3 May 2010securities registration● Neutral
BPZ RESOURCES, INC. amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
16 Mar 2010late filing notice▼ Bad
BPZ RESOURCES, INC. notified the SEC that its annual report would be filed late.
15 Mar 2010capital raising announcement● NeutralMajor
On March 12, 2010 BPZ closed a further $9.9 million of the same 6.50% convertible notes, bought by IFC through its participation right, bringing the total to $170.9 million. Net proceeds across all closings were about $165.4 million. This finishes the note offering, with IFC, already an existing shareholder, taking part.
25 Feb 2010director interest notice● Neutral
Stephen C Beasley became a BPZ RESOURCES, INC. director and company insider (initial ownership filing).
25 Feb 2010director interest notice● Neutral
James B Taylor became a BPZ RESOURCES, INC. director and company insider (initial ownership filing).
17 Feb 2010capital raising announcement● NeutralMajor
The initial purchaser exercised its option in full, and on February 12, 2010 BPZ closed another $21 million of the 6.50% convertible notes, bringing the total to $161 million. Net proceeds across both closings were about $155.8 million. This continues the February 8 note sale and enlarges the debt and potential share conversion.
16 Feb 2010substantial holder notice● Neutral
SOROS FUND MANAGEMENT LLC, GEORGE SOROS, ROBERT SOROS, JONATHAN SOROS reported a BPZ RESOURCES, INC. shareholding of 10,173,175 shares (8.84% of votes) in a periodic institutional filing.
12 Feb 2010substantial holder notice● Neutral
Centennial Energy Partners, L.L.C, Peter K. Seldin reported a BPZ RESOURCES, INC. shareholding of 10,246,877 shares (8.90% of votes) in a periodic institutional filing.
9 Feb 2010capital raising announcement● NeutralMajor
BPZ closed a private sale of $140 million of 6.50% convertible senior notes due March 1, 2015 on February 8, 2010 (agreement dated February 3). Net proceeds were about $135.5 million, for general purposes including capital spending, working capital and reducing or refinancing debt. Holders can convert into shares at about $6.74 per share (shares delivered capped at 19.99% of outstanding). The initial purchaser also holds a 30-day option for $21 million more, and IFC can join until March 15, 2010. This is new debt that could convert into shares, so it adds possible dilution.
4 Feb 2010substantial holder notice● Neutral
INTERNATIONAL FINANCE CORPORATION reported a BPZ RESOURCES, INC. shareholding of 11,253,295 shares (9.80% of votes) in a periodic institutional filing.
27 Nov 2009material agreement● NeutralMajor
On November 20, 2009 BPZ and GE signed a letter agreement on the $51.5 million turbine contract: BPZ paid milestone 5 ($3.5 million) that day, owes $1.0 million by December 15, 2009 and $2.5 million by March 26, 2010, then monthly payments, with a final $20.7 million due December 1, 2010. If BPZ has not obtained financing by December 1, 2010, the contract ends and all money paid goes to GE as termination fees. This replaces the January 2009 suspension terms and keeps the gas-to-power turbines alive but with firm payment deadlines.
12 Nov 2009securities registration● Neutral
BPZ RESOURCES, INC. amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
2 Nov 2009listing compliance notice▼ BadMajor
BPZ RESOURCES, INC.'s securities were notified for removal from listing and registration on its exchange.
23 Oct 2009listing compliance notice▲ Good
BPZ told NYSE Amex on October 19, 2009 that it is voluntarily moving its listing to the New York Stock Exchange, with the last NYSE Amex trading day October 23, 2009 and NYSE trading expected from about October 26, 2009 under the same symbol BPZ. This is a voluntary move, not a compliance problem, and it resolves the earlier open item about the listing.
21 Oct 2009securities registration● Neutral
BPZ RESOURCES, INC. registered a securities offering with the SEC using its shelf eligibility.
21 Oct 2009listing compliance notice▲ GoodMajor
the New York Stock Exchange certified BPZ RESOURCES, INC.'s securities for listing, clearing them to begin trading.
8 Oct 2009director interest notice● Neutral
BPZ RESOURCES, INC. director E Barger III Miller sold 5,000 shares at $7.15.
16 Sept 2009capital raising announcement● Neutral
On September 15, 2009 BPZ sold about 1.6 million shares to IFC at $4.66, raising about $7.6 million. IFC used its pre-emptive right tied to the June 2009 offering, and shareholders approved the sale at a special meeting on August 24, 2009. Shares outstanding are now 115,066,010 (119,648,508 fully diluted). This completes the IFC participation rights that were outstanding after the earlier placements.
What it means for a shareholder
1.6m new shares at $4.66 to raise about $7.6m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
28 Aug 2009director interest notice● Neutral
BPZ RESOURCES, INC. director E Barger III Miller sold 5,000 shares at $6.50.
10 Aug 2009director interest notice● Neutral
BPZ RESOURCES, INC. director Lendrum John J III received a stock option grant for 50,000 shares.
10 Aug 2009director interest notice● Neutral
BPZ RESOURCES, INC. director Gray Gordon received a stock option grant for 50,000 shares.
10 Aug 2009director interest notice● Neutral
BPZ RESOURCES, INC. director Strauch Dennis G received a stock option grant for 50,000 shares.
6 July 2009substantial holder notice● Neutral
SPO Partners II, L.P, SPO Advisory Partners, L.P, San Francisco Partners, L.P, SF Advisory Partners, L.P, SPO Advisory Corp, John H. Scully, William E. Oberndorf, William J. Patterson, Edward H. McDermott disclosed a new substantial BPZ RESOURCES, INC. shareholding (9.50% of votes).
1 July 2009director interest notice● Neutral
BPZ RESOURCES, INC. CFO Caminos Edward G received 18,200 shares and a 54,550-share option grant as part of the equity award.
1 July 2009director interest notice● Neutral
BPZ RESOURCES, INC. President & CEO Zuniga Pflucker Manuel Pablo received 38,250 shares and a 114,750-share option grant as part of the equity award.
1 July 2009director interest notice● Neutral
BPZ RESOURCES, INC. VP-Chief Accounting Officer Heath Woods Cleaver received 8,800 shares and a 26,450-share option grant as part of the equity award.
1 July 2009director interest notice● Neutral
BPZ RESOURCES, INC. Chief Operating Officer Briens Frederic received 21,200 shares and a 63,600-share option grant as part of the equity award.
1 July 2009director interest notice● Neutral
BPZ RESOURCES, INC. Chairman Zuniga-rivero Fernando J received 23,850 shares and a 71,500-share option grant as part of the equity award.
29 June 2009material agreement● NeutralMajor
On June 25, 2009 BPZ agreed to sell 18.8 million shares at $4.66 each in a registered offering under its shelf registration, with closing expected around June 30, 2009. Placement agents (Canaccord Adams, Raymond James, Pritchard, Rodman & Renshaw, Wunderlich) receive a 5% fee. This is further dilution after the February private placement at $3.05, at a higher price. The filing does not state the use of proceeds, and gross proceeds are not stated (implied by the numbers at roughly $87 million; this is an inference).
26 June 2009securities registration● Neutral
BPZ RESOURCES, INC. filed the final prospectus for a registered offering.