Igas Energy Share Discussion Threads

[general george] 17/3/2017 18:22

Well i guess i was wrong, have closed my short.
Well done the board, i didnt think there was any chance.

KKR must be happy with the deal too. I guess they get a 25% profit on the bonds, which are then swapped into the equkty at par, at 4.5p. I expect these to be closer to 10p once the restructure completes.

KKR will have made a killing. If you can buy in at as close to 4.5p as possible, the downside is well protected.

(As long as deal completes....it looms very much like it will)

[haydock] 10/3/2017 12:40

Which assets do they want?
The producing assets is the impression I had ?
This would leave the rump of the company with the shale ?
Ineos has added to it's I gas operated sites this week.

What would be left after KKR took their pound of flesh ?

[wiseacre] 10/3/2017 11:27

Trans European Oil & Gas, backed by KKR, still has a blocking position with 33 1/3 in the senior debt and the company has not secured its approval. Though TEO&G can walk away with a profit on its bonds how likely is it to waste all its long based plans to secure the assets it wants? Those who remember KKR's resolve in "Barbarians at the Gate" can expect little sympathy from them for the company's plight. Buyers beware.

[nocton] 10/3/2017 08:24

Encouraging update from Igas. Highlights:
1. "all of the bondholders that the Company has spoken to have indicated their support to the terms set out below"
2. "All Unsecured Bonds held by the Company shall be cancelled in full for nil consideration."
3. Dilution by Kerogen investment of 28%
4. 3 for 10 rights issue at 4.5p

I think this is as good a result as we could expect and will put the company on a sound footing for the future development of shale oil and gas in the UK. I expect this to be well received by the market and after the restructuring is complete for the shares to recover a bit. Only when there is a successful drilling will there be any substantial upward movement. I have only a small holding, but will definitely take up the rights.

[general george] 07/3/2017 09:23

Another better comparison for igas is xel.
Similar bond holdings/debt.

We know what happened there........

Always best to wait for restructure in these situations.

Or buy the debt, either senior or unsecured.
This will swap into equity during the D4E.

At the end of the day its your money.

Gd luck GG

[general george] 07/3/2017 09:18

Nocton.

KKR will block the restructure and take the assets.
Also they say the open offer would be circa 4.5p
Re read the RNS. It doesnt say this is the expected $35mill Kerogan
Re-finance price.

There is no way bondholders will take a haircut.

This will be worked out on enterprise value.
See GKP for what this means.

Gkp EV was $250mill. They were producing 40k bopd.
Igas EV will be much less. I think shareholders will end up with nothing.
KKR get their assets and the speculators buying in get nothing.

From the volumes its PI mugs/bottom fishers.
If you want to invest wait dor restructuring.

People bottom fishing in gkp paid 5p.
After restructure.....it was 1.2p.

So not really worth a spec at all is it?

Disclosure. I hold igas senior bonds.

Best GG

[nocton] 06/3/2017 17:11

Until we know the rights offer terms no one can say what the share price could or might be. All we know, as far as I know, is that the rights price will be 4.5p. But that does not mean the the share price should be 4.5p of course - it depends on the ratio of new to old shares. Also we still await the final details of the bond restructure and the added cash.
If and when Igas start drilling and find extractable reserves the company could be worth many multiples of the current price. And drilling should start this year as planning permissions are granted. The company already extracts oil from sites near Gainsborough - old coal mining areas nearby - so new drilling and good jobs could be attractive to the area.
So could be worth a spec. And that's clearly what several buyers think.

[general george] 04/3/2017 08:39

Go ahead load up, but you will lose ur money.
Id wait for any restructure if I were you, shareholders will be wiped out whatever happens.

Best to await d4e, then buy in

[au24] 03/3/2017 19:10

Load up here,shale will win the day:)

[general george] 03/3/2017 15:04

No chance of this 4.5p restructure going through.

Shareholders will be left with nothing. Im keeping my short until 0p.
Which wont be long.

And im prepared for a spike. In case anyone is stupid enough to buy.
It would just be mugs buying who dont understand what is happening.
Although could be shorts closing, but i dont see why when it will be 0p or near enough.

[highasakite] 03/3/2017 13:50

shareholders face wipe out here and still the mugs are buying.

[nsk1] 03/3/2017 13:48

WTF? They are proposing a crippling dilution & issue at 4.5p & share price is rising. This is absurd

[general george] 02/3/2017 09:13

I wouldnt buy any now......I mean

[general george] 02/3/2017 08:09

I would buy any now.

If they are only worth 4.5p (which is an estimate)
after the suggested restructure, I cant fathom why they are 6p.

Anyone buying now can expect a 100% loss, kkr wont want someone elae getting a share of the assets. They will block 100%.

0p shortly or close too it.
Perhaps a big d4e wherw bondholders get 99% of the company

[spudleywoo] 02/3/2017 07:18

I am new to trading and bought some of these at 16p even I could see the writing on the wall and got out at 13p it's been a big lesson following this stock down to the bottom........

[general george] 01/3/2017 17:37

Yeh fraid so. I dont expect shareholders to get anything
Kkr will take the lot.

Any restructuring will be blocked by kkr.

I dont blame the current board. They are hamstrung

[nsk1] 01/3/2017 16:10

I'm a holder....junk stock now, another scam, waste of space company. No upside from here now....BOD lined their pockets though IMHO!

[general george] 01/3/2017 11:54

Bondholders will block this.

I'm a bondholder and am short the equity.
I wqant my short paid out at 0p and I want a d4e swap on
Bonds I purchased at 78cents.

I expect kkr want exactly the same.

For this to go through bondholders will need to take a
Haircut.......no chance.

[glennpaul] 01/3/2017 11:40

Less than 1p. Natural selection at work still.

[glennpaul] 01/3/2017 11:39

Surely the price should be

[glennpaul] 01/3/2017 11:37

Surely the price should be

[wiseacre] 01/3/2017 10:23

Has a lot further to fall IMHO.

[acliff] 01/3/2017 09:25

crikey who is buying this at 7p when you will be able to do so at 4.5 max in a few days
strange price action, surely the price should be 4-4.5p

[empirestate] 01/3/2017 07:59

tiimmmbbeer, good job i held off