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Miller Energy Resources, Inc. Message Board

  • thewideopenroad thewideopenroad Jul 24, 2014 9:54 AM Flag

    I would look out for a money raise

    Management has all the analysts in a lather...
    Someone posted that they wanted to raise more money to buy something and the banks said no...
    They probably raise more preferred, because it is subordinate to the bank and Apollo loans, so they won't care...
    Unfortunately, the equity is subordinate to the preferreds

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    • Mill hasn't sold common shares in years, other than mill-pc which is convertible to common at $10. The banks said no? Well actually they have about $30 mil (if I recall correctly from the conf call) currently available on the bank credit line which can be drawn at any time for any reason. You say that unfortunately the common subordinate to the preferred? True, but misleading. The preferred issues can eventually be called at par. They don't dilute common like selling more common equity would. If Mill hits some big wells, the benefits will accrue primarily to the common holders - not the preferred holders.

    • buildsubway@prodigy.net buildsubway Jul 24, 2014 2:13 PM Flag

      Someone posted........................ someone like you................................ Go for the facts................................

    • wide open, read the terms and conditions known to the public about the limitations on raising cash as allowed or prohibited under the first lien contract. The ability to use the ATM has been greatly restricted. No significant new cash for MILL for a while except that Apollo step up and give them more than the 175M, charging fees and other charges as they can figure to squeeze MILL for even more money. The common's price does not lend it's self to an offering, so MILL is between the rock and the hard place on raising cash. I am sure insiders know and you should be able to guess, if RU 9 is a bust, the company is on very shaky ground and the stock drops to the 2.00 range.

 
MILL
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