RE: SP5 Feb 2023 13:47
HUR's 11.09 2020 Half Yearly's stated that on 30.06.2020 bond debt was $230 mill but $106.2 mill cash was held.
Bonds could then be bought on open market at sub 35c in $.
In Sept 2020 HUR commenced a $17 mill spend (est) on a 95% dilution restructuring plan culminating in failure June 2021. Whilst simultaneously agreeing with CA that bond buying at that level was a no-brainer, prior to severing contact.
That $17 mill spent on bonds at even 40c in $ would have repaid $42.5 mill bonds
$50 mill of $106.2 available cash spent on bonds at even 40c in S would have repaid $125 mill bonds, leaving $56.2 mill protective cash. Immediately, at a stroke, HUR would not only have been risk free - but would have had it's health and SP transformed.
I REPEAT - on 30.06.2020 HUR had $106.2 mill cash.
Since the failed restructuring plan process took 9 months, negligence, ie: that the BoD DID NOT REALIZE what they were doing, can be discounted. The only 2 remaining options were grand scale incompetence, or illegality. Take your pick. Could highly paid, qualified chief execs be THAT incompetent?
My PERSONAL view is that a sighting of chief execs personal phone and whatsapp records would evidence illegality.
An ex bondholder poster persistently shouts ' prove it'. Since the only way to do so is crimlnal investigation and prosecution, I regard such comment as trite, irrelevant and easy statement of nothingness.
Judge Zacararoli in June 2021 refused HUR leave to appeal against his decision to reject the restructuring plan. He took especial care to avoid criminality issues to specifically avoid opening any door to appeal, and aware that SH's immediate best interests were served by HUR's bond repayment and prosperity.
CA rejected HUR's 'investigation and were minded to pursue the matter save that it's 'continuation vote' failed and it's priorities forcibly altered.
My comments re value can be seen by clicking my name and scrolling back to posts
26.01.23 20.24
26.01.23 10.14
18.01.23 16.44
08.01.23 16.15
Valuing a company is as much art as science. Comment it is only worth what someone will pay for it at a snapshot moment in time is nonsense. If you took the Mona Lisa to Camden Market and the most you could get someone to offer you was £20K, is that it's value? Or if you had a Mazda MX5 convertible with expired MOT and needing a service and new tyres, would you sell it to Webuyanycar for 2K in the middle of winter in that condition? Or would you put new tyres, MOT and service on it and sell it yourself on Autotrader in May/June for £4K when summer arrives?
Carpking - I don't know what your're taking today. But you've had enough.
Someone please copy this post in case the usual tries to get it removed. There is no reason for it to be. But our moderators are often too easily persuaded and later have to reverse decisions
I wouldn't lose sleep if CA are quiet tomorrow. Dust can take a few days to settle so maybe end of week more real
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