Harbour Energy Share Discussion Threads

[steve73] 16/5/2017 14:17

To give TD some credit, the longer he delays the restricting, the later the increased interest payments are (unless they have already agreed on a start date for the increase).

An additional 1.5% on $2.9B debt is over $3.6 MM per month.

...but I agree, it is frustrating.... Like going on holiday as a kid... "Are we there yet?"

[begorrah88] 16/5/2017 14:04

Leo - if I can remind you that you used to do this routine at BLVN and got that completely wrong. Look at that now!

You were a big fan of Kevin Hart

I thought he was in it for himself and not being straight with the shareholders, turns out it wasn't just me and he eventually got turfed out of his company as people realised his interests weren't aligned with the shareholders.

[begorrah88] 16/5/2017 14:03

Yep, same as I read all the previous dates etc that have come and gone in previous RNS.

See if you can pick out the key words here [I have put them in capitals to help]:

The Scheme meeting at which the Scheme Creditors VOTE is EXPECTED to be on 26 June, being approximately 3 weeks from the Court convening meeting. The Court's final sanction HEARING will follow the Scheme Creditors VOTE.

Approval from Premier's shareholders will be SOUGHT in respect of the potential issue of the warrant shares and shares that could be issued as a result of the amendment to the convertible bond conversion price. The shareholder meeting will be called with 14 days' notice at the same time that the documentation is posted under the Schemes of Arrangement and therefore is EXPECTED to be convened on 15 June.

So, votes required to progress.Dates as vague as ever.

Lockin was agreed 25/04 yet only just sent out the forms? Not as if they didn't see it coming? Going to the Scottish Court? It doesn't add up leo

I know you are a perma bull but even you must recognize that something isn't right here.

How about a little side bet that the financing won't be completed by or on 26th June? [never mind what state the share price could be in by then with no support and building shorters].

If it does complete by end of June I will bow down to your superior knowledge and leave this thread. If it isn't then I will ridicule you for your gullibility and expect you to leave the thread?

[leoneobull] 16/5/2017 13:48

Refinancing update

The Pre-Scheme Letter is being issued today to Scheme Creditors today thereby commencing the Scottish Court Schemes of Arrangement via which the amendments to the terms of the RCF, the term loan, the USPP and the retail bonds will be effected. As previously announced, the requisite majority by value of the Scheme Creditors has already been obtained via the lock up agreements, committing the locked up parties to vote in favour of the amended terms.

The Court Scheme convening meeting is scheduled for 30 May with the posting of the scheme and convertible bond documentation, shareholder circular, notice of shareholder meeting and the retail bond prospectus, immediately thereafter. The Scheme meeting at which the Scheme Creditors vote is expected to be on 26 June, being approximately 3 weeks from the Court convening meeting. The Court's final sanction hearing will follow the Scheme Creditors vote.

In parallel to the Schemes of Arrangement processes, the amendments to the terms of the convertible bonds will be approved. As already announced, holders representing more than 75% by value of the $245 million convertible bonds have entered into lock up agreements committing them to vote in favour of the proposed refinancing.

Approval from Premier's shareholders will be sought in respect of the potential issue of the warrant shares and shares that could be issued as a result of the amendment to the convertible bond conversion price. The shareholder meeting will be called with 14 days' notice at the same time that the documentation is posted under the Schemes of Arrangement and therefore is expected to be convened on 15 June.


The above processes are inter-conditional and will complete simultaneously. It is anticipated that the Schemes sanction hearings will be the last of the processes to complete shortly after which the refinancing will become effective. The amendments to the terms of the Schuldschein will be implemented contractually as part of this completion process.

[leoneobull] 16/5/2017 13:45

Begorrah - have you actually read the refinancing part of the RNS? It clearly states that lock-ins have been achieved and meeting dates for the two schemes of arrangement arranged. The process will quite evidently complete late June.

[begorrah88] 16/5/2017 11:26

I used to share that confidence. The creditors are feathering their own nests at the cost of the standard shareholders and they have been generously looked after by TD.

I think there is a lot of forward selling of the warrants going on so everyone is trying to get what they can as soon as they can just in case.

[fireplace22] 16/5/2017 11:21

With the negotiated refinancing the creditors have won for themselves this wont fail now.

[begorrah88] 16/5/2017 11:09

There is a massive risk to the downside. PMO is at a pivotal point now.

If finance doesn't get resolved it is end of sports

[fireplace22] 16/5/2017 11:07

At this level there is little more risk to the downside (notwithstanding POO) and a massive upside, when it turns it will move fast. But we have had too many false dawns and sentiment is rock bottom. IMO.

[begorrah88] 16/5/2017 11:01

Be very lucky to end the day above 58p by my reckoning.

The share price is so weak that the shorters [& disaffected PI'ss sick of being fed BS by TD] can smash it down whenever they want. Buyers have backed off because they know there is a bare minimum of another 7 weeks of this before even a glimmer of hope - and that is all it is now - hope.

No big institutions are stepping forward to buy up stock.

Looks like everybody knows there are more problems coming and I think only the removal of TD will bring any confidence nback to PMO in the markets view.

We are a sitting duck

[begorrah88] 16/5/2017 10:56

Unfortunately not fireplace

TD has been stating little bits piecemeal about the finance and every time the end date gets pushed back.

That won't be PMO doing that so it has to be another party that is not playing ball.

Why weren't these processes started earlier to end by end of May?

Either TD is not being open & honest about expected timelines [why would he repeatedly put out dates and then deliberately miss them] or it is someone else being antagonistic.

Either way TD has ceded all control of timescales to outside parties

No faith at all in the new end of June date [and that's if everyone votes the right way at the meetings] - it is just another date kicking it off into the long grass.

If there wasn't a problem and this is just normal timelines then TD is so far out of his depth that he shouldn't be in role. How can he have got it so, so wrong so many times? Supposedly an accountant!

[fireplace22] 16/5/2017 10:56

tim, even this mornings price performance tells you why. Little positive momentum and then the daily reversal.

[timothyjones2010] 16/5/2017 10:37

There are hardly any buyers here.

[fireplace22] 16/5/2017 09:52

The creditors are now locked to the agreement, the court approval is a formality,the financing is slow to complete but no longer stumbling.

[begorrah88] 16/5/2017 09:46

TD has played all his aces and even they couldn't hide the fact that the finance still isn't getting any closer - gets further away with each update.

We've now got PI's walking away as they know this is held hostage by the hedge funds until the finance is done and it is looking increasingly likely that there is a major problem.

That would explain all the confidence behind the shorting.

TD has failed yet they are going to increase his pay for that failure.

PI's sold out to keep the hedge funds sweet. I think they had the heads up last Friday that financing was stumbling.

[begorrah88] 16/5/2017 08:24

The bus has been parked at 61p today

[asa8] 15/5/2017 20:00

TD is out of his depth time to step aside and let someone else takeover that should close a few shorts.

[mount teide] 15/5/2017 19:12

Difficult to draw any firm conclusions but, it is an observable fact that while the overall short position ballooned to nearly double following the announcement of the proposed refinance deal, the size of the disclosable positions (in brackets) hardly changed at all.

Jan 15.47 (6.00%)
Feb 16.33 (6.77%)
Mar 27.93 (7.04%)
Apr 28.22 (7.00%)

[glenkaz] 15/5/2017 18:55

I think on finance sorted it will come good but I never short disagree with that!! But took a decision today and wished it went at least higher tha last week!! As oil up! I'd have stayed if it hit 64p! It didn't want to get my losses back here!! So waiting now for hopefully a good entry! I did sell £120k today! Gla!

[leoneobull] 15/5/2017 18:49

Mount. Thankyou. What do you conclude from this, that the reason for so many smaller short positions is a combination of bondholders and pi's exploiting the delays?

[mount teide] 15/5/2017 18:31

Castellain Capital's short tracker currently has a total disclosable(over 0.5%) short portion for PMO of 7.29%.

Euroclear has a total outstanding short position of 28.22%.

Suggesting disclosable short positions are very much a minority.

[glenkaz] 15/5/2017 18:21

Thing is how low the b/ast wards think! How much is left to short! Hope this does a kaz and Glen coz they had them by the balls too& 18 months ago at 60p