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 06:30:09
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
22/2/201815:20The New Matra with MB16,839
30/8/201721:26Where do i stand5
10/5/201713:30Matra with link to nordic share price1
17/1/201712:30Help/advice needed-
10/11/201615:05Start in Texas10

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beggarman: Although the share price has dropped over the past couple of days there has been a lot of buying but the share price has hardly been move by this. There are shareholders having a punt on recovery or averaging down or both.
beggarman: barrie16 - For my sins I've been invested in this company for a long time, one thing I can assure you is that normal business strategies do not apply with this lot. They tend to do deals rather than run a business in the conventional sense. Take the company valuation, we have independently valued P1 reserves worth $145m at $40 a barrel, yet the pro forma accounts valued the reserves at $75m. The share price should have been around 20sek on listing not 10sek. They could be keeping the production figures a secret to prevent the share price from crashing or they don't want the share price rising above 10sek. They could have done a deal to sell the business. Had this business been run properly after the RTO it could be a profitable business on the rising oil price and self funding.
beggarman: Yesterday two 50 share sells wiped 4% off the share price, why spend £100k trying to prop it up? Some of the buys are triggered automatically when the share price reaches certain levels because buyers don't want to be caught out by the share price rising. I noticed earlier in the week that there were no orders above 8.95sek, there is obviously not enough perceived profit above this level.
beggarman: Your right maceman, my question is was the reason for the lack of an operational update due to the fact that the results are bad and they would trash the share price or were they very good and they did not want the share price to rocket?
beggarman: ned - Suppose Barskiy has done a deal at say $50m for the whole company but he was unable to conclude the deal until after the 20th October due to the lock in period. His buyer might walk away if the share price went up to 15sek, valuing the company at around $70m. I may be wrong but I can't think of any other scenario where they would want the share price depressed.
beggarman: ned - You're right about a potential rights issue, that would be the logical choice but they seem intent on keeping the share price low. If you wanted to raise funds on the market normally you want a strong share price to reduce dilution. What also bothers me is that they have not issued a Q3 operational update in the same way as Q2. This indicates that the operational result was either good and would raise the share price which they apparently don't want to happen or very bad and would trash the share price which they don't want either.
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: 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: 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.
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