Arcan Resources Ltd ARNBF

Fire the lot

[BWJohn]

Aprl 26th 2012 report states Arcan's NAV to be $7.28 fast forward to 
June 23rd and Arcan's NAV now $0.63! Who's being held accounatable for the this - either someone fudged the 2012 numbers or perhaps someone is under estimating its current value? Why would there be such a huge disparity in the value unless perhaps there is/was some cooking of the books and numbers?
The Directors and Management are
unanimously recommending all parties accept Aspenleaf's offer - why?
Is there more bad news coming? Are they being rewarded after driving this 
company into the ground and giving Aspenleaf a steal of a deal? Fire the lot!  no bonuses, severance pay, cancel all  share options and incentives, in fact  have them pay back bonuses  - especially for  the over exaggeration of  expectations of 6000 - 6500BOE  in 2012, sad that many fell for it. Personally I don't think anyone  could do worse - even a 5th grader lol! - my opinion of course! GLTA

[ThompsonRob007]

Spinco = 12.5% of Assets = $0.63/share  2014 Arcan = 100% of Assets = $5.04/share NAV I think fractions are taught in 3rd Grade (not the 5th). NAV is derived from the 3rd party reserve report and company financials. A lot of variables changed between 2012 and 2014 (debt, oil prices, well results, capital expenditures). In 2012 the company spent a lot of money (too much) and this capital

[ThompsonRob007]

The $'s above assume a much lower debt ratio for 100% Arcan. Their press release states $2.53 NAV at year-end 2013 and a $2.85/NAV in 2012 (P+P) with the debt included. Either way, Arcan's NAV did not catastrophically fall off the table in the past couple of months as alluded to by the previous Stckhouse poster. 

[BWJohn]

In my opinion there has been some reckless dealings that have caused my share value to be next to worthless. Before the big announcement Arcan was trending upwards - albeit slowly, then in comes this "Arrangement" with Aspenleaf which dropped the share price like a stone - why wasn't this classified as a hostile takeover by the Arcan instead of a unanimously approval by the Board of

[barneymillar]

What would that accomplish? A company that no one wants to work at. Who runs that day to day operating aspects of the production. Breaking the management contracts means no one would work at Arcan without significantly greater compensation than these guys make. I understand the anger but that course of action is stupid.

[ThompsonRob007]

Prior to the deal being announced I like what I saw with respect to the last wells, cost discipline, and the OPEX holding in at that $16/bbl range.  I don't like the hedges or the high interest costs. Opex at $16/bbl and the hedges and interest total almost $25/bbl?  What I don't understand is why another company doesn't step up and pick it up for decent $'s ? At $100k

[iroctsxv]

This post has been removed in accordance with Community Policy

[iroctsxv]

This post has been removed in accordance with Community Policy

[ThompsonRob007]

I can't comment on the management team because I don't know the people or history. It is strange that Arcan is a light sweet crude producer with great field netbacks who can't seem to get a $100k/boed  for the assets. Is it management or are there issues with having 2 other competitors own > 35% of the common stock? At one time Crescent Point and Lightstream thought it was

[teevee]

The outcome will be very interesting for the following reasons: 1. LTS and CPG could vote the deal down owning 38% of the stock, however, because ARN can pay debentures with stock, if they vote the deal down, then ARN may have to pay debentures with stock at market prices which would dilute them by 85-90% or more depending on share price. 2. The debenture holders are likely to hold their noses and

[jd43xl]

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[jd43xl]

This post has been removed in accordance with Community Policy

[BWJohn]

You just have to wonder if the people who start attacking others (verbally abusing them) if they aren't  insiders and management? Otherwise they'd be all united and sympathetic about  the financial loses that that ARCAN has dealt us all - losing 90% share value and join together demanding better results from them, resignations or FIRING!!  They (Arcan executives) have

[jd43xl]

The thing is, the common shares are probably worth less than what Aspenleaf offered. Legally, the debt has to be paid off before the common shareholders get anything, unless everyone agrees to this proposal where money gets taken from the debenture holders and given to the common shareholders. That is the issue.

[teevee]

From that I infer you are willing to be paid in full with shares. Is that correct? 

[jd43xl]

It will never come to that. But I do understand the desperation of someone like yourself who holds the common shares, and is basically powerless.

[teevee]

First, I have no axe to grind as I don't own shares or debentures. Second, you obviously don't   understand that if the deal doesn't pass, ARN can elect to pay debenture holders with stock on or before the debentures come due.  I believe they would make that election as the remaining choice would be to sell the property at market, pay the bankers, and then debenture holders

[seriousinvest]

I find it hard to believe that you claim to own no shares and no debentures (for the record I own some of the debentures).  Yet despite having no economic interest in this transaction you have posted numerous times, always adocating that the shareholders and debentureholders have to vote in favor of the transaction or they  will be economically crushed.  Nothing you have said to

[barneymillar]

iroctsxv is obviously a disgrunted ex-employee. He does not understand that all financial numbers are audited by a third party and are accurate as to the best of the company's ability. His posts get stupider with each day. Totally uninformned as to how a public company works and focused on his personal anger at his departure from thje company which I suspect was completly directed by the

[iroctsxv]

This post has been removed in accordance with Community Policy

[ThompsonRob007]

IROCTSXV, Do you have proof that BarneyMillar is an insider at Arcan? I have read several of the posts and I don't see the connection to Arcan's management or Board. Trying to digest the filing today to determine which way to go with my small (but important to me) # of shares.