Each one in plain English, with the numbers worked through for a shareholder.
13 Apr 2011agm notice● Neutral
Continental posted a notice that proxy materials were available for its annual meeting on May 26, 2011 in Enid, Oklahoma. Items included electing two directors, ratifying Grant Thornton, and advisory votes on executive pay and on how often to hold them.
On March 18, 2011 Continental agreed to buy 20 Broadway Associates LLC from CEO and principal shareholder Harold Hamm for $22,961,628, including the purchase price, commissions and closing costs. The LLC's sole asset is an Oklahoma City building where Continental intends to locate its headquarters in 2012. The Board approved the deal; it is a related-party transaction with the CEO.
On March 3, 2011 Continental and three Hamm family trusts agreed to sell 10,000,000 shares at $68.00 each, closing March 9, 2011. The company sold 9,170,000 shares and the trusts sold 830,000. The company's expected net proceeds are about $600.2 million, to fund its increased 2011 capital budget and repay all amounts outstanding under the $750 million revolver. This means new shares were issued, diluting existing holders, and continues the pre-funding of the accelerated drilling program.
Continental filed a preliminary prospectus supplement for an offering of 10,000,000 common shares, of which it was selling 9,170,000 and selling shareholders 830,000. The price was not yet set, and the last NYSE price was $69.53.
Continental reported a fourth-quarter 2010 net loss of $45.0 million ($0.27 per share) on oil and gas sales of $273.1 million, hit by a $188.4 million derivative loss. Full-year 2010 net income was $168.3 million and proved reserves rose 42% to 364.7 MMBoe.
Bert H. Mackie, H. Thomas Hamm reported a CONTINENTAL RESOURCES, INC shareholding of 14,727,501 shares (8.70% of votes) in a periodic institutional filing.
Continental filed a registration statement offering to swap its $400 million 7 1/8% notes due 2021, issued September 16, 2010, for identical SEC-registered notes. This is the second exchange offer flagged earlier, following the one for the 2020 notes; terms are unchanged apart from the notes becoming freely tradable, and no new money is raised.
Continental's 10-Q for the quarter ended September 30, 2010 showed cash of $149.5 million and long-term debt of $895.9 million. Retained earnings rose to $811.6 million from $598.3 million at the end of 2009.