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Drillahill:
VanWilder wandered about BWO sales, I did not understand what he was talking about so I didn't ask the question. Likewise with your question regarding BWOffshore. I do not know what you are referring to.
I got the impression that the company is going to make the best deal possible regarding any asset sales and farm outs. That is why they have turned down several Namibian farm out deals offered. I didn't ask about IPEX because it is a cash generator for HRT and I feel there is no pressure on them to sell IPEX unless it is at the right price.
I just spoke to IR of HRT. First of all I was told they consider the shares to be very undervalued, since no value has been given to practically all of the companies assets. For example it's cash position and revenues from Polvo.
In respect to the Rosnoft deal for the additional 6% of Solimoes Basin that is now waiting approval from ANP and no news will be released till they receive approval. As stated before Rosnoft is also buying the drilling rigs and will be the operator of the project. The costs will be shared by both companies according to their ownership of the project.
Several companies have shown interest in HRT's Namibian holdings. All of offers made missed on a couple of points so they were rejected. Before making any deal they want to see what the results are from the drilling being planned by other companies.
They are selling half of their position in Polvo to lessen their risk in the project and to use the proceeds to invest in another producing project they feel this is the best and safest way to build production at this time. I got the impression they what to control expenditures to conserve cash for Solimoes and Namibian drilling.
IR could not comment on rumors regarding JG and Discovery, because they said that is all they are and it's between shareholders.
As confirmed by IR if an individual or company obtains 20% of HRT they most make an offer for the rest of HRT based on the economic value plus 20%.
This offer will be placed before the shareholders to either vote to accept or reject. Which I was very happy to hear that if we don't like it we can reject it.
Sonia Racy says
Eu voltei
31.janeiro.2014 | 1:11
Terminada a disputa com o fundo canadense Discovery, a petroleira HRT tem novo dono: Nelson Tanure
After the dispute with the Canadian Discovery Fund, HRT Oil has new owner: Nelson Tanure
worse , the better
With a remarkable appetite for fights , Nelson Tanure made ??his fortune buying troubled companies . After a period of silence , he returned to make noise - to the old style
Maria Luiza Filgueiras of
inShare3
Germano Lüders / EXAM
Nelson Tanure
Nelson Tanure : he can earn over 380 million dollars with HRT
São Paulo - Throughout 2013 , the oil company HRT gave shareholders with a succession of bad news . In two exploration areas seen as promising in the Amazon Basin and in Namibia , the company only found gas. Not a drop of oil. Four directors resigned in May .
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In November , the situation got worse when the company announced its biggest loss of 724 million reais in the third quarter , and one of the largest shareholders , the American manager Southeastern Asset Management , sold all the stock - all this made ??the actions lost 81 % of value in 2013 .
While HRT melted , businessman Nelson Tanure , specialist in buying troubled companies , waited in silence a chance . At the end of the year , Tanure knew that the company planned statutory changes in a shareholders' meeting convened in early January.
One of the ideas was to exclude the statute a clause obliging who accumulate more than 20 % of the capital to make a tender offer to minority shareholders ( called a poison pill ) . The goal was to attract people shareholder weight to dilute the role of Marcio Mello , founder of HRT that with only 1.7 % of the shares , followed by sending the company.
To Tanure , was the perfect combination . Shares cents worth and the possibility of gaining power without spending a fortune required to buy the whole business . Find an ally lacked influence over the management of HRT . And it was not difficult .
Marcio Mello himself was the obvious target . The founder of HRT lived at odds with the six independent members of the board , who questioned his every move , including a package of 10 million dollars in compensation that Mello won the resign the presidency of HRT in May.
Another thorn in Mello was the American Discovery Fund - which owns 17 % of the shares and two counselors , trying to increase their power . Tanure Mello showed that , if allied to it , could take the enemies out of the way .
In November , the entrepreneur began buying shares of HRT . After an investment of 70 million dollars , he already has 19 % stake in the company and is the largest shareholder . The people close Tanure ( that did not work EXAM interview ) it says interested in the oil sector in the long term.
His enemies suspect that his real interest is making a quick move and sell the shares as soon as possible . Since he began buying shares of the oil company 's market value rose 86 % . " If everything goes wrong , the heritage of HRT today is greater than it is worth in exchange. That is the number that attracted , "says an executive at Docks Investment company Tanure .
The net worth of HRT is 2.4 billion dollars , but it is worth only 375 million in scholarship . If you sell at list price helicopters , properties and gas basins , Tanure can profit from over 380 million reais with HRT .
Officials of HRT Participações em Petróleo SA
Officials of HRT Participações em Petróleo : according to executives linked to stockholders meeting between the parties was friendly
São Paulo - The businessman Nelson Tanure Discovery and managers gathered in New York to discuss the fate of the oil HRT . Both are shareholders of the company , with 19 % and 17 % stake respectively . Despite accusations by Tanure past two weeks against the management plan , the meeting was " friendly " , according to executives linked to the shareholders .
" They agree that it is necessary to reach a rapid and beneficial decision for both ," said one executive . Among the alternatives is an agreement to the composition of the board of directors and a new management at the company - which would require replacement of current officers , appointed by Marcio Mello , founder of the company and now owns 1.7 % of shares.
So far , what was planned Tanure elect a council with its indications and delete the Discovery of the vote in Assembly , scheduled for March , under the pretext that managers have already reached 20 % of the shares without making an offer to buy minority as mandated by the statute of HRT . Tanure continues in New York , hoping to return to Rio next week with a signed agreement.
http://exame.abril.com.br/negocios/noticias/tanure-e-discovery-discutem-acordo-para-hrt
The businessman Nelson Tanure met in New York on Tuesday with Robert Citrone , founder of the fund Discovery Capital Management and portfolio manager of the American fund , with whom the Brazilian businessman began to dispute control of HRT .
The meeting lasted just over 30 minutes, but an effective conversation for a possible agreement between them even started . According found the value , the Discovery Tanure informed that , since the entrepreneur started arbitration against the background , any kind of conversation that would happen in that forum . Unless the employer does not take the procedure forward . Tanure would then informed that it would withdraw arbitration proceedings .
Tanure was meeting in New York accompanied by former Communications Minister , Hélio Costa , appointed to a board member of HRT on the plate of the current management of the company . According found the value , the proposal was to propose a truce to the conflict in charge of the company is shut down and the spotlight are just meant for business.
In the current corporate structure , the next council of the oil , which will be elected in March , will remain divided , although apparently the Discovery get most , although some funds that support the Discovery are already evaluating sell shares .
Even if the U.S. fund get majority on the board , if the guerrillas with the creator of HRT , Marcio Mello , who has now allied as Tanure not stop , the company will not be able to thrive .
According to sources , even if Tanure terminate the arbitration proceedings , the chances of agreement are very difficult .
That's because Tanure want the Discovery agrees to take a sort of forgiveness for Mello, who last year faced the dissatisfaction of the initial investors of HRT with the lack of results and the company's cash burn considered high due to an exploratory program without results until right now.
As if these reasons were not enough , the shareholders did not accept a ' severance package " approved early last year which cost around £ 26 million to HRT in severance payments to former directors, including Mello , and was designed to shield administrators after a bid for HRT .
The U.S. fund is not willing to stop taking this assessment Analyst compensation package. The package provided an indemnity to directors Marcio Mello , Wagner Peres , John and Elijah Willot Shikongo ( the others gave up the money ) if the company's management failed to elect certain directors meeting in April last year.
The payment would be due even if they renounce , without being dismissed . Those who have given up are Patrick Joseph Ash , Thomas Ebbern , Peter O'Brien and Charles Putz .
When the package was approved , it was already known that the Discovery elect directors at the company and that some of the nominees for the administration would not be chosen .
However , the shareholder of the company who voted in the Assembly was not aware that the non-election of certain directors trigger compensation administrators . Among those receiving money are Mello , his sister Maria Emilia Rocha Mello and Carlos de Azevedo Tersandro Adeodato .
The Supervisory Board appointed by Discovery wanted this issue to be brought to shareholders for them to decide whether to prosecute Mello and other administrators and demand a refund .
Tanure is willing to forget about it , but not Discovery . Tanure proposes that Mello is part of an advisory board on HRT .
As heard by the value sources , the possibility of both Discovery Petrochem as JG , make an offer for all HRT is minimal. That's because , according to the situation of the company , the offer would have to be the economic value, plus 20% premium .
Make offer on the terms required by the statute would be virtually " throw money away " . However , so far it is not clear the reasons for Tanure have " bought " this corporate fight, aligning the Mello against Discovery .
Tanure NY and will make proposals
Tanure NY and will make proposals to takeover the Discovery on HRT , say sources
Businessman proposes Discovery or buy your part and close the capital or sell the shares it holds in for himself
Felipe Moreno
| 13:20 | 30/01/2014
a a
SAO PAULO - Nelson Tanure , senior partner at JG Petrochem , was this week in New York to try to negotiate an agreement with Discovery background, his partner in HRT Participações ( HRTP3 ) , said a source close to the company . The businessman wants Discovery sells the stock for him or then buy those that he himself possesses, defining who will make a public tender offer ( OPA ) to stay in control of the company . Wanted by InfoMoney portal , JG Petrochem said he would not confirm the information .
According to the source , Tanure gave two options : the first , which he prefers , is that Discovery selling his share to JG Petrochem , which would make the bid to repurchase the remaining shares in the market , as could more than 20 % - maximum threshold for shareholder can own without the need to make an offer for delisting the company , according to the statute of HRT . The second is that the Discovery itself make a tender offer for delisting - as he suspected that the U.S. would fund more than 20 % of the shares and should have done this offer. The conversation had already agreed and both shareholders have agreed to liquidate the company.
JG, who has 19.25% of HRT currently has its legal department headed by Antonio Fernando de Souza , the attorney general's office who made the complaint of the monthly allowance . The hope Tanure is that it does not have to be activated , either an amicable settlement in New York , which preferably allows you to take the company . According to the source , another investor would be part of the OPA Tanure .
Tanure tries delisting the HRT (Press / Alerj RJ ) Tanure tries delisting the HRT (Press / Alerj RJ )
About the dispute about the actual position of Discovery , CVM HRT questioned about the interest that Discovery has in its capital . In response , pointed out that the oil did not disclose relevant information on any obligation of the OPA Discovery Capital Management fact because it was not informed of this intention by the shareholder . She also pointed out that even if the fund has increased its stake erratically - as accuses JG - " only the CVM has means to identify these irregularities ."
Sale of Discovery is the most likely option
Market sources said that Discovery wants to buy assets of HRT to liquidate the company at some point - the operation would profit by the fact that the company is trading cheaper than the box itself. It is most likely that the Discovery accepted the proposal of Tanure to sell the shares , if the intention is to liquidate , a tender offer at a good price would be very difficult . The research house highlighted Empiricus in the past to purchase one share of HRT for R $ 1 was how to buy a portfolio of R $ 2 .
Maintained the analogy hardly the company's shareholders accept a sale for less than what the company has cash price. The imbroglio HRT calls attention to the likely return of Marcio Mello, the founder, the company . Speculation in the market realize that Mello would be one of the names behind the JG Petrochem , along with Nelson Tanure . Although it makes more pate board , Mello was still involved with the company and would be unable to raise its stake in the company , currently at 1 % .
He, however, pointed out publicly in an interview with Valor Economico , no longer have interest in taking over the company - but, so his absence over, buy shares of HRT . Speculation in the market indicate that Mello would be , yes , interested in resuming the company along with Nelson Tanure , his partner in the venture .
other news
http://www.infomoney.com.br/hrt/noticia/3169390/tanure-vai-faz-propostas-discovery-sobre-opa-hrt-dizem-fontes
JG wants to force Discovery
JG wants to force Discovery to purchase all shares of HRT on Bovespa
According to the fund run by Nelson Tanure , Discovery would have exceeded 20 % stake in the oil , which requires the completion of a takeover bid
Felipe Moreno
| 10h54 | 01/23/2014
SAO PAULO - The JG Petrochem , commanded by Nelson Tanure , enters with a request for arbitration on the BM & FBovespa against the Discovery Fund , on Thursday ( 23 ) . According to sources close to the HRT Participações ( HRTP3 ) , JG Discovery wants to make a tender offer ( Tender Offer ) to purchase the shares of oil , on the grounds that it exceeded 20% equity stake in the company - High status HRT , trespassers that slice must submit an offer to purchase the remaining outstanding papers .
Discovery , however, did not report the market that still got that slice , with his last match , released in December , indicates that the fund still holds about 17 % of the company . Have JG , which increased its share to 12.1% of the company , has its legal department headed by Antonio Fernando de Souza , the attorney general's office who made the complaint of the monthly allowance .
However , there is strong buying pressure on the company brokered by two brokerages in recent months , Brazil Plural and Gradual Investimentos, representatives of the two possible partners in dispute . As there was no cooling this pressure from either of the two brokerages since the last match of Discovery , sources close to the HRT believe this indicates that the fund already holds more than 20 % of the shares .
Discovery may be required to purchase shares of HRT ( Getty Images) Discovery may be required to purchase shares of HRT ( Getty Images)
Related News
JG Petrochem buys more shares of HRT and reaches 12 % stake in the company
Rent HRT triggers nearly 900 % in 4 months ; still reacts with high action
The CVM HRT questioned about the interest that Discovery has in its capital. In response , pointed out that the oil did not disclose relevant information on any obligation of the OPA Discovery Capital Management fact because it was not informed of this intention by the shareholder . She also pointed out that even if the fund has increased its stake erratically - as accuses JG - " only the CVM has means to identify these irregularities ."
What makes this action?
It is the fight of the two members who have done the action trigger . last Wednesday , the roles HRTP3 rose 11.93 % to U.S. $ 1.22 - its highest level since September last year - increasing by 33.6 % in 2014 . Again , one of two brokers , the Plural Brazil , led the intermediation role of the purchases . While Tanure and JG supposedly have " plans for the company," sources indicate that Discovery wants to liquidate the company - since it is trading below the box itself on the Bovespa .
The application of OPA can bring two scenarios for the company if accepted by Bovespa and Discovery , require the purchase of shares at a price higher than the current . But this probability is unlikely , since the Discovery is really interested in liquidating the company , not the purchase price for a less interesting .
With this, the opposite effect would occur . Discovery would have to give up any equity position that surpass 19.99% of the company and sell the stock market - Bovespa flooding with this type of paper , causing an overhang effect and causing the shares may retreat.
The largest amount of shares in the market may fall like a glove to JG Petrochem itself interested to acquire the shares of HRT - some sources indicate also want delisting the company.
other requests
JG also included three other applications in your request for arbitration filed with the BM & FBovespa . She wants compensation for the company by two directors of the Discovery Group , Oscar Prieto and François Moreau , JG believes that the solids have elected irregularly.
Discovery is also accused of causing delays in the acquisition of Camp Octopus - operation that allegedly Discovery would be against - , and JG asks compensation for HRT so . JG also wants Discovery to pay for allowing the leakage of privileged information to the public .
Upon request for clarification of the CVM , HRT has sent a statement to the market late on Wednesday, bringing the answer given by Prieto and Moreau complaints of " insider trading ." Both repudiated the charges of having passed on insider information and classified information as untrue and devoid of fundamentals.
Marcio Mello returning ?
The imbroglio HRT calls attention to the likely return of Marcio Mello , the founder , the company . Speculation in the market realize that Mello would be one of the names behind the JG Petrochem , along with Nelson Tanure . Although it makes more pate board , Mello was still involved with the company and would be unable to raise its stake in the company , currently at 1 % .
He , however , pointed out publicly in an interview with Valor Economico , no longer have interest in taking over the company - but , so his absence over, buy shares of HRT . Speculation in the market indicate that Mello would be , yes , interested in resuming the company along with Nelson Tanure , his partner in the venture .
http://www.infomoney.com.br/hrt/noticia/3157857/quer-obrigar-discovery-comprar-todas-acoes-hrt-bovespa
NEWS RELEASE
ACQUISITION OF MATERIAL EQUITY INTEREST
Rio de Janeiro, January 22th, 2014 - HRT Participações em Petróleo S.A. (the "Company" or "HRT") (BM&FBOVESPA: HRTP3, TSX-V: HRP), hereby presents clarifications, as requested by CVM on the referred Official Letter, regarding the information published on this date by the Portal Exame, edition 01.20.2014, under the title "Entrepreneur questions the conduct of the Canadian Fund Discovery before the Public Prosecutors Office and CVM".
In response to the official letter in reference, we clarify that the content of an article published on 1/20/2014 by Portal Exame deal with facts of others and for this reason HRT is not able to attest to the veracity of the statements contained therein.
However, the Company has already requested the statement from the former officers and shareholders mentioned in the aforesaid article concerning the facts narrated therein, being transcribed following the responses received so far, as well as we will forward this Authority as soon as the Company receives the remaining answers.
As it is possible for the Company to inform, HRT indeed received copies of two (02) notices sent by the shareholder JG Petrochem Participações Ltda. ("JG" or "JG Petrochem") to shareholder Discovery Capital Management, LLC ("Discovery") dated January 10, 2014, received on 10 and January 15 respectively, and the response sent by the Discovery dated January 17, 2014 with a copy received by the Company on January 20, 2014. In all documents, senders reported being simultaneously notifying the Securities Commission ("CVM").
With respect to allegations of insider trading by Mr. François Moreau and Oscar Prieto, we can only say that they were appointed by shareholder Discovery, were suspended by decision of the Board of Directors of the Company in its meeting on 12.20.2013 and subsequently resigned to their positions, as stated in Material Fact for 12.23.2013.
Additionally and as mentioned, we approached the ex-members on the issue and got the following responses:
Received from Mr. François Moureau:
"Regarding the article published by Exame, subject of this official letter, I hereby inform that:
I am unaware and repudiate the statements contained in the article, which are untrue and unfounded.
1 - The only piece of information I had regarding the share of the main shareholders in HRT share capital was provided by The Company’s IR department. At no time did we find evidence to exceed the 20% limit.
2 - I am clearly aware of my legal liabilities and always exercised total discretion regarding the Company business. I have never disclosed any information that was not public.
I have not received any notification concerning the content of such article.
For obvious reasons, I am notifying JG Petrochen so as to confirm the statements regarding me."
Received from Mr. Oscar Alfredo Prieto:
"In compliance with today’s request to express myself regarding the facts described in OFFICIAL LETTER/CVM/SEP/GEA-1/Nº 037/2014, I give the following clarifications and information:
(i) the statement quoted on Portal Exame news that I have passed on HRT Participações em Petróleo SA ("HRT") insider information to the Discovery fund is totally untrue, unfounded and frivolous;
(ii) during the time I was HRT member, I did not hold any position in any competitor or in any other company that could be deemed HRT competitor;
(iii) I am not aware of the notifications sent by JG Petrochem to Discovery nor do I have any way to express myself regarding acts imputed to others;
(iv) during my term as HRT member, I carried out my tasks based on the exclusive interest of HRT and in due respect to my duties as a Member."
Finally, it is worth mentioning that the Company has no means to verify the practice of misuse of privileged information mentioned by formers officers.
As for the allegation the shareholder Discovery would possess more than 20% of HRT share capital, without its news release to the Market and in breach of art. 44 of the By-laws of the Company, considering that Public Offering did not take place, the Company informs that it is aware of the market rumors (and even the mentioned article published in Relatório Reservado) regarding the issue. However, the shareholder Discovery informed the Company that it held 52,671,397 HRT common shares on 12.17.2013, corresponding to 17.71 % of its share capital, having this position been disclosed to the market by the Company. In this last official communication received, Discovery confirmed that "...Additionally, Discovery informed that, with the exception to the securities mentioned above, they do not hold and have no knowledge of people connected to it holding convertible debentures, warrants, subscription rights to shares or options to purchase shares of the Company, as well as that it did not conclude any contracts or agreements regulating the exercise of voting rights or the purchase and sale of securities issued by HRT." For official and most current information held by the Company, we verified that Discovery had, on 01.15.2014, the total direct interest of 55,921,221 HRT common shares, representing 18.80% of its share capital.
Additionally and as previously mentioned, we approached the mentioned shareholders regarding this issue and got the following response so far:
Received from Discovery Capital Management, LLC:
"We make reference to your email sent today at 11:09 am requesting Discovery Capital Management, LLC ("Discovery") to comment on the news "Empresário questiona no Ministério Público e na CVM a conduta do fundo canadense Discovery" ("Entrepreneur questions the conduct of the Canadian Fund Discovery before the Public Prosecutors Office and CVM") published by Portal Exame and replicated in the letter sent by CVM - Comissão de Valores Mobiliarios (Brazilian Securities Commission) above referenced.
In response to your email, we hereby (a) reiterate the content of the letter sent by Discovery on January 20, 2014 to JG Petrochem Participações Ltda. ("JG Petrochem"), with copy to HRT Participações em Petróleo S.A. ("HRT"), CVM and BM&FBOVESPA - Bolsa de Valores, Mercadorias e Futuros, the terms of which are self-explanatory; and (b) state that all acquisitions of HRT´s shares by funds managed by Discovery were made in strict compliance with the HRT´s by-laws and all applicable securities laws.
Therefore, Discovery strongly denies the use of any insider information and informs that (a) it has not received any letter from JG Petrochem regarding the purportedly use of insider information and (b) is not aware of any claim made by JG Petrochem before CVM, Ministerio Público (Public Prosecutors Office) or any other relevant authority."
In light of the provided information, the Company informs that it has not released any material fact regarding a possible obligation to make a public offering as up to the present moment the Company has not been informed by the shareholder about such intention, nor has the Company found in their control equity interest that represented such obligation.
In case the information brought by the referred article in the official letter is true, the acquisition of equity interest turned out to be irregular as such act did not take into account the abovementioned article 44 of the By-laws of the Company and what is provided in CVM Instruction No. 358. Even though, HRT acknowledges that only CVM has the means to identify such irregularities.
The examination to be performed by CVM regarding the accuracy of the facts published in the article by Portal Exame is even more relevant to HRT as it is a company with disperse share capital, which is why the Company reaffirms its confidence in the imperious investigation by this Authority and we make ourselves fully available to clarify whatever it takes.
We remain available for any additional clarifications that may be necessary.
Click here for the News Release.
For additional information, please contact HRT`s Investor Relations Department.
I will repeat what I previously stated before, I am strongly against any takeover of HRT. Any attempt of a takeover will demonstrate the hugh potential of the company and should be fought against.
Discovery falls into trouble with CVM, kind of Brazilian SEC
https://dl.dropboxusercontent.com/u/56737978/RR.pdf
Marcio Rocha Mello is tired of fighting .
Founder of HRT and now shareholder with 1.7 % of the company , Marcio Rocha Mello is tired of fighting . Say you want to stay out of the company and denies that it is associated with JG Petrochem Holdings , owned by Nelson Tanure , which already has 9.62 % of the oil . " I've only been with Tanure twice, the first at the request of Milton Franke ," Mello Valor said, referring to the president of HRT .
Mello is a member of the board , but that will change when a new election is held, scheduled for March 19. The plate proposed by the board does not bring his name, but brings two executives linked to the new shareholder Tanure : Ronaldo Carvalho , who worked with him at the docks Investments , and Peter Grossi , former director of the " Jornal do Brazil " , acquired by Tanure .
The council now consists of four members, including Mello and people allied to it , recommends that shareholders vote in the seven names of the plate , according to minutes released . This shows that the nominees by Tanure have the support of Mello , despite the businessman denied association with JG .
Among the nominees are also Haroldo Lima , former director general of the National Petroleum Agency ( ANP ) and Hélio Costa, who was Minister of Communications from 2005 to 2010 . When explaining why it wants to stay out of the company he founded , Mello says he wants to " make room " for new investors and shareholders . "I decided to leave to leave the company to have new people , have oxygen . 'll Always work for HRT to be a major oil company , but I'll be off the board for new drivers and shareholders to take the company in freedom ," he said .
Among the welcome shareholders is not the American Discovery Fund since the beginning of 2013 substantial shareholder of HRT . The fund elected in April last year, three directors and since then disharmony reigns in the oil , which should have closed 2013 with U.S. $ 200 million in cash and recently started to be entitled to 60 % of oil production in the Polvo field acquired from BP.
The new directors have forced a reduction in costs that resulted in layoffs and asset sales. Mello states that buy stocks again once you finish your period impediment as a counselor .
The apex of shareholder disagreement occurred in December when , in a council meeting hastily convened , the group of four directors Mello decided to suspend two of the members appointed by the Discovery and the entire Supervisory Board . The reason: conflict of interest because they have not disclosed to shareholders who worked on competitors HRT at the time of election.
The measure was considered arbitrary by other directors and six of them resigned. The meeting decided to postpone the shareholders' meeting of January 15 , rescheduled for March 19. In this case , came out of the agenda the proposal to withdraw the status of HRT a ' poison pill , "which provides that any shareholder who achieve 20 % of the company must launch a bid for the entire company , plus a premium .
It was also not included in the agenda to review a compensation package paid to Mello and other executives , whose terms were not clearly disclosed to shareholders . The inclusion of this issue for discussion at the meeting had been requested by tax advisers , days later , were removed . Marcio Mello filed for arbitration to decide if he has to return part of the U.S. $ 9 million it received.
It was in late 2013 that the market knew that the JG , the Tanure , was also among the corporate actors in this dispute. On December 27 , she stated that 2.7 % of HRT , but the share has risen to 9.62 % . Ten days ago , the JG notified the Discovery stating that the fund has 17.7 % saying the company but has already exceeded 20 % stake , which forces you to make a bid for the whole company . To support this information, JG cites information bulletin "Restricted Report " that in November reported that Discovery would have 35 % of HRT . JG brings no other evidence or information, but assesses that in addition to direct participation , Discovery has papers of the company through " options , warrants and / or swaps ." Discovery did not interview.
JG also accuses the fund have bought HRT shares erratically , based on insider information transmitted by electing two councilors , Oscar Prieto and François Moreau . Prieto did not interview. Moreau said Mello made ??a similar complaint to the Securities Commission ( CVM ) , in which he spoke that counselors were in cahoots to certain shareholders take control of HRT . In response CVM , Moreau repudiated any collusion. " What in reality is a perception of counselors , investors and shareholders that the excesses of the claimant [ Marcio Mello ] and those who still control the management of the company are incessantly destroying their market value. Nothing beyond this reality , unvarnished , "he said .
Wanted by Value , Tanure did not interview. Through note said " HRT is a Brazilian oil and gas company with huge potential ."
© 2000-2014 . All rights reserved to the Economic Value SA . Check our Terms of Use for http://www.valor.com.br/termos-de-uso . This material may not be published , rewritten , redistributed or broadcasted without the authorization of Economic Value .
I could not resist adding some more today. As far as I am concern HRT is still very attractive at these prices.
Nice break out on strong volume in Canada. I am very glad I added more this morning, I hope it holds at .265CAD up .4 or even goes higher.
Due to the positive reaction in Brazil I just added to my position.
I am very interested to see how things play out. Hopefully HRT will emerge as a new and revitalized company for the benefit of all it's shareholders.
I asked IR that question about MM's status in HRT last night. I will post their answer as soon as I hear from them.
Minutes of Board of Directors' meeting No.02/2014 held on January 16th, 2014
http://www.mzweb.com.br/hrt/web/download_arquivos.asp?id_arquivo=26DEBBC4-A6F5-424D-BF0F-54F224FEBC6E
Nelson Sequeiros Rodriguez Tanure was born in 1951 in Salvador and has four children and one grandson. He graduated in Business Administration from Bahia Federal University and now lives in Rio de Janeiro where he embarked on his business career at 25 years of age, starting with a minority stake in a company specialized in engineering services for the oil industry.
He operates in the infrastructure and telecommunications sectors. As an investor and company restructuring expert, he has bought and sold over 40 companies in Brazil. Docas Investimentos SA, directed by Tanure, has incorporated and traded in oil companies, naval construction, electrical energy, electronics, real estate, agribusiness, financial markets and international telecommunications projects.
Between 1990 and 1994 he was the president of the largest shipyard in Brazil.
In 2007, Nelson Tanure entered the telecommunications sector with the acquisition of Intelig. In 2009, he negotiated the merger of Intelig with TIM Brazil, making it the 2nd largest company in the sector in Brazil, whose shares are among those with the highest profitability in the country.
In 2001, he leased the traditional Jornal do Brasil, a newspaper that has been in existence for over one hundred and twenty years. All the editions for the past twelve decades have now been scanned by Google and are available on the Internet: http://news.google.com.
In September 2010, JB became the first 100% digital newspaper in the country: http://www.jb.com.br.
Nelson Tanure participates discreetly in community and philanthropic activities. He was vice-president of the Brazilian Symphony Orchestra (OSB) in Rio de Janeiro for many years. He has been awarded tributes and honors: Citizen of Rio de Janeiro; Citizen of Manaus; the Pedro Ernesto Medal from Rio de Janeiro City Council.
Tanure is fond of classical music and opera and boasts one of the largest record collections of its kind in the country. Reading is another hobby of the businessman and his favorite author is William Shakespeare.
Posted on SH Re: Nelson Tanure
From what I glean, J.G. Summit is a back door for a Brazilian named Tanure to get involved in this squabble. He has taken over a couple of distressed Brazilian companies from what I know. He is somehow involved with these purchases by J.G.Summit.
I also understand that he plays hardball.
And here it is
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Lauro Jardim
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Thursday, January 16, 2014
16:27 \ Economics
Changes in HRT
Tanure: oil exploration
Greater influence on the board
The oil company HRT have from today a new balance of power - and she leans to the side of Nelson Tanure.
Besides having increased its shareholding in the company, Tanure managed to elect some names linked him to the board of directors, in a meeting that just ended. They are, Haroldo Lima, former director general of the ANP, Hélio Costa and Peter Grossi.
The American Discovery Fund, another substantial shareholder, failed to elect any appointed to the board.
Marcio Mello, founder of HRT, left the council into acting assembled with Tanure strategy.
By Lauro Jardim
JG Summit Petrochemical Corporation (JGSPC) is the pre-eminent world-class manufacturer and supplier of polyolefin products in the Philippines. It started commercial operations in 1998, and is the first and only integrated Polyethylene and Polypropylene resin manufacturer in the country, producing the Evalene? brand of High Density Polyethylene (HDPE), Linear Low Density Polyethylene (LLDPE) and Polypropylene (PP).
I think it is noteworthy that it is a private or public company that has acquired a significant amount of HRT shares and not a hedge or investment fund.
I am holding with an average price of .60CAD. I feel the potential for me to make money on my present holdings in HRT are very good.
I wander if Putnam still has shares in HRT. The last we heard about them was they reduced their holdings to the 4% range, which meant that by falling below 5% they would no longer show up as a major shareholders in the company.
I am now looking forward with great anticipation 2014 expecting a very positive turn around in HRT. Which I feel will eventually be reflected in it's share price in a very positive way.
I feel HRT currently has the potential to be one of the top stock performers in the market in 2014 a MULTI BAGGER.
HRTP3
A copy of a post on SH.
Minorities make complaint in CVM against the Discovery
Publicado em 23 de dezembro de 2013 por admin
Is there anything wrong in the oil HRT. A group of minority shareholders filed a lawsuit against private equity fund Discovery because of an atypical movement with the roles of the company. On 17 December, the Discovery announced to the market have taken 17.71% of the company. Two days later, the National Petroleum Agency (ANP) approved the acquisition of 60% of HRT Polvo field in the Campos Bay (RJ), transaction announced in early 2013. With the green light, who bought the stock had a profit of 12% on the day that the stock market had little change. Two lawyers that support for the subject: Francisco Müssnich and Nelson Eizirik.
From: Relatório Reservado
I am very pleased with the shake up at HRT. I feel it was done in the best interest of the shareholders. HRT is not a stock to sell but one to buy, especially now at current levels. The fact that O'Brian will no long be a Director I feel will have no effect on the deal between Rosneft and HRT.
Drillahill:
I wish you would stop talking about liquidation of HRT. I am strongly apposed to one. I did not and am not adding to my position based on that happening. I feel the company moving ahead to explore and realize the potential of it's vast holdings can be a zip code changer for a great many of it's current shareholders.
Why settle for peanuts, when there is the possibility of getting so much more. NO GUTS, NO GLORY!!
Canadian Pension Plan Increases Lightstream Res. holdings by 155.46%.
CPP has had a history of making very profitable investments. I feel their investment in LSTMF will be equally as successful. The following is a link showing the top 10 institutional investors in LSTMF.
http://markets.money.cnn.com/research/quote/shareholders.asp?symb=LSTMF&subView=institutional
More insider buying today 95,100 shares.
LightStream Resources has become oversold according to Forbes.
http://www.forbes.com/sites/dividendchannel/2013/12/09/lightstream-resources-becomes-oversold-lts/?partner=yahootix
Rzbern sure has vanished from here, and no new discussions on the group site he formed.
The statement that Discovery holds as of November 8th 35% of HRT's ordinary shares is incorrect. As reported in my post it is 12.5855% of HRTP3 a mistake like that makes me question the reliability of the information in the post.
Obviously Discovery feels there is money to be made in HRT, especially at current share price levels.
Discovery bought another 3,522,000 shares of HRTP3.
New total of 37,437,697 shares of HRTP3, a gain of 3,522,000 shares, or currently, 12.5855% of the shares outstanding.
Duvernay has vast potential for Lightstream Res.
The next big shale play?
The Duvernay formation is being called one of the ‘most exciting and interesting’ finds
National Post article about Duvernay's vast potential.
http://www.stockhouse.com/companies/bullboard/t.lts/petrobakken-energy-ltd?postid=21955405
SeekingAlpha article about Petrobakken/Lightstream Duvernay property.
http://seekingalpha.com/article/1068901-encanas-duvernay-deal-reveals-4-per-share-of-hidden-value-in-petrobakkens-land-portfolio
I spoke to IR of EW today
I could not find any reason for the high volume and drop in EW so I called EW to see if I could find out what was going on. I was told that as far as they are concern there is no reason for the drop.
Things are going very well in New Zealand and Romania. In Romania they have received approval from all government departments and are now awaiting parliamentary approval. I was told to expect some good news from the company.
Based on my discussion today, I bought back shares I previously sold at much higher levels.
This agreement with Rosneft could lead to a deal with HRT regarding the company's properties in Namibia. Ronsneft has a cash flow of 114 billion dollars a year and they want to become the largest oil company in the world. For them to put a 1/2 or more billion dollars into Namibia would be peanuts for them.
HRT making such a good deal with Rosneft re: Solimoes is a very good sign of any future deals with the Russians.
Rosneft Brazil Ups Stake and Takes Over Operatorship in Solimoes Project
Rosneft announces that its subsidiary Rosneft Brazil today signed an agreement and related preliminary documentation with HRT subsidiary HRT O&G to acquire additional 6% in the Solimoes project. This will lead to Rosneft Brazil receiving 51% control and taking over the operatorship in the joint venture in the Solimoes basin. The companies agreed that Rosneft and HRT will continue exploration activities with respect to Solimoes project and also agreed the sale of four heli-transportable rigs to Rosneft.
The documents were signed today in Rio de Janeiro in the presence of Igor Sechin, Rosneft President and Chairman of the Management Board, and Milton Franke, CEO of HRT.
The parties have agreed to key terms for each of the above mentioned transactions and expect to sign definite agreements by the end of January 2014. The completion of the sale and purchase transaction between the companies shall be subject to the fulfillment of certain conditions, including the approval by the Brazilian National Petroleum, Natural Gas and Biofuels Agency (ANP).
Commenting on the agreements reached, Igor Sechin said: “We are pleased to increase our stake in promising Solimoes project and hope to continue fruitful and mutually beneficial cooperation with our partners from HRT as part of this project implementation”.
Milton Franke highlighted: “We are pleased to have reached this agreement with Rosneft on our joint activities in the Solimoes and look forward to working together with a global industry leader to further mature and monetize the project’s substantial resources”.