Share Name Share Symbol Market Type Share ISIN Share Description
Matra LSE:MTA London Ordinary Share GB00B06GS855 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 1.025p 0.00p 0.00p - - - 0 06:30:21
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.0 -5.5 0.3 3.7 19.85

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Date Time Title Posts
19/10/201719:03The New Matra with MB16,350
30/8/201722:26Where do i stand5
10/5/201714:30Matra with link to nordic share price1
17/1/201712:30Help/advice needed-
10/11/201615:05Start in Texas10

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beggarman: When a company is contemplating a takeover they usually pay a premium to the current share price to make sure the takeover goes through. That's why the share price usually rises when a takeover is announced. It could be that only Barskiy will sell out and a strategic investor will buy his 27.5% and we will carry on as of now.
beggarman: If they are going to make an acquisition they would need the strongest possible share price. The business is currently valued at $34m, suppose they acquire a business valued at $50m with a share price of 7.1sek they would have to issue 57m shares in an all share takeover, that would be 96m shares in circulation. If we do the same calculation with a share price of 20sek (based on fundamentals) that would be an extra 20m shares issued and a total number of shares of 59m. If a company wants to grow through acquisition and be able to raise working capital on a regular basis, they need a strong share price yet since they have relisted they have undervalued the company.
beggarman: How about this for a theory, when you sell a listed company the buyer has to offer the minority shareholders the highest price the share has traded at in the previous twelve months. In our case this was 10sek on the opening day and then the share price quickly dropped. Just suppose our buyer has agreed to purchase the Rovelo shareholding on the understanding they only pay 10sek per share or £16.2m for the rest of the company and Barskiy has to compensate them for any difference. That would explain why he gives an interview to damp down speculation.
beggarman: I wasn't thinking about Barskiy's personal position but the structure of the company. If they had a strong share price they could grow the business by making a number of acquisitions but if the shares are thrown around like confetti due to a low share price, they will be limited as to what they can purchase.
beggarman: It depends what happens, they need to raise some funds from somewhere: 1. They could refinance the debt and raise some more debt finance as part of the deal. In this case the share price doesn't matter and they can let it slide but the market will see this as a positive and it should rise. 2. They place more shares but they would need to build the share price prior to the announcement, once the announcement is made the share price will fall. 3. The company is taken over or merges with a cash rich company, this negates the placing and debt options, the share price should rise but we are likely to be suspended for six months.
beggarman: If they could re-finance the company without a placing, the share price should be around 15sek. At the moment the business is considered high risk because of the fear they will have to place more shares to continue drilling and this is depressing the share price.
beggarman: I made some calculations based on an oil price of $45 and re-financing all the debt at 6% and it would be possible to complete the current drilling program and avoid a placing but the net profit would only be around $50,000 per quarter. This would mean drilling one well every eighteen months thereafter. I am basing the results of the current drill program as yielding 300 bopd, obviously they may get lucky and yield say 500 bopd which would change things considerably. As the situation currently stands I believe a placing is unavoidable. They could raise $1.25m by issuing 25m shares at 5sek but they need to act fast as placings are usually made at a discount to the current share price and we are rapidly closing in on 5sek. I would expect the resulting share price to be 3.4sek.
beggarman: There are two short term issues which are affecting the share price, one is production and the other is financing. Financing They started the year with $1.5m in the bank, they drilled three new wells in the first quarter and posted a loss of $1.3m. They started quarter two with $226,000 in the bank which was supplemented by the $4.8m raised by the placing in April. They plan to drill eight wells in quarter two at a cost of £300,000 per well. which comes to $2.4m, this would increase the Development/G&A costs for Q2 by $1.5m to $3.4m. If there is no significant increase in revenue during Q2 the cash at bank could be down to $2.25m going into quarter three. They have two choices in Q3, do no more development and sit tight and wait for the production from the new wells to feed through to the bottom line or re-finance the current loans to reduce the interest payments and take the pressure off the cash flow. They could place more shares but as the share price is low already, this would further dilute the company and the share price would fall further. The fact the business is now listed provides a good opportunity to re-finance as the lender can recover their money via a placing if necessary, so may lend at better than the current terms. Production The benefits of a production increase are that we are drilling for oil and not gas, if the eight wells drilled in Q2 were to produce an extra 300bopd that would be worth an extra $5m per year of revenue based on an oil price of $45 per barrel. We do not know what the production figures are for the three wells drilled in Q1 but the benefits of any production increase will not have been properly felt until Q2. Likewise the Q2 wells production will show benefits in Q3. The price of oil may become a factor if it dips into the $30 to $40 range but I recalculated the Q1 result based on an oil price of $45 and it would have added a $100,000 on to the net loss. It's possible to out run any oil price deterioration by ramping up production, so the preferred approach would be to keep drilling and re-finance the debt. This would improve the company's financial performance and revive the share price.
beggarman: When the shares were delisted in 2014 the share price was 1.03p, for the consolidated shares to reach this value the share price would have to be 23.71sek. There was a share sale prior to listing of 250.000 shares at 10sek, therefore it is unlikely that the share price will reach 23.71sek in the near future.
beggarman: mike - I didn't attend the EGM but I believe Vlad also said he believed the business was worth around $100m, this would have put the share price around 23sek mark. With a share price in the 20 to 30sek range they could look at making an all share acquisition without diluting the share price too much. I thought Dome Energy would have been a good target because they have synergies and also non-core assets which could have been disposed of to reduce the debt burden. I've just been stating facts taken from the pro forma accounts, there's no point in my speculating as I have only a week left before I sell.
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