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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| EF Realisation | EFR | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 70.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 70.50 | 70.50 |
| Top Posts |
|---|
Posted at 02/11/2018 09:40 by kenmitch Agree re likely legislation.It’s unlikely you’ll be able to trade GRIW in size....but £5000 worth, even if bought in stages gives similar upside to £50000 invested in the share. There are only a handful of investors who trade the few remaining warrants and so price anomalies like the current one on GRIW happen and are a real bonus. .....as long as the share can go up! |
Posted at 02/10/2018 19:24 by kenmitch Indeed a lousy price. Non qualifying investors can expect to get 54.77p within the next 10 days. Instead of selling when Lonestar price was high and around $10 they decided to shout from rooftops about selling so that Lonestar price reacted accordingly and sale was under $8. |
Posted at 22/7/2018 07:52 by spectoacc Thanks @kenmitch - valid point. "What goes up" etc. EFR have always claimed LONE to be very undervalued compared to their peers - latest big rise (which has come despite a lower oil price) must have brought them back in line. I slightly wish they were selling into this rise.On the plus side - EFR have seats on the LONE board, so in theory, if bad news was coming, they ought to know about it. Whether that would let them sell is unlikely, but it might have let them tweak the EFR NAV. Plus, if there was bad news on eg drilling or production, I doubt this big rise would have occurred. Either way - LONE is now c.75% of EFR's NAV, so the price they finally achieve will have a big effect on what we get back. On the plus side - if I'm right about current NAV, there's a fair bit of leeway in the EFR price already. What EFR said in early June when LONE was $7: "Lonestar's management continues to believe that its high quality assets and strengthened balance sheet are not well reflected in Lonestar's equity market valuation. Not only is Lonestar's share price (at $7.08 per share on 6 June 2018) trading at approximately 37% of the value indicated by the independent valuation of its proved and probable reserves, but Lonestar's shares stand on low trading multiples compared to its quoted peers that operate in the Eagle Ford shale basin or are smaller oil focussed US E&P companies. Lonestar's proved reserves are valued at just $7.6 per barrel of oil equivalent compared to its quoted peers whose proved reserves are valued at $11.4 per barrel of oil equivalent. Moreover, Lonestar's shares currently trade at an enterprise value equivalent to approximately 4.9 times analysts' estimates of 2018 EBITDA, while quoted peers trade at an average of 6.4 times EBITDA." Also worth noting - particularly the "..Each asset..", which includes LONE. And they were dead right about LONE s/p! :: "Your Board's and Investment Manager's focus is on realising the carrying values of the three significant remaining investments in the portfolio. Discussions are underway for each asset which should enable the Company to accomplish this goal and return the value to Shareholders in the coming months. Moreover, Lonestar's management is executing on a business plan that it believes will enhance its attractiveness to investors and drive an increase in its share price, which would raise the Company's NAV." |
Posted at 06/6/2017 09:29 by neilyb675 Lonestar Resources US Inc ("Lonestar"), EF Realisation's largest investment, has announced transformational deals. Lonestar is making two large acquisitions that, together, cost $117 million and add 39% to current production, 70% to proved reserves and 59% to net acreage, all in the predominately oil-bearing trend of the Eagle Ford shale basin. Annual EBITDA (on a pro-forma basis) is estimated by Lonestar to rise 33%. The acquisitions will be funded primarily by an $80 million issue of convertible preferred shares to Chambers Energy Capital, a specialist investor in US oil and gas companies, as well as by the issue of 2.6 million ordinary shares.Proved reserves are being acquired at $3.7 per barrel of oil and at a 55% discount to their PV-10 value (an assessment of the future cash flows, discounted at a rate of 10% per annum, undertaken according to SEC regulated procedures). Furtherimprovementst Concurrently, Lonestar has agreed amendments to its Citibank-led credit facility: the borrowing base has been increased from $112 million to $160 million and various covenant tests have been relaxed; furthermore, JP Morgan has joined the syndicate of banks lending to Lonestar. Lonestar is also simplifying its debt structure by repurchasing its 2nd lien facility, issued last year to finance the buyback of $68 million of senior notes at an average 47% discount to their par value. Upon issuance of the new ordinary shares, EF Realisation's shareholding in Lonestar will fall from 19.1% to 17.1% (of the outstanding ordinary shares), and potentially to 11.0% on eventual conversion of the convertible preferred shares. The convertible preferred shares may be converted into ordinary shares at $6 per ordinary share, a conversion premium of 45% above the Lonestar share price over the 20 days prior to the terms being agreed, demonstrating Chambers Energy Capital’s confidence in the accretive nature of these transactions for Lonestar. Most small capitalisation oil and gas companies in the US, including Lonestar, have experienced poor share price performance year-to-date. These acquisitions enhance Lonestar’s scale, accelerate its growth prospects, strengthen its balance sheet, and highlight Lonestar's undervaluation compared to its peers. Pro-forma the acquisitions, Lonestar’s shares are trading on 4x analysts’ estimates of 2018 EBITDA, well below the 7x average multiple of its Eagle Ford peers and the 9x average multiple of small cap oil-focussed US peers. By enhancing growth in production, reserves and EBITDA with a larger asset base and a strengthened balance sheet, these acquisitions create significant potential for appreciation in Lonestar’s share price . |
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