focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
Full detail of 0.309p payment now available here: https://www.prax.com/information-for-holders-of-dcus/
Payment has not made it to my iWeb (Halifax) account yet.
Rare bit of silence from Kever........... I will try and help.
In the "DCU Deed Poll – Deed Of Amendment And Restatement – 8 June" document (page 7) available on: https://www.prax.com/information-for-holders-of-dcus/ it states the payment date as the 30th of September or closest business day prior. As for the amount I am guessing (hoping) it to be 1/6th or 1/7th (probable 6 or 7 biannual payments) of the total 6.48p due per DCU. Hope this helps.
Got this from the IWeb chat today - "The Cash proceeds, Dividends and DCUs are expected to be issued by 22nd June 2023, we will update your account when these are received" so nothing new, hope to see proceeds tomorrow and some form of DCU notification - currently I see an empty account!
A bit behind some of the information provided to the people who have everything in HL but here is the corporate action just shared on IWEB:
HURRICANE ENERGY - Important Information
Acquisition by Prax Exploration and Production (Prax).
0.83 pence and 1 Unlisted Deferred Consideration Unit (DCU) for each Hurricane Energy (Hurricane) Ordinary share held.
Under the terms of the Acquisition, shareholders will also receive the following additional Dividends payments:
A Transaction Dividend of 3.32 pence per share.
and
A Supplementary Special Dividend of up to 1.87 pence per share.
Each New DCU may entitle holders to an additional payment of up to 6.48 pence. Please note, however, that there can be no certainty that such distributions will be made. An additional cash payment maybe paid by Prax, equal to the amount of the Supplementary Special Dividend, should Hurricane not pay the Dividend prior to the Scheme becoming effective.
Should you wish to find more information about the Scheme, the full terms of the DCU's and the additional Dividends payments, please visit the Hurricane website, www.hurricaneenergy.com/
On 16th March 2023, Hurricane and Prax announced they had reached agreement on the terms of a recommended Acquisition by Prax for the entire issued, and to be issued. Ordinary share capital of Hurricane. The Acquisition will be implemented by way of a Court sanctioned Scheme of Arrangement (the Scheme).
The Scheme received shareholder approval at a General Meeting and Court approval at a Court Meeting both held on 4th May 2023. The Scheme will now be subject to Court sanctioning at a Court hearing to be held on 7th June 2023.
Subject to acquiring the necessary approval, the Scheme is expected to become effective on 8th June 2023.
The Cash proceeds, Dividends and DCUs are expected to be issued by 22nd June 2023, we will update your account when these are received. Please note we will not communicate to you again unless the terms of the event change.
Prior to the Scheme becoming effective, an application will be made to the London Stock Exchange for the Cancellation of listing of the Hurricane shares on the Alternative Investment Market (AIM). The Cancellation of Listing is expected to become effective on 9th June 2023, with the last day of trading Hurricane shares being 7th June 2023.
Unless you hold your shares in a ShareBuilder account, no fractions of shares will be issued. Any resulting cash entitlements will be dealt with in accordance with our Terms & Conditions.
As the New DCU's will not be listed on any Recognised Exchange as defined by HMRC for ISA qualifying purposes. Your New DCU's will not be eligible to be held in an ISA. Should you hold your Hurricane shares within an ISA, we will transfer your New DCU's to your Share Dealing Account should the Scheme become effective. If you do not have a Share Dealing Account, we will arrange to open one for you
My 'No' vote made via iWeb this morning. 831223 spares worth, or nearly 5 times the amount of shares of the current CEO...........
Thank you to all the posters on this board for your comments & efforts. I read most as a fellow long term sufferer.