thehaggistrap wrote:Wow.... 95% dilution. FWIW : back in October the head of investor relations (Phil Corbett) assured me on phone that dilution wasn't an option. However he had a history of lying to me but not putting it in writing/email. Thankfully I didn't trust him and sold out - like everyone at a large loss....
It isn't mentioned who the bond holders are in today RNS. However I am near certain that KEROGEN CAPITAL just acquired Hurricane Energy on the cheap. The £50 million they paid to acquire the company is peanuts and easily covered by the cash in bank!
Despite the well documented problems the whole thing stinks. Kerogen clearly see something in the corpse...
Tax right off against debt, acreage, cash in bank <etc>. They commissioned the revised technical report then quit their seat on board (Dr Parsely) once that work was delivered.
The new-board (Anthony Marris and co.) have deliberately trashed share price to a point where there are no long term share holders left to vote against this.
I'm not quite clear what you think they could have done, given the situation inherited? Declining production, far less than predicted and large debt to pay off with no obvious source of funds to do so. What do you think they should have done differently? It was always clear the bond holders held all the cards once the real issues with Lancaster became clear.