Share Name Share Symbol Market Type Share ISIN Share Description
EF Realisation LSE:EFR London Ordinary Share GG00BY7QK538 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 31.50p 30.00p 33.00p 31.50p 31.50p 31.50p 0 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Unknown - - - - 16.53

EF Realisation Share Discussion Threads

Showing 176 to 195 of 200 messages
Chat Pages: 8  7  6  5  4  3  2  1
DateSubjectAuthorDiscuss
20/7/2017
16:33
General lack of anything going on - have to wait until 12th Sept until the AGM, and no certainty any progress by then either. On the plus side - LONE is still around.
spectoacc
06/6/2017
12:18
@flyfisher - LONE did that placing a few months ago (the first time EFR got diluted) and at higher prices than here. Hopefully as LONE scales up, EFR can find a buyer. "Hopefully". Potentially EFR could end up with as little as 11% after current deal, from over 50% on the ECWO split, so should in theory be much easier to shift, even in the absence of selling the lot to the same person.
spectoacc
06/6/2017
12:10
Lonestar was close to breaching its banking covenants, its options were to raise funds, or raise funds and acquire assets that could bring its banking covenants back to a more comfortable level. It did the latter. Question is, who can EFR sell its stake to.
flyfisher
06/6/2017
11:26
Okay, just that I view my EFR holding as high risk, and very much a long term play on oil price recovering at some point in future. Do you personally rate Lonestar or have anything else which backs your significant holding percentage. I'm not criticising - just curious.
neilyb675
06/6/2017
10:25
Yes - why not? Big NAV discount, not zero even if Lonestar went bust.
spectoacc
06/6/2017
10:24
"EFR remains one of my largest holdings." LOLOLOL, seriously ?
neilyb675
06/6/2017
09:31
Trouble is, all we've heard since ECWO days is "Lonestar's v cheap, worth far more, must hold it". Over $8 when EFR split out, $4 now. It was trading a discount to peers then, it's still trading at a discount to peers at $4. Only plus I can see is that they're getting diluted so heavily, the much smaller stake should eventually be easier to sell. And all this with $50 oil - glad it's not $30! EFR remains one of my largest holdings.
spectoacc
06/6/2017
09:29
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). Furtherimprovementsto Lonestar’sdebtratiosandstructure On completion of the acquisitions and associated financing, Lonestar estimates its ratio of debt to EBITDA will decline from 3.9x to 3.2x for the quarter ended 31 March 2017 on a pro-forma basis, well below its long-term covenant of 4x. 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 .
neilyb675
19/1/2017
18:33
Thanks SpectoAcc for the MM direction here.
actofwill
19/1/2017
13:23
...Some of which are worth nothing ;) Personally, I'm just a bit wary that Lonestar is a play on the oil price ($40 or $70 would make a massive difference) & that the majority of EFR is Lonestar. Still - I'm in, & reasonably big, with fingers crossed.
spectoacc
19/1/2017
13:15
The recent fund raising by lonestar seems to have put a base value on EFR. If EFR had exited in the placing at $5.75 it would have realised about 36p/share to EFR holders, leaving the residual holdings in for nothing.
flyfisher
17/1/2017
09:37
Lonestar still debt-heavy but a lot more secure after recent capital-raise. I worry slightly that EFR reckon Lonestar worth at least double current price, that they're setting themselves up to not take less, and that they'll end up with fire sale when they bump against the 2 year lifespan of co. Or they could have another reconstruction! Selftrade not bad for me - WINS the MM to get them to speak to.
spectoacc
17/1/2017
09:21
Care to share the name of the broker as mine has been quite unsuccessful getting any (IG Index)? GBP/USD... I think some are shorting lonestar on NASDAQ
actofwill
17/1/2017
09:05
You buy about a month ago. ;) GBP/USD (& everything else!) only relevant if/when they realise value (ie flog Lonestar, mainly). Edit - the non-facetious answer - call broker. I got well inside by leaving an order. Has been weeks of small sellers flogging their allocations from the ECWO reconstruction, though they do seem to have dried up a bit now. (& before I sound too clever - think I paid higher than current offer for one lot, & failed to buy at the recent bottom).
spectoacc
17/1/2017
08:41
How do you get size in this investment?
actofwill
17/1/2017
08:40
GBP down is a good reason for EFR to go up
actofwill
17/1/2017
08:12
Nice tick-up on the bid but can't see any reason for it - Lonestar its usual poor self?
spectoacc
15/1/2017
18:38
Woodfuels uk holdco is showing as dissolved on the companies house website, so EFR only has 6 holdings to dispose.
flyfisher
14/1/2017
20:44
Menhaden are terribly illiquid (/sh*te), hope they can find a buyer for them. Water rights are interesting but I've not the first clue how to value them - hopefully EFR have more idea :) Edit - just to qualify my off-the-cuff comment on Menhaden (former shareholder), this is their Standardised Discreet Performance table (hasn't formatted) - since inception, NAV -10%, index +28.8%, leading to share price -33%: Percentage Growth 1 month YTD 1 Year Since Inception* NAV +2.2 +4.3 +4.3 -10.4 Share Price +1.3 -13.8 -13.8 -33.6 Index ^ +3.5 +28.2 +28.2 +28.8 http://www.menhaden.com/files/8514/8424/1779/MHN_Factsheet_December_2016.pdf
spectoacc
14/1/2017
10:20
What are the "water rights" mentioned in the monthly statement?
praipus
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