Hurricane Energy Share Discussion Threads

[senseman] 27/4/2023 17:39

courtesy of Johns, LSE 17.02
Crystal Amber WILL Revert to EGM and Albion Deal If Scheme Fails

Dflynch's earlier great post energised me to do some digging and phoning. And what surprises a few phone calls can unearth!

An impeccable source has told me that Crystal Amber, pressured by Saba because of the sudden oil price drop and whiff in the USA of impending banking squalls, chose the Prax deal rather than it's preferred option of pursuing the EGM removal motion and installing Albion.

But crucially, Crystal Amber have told Albion that if the Prax Scheme fails, it will revert back to it's original and preferred plan of EGM removal and Albion installation. And Albion have stated they remain willing to run Hurricane.

No wonder this has been kept hidden! If institutions had known about this 3-4 weeks ago, pound to a penny half of them would have, given Tony Buckingham's oil record, voted NO. And the Scheme been immediately dead in the water. I am still recovering from the shock!

[senseman] 27/4/2023 16:47

courtesy of dflynch LSE 15.22
"HURRR’s dastardly scheme Fails! Will Crystal Amber revert to Plan A?
Well, we have less than a week to go now until we know the result of the Court meeting.

It will be an interesting result as clearly shareholders are divided with regard to the scheme as it stands.

Clearly, if the HURR BoD manage to achieve the result they desire, then the fight is not over. I am sure that we will have a re-run of the Convertible Bond issue and the involvement of the Courts.

Of course, the HURR BoD may fail so what could we expect?

I would think that the Dutch investors would immediately pull-out. They are only here for the speculative future income and their exit, probably at a loss as the share price will invariably drop, temporarily with the disposal of the Dutch shares.

But what about the major shareholders Kerogen and Crystal Amber.

Kerogen are a bit of a dark horse in this saga – they have inscrutable influencers but as an investment, HURR is probably worth peanuts and no more than an irritant that they wish clear of their investment desktop.

Crystal Amber’s situation is uncertain, but a bit of speculative analysis on my part wonders if they would revert to their earlier plan A – Plan Albion, calling an EGM and removing the incompetent HURR board and substituting Albion as a new and experienced BoD.

I believe that unwarranted pressure has been applied to CA to agree to the deal. I wonder if HURR’s share price would have risen back to 40p if Saba (CA’s major shareholder) had not insisted on liquidation of the fund (irony pervades CA’s major shareholder bullying minor shareholders into accepting liquidation of the fund when it was not necessarily in the majority of individual shareholders, best interests).

The liquidation of the fund is not going well (De-La-Rue is proving to be a problem) and maybe, because of pressure from their major shareholder, and in desperation, their better investment judgement was set aside and the PRAX offer accepted.

If CA were to revert to their original, and preferred plan of EGM and Albion installation. And Albion were willing to run Hurricane, then we could have the opportunity to re-discover “those missing billions of barrels of oil” that suddenly disappeared during the "Maris era". Furthermore, we would have a competent team running the company with the ability to plan and co-ordinate the proper exploitation of HURR’s acreage.

HURR’s future is NOT limited to P6!"

[idc48] 27/4/2023 16:31

If the vote is NO, and the Prax deal is therefore off the table, haven't HUR stated that they will embark on the Return of Capital as agreed at the last court case? 3.1 p / share comes to mind.

I voted NO, I will take the RoC and re-invest. I expect the share price to fall by the RoC amount until further news is released and we replace the current BoD with something more pro-active.

Does the previously suggested Albion plan still have merit?

[wbodger] 27/4/2023 12:29

Anyone opposed really must vote. I suspect shares not voted by owner will be voted by nominated holder. (Your broker.) This needs to be better known.

There's a frequent poster on LSE who posted that Ophorst's Yes votes would have to be overcome by three-for-one voting No. Completely the reverse of the truth. Every No requires three Yes to overcome it. Moreover if you are a Nominee client and you want to defeat this Offer read the bit about Abstaining. Your vote will still exist but will be voted by your broker according to his wish, not yours. My broker stated that there is no such thing as Abstaining - that implies he will use my vote if I don't. The only abstentions might be from Certificate Holders who don't register a vote.

Finally, selling your shares is only a good idea if you're afraid the Offer price from your broker will fall after the vote. Otherwise at least keep them long enough to vote your wish.

I'm voting No even though the share price might fall if the Offer is rejected. Good luck everyone.

[wbodger] 27/4/2023 12:21

They might use one employee to register the No shares and another for the Yes. Different proxy holders, that's all. Shares traded at last moment have to be in time to change the numbers which make up the number the Nominee holds otherwise the certificated total will not match shares in issue.

[dave999dave999] 27/4/2023 10:02

Ha I initailly read it as quantum leper...

Re 37445

i presume instuttions like H&L collate votes and block submit at a point in the future
if i sold the shares they remove my vote from the block vote.

dave

[jacquibic] 27/4/2023 09:31

Morning Quantum the problem with a virus is it seeks out the weak!
This particular one seems to hide its lethal strain quite well.
The good news is some viruses if they cannot mutate in an area they move on.
Good luck

[wbodger] 27/4/2023 08:38

RNS re CEO and CFO holdings: 64610 shares at .077 cost £5000. Looks like bonus anyway (same amounts).

"Ha ha.

In your face, suckers."

[dunkirk1016] 27/4/2023 08:07

Thank you Senseman and dflynch……;voted No for one million plus shares between three family members. You could not make this alleged steal deal up.

[laserdisc] 27/4/2023 07:52

offload started yesterday evg 8.5draft on entering port would be expecting around 12 mark on leaving
2023-04-2619:47 BST Navigation status changed moored
2023-04-2613:31 BST Navigation status changed restricted manoeuvrability

[quantum leaper] 27/4/2023 07:46

Good morning merry Hurricane holders. I'm a visitor from another thread and I'm hoping you can offer me some advice.

You see we've got a severe infection of Kooba. It's all over our forum and comprises about 95% by volume of the words posted. None of them makes much sense to us and we fear the poor chap is suffering from delusions of grandeur bought on by timing his trades badly. Imagine a two year old presented with a plate of cold broccoli for breakfast and you'll get the picture. Anger, resentment, throwing his spoon at the ceiling, calling for the whole Board of Directors to go ... that sort of thing. We've no idea who he thinks he is or why we need his opinions repeated so often at such length.

I noticed you seem to suffer the same virus so I'm hoping you can reassure us that it passes and tell us how best to treat it.

Maybe one day there'll be a vaccince.

Yours hopefully

[senseman] 27/4/2023 00:01

senseman LSE 23.48
VOTE TODAY - FOR 4TH MAY - DONT DELAY - DEADLINE FRIDAY 1PM
Read DF (dflynch)'s excellent original post explaining beautifully WHY all should vote, and HOW.
404x backs up with link to Hargreaves Lansdown (PI largest nominee broker - perhaps 50%)

HARGREAVES LANSDOWN VOTING (online) (phone to instruct if not online)
Brokers will likely apply strict deadlines. Hargreaves Lansdown (HL) deadline is Friday 28 April 1pm UK time (2pm CEST).
To vote via HL - Login
Under 'My Account' tab dropdown - click 'Portfolio Home' on far left - will open accounts etc
At far right see & click 'Shareholder meetings'. See (2) listed 'Court Mandated Meeting' & 'Ordinary General Meeting'
At far right click (each in turn) 'Give Instructions' tab'
Court Mandated Meeting - 1 item to vote on
Ordinary Mandated Meeting - 2 items to vote on
There is a PRINT option after each 'Meeting' vote, If can, print and retain (take to meeting if attending)
Hargreaves Lansdown link is hxxps://online.hl.co.uk/my-accounts/investor-mailbox

Because of the 4 May's cruciality (a voting meeting), HUR may insist upon broker letter confirming HUR SH status & holding for entry to the meeting. If one intends attending, phone or message broker for email, message or letter confirming such & take to meeting.

DF (dflynch) will repost repeatedly between now & Friday 1pm. I will do similar with this post. Please do not get irate - many SHs only look in here periodically - and 4 May is CRUCIAL. It does not matter whether one votes for or against, it DOES matter that as many of the 21% HUR PIs as possible vote, and vote on BOTH meetings (ie Court & General). BOTH matter. I have voted against (NO) to all proposals, but that is just my view.
VOTE VOTE VOTE VOTE VOTE VOTE VOTE VOTE

[senseman] 26/4/2023 23:57

Courtesy of LSE's DF (dflynch) original post
CRUCIAL - Vote your HUR shares today
It is now getting critical that Investors, if they have not already done so, cast their votes for the Court Meeting and the Extraordinary General Meeting taking place on Thursday 4th May.

At the Court meeting individual Investors on the HURR company register at 6pm on Monday 1st of May can cast their one vote. Beneficial owners of HURR shares, that is Investors holding HURR shares in a Broker’s “Nominee”; accounts, are disenfranchised from voting at this meeting.

However, and of particular importance to these disenfranchised Investors is the vote at the Extraordinary General Meeting, which follows the Court meeting. At this meeting PRAX and the HURR Board of Directors require 75% of the votes cast at that meeting to be in favour of the Scheme. That is not 75% of HURR shares on the company register; it is 75% of the shares voted at the meeting.

This is where the disenfranchised beneficial owners of HURR shares can influence events, as they can vote all their HURR shares held in Brokers “nominee accounts. Your vote will count and influence the result.

Each individual Broker will have a different method of recording votes cast by the beneficial owners of HURR shares. These usually are by either “secure” message, a telephone call, or a corporate actions “voting” function on the Broker’s website.

For example, Interactive’s clients use a corporate action’s voting function – very easy and efficient. It would be helpful if posters could post the method used by their brokers so that others may benefit and vote.

In order to process these votes Brokers usually close the voting days before the meeting so it is critically essential to CAST VOTES TODAY!

[kooba] 26/4/2023 15:43

Thanks I'm surprised most nominees ask for returns well ahead of votes..still doesn't explain if someone voted no and sold how the instruction is cancelled and a new vote allowed by the buyer and up to what point in time , systems have probably moved on since my day though ! I won't fret over it though !

[dave999dave999] 26/4/2023 15:31

Kooba
in my ISA i can change my vote from yes to No or No to yes as many times as i like up to the date

hence one presumes any shares sold with a no vote attached can be flipped to a yes vote at any time before the date, by the new owner thus indciating their preference as a share holder. The orginal holder is no longer a share holder so their vote means nothing.

I could sell you my shares and you can vote with them...you would be either confirming or flipping the vote to your preference.

or indeed in any ratio of YES/NO you want i can sit on the fence a vote 50:50, pointless but possible

in this case asbtain doesn't count so that would be 1 way to achieve it

1
APPROVE SCHEME OF ARRANGEMENT (A response to this proposal is mandatory)

Board Recommendation:
For


For

Against

Abstain
Comment: 13 APR 2023: PLEASE NOTE THAT ABSTAIN IS NOT A VALID VOTE OPTION FOR THIS MEETING TYPE. PLEASE CHOOSE BETWEEN "FOR" AND "AGAINST" ONLY. SHOULD YOU CHOOSE TO VOTE ABSTAIN FOR THIS MEETING THEN YOUR VOTE WILL BE DISREGARDED BY THE ISSUER OR ISSUERS AGENT.

Comment: 13 APR 2023: PLEASE NOTE THAT THIS IS A REVISION DUE TO ADDITION OF COMMENT. IF YOU HAVE ALREADY SENT IN YOUR VOTES, PLEASE DO NOT VOTE AGAIN UNLESS YOU DECIDE TO AMEND YOUR ORIGINAL INSTRUCTIONS. THANK YOU


Dave

[kooba] 26/4/2023 13:58

Brent below $80 again.. didn't hold that OPEC cut bounce well..not helping this offload price.

[rahosi] 26/4/2023 12:50

I have emailed the court expressing my concerns on the lack of clarity and fairness in respect of PIs, ISAs & SIPs.

'chanceryjudgeslisting @ justice.gov.uk'
Case number CR -2023-001420

with the response - Your email has been placed on to the court file.

[kooba] 26/4/2023 11:34

In the presentation the company said they were confident that the full supplementary dividend would be paid at the same time as the transaction dividend and cash payment should this scheme go through ..expected the 26th for full offload..from the 450k update we had so production on track.

[marmar80] 26/4/2023 11:25

Will they make it?

[laserdisc] 26/4/2023 11:18

ops prepare for offload flt on its way

[kooba] 26/4/2023 10:04

Seems they have made a point of publicly supporting Prax they didn't have to..so i think they would want to vote all shares they buy in favour ..they might have already irrevocably pledged shares that someone has already cast a no vote on ..but that vote belongs to Ophorst now ..there must be a procedure to ensure no double counting but I'm not sure how.