Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on LIGHTSTREAM RESOURCES LTD. We currently have 35 research reports from 1 professional analysts.
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LIGHTSTREAM RESOURCES LTD
LIGHTSTREAM RESOURCES LTD
Receives Initial Order for CCAA Protection
29 Sep 16
As anticipated, Lightstream has received an initial order from the Court of Queen’s Bench of Alberta under CCAA granting the Company protection from its creditors until October 26, 2016. The Company’s proposed sales process has also been approved, which paves the way for Lightstream’s secured noteholders to make its previously agreed upon credit bid, which we expect will be ~$1,350 mm. Should the credit bid be the successful bid, both unsecured noteholders and shareholders will leave the process empty handed. With trading of the Company’s shares suspended and delisting pending we are discontinuing coverage of Lightstream with an Underperform ranking. We have lowered our target price to $0.00 as we do not expect a bid will materialize in the sales process sufficient to provide equity holders with residual value.
ANNOUNCES INITIATION OF CCAA SALES PROCESS AFTER RECAPITALIZATION PROPOSAL FAILS TO PROCEED
19 Sep 16
Impact: Negative, as the result of a CCAA sales process has a high probability of leaving equity holders with zero residual value. Lightstream has formally entered into a CCAA sales process after failing to meet conditions under its recapitalization agreement related to litigation commenced by holders of the Company's US$254 mm of unsecured notes. The initial CCAA hearing will be on September 26, 2016. Once the CCAA process has officially commenced, we expect there will be a bidding time frame of ~30 days.
Reports 2Q16 Results
08 Aug 16
Lightstream reported quarterly results that came in ahead of our expectations on cash flow and production. The results and minor positive changes to our proforma estimates will continue to be overshadowed by the leviathan that is the Company’s ongoing recapitalization transaction. Subsequent to the earnings release the Company announced it has gained the requisite interim order to authorize the individual special meeting of all stakeholders to approve the recapitalization arrangement. These meetings will be held on September 13th. We’ve maintained our 12-month target price of $0.05 per share and Underperform ranking.
2Q16e Quarterly Preview
26 Jul 16
Some Recovery on Segmented Cash Flow Generation Over Q1 Though Still Down 56% Y/Y. In aggregate, the Intermediate, Mid, and Small Cap groups are expected to generate 2Q16e cash flow of $1,281 mm, $183 mm, and $53 mm, or $1.517 billion in total, that while depressed relative to the same period last year (~$2.647 billion combined), is up 17% sequentially from the prior quarter, largely on the strength of crude oil price recovery in the period. Severely weak natural gas pricing picture markedly reversed into summer, market likely to ignore financials for natural gas producers and look ahead to winter and formalization of sell-side 2018e estimates in coming months. Spot AECO natural gas prices recently crested C$2.60/mcf, and with a reasonable alignment of previously distressed NE BC Stn2 differentials, augmented by a withdrawal expected next week, view the market psyche as constructive and looking ahead, with the analogy that this market is shaping up to mirror 2012 still holding. That said, with crude oil poised to retest support levels, combined with strong stock price performance broadly observed YTD, we would characterize sentiment as slightly pessimistic in the near-term which could reduce or unwind momentum-based investment strategies that have worked thus far in 2016.
GMP FirstEnergy ― UK Energy morning research package
06 Dec 16
Transglobe Energy (TGL CN); BUY, C$5.25: Homeward bound… back to Canada | Great Eastern Energy Corporation (GEEC LN) (not covered): Reserves update in India | BP (BP LN) (not covered): Acquiring interest in Tangguh in Indonesia | Exillon Energy (EXI LN) (not covered): Production update in Russia | Genel Energy (GENL LN); SPECULATIVE BUY, £2.60: Receipt of payment for Taq Taq export in Kurdistan | ExxonMobil (XOM US) (not covered): Relinquishing blocks in Kurdistan
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
19 Jan 17
Aggregated Micro Power* (AMPH): Funding for first peaking power plant project (CORP) | The Mission Marketing Group* (TMMG): Positive trading update (CORP) | Cello (CLL): Increasingly backed by, and leveraging, technology (BUY) | 4imprint (FOUR): Growth backed by strong cash flow continues (BUY) | Allergy Therapeutics (AGY): Positive trading update and market share gains drive upgrades (BUY) | Shanta Gold (SHG): Q4 operating results (BUY) | Sound Energy (SOU): Tendrara extended well test result (BUY) | Revolution Bars (RBG): Price target increase (BUY)