Carbon Energy Corp (CRBO): announcements explained, share price

Announcements, explained

Each one in plain English, with the numbers worked through for a shareholder.

21 Aug 2007business combination● NeutralMajor

The shell (then The St. Lawrence Seaway Corporation) told shareholders that when the January 2007 Bernard Zimmerman & Company deal closes, three of four directors (Brown, Greenblatt, Nir) will resign and Zimmerman, Duane Berlin and Ronald Zlatniski will join Edward Grier, with Zimmerman becoming chairman, CEO, president and principal financial officer. Zimmerman's firm would hold 325,000 shares (43.2%) counting its 250,000 warrants; this is the control change that the earlier Zimmerman investment terms set up. No shareholder vote is needed.

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19 Apr 2007material agreement● Neutral

The Zimmerman investment terms were amended twice in April, setting out the shareholder votes needed to complete it: moving the company from Indiana to Delaware, creating a Class A 'tracking' stock for the old medical investments, cutting the par value and electing new directors.

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10 Jan 2007material agreement● Neutral

Merchant bank Bernard Zimmerman & Company agreed to put $75,000 into the shell for 75,000 shares plus a ten-year warrant over 250,000 more at $1.00 - the small cheque that began the shell's conversion into an acquisition vehicle.

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30 June 2006financial restatement▼ BadMajor

The company withdrew its audited accounts for the year to March 2005 after finding it had accounted wrongly for its share of T3 Therapeutics' research spending; the restated loss per share widened from 18 cents to 27 cents. For a shell whose only asset was that stake, this was the accounts of the whole business being redone.

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1 June 2006auditor change● Neutral

Auditor Sallee & Company resigned and Mahoney Sabol & Company was hired in its place - the first of four auditor changes this shell would make in five years.

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21 Nov 2005material agreement● Neutral

The company, then an Indiana shell called The St. Lawrence Seaway Corporation, rewrote the terms of its only real asset: a 12.5% preferred stake in T3 Therapeutics, a drug-development venture it had funded with $750,000 back in 2002. Nothing to do with oil and gas yet.

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