Hurricane Energy Share Discussion Threads

[guy_fawkes] 27/5/2021 13:32

This is when you hope someone has taken the "Shot".

[nigwit] 27/5/2021 13:31

"And needless to say, take the sudden and interesting significant increase in de-ramp activity here as a great sign, otherwise, why the worry, all HUR shareholders clearly know where HUR stands with this incompetent, deceitful, and incredibly arrogant BoD, so best shareholder action now is to ensure that we immediately register to vote against this circus that the HUR BoD clowns call "proposed restructuring plan", DYOR."


De-ramp? From 60p two years ago it can't go much lower now. Why would anyone suddenly conspire to de-ramp? It's just people who can see it's probably over trying to present a balanced view. Perhaps if you'd listened to them before ...

[nigwit] 27/5/2021 13:07

"It’s just blank.."

like you bank statement then ...

[kooba] 27/5/2021 13:04

The anyone who bought the stock last year especially after the sept kitchen sink bombshell is an idiot brigade.Some names for you.A summary of the transactions follows: Name Position Ordinary Average Price Shares Purchased Paid per Ordinary Share Steven McTiernan Chairman 150,000 2.9700p -------------------------- ------------------ ------------------- Dr David Jenkins Non-Executive Director 145,000 2.9718p -------------------------- ------------------ ------------------- John van der Welle Non-Executive Director 150,000 2.9300p -------------------------- ------------------ ------------------- Sandra Shaw Non-Executive Director 164,474 3.0400p -------------------------- ------------------ ------------------- Beverley Smith Non-Executive Director 334,448 2.9900p -------------------------- ------------------ ------------------- Antony Maris Chief Executive Officer 169,084 2.9571p -------------------------- ------------------ ------------------- Steve Holmes Chief Operations Officer 49,198 3.0187p -------------------------- ------------------ -------------------

[monkeybusiness1] 27/5/2021 13:03

HUR Shareholders, please kindly and urgently:

1. Contact your broker and register to Vote AGAINST HUR BoD’s proposed restructuring plans ASAP (if that is indeed your intention), and by doing so, remind this HUR BoD that turkey’s don’t vote for Christmas!

2. Continue sending shareholder suggested emails to Judge, FCA ....as per previously recommended templates or as/if you see fit of course Thank you all HUR shareholders, let’s ensure that we’re no longer ignored by our overpaid BoD representatives!

HUR Shareholders - Let’s All Keep Focus on our upcoming Vote Against the BoD Proposed Restructuring Plans, don’t let anyone take your eyes off the ball/prize, please register your Against Vote with your broker today. And needless to say, take the sudden and interesting significant increase in de-ramp activity here as a great sign, otherwise, why the worry, all HUR shareholders clearly know where HUR stands with this incompetent, deceitful, and incredibly arrogant BoD, so best shareholder action now is to ensure that we immediately register to vote against this circus that the HUR BoD clowns call "proposed restructuring plan", DYOR.

[kooba] 27/5/2021 12:59

It's just blank..far more constructive.

[jacks13] 27/5/2021 12:26

But the PIK payments and increased interest payments make good the bondholders' sacrifice. And as the new owners of the company, the bondholders' will be somewhat comforted at the 'releasing [of] their covenants'.

These very acts create value in THEIR equity

[kooba] 27/5/2021 12:25

Sacrificing $50m of their debt claim..How does the PIK work ..are they really sacrificing much? Certainly not $50m.As for interest the interest on the "reduced" debt is the same as on the original after the interest rate hike.Take your point though, however these proceedings are making the position materially worse as the company has already stated in negative performance impacts but they have not quantified.If the restructuring costs are say £15- £20m and the oil price and production hold up could be interesting looking at the numbers in a year i guess.

[1liam] 27/5/2021 11:40

Where there's smoke there's a fire. They know Hurricane Energy has value.

[kooba] 27/5/2021 11:20

A point made by the Judge..if the equity is worthless then why is this dilution part of the plan ?More about total control I guess.

[glavey] 27/5/2021 10:41

I'm still perplexed that bondholders actually want 95% of the company if things are this bad.

[nigwit] 27/5/2021 10:08

"Has this company essentially gone bust?"

"Ask nitwit"

It depends. If shareholders vote against the restructuring it will be wound down to pay back the bonds. If shareholders vote for the restructuring there's tenuous hope it may be resurrected.

Unless ...

Someone can convince the bondholders or the judge there's a better win-win deal. However, given that there's nothing else on the table and that 83% of the bondholders support the proposed deal I don't think anyone who understands corporate governance believes this is a realistic possibility. However, If something better does emerge there may be some upside.

I wouldn't invest though.

[1liam] 27/5/2021 10:04

On good news this will fly.

[kooba] 27/5/2021 09:37

In the same communication as"The Company recorded a loss for the year of $625.3 million, including impairment charges totalling $567.1 million" ...yeah let's get back to what we do best !!

[loglorry1] 27/5/2021 09:25

"Has this company essentially gone bust?"
Depends on your definition of bust. It's in default to it's lenders and has proposed a restructuring Plan which will dilute shareholders away. This plan has not been passed yet but it looks extremely likely that it will be passed or a pre-pack implemented which will wipe out shareholders too.

The only way equity could avoid wipe-out in my view is to propose a better plan to the court which probably means putting in significant cash equal to multiples of the current market cap. So far no large equity holders have been willing or capable of doing this.

[jam2day] 27/5/2021 09:09

Ask nitwit

[shaf200] 27/5/2021 08:56

Has this company essentially gone bust?

[soilderboy] 27/5/2021 08:08

Can you tell me what I need to ask my broke specifically.It is Barclay's and I am sure they won't be forth coming unless I spell it out.Thanks in advance.

[linz22] 27/5/2021 07:43

Yes, it did. I called out Bev Smith after she took over from the ousted Dr.T. It was immediately obvious by the things she was saying then that the company was being set up for a fall..

It's worth recalling the 'big plan' for HUR was to continue to drill those producers (in lieu of more conventional vertical appraisals(!)) and carry on as if to develop the project themselves, whilst passively awaiting "to be interrupted" by a more major outfit.

Clealry, that didn't happen (before they got rid of Trice) or, perhaps, and what I'm alluding to, is it didn't happen yet..

And, as for the elephant in the room to which you refer, or the mighty Spirit (anyone else remember them?), the deafening silence from them re this tawdry affair is enough to challenge that of the good doctor himself...

[ppceh] 27/5/2021 07:34

‘As I have noted, a convening hearing is not the occasion on which the court considers the fairness of the Plan. The court will stop the process in its tracks at this stage by refusing to convene meetings only if there is an obvious problem with the Plan which would prevent the Plan being sanctioned in due course. The matters of concern raised by the shareholders are matters to be considered at the sanction hearing, but do not amount to such a roadblock that should prevent the meetings being convened. In particular, I do not think that the desire of certain shareholders to requisition a general meeting before the Plan is progressed any further is a reason to delay the convening of meetings. That does not prevent the shareholders contending at the sanction hearing (as was intimated by some of them) that there is no pressing need for a restructuring at this stage and for that reason the Plan ought not to be sanctioned.’

So everything hinges on the Sanction Meeting and whether CA have a plausible way out.