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Hurricane Energy (HUR)

murraypaul
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Re: Hurricane Energy (HUR)

#417832

Postby murraypaul » June 7th, 2021, 9:34 am

I don't think this has been posted, sorry if I missed it and this is a duplicate.

Annual report for 2020 posted on the website: https://www.hurricaneenergy.com/downloa ... ce/638/221

thehaggistrap
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Re: Hurricane Energy (HUR)

#417880

Postby thehaggistrap » June 7th, 2021, 11:47 am

So : between them Kerogen and Crystal Amber own 25% of the shares.
Which would be enough to cancel the restructuring and subsequent dilution of share holders.

The obvious question is why the HUR board has spent £17 million on the restructuring if it could be cancelled so easily?
The answer is clear : Kerogen are almost certainly the bond holder and will acquire remaining company on the cheap.
If there is any justice someone will face prison over this scam.

The board aren't even hiding it : the annual report talks of future work programme on West of Shetland assets, but only if restructuring approved.

P4
"If completed, this restructuring will deliver a viable balance sheet which can support our revised strategy of maximising cash flow from the Lancaster field to repay debt, and in parallel continue to build the justification for future activity on our West of Shetland assets"

P6.
"we will also continue to develop the technical and commercial case for further development opportunities at Lancaster and, if supported by our Bondholders, execute any further investment case effectively. "

murraypaul
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Re: Hurricane Energy (HUR)

#417905

Postby murraypaul » June 7th, 2021, 12:59 pm

thehaggistrap wrote:So : between them Kerogen and Crystal Amber own 25% of the shares.
Which would be enough to cancel the restructuring and subsequent dilution of share holders.

The obvious question is why the HUR board has spent £17 million on the restructuring if it could be cancelled so easily?


Because they are going to ask the court to override the shareholder vote (which I think everyone assumes will be against), and put the restructuring through anyway?

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Re: Hurricane Energy (HUR)

#417925

Postby thehaggistrap » June 7th, 2021, 1:36 pm

^ if it comes to that I am near certain the judge will call this out for what is - a SCAM :lol:

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Re: Hurricane Energy (HUR)

#417942

Postby Tinderboy » June 7th, 2021, 2:59 pm

Time will tell

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Re: Hurricane Energy (HUR)

#418518

Postby Proselenes » June 10th, 2021, 7:15 am

Got to be all over now.

Water cut 31% BUT BUT BUT

ESP down. They only have the one and if they cannot get it working again, thats game over imo......straight into Admin.

https://www.investegate.co.uk/hurricane ... 00094072B/

.

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Re: Hurricane Energy (HUR)

#418525

Postby ReallyVeryFoolish » June 10th, 2021, 7:38 am

Proselenes wrote:Got to be all over now.

Water cut 31% BUT BUT BUT

ESP down. They only have the one and if they cannot get it working again, thats game over imo......straight into Admin.

https://www.investegate.co.uk/hurricane ... 00094072B/

.

Oh dear. It looks like the single remaining subsea production pump tripped on Tuesday. The well is presently flowing naturally. More than 30 per cent water cut, so steadily increasing. Perched water now anyone?

RVF

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Re: Hurricane Energy (HUR)

#418551

Postby thehaggistrap » June 10th, 2021, 10:13 am

This is a board that has spent £17 million restructuring costs to write off a £50million of debt.
Does anyone trust a word they say ?

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Re: Hurricane Energy (HUR)

#418705

Postby Tinderboy » June 10th, 2021, 7:46 pm

Yip, its like a poor old dog with its back legs away, time for some euthanasia.........

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Re: Hurricane Energy (HUR)

#418865

Postby murraypaul » June 11th, 2021, 3:41 pm

No surprises from the Bondholder meeting:

Bondholder Meeting

The Bondholder Meeting was convened at 11:00 a.m. today virtually via video conference in accordance with the Order.

The resolution to approve the Restructuring Plan as set out in Appendix F of the Explanatory Statement was put to the Bondholders and was duly passed on a poll.

Bondholders present and voting represented 84.89% of the total amount outstanding (Plan Claims of USD 197,070,375 present and voting out of USD 232,156,250 Plan Claims outstanding in total).

The number of votes lodged for and against the resolution proposed is set out below. No votes were withheld.

Votes for: 197,070,375 (100%)

Votes against: Nil (0%)

Further information

As set out in the Order, the sanction hearing of the Court to sanction the Restructuring Plan is due to commence on 21 June 2021, at a time to be confirmed.

If the Restructuring Plan is not sanctioned by the Court, the Restructuring will not be capable of being implemented. In that scenario, it is likely that there would be a controlled wind-down of the Group's operations followed by an insolvent liquidation of the Company.

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Re: Hurricane Energy (HUR)

#418890

Postby murraypaul » June 11th, 2021, 5:26 pm

Equally unsurprising result from the Shareholder meeting.
Back to court next.

Shareholder Meeting

The Shareholder Meeting was convened at 12:00 p.m. today virtually via video conference in accordance with the Order.

The resolution to approve the Restructuring Plan as set out in Appendix F of the Explanatory Statement was put to the Shareholders and was not passed as a special resolution on a poll.

The number of votes lodged for and against the resolution proposed is set out below. 1,518,667 votes were withheld and 32.87% of the issued share capital voted.

Votes for: 50,130,545 (7.66%)

Votes against: 604,636,415 (92.34%)

Further information

As set out in the Order, the sanction hearing of the Court to sanction the Restructuring Plan is due to commence on 21 June 2021, at a time to be confirmed.

The Company reminds the Shareholders that as the Restructuring Plan was approved at the Bondholder Meeting by the requisite majority, if the Court sanctions the Restructuring Plan at the hearing on 21 June 2021, the Restructuring Plan will be binding on all Shareholders despite the resolution not being duly passed at the Shareholder Meeting.

Further the Shareholders and bondholders of the Company are reminded that if the Restructuring Plan is not sanctioned by the Court, the Restructuring will not be capable of being implemented. In that scenario, it is likely that there would be a controlled wind-down of the Group's operations followed by an insolvent liquidation of the Company.

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Re: Hurricane Energy (HUR)

#418899

Postby Tinderboy » June 11th, 2021, 6:15 pm

The Bondholder was they key vote, the Shareholder vote was sadly just background noise, the problem now is apathy, it’s ok the Bondholders trying to squeeze every penny out the remainder of the contract, but remember that resource (Core crew) bought many shares, won’t be surprised if folk retire on the job.

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Re: Hurricane Energy (HUR)

#418910

Postby thehaggistrap » June 11th, 2021, 8:20 pm

Tinderboy wrote:The Bondholder was they key vote, the Shareholder vote was sadly just background noise, the problem now is apathy, it’s ok the Bondholders trying to squeeze every penny out the remainder of the contract, but remember that resource (Core crew) bought many shares, won’t be surprised if folk retire on the job.


Do the maths. Crystal Amber own 14.32% of shares.
Kerogen own 15.99%. Total votes cast were 32% of total shares (92% against)

We know CA voted against. Therefore Kerogen abstained?
Nothing to see here ....

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Re: Hurricane Energy (HUR)

#418912

Postby ReallyVeryFoolish » June 11th, 2021, 8:30 pm

thehaggistrap wrote:
Tinderboy wrote:The Bondholder was they key vote, the Shareholder vote was sadly just background noise, the problem now is apathy, it’s ok the Bondholders trying to squeeze every penny out the remainder of the contract, but remember that resource (Core crew) bought many shares, won’t be surprised if folk retire on the job.


Do the maths. Crystal Amber own 14.32% of shares.
Kerogen own 15.99%. Total votes cast were 32% of total shares (92% against)

We know CA voted against. Therefore Kerogen abstained?
Nothing to see here ....

I am not certain what happens next? I think the judge now rubber stamps the restructuring proposals and the shares are then diluted to the extent they lose 98 per cent of their value?

RVF

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Re: Hurricane Energy (HUR)

#418913

Postby thehaggistrap » June 11th, 2021, 8:34 pm

ReallyVeryFoolish wrote:
thehaggistrap wrote:
Tinderboy wrote:The Bondholder was they key vote, the Shareholder vote was sadly just background noise, the problem now is apathy, it’s ok the Bondholders trying to squeeze every penny out the remainder of the contract, but remember that resource (Core crew) bought many shares, won’t be surprised if folk retire on the job.


Do the maths. Crystal Amber own 14.32% of shares.
Kerogen own 15.99%. Total votes cast were 32% of total shares (92% against)

We know CA voted against. Therefore Kerogen abstained?
Nothing to see here ....

I am not certain what happens next? I think the judge now rubber stamps the restructuring proposals and the shares are then diluted to the extent they lose 98 per cent of their value?

RVF


I wouldn't assume the judge automatically rubber stamps....
EGM likely means current HUR board being given their jotters.

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Re: Hurricane Energy (HUR)

#418914

Postby ReallyVeryFoolish » June 11th, 2021, 8:39 pm

thehaggistrap wrote:
ReallyVeryFoolish wrote:
thehaggistrap wrote:
Do the maths. Crystal Amber own 14.32% of shares.
Kerogen own 15.99%. Total votes cast were 32% of total shares (92% against)

We know CA voted against. Therefore Kerogen abstained?
Nothing to see here ....

I am not certain what happens next? I think the judge now rubber stamps the restructuring proposals and the shares are then diluted to the extent they lose 98 per cent of their value?

RVF


I wouldn't assume the judge automatically rubber stamps....
EGM likely means current HUR board being given their jotters.

Given the miserable proportion of shareholders who seem to have voted against, less than 1 in 3. So 2 out of 3 didn't bother to vote? The judge doesn't have a basis to refuse the rubber stamp? (Forgive me for not really understanding why a court is involved here at all anyway).

RVF

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Re: Hurricane Energy (HUR)

#418915

Postby thehaggistrap » June 11th, 2021, 8:46 pm

Judge may also take view there are 12 months before bonds due plus an EGM imminently scheduled?

Interesting soap opera

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Re: Hurricane Energy (HUR)

#419159

Postby Proselenes » June 13th, 2021, 2:30 am

The act of default applies, the Bondholders can call it in anytime.

If the judge refuses the restructuring then the company is wound up. There will be not an EGM if the judge refuses as it will be all over before then.


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