Hurricane Energy Share Discussion Threads

[soilderboy] 07/6/2023 08:18

Do you have a template of all relevant facts to make it easy for me and I will email for [e-mail] Regards

[laserdisc] 07/6/2023 08:16

13,595077 0.73% average for May : some maybe still out on loan ?

[marmar80] 07/6/2023 08:05

None of the shares bought today will qualify for the dividend, unsure why people are buying them now.

[peaky05] 06/6/2023 23:12

Fat Frank around?

[senseman] 06/6/2023 19:38

courtesy senseman LSE

WE WILL BE HEARD TOMORROW - A DOCUMENT HAS BEEN LODGED - SO EMAIL (see below)

A document has been lodged with the Court requesting the Court not sanction the Scheme - so we will be heard tomorrow and all is not yet lost. See 19.10 post below (LSE) why your email support matters and can count, and how to email. The Hearing is 11.30 am tomorrow so realistic deadline is 10am, though tonight or early am tomorrow is better. Even if you need be 30 mins late for work tomorrow - do not leave it for others to do - it is OUR & YOUR company!

SEND EMAIL - SEND EMAIL - SEND EMAIL - SEND EMAIL - SEND MAIL

[senseman] 06/6/2023 19:14

courtesy senseman LSE - WE WILL BE HEARD TOMORROW

RE: URGENT – 7 JUNE SANCTION HEARING – EMAILS TO COURT
I can confirm that a small group of PIs collectively worked hard to prepare, and have submitted to the Court, a substantial document for Mr Justice Michael Green to consider tomorrow. The document requests that Sanction of the Scheme be declined. Members of the writing group will be attending.

It therefore matters that PIs email the judge's clerk, Supriya Saleem at [e-mail] , citing CASE NO CR-2023-001420 - IN THE MATTER OF HURRICANE ENERGY PLC & THE COMPANIES ACT 2006, supporting the group and requesting that the Scheme NOT be sanctioned. Two sample emails have been posted today - dflynch's at 15.13pm, and senseman's at 16.03.

Choose which email style suits you best, and send either as is, or amend as you consider appropriate. Or write your own from scratch - fine detail does not matter - the important thing being - THAT WE EMAIL. Ignore the doomsters & naysayers enjoying free gobby reign last few weeks. Nothing is over till the fat lady sings! It is OUR COMPANY!

EMAIL - EMAIL - EMAIL - EMAIL - EMAIL - EMAIL - EMAIL - REALISTIC DEADLINE 10.00/10.30 am TOMORROW Wednesday. If we are to go down. then let us go down fighting!

[senseman] 06/6/2023 16:37

Courtesy of senseman LSE
RE: URGENT – 7 JUNE SANCTION HEARING – EMAILS TO COURT Today 16:03
This is the content of the email I sent to the Judge’s clerk e-mail address:

[e-mail]

The e-mail was headed Case No CR-2023-001420 - IN THE MATTER OF HURRICANE ENERGY PLC & THE COMPANIES ACT 2006

Your Honour,

A number of shareholders have submitted a document requesting that the Court refrain from Sanctioning the Scheme of Arrangement before you today. I am a Hurricane Energy shareholder and write supporting that request.

Over and above the representations made within the document, I bring to your attention the following:-

1. Having rejected an unsolicited bid for the Company in November 2022 it was not necessary for the Board of Directors (BoD) to approach the market to see if a better offer was available. The company was debt free, and producing sufficient income to further exploit its assets.

2. The reasons given by the BoD for approaching the market by engaging in a Formal Sales Process (FSP) was the major shareholders stated intention to divest themselves of their investment in the Company. In entering the FSP the BoD, particularly the non-executive directors charged with protecting shareholder’s interests, completely neglected the unsought wishes of the majority of the shareholders in the matter. They wrongly favoured one share holder over the rest.

3. Subsequent to the 2021 Court sanction refusal an attempt was made to remove the BoD and replace it with a more competent set of directors who would best serve the interests of shareholders. This attempt was frustrated by the company’s Nominated Advisor (NOMAD). The NOMAD stated that if the two executive directors were to be removed, they would cease to be the company’s NOMAD. The consequence of this dramatic action, as made abundantly clear by the NOMAD, would be the de-listing of the Company shares from the stock market. In December 2022, when the major shareholder re-iterated a desire to remove the BoD in its entirety, and called an Extra-ordinary General Meeting (EGM) to achieve this the threat was again raised by the NOMAD. The NOMAD has been involved in trading shares in the company and despite the presence of “Chinese walls” it is clear that their interests are not in concert with the wishes of a majority of shareholders.

4. In the Chairman of the BoD letter to shareholders, dated 6 April 2023, there is a claim that shareholders will:-

• receive more cash than could be achieved in the orderly wind-down of the business,

• the cash would be returned faster than an orderly wind down,

• the downside risk of early cessation of production would be mitigated; and,

• if all payments were made by PRAX shareholders would receive 12.5p per share.

Shareholders believe this to be complete nonsense.

• the rejected offer in November 2022 was for 7.7p and this was guaranteed. There is nothing in the PRAX offer that guarantees payment save for the 6.02p to be paid 14 days subsequent to a takeover,

• the business is a going–concern and the prospect of having to wind-down the company is the same as that of any other company engaged in exploration and exploitation of oil fields,

• the risk of production cessation had been carried since the production of first oil and a competent BoD would, as part of their fundamental duties to the company, have ensured that contingency plans were in place to deal with any temporary cessation,

• it is emphasised by PRAX that there is no guarantee as to the level of payments that will be made and they could be zero. Consequently, shareholders would be financially far worse off than if the BoD had not rejected the anonymous 7.7p offer of November 2022

[senseman] 06/6/2023 16:34

Courtesy of dflynch LSE
RE: URGENT – 7 JUNE SANCTION HEARING – EMAILS TO COURT Today 15:23
If anyone else wishes to e-mail the Judge they should send their e-mail direct to his clerk at the following e-mail address.

[e-mail]

I also thought it might also be helpful to let other contributors know what I e-mailed to the Judge.

Your Honour,

I am a Hurricane Energy shareholder holding 250,000 shares in a nominee trading account with Interactive Investors. I am thus a beneficial holder of shares rather than someone listed on the share register.

I would like to register my strong opposition to the Scheme of Arrangement proposed by Hurricane Energy and before the court for sanction on 7 June. Many, like myself, believe the scheme to be both unjust and inequitable and has been promoted to the detriment of individual shareholders like me. Specifically, it disadvantages those with shares held in nominee accounts such as mine after being prevented from voting at the Court Meeting on 4 May.

The company is in a sound financial position with no debt and significant assets. But under pressure from its largest shareholder, it embarked on an unnecessary and opaque sales process. The resulting inadequate and highly complex Scheme places all the risk with shareholders and little or none with PRAX (as its the Company’s own money that is used for the initial stages of the sale). The scheme may also result in significant tax liabilities for those individuals who currently hold shares in ISAs and SIPPs, assuming payments from DCUs are actually forthcoming.

Moreover, it is worth noting that the company has previous history in putting before the Courts a deeply flawed and inadequate restructuring plan that was declined by His Honour Judge Zacaroli.

I would urge that Scheme of Arrangement is not sanctioned.

Signed……….

[senseman] 06/6/2023 16:32

courtesy of senseman LSE
RE: URGENT – 7 JUNE SANCTION HEARING – EMAILS TO COURT Today 14:28
The matter is listed for hearing 11.30am (90mins) tomorrow before:-
Mr Justice Michael Green
Rolls Building
EC4A 1NL
nearest tube: Chancery Lane (5-10 mins walk)

Email address for emails to be set direct to Judge's clerk
[e-mail]
Citing in subject bar:
CASE CR-2023-001420 - IN THE MATTER OF HURRICANE ENERGY PLC & THE COMPANIES ACT 2006

[senseman] 06/6/2023 16:26

courtesy of dflynch LSE
URGENT – 7 JUNE SANCTION HEARING – EMAILS TO COURT Today 13:59
Well tomorrow is the final day in this long sorry sad saga in which many investors who supported the company in its attempt to produce a new source of secure energy for the UK are finlly scammed, and kicked in the face for this support.

They have been badly served by the various members of the BoD, particularly most recently.

It was never necessary to put HURR up for sale! If Crystal Amber wanted out then fine – they could have sold their shares on the open market, as did many small investors who could not risk more awaiting the rewards of their investment. Rewards that are well in sight – why else would PRAX scam investors with their ludicrous below value offer, if they could not also see them.

What is the biggest obscenity in the whole matter is the thousands of small investors in HURR who were disenfranchised from participating in HURR’s future, at the crucial Court meeting on the 4th of May.

Many will have thought that they were voting against the PRAX Scheme. They were not, their voting efforts were ignored, because their shares were held in nominee accounts (SIPP, ISA, Trading) by their brokers. Any protesting voices went unheard!

I have emailed the Court to acquaint the Judge with my concerns as to what is happening and requesting, that like their colleague Mr Justice Zacaroli, that the Court do not sanction this despicable unfair Scheme. A Scheme that is only before the Court because of the unjust way it grossly disadvantaged investors; investors who went unheard at the decisive Court meeting in May.

[typo56] 05/6/2023 20:16

If you buy too late to be on the register by Wednesday 6pm, wouldn't this be administered via the market claims process from the seller? This should be handled by your broker and be transparent to you.

[wbodger] 05/6/2023 16:42

Hmmm. If that's what they say, I'll stand corrected. Take the word in the published schedule.

[marmar80] 05/6/2023 16:21

So yes or no? They have ex divi tomorrow on the platform and say No

[wbodger] 05/6/2023 16:14

Rahosi, that was my question. Afaics they avoided answering it, but I will see what responses your post gets. ;))

marmar yes, because the deal would complete on Wednesday or earlier, and your broker shouldn't accept your buy if the transfer of ownership can't be registered by Wednesday 6 pm. (Check with broker.)

[marmar80] 05/6/2023 15:02

If I buy more today will I qualify for dividend?

[rahosi] 05/6/2023 14:45

As & when the dust settles, for CGT (loss) purposes, what disposal value per share will one declare to HMRC?

[marmar80] 05/6/2023 10:02

Good morning, I bet the interest has returned as there was an attractive 7.40-7.50 on the Ask in the morning. Then a flood of buys. Believe it will be back to 7.70-7.80 but if goes up above 8 will be interesting to see who is buying in a hurry.

[wbodger] 05/6/2023 09:52

Interesting day's trading in prospect. If I had left my sell at 7.9 in it would have been taken up by now.

Only watching with interest now. I wonder what price Ophorst will be prepared to pay.

[wbodger] 02/6/2023 10:07

They might keep stumm until Tuesday now. Nobody's trading large amounts, just market makers picking up odds and ends.

Sorry marmar, I gave it as long as I could but they weren't going above 7.8.
I have a small profit which at least I can deal with sensibly for tax. I think the DCUs will pay at least 3 pence but the tax is so damn fiddly I want nothing to do with it. (I don't have a SIPP.)

Genuinely good luck to all intrepid explorers of the tax system.

[marmar80] 02/6/2023 09:10

Small increase from Centiva today. Ophorst quiet, perhaps they are done with buying, as per last RNS they had 70,000,000 shares 3.51% of all. Would be surprised to see another rns from them.

[marmar80] 01/6/2023 08:06

Centiva added

[wbodger] 31/5/2023 19:18

Fair amount of trading in last hour, although not much movement until the end. Getting towards "Last orders, ladies and gentlemen".

[marmar80] 30/5/2023 14:56

Watching the trades all the last days and the pressure is still on. Buyers trying to ger as many shares as possible and anything under 8.5p should be their target IMO.

[cardiffian] 30/5/2023 13:57

johnboy, u have 3 choices:

1. Sell now and as u state, cut your losses.

2. Hope for a better price over the next 4 trading days but still take a loss.

or

3. wait til later next month, get 6.02p per share guaranteed and anything from 0p to 6.48p per share over the next 3.5 years, the relevant amount payable every 6mths.