tis all a bit odd. The bond investor is not affiliated with IGas. ProActive Investors put quotation marks around affiliated. I have to say, if someone is trying to buy the company by getting the bonds then refusing to renegotiate terms so they breach and then pick up the pieces, it's a long shot. They have to hope they get a majority of the bonds and that IGas can't do a farm-out deal that ensures the they don't breach their covenants. Who knows? Fun times ahead!
If you're going to protest then do it legally. Don't trespass and then have the nerve to say you did nothing wrong. Ian Crane had his wings clipped recently and now this person. Interesting how her fellow protesters, who care so much about what they believe in, have left her high and dry. Don't forget Cuadrilla had to lay off lots of their workers because of these delays.
I enquired about IGas' debt situation with a tip sheet editor some time ago. He said it's normal for companies to roll over their debt by finding other investors who are willing to pay an equivalent sum. Isn't this what's happened? That's what it seems like to me.
Most companies borrow, Bond Holders is only another way of raising capital. All they have done is kicked the debt further down the road. I can't see that it makes much difference both are debts, and are intended eventually to grow the company. Certainly they are not going to grow anything if they can't afford to drill and produce . The only thing is that they have got to get drilling and then producing Shale gas, if they do not then they will go under
This announcement only concerns bond holders. You are a share holder so nothing for you to action. I suppose PI share holders should note that IGas are not able to guarantee the value or the promised 10% return of the original bond offer . In other words they were overvalued when they went to market.
IGas shares are reasonable short term proposition if you are willing to sell and buy on a frequent basis and a couple of pence per share is your target margin.
As a relatively low volume share holder in IGAS, and also relatively unversed in such things, can anyone briefly telLme what the implications are for me on the following please: "The Company notes the announcement today by Pareto Securities AS, on behalf of an undisclosed client regarding an offer to holders of IGas's USD 165 million senior secured bonds. The announcement can be viewed at http://www.newsweb.no/newsweb/search.do?messageId=404683"
Am I now expected to do anything to protect my investment. OR If I do nothing, what will happen to my investment? Greatful for advice - many thanks.
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