Post by
WaterDPlants on Sep 19, 2023 3:04pm
We should be celebrating
The Ranger/BTE share sales are 2/3 complete.
BTE had 545M shares at Dec 31. As of June, BTE has 862M shares. BTE issued roughly 317M shares to acquire Ranger’s assets. Juniper has 168M shares. That means 149M shares were owned by non-Juniper investors and were available for sale on closing. As these 149M shares were sold (along with recession fears and WTI below $70), BTE dropped to $4. For those who bought at $4, they got a real bargain.
Juniper will sell the second tranche when able. The Third tranche is questionable. After this week’s noise, we can expect another 55M shares to be sold by Juniper in December. The market should be able to absorb Juniper's sales.
BTE is still a bargain. Provided oil stays above $80 and the business is operated efficiently.
Comment by
Sugaree on Sep 19, 2023 4:02pm
I totally agree with you, but are there not 2 more tranches to sell as there was 3, 6 and 9 month holds from June 20 close date?