I3 Energy Ord Shs T.ITE

Restructuring?

[Fortunas]

This thing seems ripe for some sort of deal to unlock value, as the current structure makes zero sense and has to be a major reason for the low valuation - although the very slow ad hoc updates to the market likely don't help either. Have they ever commented on the potential to redomicile to Canada, split the company up, or do a transaction to put the core producing assets in a more suitable structure?  

Also, new CFO started in April - presumably will figure out how to do buybacks before too long? 

I sold a majority of my investment at >$0.30 for some nice gains and am not inclined to make it a large holding again until something changes, despite the big upside on valuation. But I can't bring myself to sell the remainder at <$0.25 while collecting what is still a healthy divi yield. 

I suspect any indication that they actually care about the share price in the short and medium term (as well as long term value) would lead to a recovery of most or all of what was lost when the divi was cut.

[PabloLafortune]

Not sure why I invested in this. Just looked at the Q2 report (which is like a month late compared to other Canadian E&Ps and lacks a lot of detail IMO). Even with the cut, the dividend is $2.96 per boe (using 21,000 boepd). The interest is $0.96 (10% C$75M). The debt principal needs $3.26. Taxes were 0.69 (assume nil in 2nd half).  UK admin $0.58, Canadian admin $1.26. Deduct GORR (C$7M