- The shares of Hurricane Energy Plc have rallied after the UK High Court rejected its restructuring plans.
- Aston Martin has unveiled a more radical version of the Valkyrie hypercar, named the Valkyrie AMR Pro.
Hurricane Energy Plc (LON: HUR)
The shares of the FTSE All-Share Index-listed Hurricane Energy Plc (LON: HUR) have had a 180 per cent one-month return and has had an impressive rally recently. The oil company’s shares rallied after the UK High Court rejected its restructuring plans on 28 June 2021.
According to the company’s restructuring plans, the control over affairs of the beleaguered company would have been given to the bondholders of the company. The control would have been handed over in exchange for pardoning debt worth $50 million and maturity date extension for an additional $180 million worth of bonds, due for repayment in July 2022.
The court order
The court said that Hurricane Energy does not face the threat of immediate liquidation, and the company’s current shareholders are entitled to elect its directors. Crystal Amber Fund, its majority shareholder, raised its stake to 23.09 per cent, following the court’s orders that went in favour of the shareholders after the courts sided with the shareholders. Most of the company’s directors immediately resigned post the orders.
Energy Hurricane then announced that for bondholders, the lock-up period to accelerate note conversion had lapsed, which would not give them the right to take up such an option. Crystal Amber upping its stake, was welcomed by investors who are hopeful that the new board would lead the company in the right direction.
The shares have a 9-month return of 25.86 per cent and a year-to-date return of 35.56 per cent. The company’s share has a market capitalisation of £70.11 million. The shares were trading down 6.25 per cent at GBX 3.30 on 13 July at 09:00 GMT+ 1. On 29 July 2020, the shares recorded a 52-week high of GBX 6.78. Currently, it is trading 51.33 per cent below its 52-week high, and 459.32 per cent above the 52-week low registered on 14 May 2021.
The shares were trading down 6.25 per cent at GBX 3.30 on 13 July at 09:00 GMT+ 1. (Image Source-REFINITIV)
Aston Martin Lagonda Global Holdings Plc (LON:AML)
The luxury carmaker has unveiled a more radical version of the Valkyrie hypercar, named the Valkyrie AMR Pro. The model is designed as track-only and therefore would not be available for use used on the public road.
Also, a number of brokerages have come up with positive reports recently on AML’s shares.
The shares have a one-year return of 95.94 per cent (Image Source-REFINITIV)
The shares have a one-year return of 95.94 per cent and a market capitalisation of £2,213.62 million. The shares were trading down 0.80 per cent at GBX 1,910 on 13 July at 10:52 GMT+1. On 2 February 2021, the shares recorded their 52-week high of GBX 2,295.5. It is trading 16.77 per cent below its 52-week high and 108.48 per cent above the 52-week low on 14 July 2020.