Our latest Investing Matters Podcast episode with QuotedData's Edward Marten has just been released. Listen here.
Just back. knackered
90 min hearing started 11.30 ended 4.30 with 1 hr break. judgement 45mins to read out
bad guys won, scheme stamped by judge
judge said many good things superb document before court great representations on day etc 30 emails overnight et, but
but hands tied re court vote law and on fairness he accepted HUR's P6 standalone figures and their risk assessment and so did 87% who voted for deal so must go with that. said fairness was the fundamental issue. would have taken full 3 day hearing same as 2021 to prove their figures and risk assessment are toilet tissue they paid nearly $4million to produce
dflynch, picsmaister and i attended. no doubt both will expand when recovered. i may also in few days. sad day all round, a decent company being sold for peanuts by incompetent salaried pygmies so their gravy train continues - after all that happened in 2021. only fools can consider today a good day for SHs. at least we tried - so now we can sleep easy at night
The email address (judge's clerk) is supriya.saleem@justice.gov.uk
Sample emails were posted yesterday at 15.23pm and 16.03pm
Header title (case no etc) heads the the sample emails
Morning ALL. Realistic deadline for sending emails is 10.30am (or 11 at a pinch.
I urge and encourage all to EMAIL THE COURT (for email address and sample emails see earlier posts - copy and paste or amend as wanted))
DON'T LEAVE TO OTHERS - EMAIL THE COURT
A document has been lodged with the Court requesting the Court not sanction the Scheme - so we will be heard tomorrow and all is not yet lost. See 19.10 post below why your email support matters and can count, and how to email. The Hearing is 11.30 am tomorrow so realistic deadline is 10am, though tonight or early am tomorrow is better. Even if you need be 30 mins late for work tomorrow - do not leave it for others to do - it is OUR & YOUR company!
SEND EMAIL - SEND EMAIL - SEND EMAIL - SEND EMAIL - SEND MAIL
I can confirm that a small group of PIs collectively worked hard to prepare, and have submitted to the Court, a substantial document for Mr Justice Michael Green to consider tomorrow. The document requests that Sanction of the Scheme be declined. Members of the writing group will be attending.
It therefore matters that PIs email the judge's clerk, Supriya Saleem at supriya.saleem@justice.gov.uk , citing CASE NO CR-2023-001420 - IN THE MATTER OF HURRICANE ENERGY PLC & THE COMPANIES ACT 2006, supporting the group and requesting that the Scheme NOT be sanctioned. Two sample emails have been posted today - dflynch's at 15.13pm, and senseman's at 16.03.
Choose which email style suits you best, and send either as is, or amend as you consider appropriate. Or write your own from scratch - fine detail does not matter - the important thing being - THAT WE EMAIL. Ignore the doomsters & naysayers enjoying free gobby reign last few weeks. Nothing is over till the fat lady sings! It is OUR COMPANY!
EMAIL - EMAIL - EMAIL - EMAIL - EMAIL - EMAIL - EMAIL - REALISTIC DEADLINE 10.00/10.30 am TOMORROW Wednesday. If we are to go down. then let us go down fighting!
Emails should have in title/subject bar the following:-
Case No CR-2023-001420 - IN THE MATTER OF HURRICANE ENERGY PLC & THE COMPANIES ACT 2006
The matter is listed for hearing 11.30am (90mins) tomorrow before:-
Mr Justice Michael Green
Rolls Building
EC4A 1NL
If folk hold off emailing for 15-20mins I will post the Judge's clerk's direct email address for emails to be sent
Same yesterday. HL said HUR set deadline so not HL call.
Nausea inducing (from RNS):-
"The delivery of a technically skilled and commercially efficient, debt-free Company enhanced our industry reputation and attracted outside investor interest.
All this is a great credit to the team's ability and commitment which, given the challenges of the last few years in particular, have delivered full value and a great return for Shareholders."
Accurate translation:-
"2022 was a good year after senior management failed to give the company away for free in 2021. The company ended the year debt free and with $121 mill cash. So in 2023 we senior managers decided to give the company away for free again. Shareholders will receive back cash they already own, and we senior execs get to keep our jobs. No, honestly, it's neither joke nor bad dream. We are that incompetent and venal"
Swatay - playing catchup - thanks for kind words. It's good that some have/will come out ahead, whatever now happens.
I wouldn't be a seller now - still 12 days till fat lady sings - and am more optimistic than most that HMRC will allow DCUs to stay in ISA.
3 weeks ago had a full blown plain french-speaking argument with a Hargreaves Lansdown senior that on behalf of circa 1000 HUR SHs they should be bending HMRC's ear about the injustice of removing DCUs from ISA - spoke with him earlier today to be told he took it to the top and it produced HL representations to HMRC. He said last time HL approached HMRC it WORKED. Same old story - it don't ask, don't get. So I remain ISA-hopeful
So we have Court date 7TH June - a few days to think. Regarding DCUs & whether to leave as is or opt for loan notes(DCU cash deferred for 6 months) and deadline tomorrow midday to notify brokers - according to Hargreaves Lansdown by phone today, the following HL comms read in conjunction mean (current state of affairs) - that loan notes will NOT remain within ISA, but Class II DCU's (ie immediate DCU cash on due date) are still to be decided by HMRC if will remain within ISA. So if opt for loan notes (Class 1 DCU) and HMRC then rule Class II DCU remain within ISA, will be paying needless tax. What a pile of c rap - asking folk to decide, before knowing how HMRC will rule DCU IIs.
18TH MAY - "As the DCUs are not listed, they do not automatically meet the criteria to be held within an ISA. However, on occasion, special agreements can be made for certain investments of this nature to remain within the ISA if agreed by HMRC.
Both Hurricane Energy plc and Hargreaves Lansdown have reached out to HMRC to enquire as to whether they would allow the DCUs to remain within an ISA. We will let you know once we have received a response back."
11TH MAY - "The DCUs may deliver up to 6.48 pence per share in cash. Clients can elect to receive a loan note instead of any cash they may receive from the DCUs.
Key information relating to the loan notes is provided below:
Any loan notes you receive will be redeemed for cash six months and one day after issue, for the same amount you’d receive under the cash option.
You’ll therefore end up with the same amount of cash, but have to wait a further 6 months to receive it.
You will not receive interest for the 6 month period that you hold the loan notes.
The loan notes will not be listed on any stock exchange, so they cannot be held in an ISA.
The loan notes may allow a shareholder holding shares outside of an ISA or SIPP to delay payment for tax purposes. We would therefore recommend you seek tax advice before electing for the loan notes."
Last try for live link - otherwise need type into google for link with small https. apology
https://www.youtube.com/watch?v=EUkpR9BoJnA
Https://www.youtube.com/watch?v=EUkpR9BoJnA
For those wanting to listen to the best - yesterday's videoed brilliant Times Radio 40 minute interview with Professor Michael Clarke
Best precis of deal so far - the art of black humour
And miss the fun of reading Tiger giving the Three Stooges a good spanking....you must be joking......)
And the shareless- pedant-forum-policeman Third Stooge takes the bait like a good 'un....)
Tiger - keep at it.
The 3 stooges can try the overly polite route and couple it with calling others bullies. But the silent majority know leopards don't change their spots and see right through them.
So better would have been ukraine rolling over and 50 more years of russia threatening the world?
the Three Stooges have a flawed argument every time they call night as being day. it's like talking to Three Penguins...)
And bang on cue the 3rd Stooge pops up...)
Ukraine will be EU & Nato. Russia has already lost hearts, minds & history
Have a nice day x