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I would guess the 1.8m is a worked sell today. Hence you could not sell many but buy up to 500k at under the mid price. Could be a stale holder getting out or maybe some of the primary bid shares being sold.Once cleared this will take off. Just needs a little time.
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.
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
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.
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.
https://www.**********. co.uk/articles/i3-energy-s-ceo-majid-shafiq-and-cfo-graham-heath-on-the-gain-energy-acquisition-ed1385a