CURTIS PAUL
21 Dec 2016
Re: KKR > EB EBAssume you are short equity? I've recently taken large position in the Senior.
EasyBrent
07 Nov 2016
Re: KKR Mikey, do you have a 7 days delay on your newsflow?
MikeyAdmin
06 Nov 2016
Re: KKR [link]
MikeyAdmin
06 Nov 2016
KKR [link]
scubasi1
05 Nov 2016
Re: Going, going .... Gives them the time needed to either sell or raise new capital.The Planning meeting for Spring Roads is 15th Nov and that is what new investors will be waiting for.
Omaha man
04 Nov 2016
Re: Going, going .... Selling bonds is exactly what they have done to buy some time. I'm surprised they got 75% of face value, but perhaps the buyer (if it is a single entitiy) wants to use their ownership to strengthen their negotiating hand in buying assets. Clearly the company is still going to have to sell assets to fix its balance sheet - almost certainly the producing ones as they are the only ones with a tangible value. At that point though the cash-flow will have gone (or been diminished) and the bond covenants will presumably be even more vulnerable.
EasyBrent
28 Oct 2016
Re: Going, going .... Omaha man,I suspect that this will take a bit more time before we get an equity raise or debt restructuring.IGas will probably forward sell some 2017 production. They don't need that much cash to fix the liquidity covenant in the short term.If the company sold bonds, then I think its really time to ask the BOD if they have lost their mind, as (1) Its must be the worst solution to sell more bonds when you are running a company with too much debt, (2) More importantly, if they are selling bonds they are shooting them self in the foot as the company will also breach the leverage ratio covenant by year end so if they are selling bonds they are increasing the level they will breach the covenant with.In any case I think the company needs to bit the bullet as they have too much debt and their largest debt holder wants a debt restructuring and is not willing to help them short term.I think its almost impossible to raise a lot of new equity without a debt restructuring as, which equity investor in his right mind would be willing to put in fresh cash in a company without fixing the original problem.If the big bondholder in the secured bond want to take this all the way, the equity is basically worthless. If the bondholder is a very aggressive hedge fund I guess they may not run it to the ground.This is pure speculation, but if the bondholder is Ineos, then I would say that Igas is really f..k. For Ineos it would make tons of sense to own these bonds, as they can take control of the company and dont have potentially put in all the carry from the farm-in deals. Pure speculation thou.
Omaha man
26 Oct 2016
Going, going .... So the secured bondholders have not approved the waiver to the company covenants and it is expecting to breach these next week. In the 10 day window it expects to have to rectify this it hopes to either sell bonds or assets. Well nobody is going to buy the bonds of a company already in breach of its covenants and on the verge of default unless they are getting them extremely cheaply. As for asset sales, you can expect a really advantageous price when the buyer knows you have just 10 days in which to complete can't you?This makes the rescue rights issue a near certainty for a couple of weeks time. However as time slips away I would expect the share price to do the same and rather than the 11p I speculated on back in June they will probably now be lucky to get it away much above 6p. To raise a decent amount of money that means probably a 1:1 and issuing 300 million new shares.
Maverick
06 Oct 2016
Re: 73% Bearish on stock Up 4p, they must be cuddly bears.
Happy Cossack
06 Oct 2016
Fracking given go ahead [link]
city watcher
06 Oct 2016
73% Bearish on stock Guessing that Spring Roads being deferred until early-ish November is the reason. What is finance at IGAS looking like ? Are more fund raisings needed if a merger don't occur ?[link]
alltold9
06 Oct 2016
Re: Todays announcement means ... Disagree, I think a positive decision today will turn the company around, and maybe double the SP from here. GL to all
Omaha man
30 Sep 2016
Re: Todays announcement means ... So now we have moved from the company saying it might possibly breach its covenants, to admitting that it will definitely do so in the final quarter of the year. With a blocking investor that now controls 34% of the bonds they are in a very weak bargaining position and unless they can sell some assets the bondholders will probably force an emergency rights issue to repair the balance sheet. Note the phrase "potential significant loss of value if this is not achieved'.
woodee
08 Aug 2016
Sell on the news. Could not resist selling half at 64% profit. Still good long term.
Maverick
08 Aug 2016
Something was more than brewing! All over the papers.Great idea to pay people direct for inconvenience of works. Money talks.Hopefully Igas will fly now.
