Minority HRT back
Minority HRT back to the front after outflow
Institutional investors resort to Morgan Stanley to buy 5.8 % of the securities of the oil
Nicola Pamplona nicola.pamplona @ brasileconomico.com.br
The output of the Canadian Discovery Fund did not end the pressure from minority shareholders on the administration of HRT Participações , now controlled by businessman Nelson Tanure . In operation yesterday reported to the Stock Exchange of São Paulo , the bank Morgan Stanley reported the acquisition of 5.8 % stake in the oil company. According to market sources , the position was bought by institutional investors , with the aim of achieving sufficient to influence the management of the company , which has suffered from high costs and difficulties in presenting results musculature.
Sprayed with ownership structure , HRT has Tanure today as the largest shareholder, with 19.25% of the capital through the bottom JG Petrochem . Founder of the oil , the geologist Marcio Mello reduced its interest after the onset of the crisis of confidence in the company , which resulted in disputes with corporate funds. Mello resigned as president of the company in May last year and now sits on an advisory board created by Tanure .
The infighting gained momentum late last year when the shares of HRT began to feel the weight of the lack of results . At the time , the main investment funds joined together to make a counterpoint to the management and Mello managed to topple two representatives on the board of the company : Oscar Prieto and François Moreau , dismissed in December by Mello , at the height of the crisis . Moreau says that defeat not demobilized the minority of the company , even after the departure of Discovery , the largest opposition Mello .
" They are accustomed to stories of turnaround , recovery companies , betting that HRT can still generate value investors ," he says . Shareholders see signs that Tanure has worked to cut costs and reduce cash burn with investments and expenses , main problem of the company since its inception . Besides proposing a reduction in the compensation of executives , businessman extinguished this week the technical board , which was occupied by Nilo Azambuja , indicated by Mello , in another move to wipe the structure .
The idea is that HRT will become , increasingly , a management company holdings , leaving in the background the operational area . In March , the company announced the completion of the agreement to transfer the assets of oil and gas in the Solimões Basin for Russian Rosneft , which won the award of operating area and find partners for transporting natural gas to markets consumers - the reserves are almost 800 km from Manaus , in the middle of the Amazon rainforest , a region with high barriers to pipeline construction .
Meanwhile , seeks partners for their activities in Namibia , which drilled three exploratory wells without success. The company's expectation is to transfer the operation of the blocks in exchange for commitment to the investments required for new drilling in the similar movement performed by Brazilian Cowan , who transferred the control of a local block to the U.S. Murphy Oil . " We can see a rediscovery of Namibia, with new interest from international oil companies in the country ," says a source close to the company .
HRT closed the year 2013 with U.S. $ 428 million in cash . This year , he became a producer of oil , after the completion of the process of buying the Polvo field , in the Campos Basin , which produces an average of 12,000 barrels per day and should help the company to generate cash .
In the view of the minority shareholders , the low stock price, which closed yesterday's trading session at R $ 0.89, and the development potential of projects to justify betting on future appreciation . Report prepared by DeGolyer & MacNaughton consultancy released in early April indicates the possibility of reserves of 131 billion cubic meters of natural gas in the Solimões business grants .
Tags : HRT , oil , Discovery , minority
https://brasileconomico.ig.com.br/negocios/2014-04-24/hrt-minoritarios-voltam-ao-front.html