Nighthawk Energy Share Discussion Threads

[marmar80] 06/5/2018 01:10

Management failed. Face the reality. Even worse, management is against the company!!

[marmar80] 05/5/2018 22:20

PWhite, are you 100% sure? The company is still listed so I won't agree until I see some proof of that.

[mallorca 9] 05/5/2018 19:55

Next week could be interesting.
Sure to be further developments.

[pwhite73] 05/5/2018 14:54

You cannot call an EGM when a company has been placed into administration or Chapter 11 by the courts because the creditors can also be the biggest shareholders. Once they weigh up the assets are larger than the market cap they could vote to wind up the company and distribute all the funds/assets to the creditors (themselves) and leave nothing for the shareholders (again themselves and you).

Hawk had market cap of only £1.1m when suspended.

Although the company remains under the control of the directors court officials have been appointed to oversee the management of the company whilst it establishes a sounder financial footing.

[pr100] 05/5/2018 14:34

In theory, the CEO will resign next week.

[pr100] 05/5/2018 14:31

Arguably the asset was unsellable at $30pb.

[marmar80] 05/5/2018 14:24

I'm mad about this situation lads. Hawk survived oil @ $30 per barrel and is applying for Chapter 11 when oil is @ $70. Bear in mind, it's a still producing and cash generating company. Producing less, but still enough to pay off debt in tranches. Ok problem: urgent debt. But it's not $200m but $21m!
$2m per month @ $68 per barrel, so if most money go towards this debt reduction, then 12-15 months and all is repaid!!

CEO does not want it to happen? Wonder if Delaware court can help shareholders in this situation?

[marmar80] 05/5/2018 14:06

Appointment of Drew McManigle: all he does is helping with sale of assets. We can't expect anything different from his appointment.

It looks like that: Rick wants to finish Nighthawk asap now. Why rush? Private money behind the scene?
Who is the buyer and what price are they willing to pay for Hawk generating $2m per month @ $68 per barrel?? In normal scenario this type of asset would be sold for $30-40m minimum.
In this scenario? Why rush Rick?

[philmac56] 05/5/2018 13:56

I have been in contact with JC, directly, he has explained the problems he has/still is encountering with the board, a very negative attitude towards him.

He has quoted a substantial figure $$$ in his correspondence to that has been offered via a rights issue.

The board have not been forthcoming in accepting his help. Why!!!!

I have asked him if I can share his reply, herid not answer me on that issue.

[pr100] 05/5/2018 13:36

PIs should try to register with some likely asset auction platforms to keep an eye on disposals, e.g.:

[marmar80] 05/5/2018 13:35

Balbains, contact B1gJake via private message. Your 3m counts! We need 5%.

[balbains324] 05/5/2018 13:32

These tickets are doing the dirty on shareholder! They will sell privately to the CP or JC. If I still had my 3 million shares I would pledge them but took a hit and sold out

[marmar80] 05/5/2018 13:29

13. Can a shareholder require a general meeting to be called? What level of shareholding is required to do this? Can a shareholder ask a court or government body to call or intervene in a general meeting?
A shareholder or group of shareholders representing at least 5% of voting rights can request the directors of the company to call a general meeting.
A shareholder cannot ask a court or government body to call or intervene in a general meeting.

[marmar80] 05/5/2018 13:25

6. Briefly set out the rights of minority shareholders and the shareholding required to exercise such rights.

Minority shareholders' rights vary depending on the percentage of shares/voting rights they hold in the company, as follows:

At least 5%: right to:
- apply to court to prevent the conversion of a public company into a private company;
- call a general meeting;
- require the circulation of a written resolution to shareholders (in private companies); and
- require the passing of a resolution at an annual general meeting (AGM) of a public company.

At least 10%: right to call for a poll vote on a resolution.
More than 10%: right to prevent a meeting being held on short notice (in private companies).
15%: right to apply to the court to cancel a variation of class rights, provided such shareholders did not consent to, or vote in favour of, the variation.
More than 25%: right to prevent the passing of a special resolution.

[marmar80] 05/5/2018 13:18

Can they say no to EGM?

[b1gjake] 05/5/2018 13:02

Rick and Chuck are most definitely not on our side. They have sought Chapter 11 protection to protect themselves from shareholders and to speed up the sale of assets. That is my read of Chucks statement in the court proceedings. The rising oil price only makes a sale of the assets more likely.

[marmar80] 05/5/2018 12:36

Yes, with oil at $70 they could be easily profitable again! Part repayment say half of the capital + 1 year debt extension would shot the share price to minimum 1p allowing company to rise additional $1m for drilling two new wells. Nighthawk needs $10m loan from private fund, fresh discussion with CBA to extend for a year. Rick if not on our side, needs to be replaced.

[maxwell] 05/5/2018 12:27

Remember this has been progressing for quite a few months and the last thing they need is for the price of oil to increase, maybe our only saviour unless it can pay the loan with new money, after all the company is profitable if run sensibly.

[philmac56] 05/5/2018 12:12

Rick does not want an EGM...a suggestion has been offered and board has/is ignoring events

[marmar80] 05/5/2018 10:56

Rick should have called the EGM ages ago and openly say to shareholders that he is looking for a loan from us or external party and he needs our help to save the company from collapsing. Perhaps some of the shareholders would help to find proper source of funds.Did you all email B1gJake?

[watcher13] 05/5/2018 09:42

In negotiating and entering into the Ninth Amendment,
Nighthawk was permitted to seek a restructuring transaction with the Claesson Entities and its
affiliates. The Company and its advisers actively sought to obtain a proposal from the Claesson
Entities for a financial restructuring, but received no meaningful proposal to restructure and
recapitalize the Company adequately.

JC has supported this company with his own money for years and would certainly try to do something to salvage some value for shareholders and reading that bit from the filing makes me think that there is/was a restructuring proposal but the board didn't engage with him.

We should all email/call Rick and ask exactly what was the proposal and why do we know nothing about it. If he replies might be worth keeping them for future reference