Calmena Energy Services Inc. T.CEZ

RE:RE:delisting

[jts115]

You will probably have to wait it out. It's at least somewhat of an abbreviated process.

But it seems to me that the stock will be frozen until it is delisted

Maybe 3-6 Months down the road, Calmena will have been liquidated, you have locked in your bet and now there is basically nothing you can do.

I'm optimistic that shareholders will receive more than the half a penny bid that the market has been discounting in for the last few months.

I believe post liquidation shareholders will receive 4-5 cents CAD 

Here is what I come up with:

Net Net Working Capital Surplus of 3.2mn CAD
-Net Debt of 27.2 Million CAD=24 Million CAD in debt

Multiply that by USD/CAD exchange ratio= ~19.5 Million USD

Mexican Rigs I value at about 22mn USD (though this may be a bit optimstic)
US I value at ~8.5mn USD and libya I value at 0. In this scenario that leaves 11 USD or about 14 CAD/300mn shares= ~4.5 cents 

Additionally I think the US business is probably worth a bit more, and Libya may have some liquidation value, especially if things start to turn in favor of the eastern government.

In any case, I think the analysis is fair and a bump up to say, 60 dollars in oil would help the valuation a lot