Harbour Energy Share Discussion Threads

[rationaleee] 13/1/2018 17:43

Steve, its from HY17 results.

If you scroll to the bottom of the results it has highlights of the refinancing. You should find those numbers there. And the FX rate has been fixed unfortunately in favor of BHs. Fixed at a 1.22 rate against USD. So if $100mn is to be converted today, $100mn = c.£81mn at the 1.22 USD fixed exchange rate. So £81mn/£0.74 = 110mn shares. But if it was not fixed then at todays exchange rate(1.36 USD) $100mn = £73.5mn and hence the shares would have been £73.5/0.74= 99mn shares. So the fixed rate is playing in the BHs benefit unfortunately.

ROGK, please read, its FROM the beginning of 2019, and not TO. sounds like a desperate attempt to rationalise your selling decision.

[jelenko] 13/1/2018 17:15

Steve,

I thought the exchange rate was fixed at the time of refinancing. Are you saying they use the spot rate?

[steve73] 13/1/2018 16:56

rationaleee... just need to remember the CP is actually $0.91744, so 140% of that is @1.2844, and with the strong GBP, that's only currently 94.8p.

Sorry to be pedantic..

Also, on the future covenant tests IIRC there was some confusing figures announced at the time.. I'm not sure where you got your figures from but it's worth checking them against the full 195 page refinancing document. I'm not saying you're wrong.. just make sure you're referencing the latest figures.

[rationaleee] 13/1/2018 15:23

rogk; · Amendment of Premier's financial covenants, to be net debt to EBITDA cover ratio test to 8.5x until end 2017 reducing to 5.0x at the end of 2018, before returning to 3.0x from the beginning of 2019

· Interest cover ratio reduced to 1.50x before increasing to 3.0x in 2019

· Covenant net debt (which includes issued letters of credit) to be less than US$2.95 billion by end 2018

Convertible bonds:
· Issuer right to require conversion at the conversion price at any time after one year if the value of Premier's shares is at least 140 per cent of the conversion price for 25 consecutive dealing days. So from summer, it can be called in anytime as long as oil price doesnt drop and share price doesnt go below 104p. Hence if theres buying pressure due to lack of oil price drop , CBs should try to hold it around 104p to optimise their exit as they did when they held the price around 62p & 74p. GLA

[paulbiya] 13/1/2018 14:31

A forced conversion can't happen for a year....

[rationaleee] 13/1/2018 12:01

rogk, we understand you have sold out and are nervous about if you have made a right decision. A lot of PIs like you are waiting to buy back and if you think the conversion is a new piece of news thats going to take share price down without oil price going down, well you and the weak holders have only got 1.5 days next week to buy back your old stakes with a few more extra shares(+ stamp duty). My guess is the invitation take up would be minimal and once thats clear we will go back to the trend we were on before the Invitation RNS came in i.e. 104p level being maintained resulting in forced conversion. And net debt to ebitax covenants for 2017 would be around 4x, as part of refinancing creditors asked it to be less than 5x for end 2018 so way ahead of plan. Good luck to all who sold out this week in the hope of buying back with a few extra shares(+ stamp duty), you know you have been questioning your sell decision ever since! Its never safe to be out of PMO over the weekend lol

[s34icknote] 13/1/2018 11:44

Leonebull U s production down rig count count up ?

[mt150] 13/1/2018 11:41

The take up will be interesting. With such short notice cannot see it being anywhere near 100%. At the very least it might bring forward some of those who have been converting and should mean the converting RNS dry up for a while. Also if it was say 50% it would reduce the influence of the remaining bond holders.

[rationaleee] 13/1/2018 10:07

Did any of the PIs on this board tried calling the IR? Heard PMO confirmed that they dont expect all holders to take up the offer, but maybe around 100mn could possible take up. Plus its possible the holders who wanted to convert to equity have already converted as seen in the last $10mn of conversions?

[frontdoor bull] 13/1/2018 09:49

Marvin, I can see you are a Trump fan, shooting from the hip.

[marvin9] 13/1/2018 09:25

The alcoholic is up early

[carla1] 13/1/2018 09:22

Good morning fellow investors..Looks like £1.50 within 4 weeks..ALL ABOARD

[marvin9] 13/1/2018 09:15

Been told to sit on the naughty step.

Dare I ask have I missed much?

[begorrah88] 13/1/2018 05:53

Unlike you to be shy marvin?

[leoneobull] 12/1/2018 22:26

https://oilprice.com/Energy/Energy-General/Rig-Count-Shoots-Up-As-Oil-Nears-70.htmlRig count up 15. But oil has gone up so shrugged off the news.

[marvin9] 12/1/2018 21:33

Sooooooooooooo can I come back and post or not?

All I need is a simple no or yes, I miss you people, common stevebore?

[s34icknote] 12/1/2018 19:21

Oil price up again Gas racing as well ! Am I correct in saying us production fell last week ?Just read it on internet Sicknote

[mreasygoing] 12/1/2018 18:50

When this is £2, he'll still be on here acting the clown. How's your mate CR, Marvin ?

[emilio] 12/1/2018 18:47

STARVING you FULL TIME IDIOT

[emilio] 12/1/2018 18:47

STARVING you FULL TIME IDIOT