What is the role of the DCU Representative?

The DCU Representative’s role is to act on behalf of DCU Holders in any Matter in Dispute. A “Matter in Dispute” relates to a situation where a DCU Holder disagrees with the calculation of any amounts to be paid out under the DCUs. In such a circumstance, the DCU Representative shall notify Prax of such a dispute in order to attempt to resolve, in good faith, the points of disagreement. The DCU Deed Poll contains various mechanisms for resolving the dispute, including the appointment of an independent accountant (if necessary).

If there is a Matter in Dispute, the DCU Representative will be responsible for acting as the primary point of contact for the DCU Holders with:

• Prax,
• the independent accountant (if so appointed), and
• any third parties engaged by the DCU Representative to act on behalf of the DCU Holders.

The DCU Representative acts on behalf of the DCU Holders. The obligations of the DCU Representative are owed to the DCU Holders and not to Prax. The DCU Representative is entitled (but not obliged) at the DCU Representative’s sole discretion to consult with individual DCU Holders or seek the direction of the DCU Holders by means of a DCU Holders’ Majority Resolution (as defined in the DCU Deed Poll).

Who is the DCU Representative?

Geopoint Advisory Limited, of which Tim Chapman is the sole Director and shareholder, has been appointed to act as the DCU Representative.

Mr. Chapman is an international capital markets specialist residing in London with more than 30 years of experience spanning the globe. His career includes 25 years in investment banking roles with large financial institutions including JP Morgan Chase, CIBC World Markets, and finally RBC Capital Markets where he was head of international oil and gas. Mr. Chapman’s career has focused on corporate strategy and valuation, regularly providing expert advice to many companies on seminal M&A transactions and capital raises. His experience within the oil and gas sector is diverse, including upstream, downstream and oilfield services companies. In 2015, Mr. Chapman founded Geopoint Advisory Limited which provides independent advice to energy companies. He is also a director of Valeura Energy and certain Petrogas North Sea subsidiaries. Mr. Chapman started his professional life as a geologist and graduated in Earth Sciences at Oxford University.

Geopoint Advisory Limited and Mr. Chapman are entirely independent of both Hurricane and Prax.

Is the DCU Representative independent?

Although the DCU Representative has a prax.com email address, he is fully independent of Prax. The email address is only accessible by the DCU Representative and no Prax management have access to this.

How do I contact the DCU Representative? 

If a DCU Holder believes that there is a Matter in Dispute (see the definition above), then they should contact: dcu.representative@prax.com.

Should I contact the DCU Representative if I have questions that are not related to Matters in Dispute?

No. In such circumstances, DCU Holders should contact:

• JP Jenkins (Info@jpjenkins.com) – if it relates to trading on the matched bargain facility.
• Computershare (0370 889 4032) – if it relates to the number of DCUs held, replacement DCU certificates or holding DCUs in CREST / dematerialising DCUs.
• Prax (prax@camarco.co.uk) – in relation to all other questions.

DCU Contacts

DCU Representative

For ‘Matters in Dispute’, please contact your DCU Representative:

Tim Chapman
Email: Dcu.representative@prax.com

Geopoint Advisory Limited, of which Tim Chapman is the sole Director and shareholder, was appointed to act as the DCU Representative.

Public Relations

DCU holders should contact Camarco, Prax’s public relations adviser, on prax@camarco.co.uk for any matters relating to the DCUs excluding Matters in Dispute.