The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
And for the record - neither details nor evidence was ever provided of the purported '7.8p unsolicited offer' rejected by HUR which provided the justifying rational for the Formal Sale Process to be instigated. Given the absence of such (without good reason), I have no faith that any such offer was received. Alternatively, that if one was, it was a bogus bid instigated by agreement with another party in order to provide justification for an FPS to be conducted.
So disgusted at Prax being gifted HUR, first time logging in for weeks. And so things begin to play out confirming worst fears:-
DCUs - Since HL messaged clients on 18 July stating DCUs can't be held in ISA, most of us will get tax-stung. For thoroughness am awaiting phone call from HL confirming HMRC confirmed such in writing to them, but regard the call as formality.
BRENT - today$86.7 & slowly creeping up as supply tightens. I expect it to be clear by early 2024 that HUR's P6 standalone figures were fairytale, and markedly greater than Prax's slightly higher promised P6 figure.
LICENSES - scared of losing election, Tories blinked first and will issue 100+ new N. Sea/ Shetland licences. Labour, if it wins election, won't reverse licenses decision as would have done similar post-election win. Let's wait to see if P8 now revisited, + other goodies spring up to help now privately owned HUR make a fortune & rub our noses in it further.
DCU's again - some will argue HUR doing well enables us to get full DCU money (less tax). That may be, but why should we be grateful for a shilling when a pound was stolen from us? And remember there is often a slip between cup and mouth.
P6 - continues pumping away like a good 'un, problem free
Sorry Hank - am leaving that to others due to work pressure. Same as you, 'd also appreciate being enlightened in very simple terms.
Contacted Court Office for where written judgement can be found - unfortunate news.
Apparently Judgement was given only 'extempore' - meaning only orally - apparently more usual than not regarding sanction hearings listed for less than half a day. There is no written judgement. The only was to obtain a written copy (transcript) of the Judgement is to apply to, and pay for, the court transcription service to transcribe one from the court tape - which for a 45 minute oral judgement would be serious money. The 2021 initial one day hearing initiated a written judgement because the judge ordered that certain things (meetings/votes) occurred before the 3 day evidence hearing.
It's a shame because a written judgement would have interested many and also made plain to the scoffers how worried HUR were and that we were not that far away from succeeding. The only written account(s) are thus those provided by picsmaister & myself. Given we always previously reported accurately and were not found to be wanting or misleading, those accounts can be relied upon.
As of today Hargrave Lansdown have received no decision from HMRC re DCU's remaining in ISAs or not.
I quite agree - broom & kever listen to your fellow canary & use filter button rather than whinge. after all, you're the ones flooding the forum - last 30 day HUR posting count:-
Broomtree - 78: Kever - 84 senseman - 28
Mach - forgot to mention but as you are learning - they hunt as a pack against which an opposing view can never succeed - because they chose to never embrace balanced reason, but seek to negate the fair argument of others' via concentration on minutia or mudslinging. it is always reason v deliberate unreason
kever's natural home is being employed by propaganda arms of north korea or russia. his problem being he is so thick he has already failed entrance exam 5 times.
broomtree passed entrance exam last year (3rd attempt). hence currently on 12 mths probation & operational crudeness self evident
asi - ex-bondholder - long time ex-shareholder - comment withheld otherwise he will, like little baby run crying to teacher (moderator) that i have broken posting rules and have this post pulled. they operate via 2 basic principles:-
(i) mud sticks - throw enough, and enough lazy idiots will believe it (ii) occupy the information space enough and you will own and control it.
their problem being that they are so crude & obvious their tactic is easily derailed by a few well targeted posts every few days. their current tactic being (i) we told you scheme would pass (as if anyone didn't know it was likely to) (ii) those who fought against succeeding are losers (so it is pointless ever fighting against injustice?) (iii) i made money cos i wasn't already deep underwater & had the ready wonga to buy at 6pish for free dcus, ergo so all you without the ready wonga to do as i did are losers and ******s.
collectively they are the voice of unreason against the voice of reason of erudite, ethical posters whose reasonable attentions now turn to (i) monitoring prax's published p6 performance figures and accounting figures to ensure dcu's are paid according to that which has been promised (ii) p6 offload & brent price figures to evidence (for intellectual satisfaction & peace of mind) that ois collectively were correct, and have been royally screwed.
as always, it will take a while for the penny to drop with relative newbies that one cannot cozy up to unreason for long without being bitten, and if one does not call out unreason, that one if effectively colluding. but newbies, as ever, will soon cotton on
Mach
The problem is the bad guys have a history of closing down discourse on other subjects, either via abuse or complaining to the moderator like little children and getting posts pulled as being off topic. The problem is their double standards (lack of ethics) and lack of consistency
Personally I don't mind a little meandering off the main track during quiet times - a little detour can brighten the day ad one's knowledge. But I agree Dive's angst. The bad guys are ethical cripples
Mach - but isn't it rather like having one's cake and eating it, communicating with others then staying silent when they overstep the mark and abuse others? staying silent is endorsing their behaviour!
Senseman...defeated...by scum...?)))
there is scum...then there is a block of wood....then there is kever
kever.....a legend in his own teabreak.....
And then, of course, if the DCUs aren't paid - remember that now HUR is a private company with opaque accounting - who will be left on the forum to fight for proper payment of them?
And there one has it - the chirping canaries with no longer any need to 'talk their book' as the Scheme has been passed - now operating on nothing other than spite! Reduced to accusing attendees of the 7 June Sanction Hearing of false reporting and/or lying. Attendees who have faithfully attended & reported every court hearing, GM & AGM from 2021 onwards, to the appreciation of all PIs, without ever once previously accused of misreporting and/or lying.
And STILL there are those who provide them with oxygen & a semblance of legitimacy by selfishly choosing to interact with them on the basis that they occasionally provide a snippet of 'useful information' regarding DCUs (which the cat, or any number of reasonable posters already driven away could provide), or because 'they are not always bad'.
In 2021 similar posters naturally withered on the vine because, facing ruin via 95% dilution, the stakes were higher so forumites en masse universally blanked them or responded solely with scorn - because their danger was recognised NO ONE provided them ANY credibility. Despite others & myself giving repeated fair warning of the dangers of the same tactic not being followed in 2023, some forumites selfishly chose (and still do) to provide them with the oxygen of interaction so the forum is as it is now - dominated by canaries and spite.
My message to those who continue to choose to interact with them is simple - do continue - but do not complain when reasonable, creative posters fade away to leave the forum populated solely by the canaries
The Judge accepted that had PIs discovered early enough that the way to each have a countable vote on the crucial 50% issue was by buying a few shares outside of their nominee broker accounts, and thus be listed on the HUR share register, that enough PIs would have done so to ensure HUR lost the 50% vote. He stated awareness of the current law being outdated & inadequate, and expressed his view that IN FUTURE Schemes of Arrangement companies should, within the Scheme documents, make PIs aware they were effectively disenfranchised unless they held/bought shares which enable them to be listed on the company Share Register. Effectively he said that if HUR had done this, the Scheme would have failed the 50% first hurdle vote. Effectively he said PIs were robbed, but he was not brave enough to do anything about it.
To our surprise, HUR's KC Ben Shaw of Erskine Chambers (Andrew Thornton of Erskine Chambers represented Crystal Amber in 2021), unprompted conceded that HUR, though not legally obliged, should have made this PI disenfranchisement issue position clear within the Scheme literature. This and his generally less than enthusiastic attitude to HUR's (his client) cause struck me as being odd and that, apart from being paid by HUR to represent them, he had no faith in HUR's cause and would not have been too upset had HUR lost.
The answer to this riddle I accidentally stumbled on minutes ago looking at the 2021 Judgement to get Andrew Thornton's name (I always forget it). That judgement lists Ben Shaw as Andrew Thornton's supporting Counsel (Ben Shaw did not speak) at the 2021 3 day hearing. Meaning he assisted Andrew Thornton dismantle HUR's bogus figures and arguments in 2021 - ergo he knew HUR were stiffing PIs again via funny figures and flawed argument, this time on the back of CA's wish to monetize - hence explaining his less than enthusiastic attitude to his few days paid HUR work. A barrister is legally obliged to accept instructions/client on a cab basis - meaning he cannot refuse a case because he considers a client rogue. One can image the chats he and Andrew Thornton had over the water cooler!
The Judge acknowledged the DCU tax implications forcibly imposed on PIs by the Scheme. He considered it 'regrettable' that HUR had not deemed it appropriate, knowing circa 20% of it's SHs were PIs mostly invested in ISAs via nominee brokers, to seek a ruling from HMRC prior to announcing the Scheme in order that the position was made clear in the Scheme documents.
The collective view of our group of 9 was, and remains - had we 1-2 weeks longer to prepare a Document & evidence bundle relating to the 'fairness' issue, and/or barrister/solicitor court representation, we may well have won. And that there was even enough in our short quality Document to enable the judge to refuse to sanction – the judge knew it was a stitch up - but brave judges are rare.
The usual suspects with spare cash who bought at 6p when the Scheme was announced, for free DCUs, or those imbued with spite, will of course pour scorn on this post like a rash. Ignore them. One of our group of 9 will post where the judgement can be read when we find out. And judges do not let 90 minute hearings run for 5 hrs on a whim. Nor do KCs submit a 25 page long 'Skeleton Argument' with an advised reading time of 2hrs unless they are genuinely concerned about a possible upset
After Johns’ forum suggestion to contest the Scheme, a group of 9 resulted, namely:- Cat5: Johns: oldman45: picsmaister: RodneyT: ronwoking: senseman & 2 others who wish anonymity. All contributed, so forum thanks should go to the collective all. It just fell that 3 of us were able, and best equipped, to attend on 7 June.
We tried our utmost. The Judge in giving Judgement directly praised our Document quality, the collective effort, & the +30 private investor emails/documents he received. Our skill-lacking area was court-presentation a barrister or solicitor would have provided. HUR had Kings Counsel, Dentons solicitors, Stifel, Maris, Chaffe and others. Prax had Counsel & solicitors
HUR & Prax lodged large document bundles/witness statements (similar to 2021). It’s KC stated HUR knew from 2021 & current monitoring of LSE forum that SHs were activist, disagreed the Scheme, and may act. They were clearly genuinely worried. The Judge had sight of these but we did not - having emailed our Doc to the Court only on 6 June, we had not 'served' it on HUR, and thus left no time to be served HUR’s document bundles. The downside for us being the bundles included all the $3.4mill promotional guff including HUR’s fairytale P6 standalone 2026 8p end-figure (ie. magically marginally less than Prax’s minimum end 2026 figure) and high risk 1 well 1 pump exagerations. Astonishingly, even HUR KC's skeleton argument (we were provided copy at kick-off) was 25 PAGES LONG, and lodged at Court 2 days prior with an estimated 2 hrs judge’s reading time.
The 90 minute listed hearing lasted 11.30am-4.30pm, with1 hour lunch. Judgement reading took 45mins. The judge read HUR's gumph in previous days. Our late Document & appearance threw a considerable spanner in both HUR's easy-expectations, and the Judge's thinking, as our arguments were too meritorious to be easily dismissed.
Constrained by time & resource, our Document was merely 6 (SIX) pages, but of absolute research-imbued quality. It dealt almost exclusively with the head count (50%) issue. It contained only a paragraph regarding the 'fairness' issue the judge declared his overriding concern. He was guided by HUR's rogue P6 standalone cash projection figures being less than P6 under Prax, by HUR's rogue 'risk assessment', and the 87%-88% achieved by value vote (the 75% vote - thus 'most people’ being happy' – despite HUR & Ker’s 46% holding of all shares making the 75% vote a formality). Arguing verbally on these ‘fairness’ issues without our Document (+ an evidence bundle) substantively addressing them was a mountain too high. The Judge made clear that though cognisant of the 2021 Judgements, he was bounden to be guided by the evidence bundles provided by HUR. Our lack of time and resource to systematically dismantle HUR’s figures and assessments aka 2021 gave the judge an easy and perhaps understandable way out.
Machin - it's been pulled. sensitive souls) on here today
Reply (direct quote) just received from LSE comms pursuant to email sent requesting clarification and giving reasons why it would be helpful and proper for the Forum to remain showing.
Click my name and examine my posting history. show me the post. it does not exist, i repeat - show me the post.
what you will find are several earlier posts where i correct you
the only charlatan here is you - kever
NMBS - LSE emailed me couple of months ago that usually a forum will remain in place if there is posting traffic. I have just emailed to ask them to confirm this as it is what all members want. Email 'The Team' at info@lse.co.uk stating you would like the forum to remain operating and asking that this be done. The team there is small so just a few emails will be noticed. It's a lot easier to keep it now, rather than find it's been taken down then try and get it reinstated
Were you in Court 7 June, Kever? Of course not
And since I've posted on the forum numerous times I live in London, all but you know I don't live in North Wales. So are you thick? Or just malevolent?