Bellatrix Exploration Ltd (Canada) BXEFF

Most just don't get it

[Don2018]

Many think there will be 80 million shares in the end, which is incorrect.

The 80 million shares (approx) outstanding will make up the 16.5% of the recap.

That means there will be 80/16.5 = 484 million shares.

So one group paid $45.8 million for 51% of 484 million shares, which works out to 18.5 cents

The other group paid about $30 million (as of today) for 32.5% of 484 million shares, or 19 cents.

So Dave4444 and the other people who don't understand how recaps work, should probably get out of the stock market.

[Just1Question]

A different perspective is as follows: Currently 80.910M shares Add         41.264M Shares for Senior unsecured notes portion (51.0% of current) Add         26.296M Shares for Second Lien notes portion          (32.5% of current) The 16.5 comes from 100 - 51 - 32.5 = 16.5 So there would be 148.47M shares outstanding after the

[Don2018]

Sorry, it doesn't work that way. If you are a BXE shareholder, I feel bad for you. This has been a really, really krappy company for a long time now.

[reesespiecez]

I'm pretty sure this is what we are looking at (rough numbers only). Hope this helps...     Pre- Post-Transaction     Announcement Current Comps P/B C$ mm, except per share values   P/B Min Max Avg SH

[Don2018]

Not quite sure what those numbers are supposed to represent, but the simple fact that the debt-holders paid under 20 cents per share will be what counts. And BXE still has far too much debt.

[reesespiecez]

The numbers show that if BXE's valuation stays consisten with pre-announcement P/B levels, the post-transaction share price should be approximately $0.10. If you believe that the company has reduced its debt maturity, debt cost, and liquidity position, the value should be higher than $0.10 (based on comps - anywhere between $0.42 and $1.10/share --> vs comps that are also similarly highly

[TouchDown12]

Another way to look at it is take your new S/O Equity post deal - 783M * 16.5% (.165) = 129.20M.... Divide by 81M shares - gives you $1.60 S/O Equity per share. You can discount all you want from there... cause of share count, P/B, etc. but that is the post deal true equity per share. Could the shares ever trade to or above S/H Equity again? Very tough road from here. That is the question of the