Hurricane Energy Share Discussion Threads

[marmar80] 19/4/2023 11:38

All those sold shares going to Ophorst it seems. Wondering what are they aming for, 2% or load up as many as they can before the voting?

[marmar80] 19/4/2023 10:25

:-) that's true. About Q&As, haven't checked them. Are they available online?

[kooba] 19/4/2023 10:17

In doubts..?I have no idea whether this goes through but the level of irrevocables seems a high hurdle , just asking if anything interesting came out in the q&a's.I think we know you don't like the deal, and i doubt there is anything that would change your mind..thats fine fully entitled.

[marmar80] 19/4/2023 10:01

In doubts Kooba? I don't like this deal honestly and will vote against it, at least this way will express my disagreement. Hurricane has or had a big potential but this board is killing it big way. Retail is selling shares day by day. Only funds are loading up.

[kooba] 19/4/2023 09:39

Anyone who went to the shindig have any feedback on the q&a's , there doesn't seem much new in the presentation to me, reiterating previous narrative.Were none of the many questions challenging for the management to bat back?On Prax was there any idea on when any additional producing acquisition was likely as that spreads the risk on DCU payment.Surprisingly quiet.

[geordy2] 18/4/2023 20:00

Just watched the presentation. Agostini from Prax looked as though he did not want to be there, also his presentation was unimpressive it totally lacked energy or commitment. I trust the rest of Prax senior management are of a higher calibre than this guy.

[marmar80] 18/4/2023 19:43

Stupid question, but why there is DCU Class 1 and DCU Class 2?

[laserdisc] 18/4/2023 19:17

Per presentation Hur have approached HMRC on the above.Thank you Hur management for putting the question forward I am hopeful for an update prior to voting

[rahosi] 18/4/2023 09:26

If anyone is going to the meeting or sending in questions before the meeting, PLEASE ask whether -

Needs to be on an exchange that HMRC acknowledge formally. This would facilitate private investors to keep DCU payments tax free in their Isa's.
I hope its fully addressed for private shareholders

[laserdisc] 18/4/2023 08:50

Matched Bargain Facility Update

As announced on 16 March 2023 and detailed in the Scheme Document, Prax intends to put in place a matched bargain facility upon the Scheme becoming Effective and upon which the Deferred Consideration Units could be traded. Progress continues to be made setting up the matched bargain facility, and Prax believes this will be in place shortly after the Scheme becoming Effective.



Needs to be on an exchange that HMRC acknowledge formally. This would facilitate private investors to keep DCU payments tax free in their Isa's.
I hope its fully addressed for private shareholders

[marmar80] 18/4/2023 07:40

Such a generous amendment

[blackhorse23] 17/4/2023 12:54

Switched to GATC

[agnabeya] 17/4/2023 11:56

I’m utterly confused by this whole deal- even re-reading the documents.
Nothing is more valuable than your time- and I have wasted enough of mine on this share.
I really hope it works out for all of you in the end- but I’m getting out this week at best price I can get. Probably in several sales.

Good luck to every one- and all of you excellent posters who have contributed so much over the years.
Hope you make enough to sustain you in riotous living for years to come :)
Cheers to you all-

Agnabeya

[kooba] 15/4/2023 12:57

If there is a 3rd party would need to be someone who was engaged in the FSP and done their DD as would have to put something better firm and unconditional up to allow the board to even consider changing recommendation.

[marmar80] 15/4/2023 12:31

I think that if there is a third party interested in Hur, we will find out very soon, definitely before the voting, wild guess this Monday am.

[wolansm] 15/4/2023 10:19

I?ve been gifted a few shares here and just looked into Hurricane and see there?s a takeover situation, why is the share price in the market higher than the offer?. I stress I?m new here

[kooba] 15/4/2023 09:33

Definitely some lumpy 2 way at 7.5p maybe someone thinks someone else is sniffing? Maybe someone should have asked the board if there is any ongoing interest from 3rd parties they are aware of?

[wolansm] 14/4/2023 17:48

I've been gifted a few shares here and just looked into Hurricane and see there's a takeover situation, why is the share price in the market higher than the offer.... I stress I'm new here

[sensemun] 14/4/2023 15:57

Someone bidding for a lot of stock at 7.5p today

[senseman] 14/4/2023 14:14

Something which may have contributed to CA's wish to radically de-risk are growing De La Rue problems:-
Times business page yesterday significant financial article re De La Rue having just posted 4th profit warning and shares crashing from 110 to 40 in a year. CA 2nd biggest SH with 10%, issued EGM requisition notice 1-2 weeks ago. SHs including CA raised $100 mill 1-2 yrs ago to rejuvenate which current BoD have squandered. De La Rue position worsening likely to have hardened CA's risk averse HUR decision to support Prax offer.

[senseman] 14/4/2023 13:55

The final bit of bad luck we had was lowish Brent lasting couple of months longer than expected as China takes longer to reopen, and a banking squall. I think CA's EGM/Albion plan was genuine and if Brent had stayed $90 rather than gone below $80 CA may have had the confidence to opt for Albion plan not Prax. The bad luck of timing and 2-3 months! If Scheme passes and Brent rises to +$90 for rest of 2023 & going into 2024, I think very few other than Prax will be laughing. I can't see PIs or even CA being overly happy just because 12.5p cap may be reached quicker. The reflective prism will be of a deal being done against an $80 Brent metric and millions of profit and associated share price increase having been forfeited. The profit difference between a 540k barrel $90 offload compared with $80 is $4.96mill, at $95 it's $7.45mill. Say for illustration $84/85 for April offload (1st five days average) & $90 for early July, end Sept, mid Dec. Would make $17.4mill difference ie 0.725p p.sh or equivalent to an extra $80 offload profit. At $95 would be $24.8mill ie 1p p.sh. May sound small extra numbers on top of projected $80pb profit but for HUR makes big difference.
Against that as always risk of pump needing changeover

[marmar80] 14/4/2023 12:48

Rejecting this offer will be a signal to Prax and all others to come up with something better.

[kooba] 14/4/2023 12:45

I think the company are committed to pay the 3.32p out if scheme fails..maybe can only get out of that short term if there is alternative M&A proposed.

[wbodger] 14/4/2023 12:37

Do you think the Board would make the cash distribution if the bid fails, kooba? That doesn't seem in character!

I think if the bid fails and Prax remain interested they would acquire CA's 28.9% for pretty much what they offered all of us. Other acceptances would be null after failure of the Scheme, so no need to divest to under 30%. With 28.9% Prax block any other Maris initiatives and maybe make a deal with BP for their contract of first refusal on the HUR oil. All the Board could do is farm down Lancaster and maybe make cash distributions until Prax think the rump of HUR can be had for a couple of pps. HUR would be much cheaper with Lancaster nearer to uneconomical, but of course in the meantime Prax's refinery has had to pay spot price for oil that would be cheaper to Prax had they succeeded with this bid. That's why they want it now, with PoO projected to rise.

It might not be Prax's best offer but that's a judgment call. It's everyone's call to make. IMO there is no competition because why would anyone else want the hassle? But Prax does have reasons: the tax write-offs and buying input to their refinery at Lancaster cost of production.