Hurricane Energy Share Discussion Threads

[rahosi] 03/6/2021 16:08

My broker reports
The RNS on 19th May confirms the company have received a requisition notice to call a General Meeting, the board are considering this and will make a further announcement in due course. They have not yet called a General Meeting in response to the requisition notice.

At present there are planned 2 meetings, the Shareholder Restructuring Plan Meeting on 11th June and the Annual General Meeting on 30th June. Shareholders can elect to vote at any, all or none of the shareholder meetings. As mentioned our fee for submitting votes is £20 + VAT per account, per meeting. Should you wish to vote at any of the meetings please send an instruction.

Is that right? I can't actually vote to replace the board?

[loglorry1] 03/6/2021 16:07

Rahosi save your money. The shareholders will not pass the plan. They need 75% to pass it and a vote for is a Turkey voting for Christmas. If it comes to it you might want to support Crystal Amber at the EGM to replace the BoD. That's a different vote.

[ianparsnip] 03/6/2021 15:55

And what sort of numbers of shares do posters on here have? What price did you buy?

[ghhghh] 03/6/2021 15:51

NigWit

There's no test case here. The judge has given the shareholders a vote so the company no longer needs to rely on the emergency legislation. He can then make an order in the normal course and unless someone comes up with a better plan there's really only going to be one outcome, however loudly shareholders may complain./i>

Sorry, what point are you making! Obviously this hinges on CA

And I disagree re test case - where is the precedent? Equity will vote against and then down to the judge who will take submissions

[nigwit] 03/6/2021 15:50

Anything above zero will be a result now.

[ianparsnip] 03/6/2021 15:41

What is the best and realistic share price we can hope for over the next few weeks?

[nigwit] 03/6/2021 15:06

"Nigwit ,has it ever entered your head that`s the conscience decision share holders have made. Nowhere left to fall that is."

Yes that has entered my head since I'm not stupid and can well understand holders' frustrations but you're misconstruing my point which was against the silly suggestion that those of us maintaining a realistic outlook must have the ulterior motive of being short. I sold at 60p so had I been short (which I wasn't) I'd have closed out and taken profits long ago.

I'd suggest that if you want to stomp your feet like toddlers having tantrums that instead of voting against a resolution which is going to go through either way anyway, you all grow up, vote for it then take the 5% and donate it to a worthwhile charity, like the NSPCC or Greenpeace.

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"Aside from the recent £1.4m etc, this is a fascinating test case - is emergency CV legislation applicable to a company with $140m cash but a major liability due July 2022? Is it premature/unfair to enforce restructuring now?"

There's no test case here. The judge has given the shareholders a vote so the company no longer needs to rely on the emergency legislation. He can then make an order in the normal course and unless someone comes up with a better plan there's really only going to be one outcome, however loudly shareholders may complain.

[targatarga] 03/6/2021 15:04

Oh yes, the brokers and dealing companies take a juicy turn on everything. Only way round this is to hold the certificates imho.

[kooba] 03/6/2021 15:02

Tomorrow last date for Bluewater extension.Do they.A/Extend for 3 years with support of bondholders ?B/Let it lapse and pay penal rate for next year and AM floats away?C/Buy a months time but insist any extension is subject to the approval of restructuring?You'd have to think C unless Bluewater are keen to walk in which case they might keep 4th June as hard deadline...so A or B. If A that means the company has committed to large outlay before restructuring ..which is interesting if it doesn't go through. If B we lose the vessel in a years time and anything produced goes towards making the CB redemption good and there has been zero point in this restructuring apart from throwing money at lawyers and financial advisors.Pretty key decision and should be announced tomorrow as undoubtedly price sensitive.

[rahosi] 03/6/2021 14:45

Some help please. My broker reports that from the companies web site they can only find the AGM resolutions. They (ditto myself) can't find the 19 May General Meeting resolutions 1-7 to replace the board. I have 3 holdings (e, my wife & an ISA) and they want to charge 6*£20 + vat = £144 ! to vote the AGM & the GM.
(Is that in order?)

I can see the GM resolution RNS 19 May on ADVFN, but can't find it on the Companies website.

[y1phr1] 03/6/2021 12:40

Back up to 1.5p soon.

[cyrilsneer1] 03/6/2021 10:27

Oil price rising makes it even more interesting.

[marmar80] 03/6/2021 09:50

How are the chances of survival, think Hur is an interesting share, but risky as hell

[ngms27] 03/6/2021 09:18

They think it's all over...On June 11th it will be.

[linz22] 03/6/2021 09:04

What, as daft as a thrush..?

[jam2day] 03/6/2021 08:41

Brent @72$

[ghhghh] 03/6/2021 08:36

Tournesol

Is it possible that some superhero - call him Crystal Amber Man - might parachute in and rescue the turkeys from their impending fate?

Yes, of course, anything is possible. But what are the odds? 1%? 0.1%? 0.001%? I'd say even less than that.

Less than 0.001% LOL!

Aside from the recent £1.4m etc, this is a fascinating test case - is emergency CV legislation applicable to a company with $140m cash but a major liability due July 2022? Is it premature/unfair to enforce restructuring now?

ie Can CA explain why they coughed up the £1.4m.

Perhaps a longshot but less than 0.001% marks you as daft.

[bearnecessities33] 03/6/2021 06:01

Urge all shareholders to vote please and ASAP. The 2 main votes are on June 11 and June 30. For June 11, it is imperative to vote against now. It takes 7 days for many brokers to get the vote registered and deadline is 2 days prior to vote. For June 30, it is also important to get your against vote done and dusted.

"Shareholder Restructuring Plan Meeting" and "AGM" - Resolutions and My Votes Cast:

- Shareholder Restructuring Plan Meeting to be held on 11 June 2021 (Special Resolution) but Votes to be in before 7 June:

1. That the Restructuring Plan as set out at Appendix F of the Explanatory Statement is approved. - VOTED AGAINST

Annual General Meeting to be held on 30 June 2021 (Ordinary Resolutions):

1. To receive the Annual Report and Group Financial Statements of the Company and reports thereon of the directors and auditors for the year ended 31 December 2020.
- VOTED AGAINST

2. To re-appoint Deloitte LLP as the Company's auditors until the next Meeting and to authorise the directors to agree their remuneration.
- VOTED AGAINST

3. To elect Richard Chaffe as a director of the Company pursuant to article 62 of the Company's Articles of Association.
- VOTED AGAINST

4. To elect Antony Maris as a director of the Company pursuant to article 62 of the Company's Articles of Association.
- VOTED AGAINST

5. To re-elect Steven McTiernan as a director of the Company who retires by rotation pursuant to article 64 of the Company's Articles of Association.
- VOTED AGAINST

6. To re-elect Sandy Shaw as a director of the Company who retires by rotation pursuant to article 64 of the Company's Articles of Association.
- VOTED AGAINST

Please vote ASAP and remind the HUR BoD that Turkey's Don't Vote For Christmas!”

[thecomposer] 03/6/2021 04:34

Brent at ~$72+ makes this whole HUR saga even more of a complete farce today, and unbelievably, HUR BOD was shoving this scam down shareholders throats expecting no resistance here and I can guess why, simply because the "ad-hoc group of bondholders" did exactly same thing with this incompetent corrupt BoD and they folded fast hoping to secure their do nothing fat jobs thereafter, and strangely, expecting HUR shareholders to be of same totally useless material as them and fold likewise, BUT NO SIR, HUR SHAREHOLDERS WILL NEVER FOLD and WILL FIGHT AND EMPHATICALLY WIN HERE AGAINST THESE INCOMPETENT ARROGANT CROOKS! HUR is still producing 11,600 bopd with likely $150M+ cash in the bank today and with Brent at ~USD $72+ and rising, and on top of all that, this deceitful useless bunch want to give the company away with still ~14 months left to CB maturity! If this is not defined as a clear "GIVEAWAY SCAM" then what is?! DYOR

[whitedukejay] 03/6/2021 00:25

"Even if there was an easy way to go short why would anyone still be short on a share that’s got nowhere left to fall?"

Nigwit ,has it ever entered your head that`s the conscience decision share holders have made. Nowhere left to fall that is.

[luckyjoe999] 02/6/2021 23:55

Interesting Post from lse bb today:

sharefall
Posts: 1,284
Price: 1.05
No Opinion
Today 19:27

“Some unsavoury posters here”

“I don't hold shares but have been watching from the sidelines. Hope LTH's do ok as it is really sad to see how the BoD has at best mismanaged the process and at worse (IMO) are fraudulent.
What is also clear to see as a neutral is there are some very rotten posters who seem to be peddling negative content at a very high output. I've seen this elsewhere and IMO these posters are not motivated by good. Really nasty people gloating about peoples losses. Shameful and the worst of humanity. All IMO of course. Good luck to all genuine holders.”

[cashisking76] 02/6/2021 23:16

While on the interesting subject of PwC here, worth noting that unfortunately, PwC have recently been associated with some of the biggest fraud and corruption cases that included allegations which in some cases have resulted in PwC being blacklisted for a duration in certain countries, please see 2 examples of many here below FYI (Wirecard and another case in India are other examples in case of further reading interest), so having been audited/certified by such firms means absolutely nothing when it comes to any type of investigations these days, DYOR.

“The Netherlands targets PwC in SHV corruption case”:

hxxps://globalinvestigationsreview.com/accounting-fraud/the-netherlands-targets-pwc-in-shv-corruption-case

“Blacklist audit firms for fraud failures, urges Pirc”: