact your broker and cast your vote.

The next aspect of the voting to be considered by the Court is the number of members of the company that have voted FOR / AGAINST the scheme. In this vote each shareholder, who is a member of HURR, gets one vote only even if they own 100 million shares!

This is a problem because whilst Imaginary’s clients have cast their votes in the first vote, they cannot vote in this critical second vote because they are not members of HURR – Soon-be-rich is, and has only one vote despite the underlying beneficial 10 shareholders. The likelihood is that Imaginary would NOT vote their Soon-be-rich vote either FOR / AGAINST the scheme.

How to circumvent the problem – and this applies to shares that are NOT held in an ISA or SIPP account.

Contact your broker and ask for them to dematerialise your shares. That is to say to convert your shares into paper shares – Certificated shares.

This will have the effect of the Shares being transferred from the name of Soon-be-rich into your name, as the legal rather than beneficial owner of the HURR shares.

Consequently, HURR’s registrar will be notified of this change and the HURR share register will be updated to reflect this.

Importantly you will have become a member of the company and as such entitled to the ONE critical that the Court will consider in sanctioning, or refusing to sanction the Scheme.

I have undertaken this process this morning with Interactive and my name should be on the HURR Register by Thursday. I will attend the Court meeting and vote against the scheme. I had to pay a fee of £43 to achieve this – but great value if this scheme can be stopped – and it can reading today’s RNS

Contact

Esk (& Ned)
Don't know. Am not a taxman. And if HMRC rule it's income? Or someone bought in at price where can't offset all CGT?
Esk makes powerful point. Folk buy via ISA & SIPP for easy, stress-free life and absence from form-filling requirements. They don't want to have to pay accountant to navigate through complexity.
HUR (& Prax)big error in no HMRC clarity for 21% of SHs. How much stress this single point already caused to PIs?
If you want to buy/sell a company cheap, do the donkey work so clarity for SHs. It all adds up. So Esk point powerful - bad deal, bad structure, bad BoD

Ned - I get your point. But not being tax specialist my substantive point being it is not 12.5p automatically free and clear of tax. DCU's outside of ISA & SIPP will mean a tax liability of some description to many (perhaps even majority) of PIs, the majority of whom put into ISA & SIPP to specifically to avoid tax liability, and based investment decision(s) on that.

Re how Prax describe the DCUs - the crux will be how HMRC define them, rather than Prax.

Ned
The offer remains the same. But if HMRC decide DCUs (circa 6p) do not remain under ISA or SIPP umbrella, then tax is payable on DCUs. So financial benefit to PIs holding in ISA and/or SIPP is significantly lower as tax payable on DCUs, So deduct tax from 6p DCUs

Playing stupid does not suit you. You keep banging on about 12.5p. But until and unless HMRC confirm DCUs will remain under ISA and/or SIPP umbrella, it's 9p-10p for PIs.
"But CA's shares aren't held in ISA or SIPP as most PIs are. It's 9p-10p (maybe) in 2 yrs time as things stand. Can't you read?"

Meant for Kever, who is losing the argument

But CA's shares aren't held in ISA or SIPP as most PIs are. It's 9p-10p (maybe) in 2 yrs time as things stand. Can't you read?

So Morrow are called in at crisis time to collect data whether offers will succeed or fail? HUR & Prax worried?

ned
1. It's not 12.5p if DCUs are outside ISA and/or SIPP. Most PIs hold in ISA or SIPP. So Prax offer 9p-10p in say 2 yrs time, IF delivered.
2. HUR P6 standalone cash projections are fairy tale, based on $76 Brent (forward curve) and 2023 $50 pb OPEX average when currently OPEX pb is only $38.6 up from $33.7 over 9 months ago, ie $5 pb raise in 9 months. Production not projected to fall off a cliff from now till Dec 2023. HUR will have 7.6p cash per share by end Dec 2023 at just $80 Brent, 8.15p @ $85 Brent, and 8.55p @ $90 Brent. Plus still viable company with huge tax credits & producing well to sell (if no P6 catastrophy)