Member Info for cn100

New shares seem to be taken as follows:
568m placed.
Total number of shares in issue 688M (use this for the percentages below)

Premier miton 100m shares 14.52%
Lombard odier 55m shares 7.98%
Bybrook 191m (they had 15m) now 206m shares 29.97%
Slater investments ltd 83m shares 12.02%
Total 429m out of 568M ( 139m with someone else?) so I must be missing something somewhere)

There are also the Primary bid 12.65m

New shares seem to be taken as follows:
568m placed.

Premier miton 100m shares 14.52%
Lombard odier 55m shares 7.98%
Bybrook 191m (they had 15m) now 206m shares 29.97%
Slater investments ltd 83m shares 12.02%
Total 429m out of 568M ( 139m with someone else?) so I must be missing something somewhere)

There are also the Primary bid 12.65m

I3 Energy Plc’s (LON:I3E) soon-to-be-acquired Canadian assets are worth 17.7p per share, according to house broker WH Ireland’s preliminary fair value estimate.

This does not include the North Sea assets and the Toscana assets. I believe shortly when North Sea farmout is secured these will trade between 20 and 30p pre drill.

The value for Toscana and gain assets kept is roughly $215 (approx £165m) 20p plus.

Any further acquisitions will see significantly more value and also serenity will add to this. I know they are expecting 30p+ by next year.

That’s an extremely bullish interview. They hope to finalise 1-2 more deals in Canada before the end of 2020. Also they are in discussions with someone regarding a Farmout for serenity and hope to have this finalised before end of 2020. Also production will be c.10,000 boepd.

Graham expects they will claw the SharePrice up somewhat to the mid highs of where it has been at historically.

?#i3e on a fully diluted basis the loan note holders and management (employees and directors) will hold c.37% and c.18% respective). That’s over half issued float between them. ?

In my opinion management are building this to a mid tier c. £500m cap company. They know what is coming hence why they now own over 50% going forward.

As at the date of this Admission Document, the Loan Noteholders in aggregate represent c.37 per cent. of the fully-diluted share capital.

As at the date of this Admission Document, i3 employees and the Directors represent i3 ownership totalling c.18 per cent. on a fully-diluted basis.

688m shares
So loan note holders (bybrook etc) will hold 254m shares and management and employees will hold 124m shares.

My guess is 11.5p

Things back on track today. Great stuff. Well done i3e. Shares in issue is now 688m.

Malcy is doing an interview with graham and Majid today so I’ll wait for the results of the placing and hearing this before putting my guess.

It’s the other acquisitions that interest me too. I feel some in their know (bybrook taking 30% of the company) is a showing factor. They say they won’t be placing shares this low for future acquisitions and have ways to do this in plan. Another deal or 2 like the gain one and this will quickly become a mid tier oil and gas company.

As I said let’s see how many graham and Majid take in this placing. I’m expecting them too take a massive amount at this price

Apparently Bybrook are taking a huge amount in the placing and will own just under 30 percent of the new equity. So they must be buying over 200m shares at 5p (over £10 million).

Cash will be about £9m. They have approx 1 million now plus 8 left from the fundraising. 20m is for the new asset and 2 million for legal fees etc.
mcap will be £39m and debt of £16m - cash of 9m will imply a EV of £46m at 5p.

2p reserves of 59m.
Very cheap.

I would hope to see management taking a very large chunk of shares in the placing.

My estimate was to raise 60m at 10p best case but possibly down to 5p (more realistic). I was thinking (or maybe hoping) 600m at 10p.At least they sold some of the gain assets and only had to raise half.

780m shares now and even 10p would only be £78m. Could see the SharePrice getting here pretty quickly.

It’s on Vox markets website

https://www.**********. co.uk/articles/i3-energy-s-ceo-majid-shafiq-and-cfo-graham-heath-on-the-gain-energy-acquisition-ed1385a

Take a listen to the interview today. Sounds pretty good.

****************************/articles/i3-energy-s-ceo-majid-shafiq-and-cfo-graham-heath-on-the-gain-energy-acquisition-ed1385a/

Production + Growth Potential = Dividend + Upside

The Company expects to become a dividend payer as i3's Canadian business expands. Under current market conditions, residual free cash flow above the dividend will likely be redeployed to acquire additional developed producing reserves or to exploit the best production adding opportunities within the Canadian portfolio, in order to replace natural decline and increase production levels. At such time as markets improve and acquisition multiples become unattractive, i3 will focus on unlocking the material value held in its acquired proven undeveloped (PUD) and 2P inventory, which has the capacity to more than double current production levels into a strengthening commodity price environment. Fresh production will be hedged in these strengthening markets to secure future cash flow or, alternatively, the Company may monetize new production so that it returns additional value to shareholders.

The readmission document is on primary bid. It just needs the funding details adding probably next week. Could be back to the market in a week or 2 I would guess.

The are selling half the new assets and bringing their costs down for the remaining part. They are buying the assets super cheap by the looks of it. Around 10k boepd (gain and Toscana assets) and hoping to be a dividend paying company going forward.

800m shares in issue at 5p will be a £40m mcap.

I suspect this will be oversubscribed at this price.