Hurricane Energy Share Discussion Threads

[goldry] 22/6/2023 13:10

Yes, meant class II

[roks] 22/6/2023 12:27

I forgot to vote so I will be getting class 1 dcu , would have preferred the cash rather than messing with loan notes

[laserdisc] 22/6/2023 12:24

If you did not return a Form of Election by 2nd June deadline you will receive Class II DCUs

[goldry] 22/6/2023 12:07

Thanks. I was not offered the option by IG so I guess I'll be class 1.

[laserdisc] 22/6/2023 11:55

FROM ABOVE LINK
How will Holders find out information on future acquisitions or the Lancaster Field?

Prax intends to provide upstream press releases and information pertaining to DCU Holders, for example future upstream acquisitions, if and when relevant, on the news section of the Prax website at www.prax.com/dcu/.

ALSO
UK North Sea acquisitions by Prax are likely to be completed through the Hurricane Group given its advantageous tax position.

[laserdisc] 22/6/2023 11:49

if you did not elect by 2nd june then you receive the class2 , election for dc1 was for a loan note which could be cashed 6 mths later than the class 2 payments ie appears to me it was for holders who wished to do tax planning for 2023/24 . Any dcu payments ie then could fall into tax year 2024/25 if you elected for the dc1

[goldry] 22/6/2023 11:41

This might be a stupid question. What's the difference between class 1 and class 2 DCU's. Who gets which and why?

[laserdisc] 22/6/2023 11:25

website update

[cameo4] 22/6/2023 11:25

I have now received the dividend, so I have received everything including Prax DCU's in my AJ Bell sipp.
Prax DCU's are credited with no value.

[laserdisc] 22/6/2023 10:34

iii tell me when dcu's are allocated they will be held in my trading account, however nothing to indicate i hold any at this time, in transactions of yesterday it does show a ref number but that then refers back to scheme of arrangement details, would be nice to see a holding figure of actual dcus in account but perhaps that is not possible on iii platform

[flyinghorse1] 22/6/2023 10:30

So where can you hold a DCU?
HL have said they will revert with answer from HMRC re SIPP/ISA as holding area for DCU, but not offered (In the case of a negative HMRC response) any other vehicles the have that they can be kept in (ie fund and share account).
FH

[brinks_matt] 22/6/2023 10:05

Laser / Impvesta - our understanding is that, on currently advice, you can't and won't get or be able to hold DCUs in either your SIPP or ISA as they are not recognised as the correct instrument by HMRC for SIPP/ISA.

This understanding is based on current info from brokers. We however believe that if someone was seriously to take it up with HMRC, then there is a very small chance that the DCUS could be recognised as permissible instruments. At this time they are not allowable within the wrappers.

The initial total 6p dividend payment (due around today) should be treated differently (i.e. should be treated within any SIPP/ISA wrapper, so not attracting dividend tax), but best to confirm with your broker.

[impvesta] 22/6/2023 09:45

No funds or DCUs in my HL yet (SIPP and ISA).

[laserdisc] 22/6/2023 09:29

recent oil voice article states Prax plans North Sea growth surge. Firm seeks to expand production six-fold through North Sea acquisitions .

the Prax vision is to increase production to around 50,000 bod if they succeed in part it will be reflected in the dcu's future payouts


The DCUs confer an entitlement for DCU holders to receive 17.5% of all future net revenues earned by Hurricane from 1 March 2023 until 31 December 2026, including from both the Lancaster oil field in the UK North Sea and from any acquisitions made by Prax via Hurricane, capped at a total of 6.48 pence per DCU (being c.£129.1 million in aggregate). The DCU payments will be paid biannually in arrears, approximately 90 days after the period ends of 30 June and 31 December.

[roks] 22/6/2023 09:08

So we dont get cash for the dcu.? And its going to get spread out all the way toend of 2026?

[laserdisc] 22/6/2023 07:17

jenkins now quote 1.77 on prax dcu



see
TRADING WITH JP JENKINS TRADITIONAL
To trade in these shares, please instruct your existing broker or directly place an order through sharedealactive.co.uk. JP Jenkins regularly trade ordinary shares of each company listed, but of course some are more liquid than others.

[laserdisc] 22/6/2023 07:13

no funds or dcu's in my hl sipp. Cleared funds of correct amount this morning at iii in both isa and trading,but no dcu's details show

[northwestwirral] 22/6/2023 06:59

No Funds in my HL account yet.

From H&L Dated 30th May 2023

If approved, the offer will complete on 8 June 2023. It is expected that the cash will be paid, and shares will be credited on or around 22 June 2023

[dunkirk1016] 22/6/2023 06:47

Anyone with Hargreaves HL heard or received anything. Thank you

[goldry] 22/6/2023 06:22

I'm not an expert, but my understanding is that both amount's and any income from DCU's will be taxed as if dividend income

[bocase] 22/6/2023 05:58

Roks: The DCU payments will be made (if revenue criteria are met) in installments paid on 30th Sept and 31st March each year until end of 2026. I don't know how the DCU entitlement will be shown on your brokerage account. Nothing is showing on my IG account yet.

[bocase] 22/6/2023 05:50

Goldry: I too have the two dividend amounts in my IG a/c of 3.32p and 1.87p but not the 0.83. I am sure it will come but what bothers me is that if the 3.32 and 1.87 are shown as dividends, which they are, will be taxed on these amounts when we do the tax return next year?

Any thoughts?

[oilretire] 21/6/2023 22:40

I also have the dividend in account but not the cash consideration of 0.83 pence a share. The HBOS share dealing.Not sure about the DCUs, will check tomorrow.

[cameo4] 21/6/2023 21:16

I have the cash consideration and class 2 DCU's but no dividend as yet in my AJ Bell SIPP.

[goldry] 21/6/2023 19:22

I've got the dividends but not the cash consideration in my IG account. They've blanked me about the DCU's.