ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

IGAS Igas Energy Plc

14.89
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Igas Energy Plc LSE:IGAS London Ordinary Share GB00BZ042C28 ORD 0.002P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 14.89 14.80 14.98 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Igas Energy Share Discussion Threads

Showing 7751 to 7769 of 11675 messages
Chat Pages: Latest  311  310  309  308  307  306  305  304  303  302  301  300  Older
DateSubjectAuthorDiscuss
15/11/2016
13:18
RNS - OutSky rockets in flight.
bullring
15/11/2016
13:02
Vote12.48pmCllr John Wilkinson reads out the proposal to approve the application with legal agreement and conditions. This to include a liaison group, financial bond and off-site monitoring of water levels.The legal agreement must be signed by january 2017. Vote: 7 in favour; 4 against
alexios1201
15/11/2016
13:00
https://drillordrop.com/2016/11/15/live-updates-from-decision-day-2-for-igas-shale-site-at-springs-road-misson/
alexios1201
15/11/2016
08:55
But of course a positive decision will help the company get a better price for the sale of the asset. And asset sales are the only way out of its debt crisis beside a massive share placing.
wiseacre
14/11/2016
20:37
15 November is the day when Notts Council is supposed to be reviewing its decision on fracking at Misson site. If the BB morons get excited and the shares run up could present perfect opportunity to renew shorts. Company's indebtedness leaves any positive decision as largely irrelevant.
wiseacre
04/11/2016
10:06
Yesterday afternoon AIM-listed and over indebted Igas Energy (IGAS) announced that it had sold some of the secured bonds hitherto held in treasury and that this has now shored up its finances such that it now no longer expects a breach of its daily liquidity covenant in 2016. Good news? Er, no – this simply kicks the can down the road (and not very far at that).

We were previously told that the company expected to breach its daily liquidity covenant this week and in the wake of a bondholder rejection of a standstill proposal by the company, the sale of treasury stock doesn’t change much, other than to push the day of reckoning a little further away. The day of reckoning has simply been put off.

The treasury bonds of $8 million nominal value were sold in the market at 75c in the $, to realise $6 million. One wonders who to – perhaps the KKR-backed Trans European Oil & Gas, which was unmasked by Sky News as the mystery bond buyer via the recent Dutch Auction at the same 75c in the $?

We already know that Trans European had amassed 34% of those secured bonds. If it has picked up another $8 million (nominal) worth then the size of Igas’ problem looks to have just got a bit larger. Trans European, of course, wants Igas to sell off its conventional assets and already had a blocking vote to prevent any deal with the secured bondholders being done that it didn’t like. If it has picked up the extra stock then the good news is that Igas seems to have a willing buyer for the remaining $13.1 million (nominal) of those secured bonds held in treasury. The bad news would, of course, be that the influence of KKR-back Trans European is set to increase.

We are told that the company now forecasts compliance with its liquidity covenant until March 2017, when the next interest payment on the secured bonds falls due (alongside a scheduled buy-back). That is 22 March, and will cost around $7 million in interest payments – on its own more than enough to eat up more than the cash raised from yesterday’s bond sale. That, for a company which is cash consumptive, is not good news.

Igas can continue to play this game for a while yet, but eventually the music (supply of treasury stock) will stop.

Meanwhile the company has also confirmed that it expects to run into problems with its leverage covenants at (calendar) year-end. The timetable there is that compliance (or not) is to be reported by the end of April, and that any cure required must then be undertaken in the following five weeks. I make that 4 June next year.

The company tells us that there is an equity cure mechanism it can utilise – so we might expect, at the latest, some form of placing/rights offer by then. It won’t be at the current price.

We are told that discussions continue between the company and its key stakeholders (for that, read bondholders) concurrent with a number of strategic investors, as it continues to assess options that would result in a capital structure for the group that is sustainable….and enable the Company to capitalise on value accretive opportunities. For that, read asset disposals.

All this means is that Igas is playing for time, hoping for something to come along which might get it out of its predicament.

But with bond covenant breaches still set to occupy the minds of the board, a dwindling supply of cash and realisable cash, and an aggressive mover in its midst in the form of KKR-backed Trans European which seems set on the break-up of the company the situation looks bleak.

Oh, and those secured bonds – over £100 million worth (as against the market capitalisation on AIM of just £36 million) – are due in March 2018.

The bondholders hold all the aces here, and with the secured stock trading at just 75% of par, and the unsecured stock trading at 54% of par the writing is on the wall for the equity, which falls a long way behind both sets of bonds in the queue. The bond market says the equity is worthless and the company is fast running out of cards to play.

It is just a matter of time.

Still a sell.

- See more at:

wiseacre
03/11/2016
17:48
Well they have applied some sticking plaster:doesn't leave shareholders any the less dependent on a value destroying financial reconstruction.
wiseacre
03/11/2016
12:02
I find it quite amazing that some people are still buying. What are they expecting to happen, magic or something?
glennpaul
03/11/2016
11:16
Time waits for no man. We are approaching the crunch in a week.
wiseacre
01/11/2016
11:03
hxxps://drillordrop.com/2016/10/31/igas-in-talks-with-bondholder-trans-european-oil-gas-and-new-investors/
haydock
31/10/2016
21:33
The November oil stock challenge is now on...
flyingbull
26/10/2016
16:41
What was going on in the heads of the people who've been buying these last few days? They announced they would breach their covenants and now surprise surprise the bondholders don't want to let them off! The shares are pretty much worthless. One of the easiest shorts I've ever had.
glennpaul
24/10/2016
09:50
Looking good I hear the Govt not to keen on wind farms anymore soon be chopping investing there.. GLA
pal44
13/10/2016
06:22
SharesMagazine UK fracking makes comeback
13th October 2016

aimfollower
12/10/2016
08:42
IG not accepting any more shorts
big_johnny_h
11/10/2016
18:47
Who is so foolish as to buy this stock? Only those eager to part with their money it would seem.
It is worth bearing in mind the following:

For all the positive news of late regarding permits for the fracking industry (even if its own application for planning permission from Notts County Council saw the decision deferred to next month), AIM-listed drowning-in-debt Igas (IGAS) still has the pressing problem of staying within its bond covenants. The company stated in its interims to June 2016, released on deadline day of 30 Sept, that it was expecting to breach its daily liquidity covenant in the second half of October – that could be as early as next Monday.

The board has not hidden the fact that it is in a bit of a hole in this regard, although the consequences could be made rather clearer: the bonds are secured on the company’s assets so perhaps as soon as next Monday the board could find itself working not for its shareholders, but for its bondholders – one of which is believed to have amassed 34% of the secured bonds and therefore a blocking holding. We still don’t know who owns this holding, the bulk of which was acquired in the recent Dutch Auction conducted by Pareto Securities, nor the intention – but a back-door takeover remains a possibility.

Meanwhile those secured bonds have suffered a small spot of slippage on the Oslo Bourse in the last few days, dropping from around 81c in the $ to 75.25c in the $. Granted, not a calamitous collapse, but hardly a comfort.

At risk of sounding like a broken record, if the bond markets are pricing in a 25% haircut for the secured bonds then – given that the equity ranks firmly at the rear – the implication is that the equity is toast. We might also note that the unsecured bonds are sitting at 54.25c in the $ and these too rank ahead of equity.

If a breach is called and the secured bondholders want their cash back, Igas has a big problem – one, (with the shares sitting at 13.75p in the middle) about twice the size of its market capitalisation. And with the bonds due for repayment in less than 18 months, cash draining from the balance sheet and admissions from the company that it is looking to extend bond maturity, defer interest payments and that there have been discussions involving equity finance (ie a big fund-raise) this is just an accident waiting to happen.

That accident could come soon. Very soon.

Still a sell.

wiseacre
09/10/2016
20:41
Delayed trades buys or sells? Seem to be significantly higher than the buying price for those times.
saxxxon
07/10/2016
20:44
Did anyone else see the large delayed trades reported! Few million
adthorn
07/10/2016
09:32
National need for shale gas
Mr Javid said in reaching his decision he had given “great weight” to national need.
“The need for shale gas exploration is a material consideration of great weight in these appeals”.
His letter said a Written Material Statement, made by Amber Rudd in June 2015, on shale gas – widely quoted by Cuadrilla at the planning inquiry – made it clear shale gas could help the UK government achieve its objective of secure energy supplies.

haydock
Chat Pages: Latest  311  310  309  308  307  306  305  304  303  302  301  300  Older

Your Recent History

Delayed Upgrade Clock