Harbour Energy Share Discussion Threads

[leoneobull] 31/5/2017 08:05

Retail bonds trade herehttp://www.londonstockexchange.com/exchange/prices-and-markets/retail-bonds/company-summary/XS0997703250GBGBPUKCP.htmlI check them occasionally and volume is usually exceptionally light. So I don't think that bonds have been bought up by a dark force like the Hong Kong hedge fund.

[leoneobull] 31/5/2017 07:47

Surely the retail bondholders haven't entered a lock-in since they are a highly disparate group, typically holding a small number of bonds? It will not be in interest of major creditors group to let the retail bondholders hold sway. The text you paste sounds like the typical legal caveat.

[begorrah88] 31/5/2017 07:19

Leo/PaulBiya

Why would shorters close when they know they have 2 full months absolute minimum and now have the prospect of a PMO V's retail bond holders battle?

I'd expect the opposite is more likely and I can now see why all the shorters have been growing. They've had TD's trousers down and are still at it with yet more time for smashing PMO.

Steve

The latest fantasy timeline is 13 months - I don't imagine even that date will be hit.

TD is incapable of controlling this and has given control over to bondholders who now dictate PMO's future.

[begorrah88] 31/5/2017 07:14

As the Retail
Bondholders
have not entered
into a lock-up
agreement
and the Retail
Bonds
continue
to trade,
Premier
cannot
be assured
that a majority
of Scheme
Creditors
in number
will vote in favour
of the
Schemes.
If the Refinancing
does not complete
before
31 July 2017
or such later date as the relevant
members
of the Group
and the relevant
majority
of participating
senior
creditors
agree,
the lock-up
agreements
will lapse
and the participating
creditors
will no longer
be bound
to support
the Refinancing
unless
Premier
and a
sufficient
majority
of participating
creditors
under
each lock-up
agreement
agree
to extend
the long-stop
date.
Each
of the conditions
set out above
is interconditional
such that the Refinancing
is expected
to proceed
only if
they are all satisfied.


So, retail bondholders not locked in after all.
End of July is just the new 'hoped for' date.

Insolvency a possibility if retail bondholders don't agree.

I'm going back over RNS/updates to see if the retail bondholders not locking in has been raised.


$36m given to all the 'sorts' who have helped themselves to a bit of the pie for this long drawn out saga.

[steve73] 31/5/2017 07:09

Mike,
I admit I haven't yet (tried to) read the full prospectus... perhaps I need to lock myself in a darkened and padded room before attempting to do so.

I assumed that the synthetic warrants would simply be a cash equivalent representing the warrant price and the actual Share Price on the day of implementation.
I hold a few of the bonds, and I've calculated that since I'll receive just a few hundred warrants.. In order to avoid any future transaction costs, I may be better to take the synthetic ones - i.e. effectively a Cash bonus...

beg - so it'll be 13 months in total then....!

[leoneobull] 31/5/2017 07:04

On other hand saves us millions in extra interest per month and refinancing is in the bag with even pesky cb's dealt with.Will shorters gradually close between now and then on basis poo might rise in intervening period?

[begorrah88] 31/5/2017 06:58

Only 1 relevant date on that circular

Refinancing
Effective
Date
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
28 July 2017

So yet another month further away but even that date can't be trusted with TD 'managing' this.

What an utter fiasco and disaster for all shareholders

Now the question for the FCA is why TD has been putting out other dates that he knew they weren't on course for.

Shorters now have a minimum of 2 more months of driving PMO into the ground and using financial instruments to rule the order book. All with the boards blessing.

[nav_mike] 31/5/2017 06:09

Aye but they all operate on Greenwich Mean Time (or something similar)

PMO operates on Durrant time, which is a lot more unpredictable :)

In any event, will be nice to count down to the end of this whole refinancing process....yes it was a huge project to get over the line, but my god, did they drag it out.

Hopefully it will mean PMO can go back to trading like a normal share, but I wont hold my breath just yet

[steve73] 31/5/2017 03:12

At bloody last...! Now confirmed that the refinancing will go ahead - perhaps we can move on (upward would be nice).

So from the first covenant waiver last year it has taken 11 months to complete.

In this period that time has appeared to stand still, TLW has raised equity twice (CB's and a RI), ENQ an OO, and IAE has been taken over....

[marvin9] 30/5/2017 19:42

RALF! Your back with your one liner.

Where is your mate, Puppet Durrant?

[emilio] 30/5/2017 19:39

Starving you village idiot !

[marvin9] 30/5/2017 19:14

Premier is pleased to announce that, in connection with its proposed refinancing and in line with previous announcements, the Court scheme convening meeting was held earlier today and the Group has now published the scheme and convertible bond documentation, shareholder circular and a prospectus relating to the warrants that are proposed to be issued to certain creditors.

[marvin9] 30/5/2017 16:50

Voted back in by 27% of his shorting mates and walks away wagging his tail with his comical pay rise for failure, whilst 73% refused to vote in protest of him keeping his job!

[marvin9] 30/5/2017 16:12

If dopey TD fell on his sword tomorrow, we would see £1 within a week

[marvin9] 30/5/2017 16:11

dERRRRRRRRRRRRRRR ITS HAD A SMACKING FROM WELL OVER £5, SINCE CLUELESS FAT TD TOOK CONTROL

[marvin9] 30/5/2017 16:09

Worst performing oil stock on the market. All down to dopey fat chops TD

[timothyjones2010] 30/5/2017 15:27

With poo down 1.7% I'm surprised the share price hasn't had a smacking

[begorrah88] 30/5/2017 08:51

mmmm....

Once again a post highlighting some of the 'odd' management of the share price causes it to change. It'll just be coincidence, yes, that's it. Coincidence.

[begorrah88] 30/5/2017 08:40

Yep, as much 'loose' stock as needed has been parked just below the book at 60.07p

It looks as though they are not interested in oilers today so have parked them all lower.

[begorrah88] 30/5/2017 08:16

bid back to 59.75 FFS!