The Lemon Fool

murraypaul wrote:The judgement is available on Bailii: https://www.bailii.org/ew/cases/EWHC/Ch/2021/1759.html

ReallyVeryFoolish wrote:

thehaggistrap wrote:

murraypaul wrote:The judgement is available on Bailii: https://www.bailii.org/ew/cases/EWHC/Ch/2021/1759.html

I am no longer invested - however I am delighted to see the corrupt "Anthony Marris board" get a way deserved boot in the balls.
Hopefully they will soon be out of office. If they had any credibility they would resign now following that ruling.

Certainly Lancaster didn't perform as expected - however there is more to the story than that!

The simple fact of there being no resignations speaks volumes. They should be ashamed of themselves, but they won't be. They are going to draw every penny they can up to the second they are removed from office. A terrible display of running a publicly listed company.

RVF

Hurricane Energy plc, the UK based oil and gas company, announces the following board changes.

The Chairman, Steven McTiernan, and the other non-executive directors, John van der Welle, Sandy Shaw, Beverley Smith and Dr David Jenkins, resigned from the board on 29 June 2021 with immediate effect.

Additionally, the Company announces that Alan John Wright and David Ian Craik were appointed to the board as non-executive directors on 29 June 2021. Alan John Wright assumes the position of Interim Chairman.

The Company also announces that it has received a letter from Crystal Amber Fund Limited withdrawing its requisition notice (the "Requisition Notice") pursuant to section 303 of the Companies Act 2006 (the "Act"), requiring that Hurricane's board (the "Board") convene a general meeting of shareholders. This meeting, due to be held on 5 July 2021 at 11:00 am BST, will now no longer take place. In addition, the resolutions proposing the re-election to the board of Steven McTiernan and Sandy Shaw due to be voted on at today's AGM will now be withdrawn.

Having consulted with its largest shareholders, the Company and the new non-executive directors, unanimously resolved on 29 June 2021, that in the event that the resolutions proposing the re-election of Antony Maris and Richard Chaffe as directors of the Company are not approved at today's AGM, the Company would immediately re-appoint them as directors of the Company, in order to ensure that the Company is able to maintain its ability to safely and effectively operate as a listed business. Such re-appointments would be subject to approval by the shareholders at the Company's 2022 AGM.

The AGM was held at the Company's Registered Office: The Wharf, Abbey Mill Business Park, Lower Eashing, Godalming, Surrey GU7 2QN at 3.00 p.m. Out of the Resolutions contained in the Notice of Meeting (as circulated to shareholders on 26 May 2021 and available on the Company's website at https://www.hurricaneenergy.com/investo ... l-meetings), resolutions 5 and 6 were withdrawn prior to the AGM, resolutions 1-4 were put to the AGM and voted on by way of a poll.

The total number of votes received on each resolution put to the AGM was as follows:



Resolution 1, a resolution to receive the Annual Report and Group Financial Statements, is an advisory resolution. As such the Company will proceed with the filing of the Annual Report and Group Financial Statements in line with its statutory duties.

Resolution 2, a resolution to re-appoint Deloitte LLP as the Company's auditors, the Company notes that this resolution was not passed. The Company is considering its options following this outcome and will update the market in due course.

Resolution 3, a resolution to elect Richard Chaffe as a director of the Company, was passed with a majority of 61.18%. Resolution 4, a resolution to elect Antony Maris as a director of the Company, was passed with a majority of 61.49%.

The Board notes the results of these resolutions and the significant vote against them. We have engaged with shareholders to understand their reasons for voting in this way and understand their concerns, in particular in connection with events connected with the Company's proposed Restructuring Plan. The Board will consider further changes to the Board in order to comply with appropriate corporate governance standards in the near term.

ReallyVeryFoolish wrote:

PeterGray wrote:Is the same Rizwan Hussain?

https://nearlylegal.co.uk/2020/09/evict ... -contempt/

Ladbrokes etc.....

RVF

As part of the previously announced proposed financial restructuring plan, which is no longer proceeding, the Company provided details of the potential outcome and recoveries to the Company's creditors and stakeholders should the Lancaster field not continue beyond the current agreed charter period of the Aoka Mizu FPSO, being 4 June 2022, assuming the then prevailing performance and price information. In this scenario decommissioning of the Lancaster field would occur later in 2022 with the Company being wound up in April 2023. This scenario has been updated based on the latest available information and, whilst the Company does not consider this to be the most likely outcome, it does provide a comparable benchmark for the Company's current estimates of potential recovery achievable by creditors.

Amendment to Minimum Purchase Price, Maximum Purchase Price and Target Acceptance Amount

As set forth in the Tender Offer Memorandum, the Offeror may subject to applicable laws, at its option and in its sole discretion, at any time before any acceptance by it of the Bonds tendered for purchase in the Offer, increase the Minimum Purchase Price and/or the Maximum Purchase Price and decrease the Target Acceptance Amount.

This announcement amends each of the Offer and the Tender Offer Memorandum to change the Minimum Purchase Price from 68 to 74, the Maximum Purchase Price from 72 to 78 and the Target Acceptance Amount from U.S.$115,000,000 to U.S.$105,000,000.

Participation as at the Expiration Deadline

The Expiration Deadline of the Offer was at 4.00 p.m. (London time) on 9 September 2021. As at the Expiration Deadline, the Offeror had received valid Tender Instructions (including both Non-Competitive Tender Instructions and Competitive Tender Instructions) of U.S.$77,984,000 in aggregate principal amount of the Bonds.

Results of the Offer

The Offeror now announces that the Final Acceptance Amount will be U.S.$77,984,000 in aggregate principal amount of the Bonds.

The Purchase Price will be 78 per cent. of the principal amount of the Bonds and the Offeror will also pay Accrued Interest as described in the Tender Offer Memorandum.

The expected Settlement Date for the Offer is 15 September 2021. Following settlement of the Offer and the cancellation of the Bonds accepted for purchase, U.S.$152,016,000 in aggregate principal amount of the Bonds will remain outstanding.

Antony Maris, Chief Executive Officer of Hurricane, commented: "I am pleased that the Company has been able to buy back more than 33 per cent of the outstanding bonds. This will reduce the par value of bonds held by third parties to U.S.$152 million, utilising U.S.$62 million of net free cash (inclusive of accrued interest). The effect of this will save the Company approximately U.S.$22 million of future obligations to bondholders in capital and interest. This is a positive development for the Company in managing its outstanding debt."

Tinderboy wrote:The FPSO is the most successful vessel in the North Sea, do you really think these top professionals employed by Bluewater would struggle to move on at any time, oil is at $80, wake up and smell the coffee.....