RE:RE:RE:Juniper SharesJust to be sure, here is my understanding of the situation.
Actually Juniper owns roughly 102M shares of Baytex initially acquired at 4,12$ US, which worth 5,65$ CDN per shares.
If Juniper sell 51M shares today they lose (5,65$-4,50$ actual price) X 51M === 58,6M$.
Not sure it's a good timing to do it and lose 25% !
Baytex may bought back shares of juniper when Juniper is no more consider an insider (owns less of 10% of the Out. Sh.).
So roughly 3,5M shares may be bought by another Institutional funds or drop to the market.
As of nov 30th 2023, Baytex still able to buyback 29,6 M shares of the actual NCIB ending june 2024 or before, if the complete their 10% NCIB agreement with the TSX.
I think Baytex is well position to :
1) Convince Inst. funds to buy all the remaining 102M shares of Juniper with no negative impact for the market share price.
2) If it's not the case, Baytex may buyback the 51M shares if Juniper really want to sell it, like this :
51M shares - 3,5M sell at the market price. To reach less of the 10% ownership, so no more consider an insider.
47,5M remaining shares - Baytex buyback 29,6M with his actual NCIB and finished earlier.
18M remaining shares with a new NCIB 2024-2025 with credit facilities in place and also with FCF of Q4 2023 and Q1 2024. Or make a deal with another Inst. funds to buy it.
The third block of 51M shares may also be postponed by Juniper if market shares price not reach the 5,65$ CDN or more, or also able to be bought by new Inst. Funds, or part of it by Baytex with it's new NCIB 2024-25 or with a SIB.
A lot of opportunity for Baytex to stabilize this selloff by Juniper.
Feel free to comments...