Bellatrix Exploration Ltd (Canada) BXEFF

Energy

Bellatrix Exploration Ltd is a Canada-based oil and gas company, engaged in the exploration, acquisition, development, and production of oil and natural gas reserves in the provinces of Alberta, British Columbia, and Saskatchewan. It primarily focuses on developing its two core resource plays, the Cardium and the Notikewin/Falher intervals in Western Canada. The Notikewin/Falher in Alberta's deep basin boasts abundant, liquids-rich natural gas with compelling economics. The Cardium is a highly e

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Bellatrix Exploration Ltd (Canada) > Most just don't get it

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Comment by Don2018on Mar 29, 2019 4:22pm

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Post# 29556390

RE:RE:Most just don't get it

Just1Question wrote:

Don2018 wrote: 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.

.

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 transaction?
(80.91 + 41.264 + 26.296 = 148.47)

Also the new shares are a conversion of debt so the more shares less debt should come into your calculations of value.