Equal Energy: Broken Management And A Broken Board [View article]
By the way, in light of the Board & management’s childish stance of refusing to meet or negotiate with the shareholders regarding the 5 Point Plan, we are launching the Lollipops Campaign. We ask each shareholder to mail 7 lollipops to the 7 members of the board of directors at the following address:
Equal Energy Attn: Board of Directors 2700, 500 - 4th Avenue SW Calgary, Alberta, Canada T2P 2V6
Equal Energy: Broken Management And A Broken Board [View article]
John, I really doubt it, that would be total suicide, and considering that the dividend was just established in November and energy prices are still holding at the same levels, I don't see a reason to cut it.
Equal Energy: Broken Management And A Broken Board [View article]
Armaya,
Our run off analysis in case of permanently low propane prices is a value of around $4.5; however we believe propane prices will move significantly higher in 2013/2014 as a result of the upcoming sizable expansion in propane exports, for more details on the numbers please visit: http://bit.ly/VINVya (5 Point Plan section and Fact Sheet section).
Equal Energy: Broken Management And A Broken Board [View article]
Thank you for your support Fundwise, indeed shareholders will have the final say and we intend to enforce our rights as permitted by the law, this situation will not be allowed to persist indefinitely.
By the way, shareholders who are interested in participating in /organizing a dissident circular and who are supportive of our 5 Point Plan are welcome to contact me. I need to highlight that at this juncture we are not soliciting for votes, any contact will be for the purpose of exchanging views on the business of the company and for gauging the interest of fellow shareholders in officially joining and working on a dissident process.
Equal Energy: Broken Management And A Broken Board [View article]
Aurelien, we are looking into alternative ways to nominate, and are currently working with our legal counsel on such alternatives, however due to regulatory restrictions I can't expand further without the proper filing of a dissident proxy circular.
Equal Energy: Broken Management And A Broken Board [View article]
Roger,
Sorry to lose you, certainly this battle will take sometime, we are confident that we will win and put this company back on the right track, however it will take sometime and I understand if some shareholders are not ready to wait through this process.
Equal Energy: Broken Management And A Broken Board [View article]
Thank you Howard. According to the Board nomination committee, shareholding is not a criteria they are interested in for serving in the Board. I kid you not, this was mentioned to me personally by the head of the nomination committee. Basically they seem only interested in technocrats or cronies that have nothing to do with the owners of this company, and we see where that got the company.
Thanks for your comment, unfortunately I have not been following Poseidon lately as my activist battle at Equal Energy (EQU) is consuming most of my time, should I get a chance, I will post an update in the future.
Propane Prices Are Set To Rebound Sharply In 2013 [View article]
Bankstocks,
Thank you for your comment and input on activism, indeed in order to get results, myself and fellow shareholders had to beat on them constantly, and despite the board low shareholdings we have managed to obtain a lot of what we demanded; to his credit the company new chairman (Mr.Botterill) did demonstrate a sensitivity to shareholder's concerns and he has maintained an active and open dialogue with us. We expect the conversion to a trust or MLP to take place in the next couple of weeks.
In terms of valuation, once Equal converts into a Trust or an MLP I expect the stock to trade in the $5 to $6 range based on current energy prices, with a scope for a move into the high single digits should NGL and NG prices rebound as far as I expect in 2013.
Equal Energy: Still Undervalued With Several Near-Term Catalysts [View article]
Lane,
I will answer this one. They are both important:
Equal NGL barrel is benchmarked against Conway Propane, however Equal NGLs include other components (35% Ethane, 35% Propane, 15% Butane and 15% Pentane), the price of Ethane has an impact on realizations, in the current low ethane and propane pricing environment Equal realizations increase (and are currently at 93%) since the weighting of the heavy NGLs (Butane and Pentane) is more pronounced, in periods of high ethane and propane prices realizations decrease.
Adam is projecting an 81% realization in his model so he is projecting ethane prices to be low, while Propane, Butane and Pentane will revert back to their historical range thus pulling Equal realizations lower (even though the absolute price per barrel will be higher), overtime he is stating that once ethane reverts back to more normalized pricing this would be a further boost to Equal NGL barrel price.
I expect ethane prices to rise somewhat as propane prices rebound, however I don't expect ethane prices to go back to their historical ranges before 2016 at the earliest when significant new cracking capacity comes into service.
There is much more upside to Propane, Butane and Pentane because they can be exported; Equal NGL mix is quite favourable with only 35% ethane compared to 60%+ ethane for operators in the Marcellus for example and 42% to 45% industry average.
Thanks Scul, my guess a lot of those guys are in hiding right now; I really feel bad for the income investors who were sold the story as a safe income stock.
Propane Prices Are Set To Rebound Sharply In 2013 [View article]
from JP Morgan this morning:
We expect propane supply growth from field production to continue in 2013 at a pace of approximately 10% yoy, but increasing volumes of exports out of the US Gulf Coast will likely help rebalance inventories to bring total stocks back to a normal range by 2Q2013. Assuming North America experiences a normal winter, seasonal heating demand could shift the fundamental balances enough to bring propane prices back toward the historical relationship with WTI crude oil from recently depressed levels. Propane prices could rebound to a range of $1.10 to $1.35/gallon—approxima... 50% to 60% of WTI—given our forecast for a $95/bbl average for WTI in 1Q2013. While we are not overly optimistic on the future outlook for NGLs in general, some support from seasonal and export factors could provide upside for propane prices in the first half of 2013.
France Telecom: An Opportunity To Buy This 10% Dividend Yielder At 52-Week Lows [View article]
Great article, I fully agree France Telecom is an excellent yield investment in the current environment, their growth markets should certainly counter the current weakness in the core, it is worth noting that France Telecom has an excellent triple play offering (IPTV, High speed internet and phone service), I have tried their IPTV product while I was living in Paris, it is certainly far better than what I have seen in North America.
Equal Energy: Broken Management And A Broken Board [View article]
Equal Energy
Attn: Board of Directors
2700, 500 - 4th Avenue SW
Calgary, Alberta, Canada
T2P 2V6
for more details visit:
http://bit.ly/WK5GJw
Regards,
Nawar
Equal Energy: Broken Management And A Broken Board [View article]
Regards,
Nawar
Equal Energy: Broken Management And A Broken Board [View article]
Our run off analysis in case of permanently low propane prices is a value of around $4.5; however we believe propane prices will move significantly higher in 2013/2014 as a result of the upcoming sizable expansion in propane exports, for more details on the numbers please visit: http://bit.ly/VINVya (5 Point Plan section and Fact Sheet section).
Regards,
Nawar
Equal Energy: Broken Management And A Broken Board [View article]
Regards,
Nawar
Equal Energy: Broken Management And A Broken Board [View article]
By the way, shareholders who are interested in participating in /organizing a dissident circular and who are supportive of our 5 Point Plan are welcome to contact me. I need to highlight that at this juncture we are not soliciting for votes, any contact will be for the purpose of exchanging views on the business of the company and for gauging the interest of fellow shareholders in officially joining and working on a dissident process.
Regards,
Nawar
Nawaralsaadi@yahoo.com
Equal Energy: Broken Management And A Broken Board [View article]
Regards,
Nawar
Equal Energy: Broken Management And A Broken Board [View article]
Sorry to lose you, certainly this battle will take sometime, we are confident that we will win and put this company back on the right track, however it will take sometime and I understand if some shareholders are not ready to wait through this process.
Regards,
Nawar
Equal Energy: Broken Management And A Broken Board [View article]
Regards,
Nawar
Equal Energy: Broken Management And A Broken Board [View article]
Regards,
Nawar
Poseidon Concepts: Storms Ahead [View article]
Thanks for your comment, unfortunately I have not been following Poseidon lately as my activist battle at Equal Energy (EQU) is consuming most of my time, should I get a chance, I will post an update in the future.
Regards,
Nawar
Propane Prices Are Set To Rebound Sharply In 2013 [View article]
Thank you for your comment and input on activism, indeed in order to get results, myself and fellow shareholders had to beat on them constantly, and despite the board low shareholdings we have managed to obtain a lot of what we demanded; to his credit the company new chairman (Mr.Botterill) did demonstrate a sensitivity to shareholder's concerns and he has maintained an active and open dialogue with us. We expect the conversion to a trust or MLP to take place in the next couple of weeks.
In terms of valuation, once Equal converts into a Trust or an MLP I expect the stock to trade in the $5 to $6 range based on current energy prices, with a scope for a move into the high single digits should NGL and NG prices rebound as far as I expect in 2013.
Regards,
Nawar
Equal Energy: Still Undervalued With Several Near-Term Catalysts [View article]
I will answer this one. They are both important:
Equal NGL barrel is benchmarked against Conway Propane, however Equal NGLs include other components (35% Ethane, 35% Propane, 15% Butane and 15% Pentane), the price of Ethane has an impact on realizations, in the current low ethane and propane pricing environment Equal realizations increase (and are currently at 93%) since the weighting of the heavy NGLs (Butane and Pentane) is more pronounced, in periods of high ethane and propane prices realizations decrease.
Adam is projecting an 81% realization in his model so he is projecting ethane prices to be low, while Propane, Butane and Pentane will revert back to their historical range thus pulling Equal realizations lower (even though the absolute price per barrel will be higher), overtime he is stating that once ethane reverts back to more normalized pricing this would be a further boost to Equal NGL barrel price.
I expect ethane prices to rise somewhat as propane prices rebound, however I don't expect ethane prices to go back to their historical ranges before 2016 at the earliest when significant new cracking capacity comes into service.
There is much more upside to Propane, Butane and Pentane because they can be exported; Equal NGL mix is quite favourable with only 35% ethane compared to 60%+ ethane for operators in the Marcellus for example and 42% to 45% industry average.
Regards,
Nawar
Poseidon Concepts: Storms Ahead [View article]
Regards,
Nawar
Propane Prices Are Set To Rebound Sharply In 2013 [View article]
We expect propane supply growth from field production to continue in 2013 at a pace of approximately 10% yoy, but increasing volumes of exports out of the US Gulf Coast will likely help rebalance inventories to bring total stocks back to a normal range by 2Q2013. Assuming North America experiences a normal
winter, seasonal heating demand could shift the fundamental balances enough to bring propane prices back toward the historical relationship with WTI crude oil from recently depressed levels. Propane prices could rebound to a range of $1.10 to $1.35/gallon—approxima... 50% to 60% of WTI—given our
forecast for a $95/bbl average for WTI in 1Q2013. While we are not overly optimistic on the future outlook for NGLs in general, some support from seasonal and export factors could provide upside for propane prices in the first half of 2013.
Regards,
Nawar
France Telecom: An Opportunity To Buy This 10% Dividend Yielder At 52-Week Lows [View article]
Regards,
Nawar