Hurricane Energy Share Discussion Threads

[kooba] 23/3/2023 09:44

Have you asked you ISA provider ..i dont hold in that form.The thing with the DCUs if you go through the DCU deed on line is there will be a registrar for the DCUs and certificates sent.It might be down to the administrator whether it can be retained.The paying of capital out as dividends does not help other private investors so not ideal.But i think the Q&A has clarified a fair bit of what i had seen being questioned or misinterpreted.I wonder if according to some i am still the only pi who thinks this transaction works better than going it alone..my expectation was low but this if delivered is a clever way to satisfy getting the cash out near term but still getting pretty much a mirrored/ enhanced upside to end of well 6 and potential upside to any other producing assets acquired. The downside risk is off the table in pockets but there is still royalty upside.A full cash offer reflecting 12.5p up front would have been nice..but no one would pay due to the risks of early cessation so this is the compromise.

[rahosi] 23/3/2023 09:04

I asked various questions in respect of ISA holdings. No answers were provided other than 'Shareholders will need to speak to their tax adviser or provider of their ISA wrapper'

That leaves ISA holders in a precarious position. Not unlike the forceably de-listed RAVP (Pref shares in a successful company specialising in warehousing in Russia).

The 15Feb dividend payout with an EX date before the de-listing mid last year has been handled differently by very many brokers. Notably HSBC Invest Direct has still not settled the payment.

I perceive numerous problems, not least whether the onward delayed payments will be made within or outside the ISA. If outside, the money lost to further ISA investment and (dividend) taxable on (for me) a substantial loss.

Hurricane should consult HMRC & tax advisers on our behalf, so that an ISA holders position is clear. Instead we are being left to sort out the implications of this truly complicated arrangement. Way above my pay grade & unfair.

As such I am inclined to vote against.

[kooba] 23/3/2023 07:50

Some interesting bits on the Q&A page..a key one is the fixed cost estimate..i was working on $10m a month so i could be high end but sensible level to take with cost pressures ongoing."Total cash costs for 2022 and 2023, excluding the 8.0% Bluewater incentive payment, are approximately US$110-120 million per year. These consist of, amongst other things, the FPSO bareboat charter, the processing and operating service agreement, logistics, fuel, export and G&A."Does give a better basis to work out cash flows.

[laserdisc] 23/3/2023 07:49

questions and answers link Q&A
Date Title Document
2023 Mar 23 Q&A

[munin] 22/3/2023 21:14

LSE Board gone completely bonkers.
This one……230;.going the same way.

[kooba] 22/3/2023 17:42

Better news for the shares or the DCU'sHaving hit $71 earlier this week Oil - Brent (undated) 75.91 +0.99%

[marmar80] 22/3/2023 17:00

Many articles say in the headline that Prax wants to pay up to GBP250m, but in reality it is GBP16.5m (Cash Consideration of 0.83 pence per share).Imagine headline:Prax Exploration to buy Hurricane Energy for around GBP16.5 million

[wbodger] 22/3/2023 15:33

Cigogne came in during the last knockings of Wentworth Resources (qv). They looked as if they might be arbitraging, around a controversial takeover bid, which was recommended by a board after they earlier quietly rejected a previous bid from the same bidder. (Quietly in the sense of not telling Shareholders it had happened!) No conceivable parallel that I can think of with Hurricane! The successful bid at Wentworth was at a premium to recent previous trading.

Cigogne may have made a few bob on derivatives at Wentworth (well beyond my pay grade) but they came in late and perhaps would have done well if the bid had been raised, or had failed. Their few announcements suggested long positions but not huge gambles. Not enough to influence the result. Perhaps some sort of insurance against volatility for clients?

marmar, since you mentioned me earlier can I explain that 12.5 pence came from more than one business article with a headline including "£250 million bid". That would be 12.5 pps on 2 billion shares and at least one article mentioned that. I haven't done my due diligence on the offer yet. The headline number looks like Maris making sure he got his retaliation in first, as more than one publication used it.

[agnabeya] 22/3/2023 15:30

If we get to 10p- I break even, then I’m out. 12.5p would be lovely- but I’ll settle for getting my cash back sooner-Life’s too short :) I want some treats!

[kooba] 22/3/2023 15:07

Don't make you wrong whether scheme goes through or not ! Good luck.

[marmar80] 22/3/2023 15:03

If it goes to 9p I will sell and move on. That will be with 20% loss. No money available to add now. Bit of timing issue as I think cash will appear from another investment in a week or two.

[kooba] 22/3/2023 14:51

Price firming.Well it could be as i have seen on another board..rumours of a white knight takeover at 10p..i think that was the suggestion.I a white knight tends to be the bidder in a contested offer and coming in for a friendly approved deal.2 no one will bid with a firm irrevocable from the board and shareholders holding 45%3 there has been a 4 month process for bidders to make offers especially up front cash ones and get approval.So not for me.What i think might be happening is the market is pricing in the scheme effectively one can see the DCU'S being worth something initially and with the gearing could multiply to end 2026.We will as they say see.

[agnabeya] 22/3/2023 14:35

I know- right beside a vessel I was visiting. Apparently high winds knocked it off the supports- but I didn’t think the winds there were strong enough.

[kooba] 22/3/2023 13:09

Damn that's not good!Multiple injuries after ship tips over at Edinburgh dockyard https://www.bbc.co.uk/news/technology-65038617

[agnabeya] 22/3/2023 12:58

I filtered him yonks ago, Kooba. He brings nothing to the BB- unlike your good-self and Marmar 80.

Just been looking at a vessel tipped on it’s side in Imperial dock Leith.
Ouch.

[dave999dave999] 22/3/2023 12:31

aaaaaargh
one of you talks sense the other refers to himself in the 3rd person all the time and then lectures us all about the danger of over inflated opinion of one's own views

i'll say it again aaaaaargh uttered with vigour

and i'll go for my lunch, and not come back here until later in the week.


Dave

[senseman] 22/3/2023 11:01

But, my friend, we are capped at 12.5p yet essentially carry the same risk.
Effectively we are paying a huge insurance premium in sacrificing anything above 12.5p, without even getting the benefit of being insured.
And even with DCU's to the 12.5 limit, we still forfeit large. Should we be grateful for pennies from a rich mans's table - after we have gifted the rich man our wealth from which he will give us those pennies?

If you today state you are simply a private investor, I am happy to believe you. I was not responsible for your loose tongue yesterday. We all occasionally overview, overstate or over imply our importance.

[marmar80] 22/3/2023 10:53

No insider news? ;) good to see them buying. Of course I have not sold any as I strongly believe this offer is undervalued.Selling under 7p did not make any sense. I am unfortunately 35% down on this long term investment. Remember the days after repaing the bondholders, price was like 10-11p and many of us though the future is bright. BoD however took a passive approach and decided stop looking for any new assets, projects etc. Probably they are just too old and a secure retirement is the aim now. This decision and later returning other licences as killed the upward trend. Oil prices and wf tax did not help. Have not sold when it was over 7.70p offer as the BoD stated the offer is too low. Though we gonna get cash 7.70+ something but then a surprissing 6p cash offer. What are we getting now can call as cold chips left on a table after a busy night out.

[agnabeya] 22/3/2023 10:39

httpx://www.cigogne-management.com/fr/bank/guest/la-societe

[marmar80] 22/3/2023 10:28

Wondering who that Cicogne is accumulating for.