Bellatrix Exploration Ltd (Canada) BXEFF

Just1Question

[Don2018]

The key sentence is;

" existing shareholders will retain their existing common shares of Bellatrix, subject to a share consolidation to be implemented as part of the recapitalization transaction, such that existing shareholders will own approximately 16.5 per cent of the common shares of Bellatrix outstanding immediately following implementation of the recapitalization transaction. "

The existing shareholders, all 80 million of them, will hold 16.5% AFTER the recap.
Sorry.

[Just1Question]

I have asked Investor relations to clarify final shares, but under that scenario we would have: 80.91/.165 is 490.36M shares outstanding Senior Unsecured getting 250.1M shares for $47.8M  or 19 cents per share Convertible Debenture      159.4 M shares for $62.2M or 39 cents per share   Average paid:                    

[Don2018]

The debentures are only trading for 60 cents on the dollar, and the NR mentioned only $50 million of face value, so that comes down to $30 million. So those shares, like the senior debt shares, will be obtained for less than 20 cents.