Past year: ▼ 100%(0.10c – 28.9c USD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
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.
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.
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24 Feb 2009capital raising announcement▼ BadMajor
BPZ closed a private placement on February 23, 2009 of about 14.3 million shares at $3.05, raising about $43.6 million (up to about $48.0 million if IFC takes up its right to buy 1.4 million more shares). Shares outstanding rise to 93,054,150. The press release says proceeds go mainly to oil development in Corvina and Albacora, including payment of accounts payable. This dilutes existing holders, and the price is well below the $20.00 public offering of March 2008. The company also owes registration-rights obligations with potential penalties of up to about $5.7 million.
What it means for a shareholder
14.3m new shares at $3.05 to raise about $43.6m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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9 May 2007capital raising announcement▲ GoodMajor
On May 8, 2007 BPZ completed the initial closing of a private placement of 6.7 million shares at $5.25, about $35 million gross, to sixteen investors. This is a much higher price than the $2.75 to $3.00 of earlier placements. Morgan Keegan gets a 2% advisory fee. A resale registration statement is due within 30 days, with penalties up to 18% (about $6.3 million) if deadlines are missed. The press release cites a Corvina well test of 5,900 barrels of oil a day and says part of the proceeds will speed development of the Corvina oil discovery. Shares outstanding rose to 61,167,869 (74,824,869 fully diluted).
What it means for a shareholder
6.7m new shares at $5.25 to raise about $35.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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22 Dec 2006capital raising announcement▲ GoodMajor
The International Finance Corporation (IFC) bought 6,500,000 shares at $3.00 (about $19.5 million) on Dec 20, 2006, and its board approved a $120 million financing package. The other $100.5 million is $30.5 million of IFC debt and $70 million from other lenders, still subject to choosing lenders and signing loan documents, so there is no binding commitment yet. IFC gets pre-emptive rights and approval rights over mergers, asset sales and business changes while it holds 5% or more. This advances the IFC financing thread, though the debt portion is unresolved. Shares outstanding rose to 53,852,217 (67,933,369 fully diluted).
6 July 2006capital raising announcement● NeutralMajor
On June 30, 2006 BPZ sold 4,482,000 shares at $2.75 to eight investors, raising about $12.3 million, lower than the $3.00 prices of the 2005 and March 2006 placements. Morgan Keegan received warrants for 150,000 shares at $3.00 expiring June 30, 2011. Resale registration is due 30 days after the restated filings are filed. Shares outstanding rose to 47,115,747 (60,724,399 fully diluted).
What it means for a shareholder
4.5m new shares at $2.75 to raise about $12.3m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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14 Mar 2006capital raising announcement● Neutral
BPZ sold 1,670,000 shares at $3.00 to four institutional and accredited investors on March 10, 2006, raising about $5.0 million. It must file a resale registration statement within 60 days of closing, with fees owed if it misses the filing or effectiveness deadlines. Shares outstanding rose to 42,282,000 (54,690,000 fully diluted).
22 July 2005capital raising announcement▲ GoodMajor
Now named BPZ Energy, the company raised about $34.4 million gross ($31.8 million net) by selling 11,466,000 shares at $3.00 to accredited investors, with Morgan Keegan as placement agent (7% fee plus 100,000 warrants at $3.00). That brings shares outstanding to about 37,429,000, and it must file a resale registration within 30 days or may owe fees. Management says this plus an expected $70 million IFC financing funds a roughly $100 million 2005/2006 capital program for its Peru gas-to-power plan.
What it means for a shareholder
11.5m new shares at $3.00 to raise about $34.4m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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