Each one in plain English, with the numbers worked through for a shareholder.
9 Feb 2022substantial holder notice● Neutral
Karlin Energy, LLC, Karlin Asset Management, Inc, Karlin Holdings Limited Partnership, Gary Karlin Michelson MD Living Trust dated, Gary Karlin Michelson reported no remaining CONTANGO OIL & GAS CO shareholding in its periodic institutional filing.
CONTANGO OIL & GAS CO SVP-Chief Operating Officer Chad B Roller acquired 975,000 shares and disposed of 984,275 in a set of related equity transactions.
CONTANGO OIL & GAS CO SVP/General Counsel/Corp Sec Charles L Mclawhorn III acquired 697,500 shares and disposed of 705,473 in a set of related equity transactions.
CONTANGO OIL & GAS CO Vice President Operations Michael J Autin acquired 787,500 shares and disposed of 818,121 in a set of related equity transactions.
CONTANGO OIL & GAS CO Chief Executive Officer Wilkie Schell Colyer Jr. acquired 4,716,315 shares and disposed of 5,789,571 in a set of related equity transactions.
The Independence Energy combination closed on December 7, 2021. Each Contango share was converted into 0.2000 share of Crescent Energy Class A stock (cash for fractions), leaving former Contango holders with about 25% of Crescent. Contango's JPMorgan credit agreement was paid off and terminated, its hedges moved to Crescent, its directors and officers left their roles, and it is now an indirect subsidiary of Crescent (renamed L Merger Sub LLC). Contango stock stops trading on the NYSE American before the open on December 8, 2021, and the company intends to file a Form 15 to end its SEC reporting. This closes the merger thread begun in June 2021.
Contango sent shareholders its final proxy statement on November 3, 2021 for a December 6, 2021 special meeting to vote on the Independence Energy combination announced in June. The board unanimously recommends approval. Each Contango share converts into 0.2 share of the new company (to be called Crescent Energy, planned NYSE ticker CRGY), and former Contango holders would own about 25% of the combined company, up slightly from the 24% first stated. A majority of outstanding shares must approve the merger. The meeting also covers a share issuance for equity awards and an advisory vote on executive pay tied to the deal.