8 May 2008securities registration● Neutral
ENDEAVOUR INTERNATIONAL CORP 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.
11 Apr 2008substantial holder notice● Neutral
Smedvig QIF Plc, Smedvig Asset Allocation AS, John Thore Olsen disclosed a new substantial ENDEAVOUR INTERNATIONAL CORP shareholding (14.30% of votes).
1 Apr 2008securities registration● Neutral
ENDEAVOUR INTERNATIONAL CORP filed the final prospectus for a registered offering.
14 Mar 2008securities registration● Neutral
ENDEAVOUR INTERNATIONAL CORP registered a securities offering with the SEC using its shelf eligibility.
14 Feb 2008substantial holder notice● Neutral
HBK Investments L.P, HBK Partners II L.P, HBK Management LLC, HBK Master Fund L.P reported a ENDEAVOUR INTERNATIONAL CORP shareholding of 11,931,861 shares (8.70% of votes) in a periodic institutional filing.
14 Feb 2008substantial holder notice● Neutral
Luxor Capital Partners, LP, LCG Select, LLC, Luxor Capital Partners Offshore, Ltd, LCG Select Offshore, Ltd, Luxor Capital Group, LP, Luxor Management, LLC, LCG Holdings, LLC, Christian Leone reported a ENDEAVOUR INTERNATIONAL CORP shareholding of 4,502,833 shares (3.50% of votes) in a periodic institutional filing.
13 Feb 2008substantial holder notice● Neutral
Eton Park Fund, L.P., Eton Park Master Fund, Ltd., Eton Park Associates, L.P., Eton Park Capital Management, L.P., Eric M. Mindich reported a ENDEAVOUR INTERNATIONAL CORP shareholding of 11,524,342 shares (8.38% of votes) in a periodic institutional filing.
13 Feb 2008substantial holder notice● Neutral
GS INVESTMENT STRATEGIES, LLC disclosed a new substantial ENDEAVOUR INTERNATIONAL CORP shareholding (9.80% of votes).
11 Feb 2008substantial holder notice● Neutral
THE GOLDMAN SACHS GROUP, INC., GOLDMAN, SACHS & CO. reported a ENDEAVOUR INTERNATIONAL CORP shareholding of 537,839 shares (4.00% of votes) in a periodic institutional filing.
28 Jan 2008capital raising announcement● NeutralMajor
The $40 million 11.5% convertible bond sale announced in December 2007 closed, with the Smedvig Family Office of Norway as investor (bonds bought via Smedvig QIF Plc), and the Smedvig family committed a further $60 million for future investments on terms to be set later. The bonds convert at an initial price stated as $2.36, and the company also borrowed $25 million under a new bank facility (LIBOR+3.5% in year one, LIBOR+5.5% after, due Oct 11, 2011). Together with existing cash these repaid the $75 million second lien term loan from the 2006 Talisman purchase, plus about $3.6 million of interest and fees; this resolves the open thread on the bond closing. Conversion into common stock could dilute shareholders.
28 Dec 2007material agreement● NeutralMajor
Endeavour announced on December 26, 2007 an agreement to sell $40.0 million of 11.5% convertible bonds due 2014 to a qualified institutional investor. The bonds would be issued by a wholly owned Luxembourg subsidiary and guaranteed by the company, with closing planned for January 2008 subject to conditions. The company says it intends to use the proceeds to repay existing higher-cost debt. Conversion into common stock could dilute shareholders; the filing does not state the conversion price.
10 Aug 2007substantial holder notice● Neutral
The Goldman Sachs Group, Inc., Goldman, Sachs & Co. reported a ENDEAVOUR INTERNATIONAL CORP shareholding of 13,497,795 shares (10.20% of votes) in a periodic institutional filing.
14 Feb 2007substantial holder notice● Neutral
LCG Select, LLC, Luxor Capital Partners Offshore, Ltd, LCG Select Offshore, Ltd, Luxor Capital Group, LP, Luxor Management, LLC, LCG Holdings, LLC, Christian Leone reported a ENDEAVOUR INTERNATIONAL CORP shareholding of 8,156,503 shares (6.90% of votes) in a periodic institutional filing.
14 Feb 2007substantial holder notice● Neutral
The Goldman Sachs Group, Inc., Goldman, Sachs & Co. disclosed a new substantial ENDEAVOUR INTERNATIONAL CORP shareholding (9.50% of votes).
14 Feb 2007substantial holder notice● Neutral
HBK Investments L.P, HBK Partners II L.P, HBK Management LLC, HBK Master Fund L.P reported a ENDEAVOUR INTERNATIONAL CORP shareholding of 11,178,896 shares (8.50% of votes) in a periodic institutional filing.
13 Feb 2007substantial holder notice● Neutral
Citadel Limited Partnership, Citadel Investment Group, L.L.C, Kenneth Griffin, Citadel Equity Fund Ltd reported a ENDEAVOUR INTERNATIONAL CORP shareholding of 4.00% of votes in a periodic institutional filing.
12 Jan 2007securities registration● Neutral
ENDEAVOUR INTERNATIONAL CORP amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
10 Jan 2007substantial holder notice● Neutral
Morgan Stanley I.R.S. #, Morgan Stanley Capital Services Inc reported a ENDEAVOUR INTERNATIONAL CORP shareholding of 5,825,054 shares (4.90% of votes) in a periodic institutional filing.
19 Dec 2006securities registration● Neutral
ENDEAVOUR INTERNATIONAL CORP filed the final prospectus for a registered offering.
13 Dec 2006securities registration● Neutral
ENDEAVOUR INTERNATIONAL CORP registered a securities offering with the SEC using its shelf eligibility.
9 Nov 2006substantial holder notice● Neutral
HBK Investments L.P disclosed a new substantial ENDEAVOUR INTERNATIONAL CORP shareholding (8.70% of votes).
8 Nov 2006substantial holder notice● Neutral
Eton Park Fund, L.P., Eton Park Master Fund, Ltd., Eton Park Associates, L.P., Eton Park Capital Management, L.P., Eric M. Mindich disclosed a new substantial ENDEAVOUR INTERNATIONAL CORP shareholding (8.68% of votes).
7 Nov 2006asset acquisition disposition● Neutral
This amendment repeats the November 6 report on the Talisman Expro purchase and adds the second lien credit agreement, audited revenue and expense statements for the acquired properties and pro forma financial statements, which were left out of the first filing. The text changes the Bittern interest from 2.38% to 2.42%; the deal terms are otherwise unchanged.
6 Nov 2006asset acquisition disposition● NeutralMajor
Endeavour completed the Talisman Expro Limited purchase on November 1, 2006 for $374 million after preliminary adjustments (estimated total net cash cost about $418 million), giving it its first UK production, about 8,800 BOE per day over the first half of 2006. It financed this with the 35 million share offering ($82 million gross), $125 million of Series A preferred, $150 million drawn on a new $225 million senior bank facility (BNP Paribas and Bank of Scotland) and $75 million from a second lien term loan at LIBOR plus 7% (Credit Suisse as agent). This resolves the May 2006 option agreement and adds secured debt with financial covenants. Series C and D preferred designations were filed but none issued, and bylaws were amended to opt out of certain Nevada control-share statutes.
25 Oct 2006listing compliance notice▼ BadMajor
Endeavour agreed on October 19, 2006 to sell 35,000,000 common shares through J.P. Morgan and Credit Suisse underwriters at $2.35 to the public ($2.24425 to the underwriters), with a 30-day option for 5,250,000 more; the offering closed October 25, 2006. It also agreed to sell $125 million of Series A convertible preferred stock at an initial conversion price of $2.50, with a 10.0% cumulative dividend if paid in cash and 10.42% if paid in stock. The rate drops to 8.5% (cash) or 8.92% (stock) if stockholders approve an exchange for a new series with extra antidilution protection. These raises, with a planned second lien term loan, fund the Talisman Expro purchase; the share issues dilute existing holders, and the new shares are priced well below the $5.02 level of the 2005 CFO grants and the 2005 notes' conversion price (about $5.02).
20 Oct 2006securities registration● Neutral
ENDEAVOUR INTERNATIONAL CORP filed a prospectus supplement for an offering off its existing shelf.
20 Oct 2006securities registration● Neutral
ENDEAVOUR INTERNATIONAL CORP filed a free-writing prospectus - marketing material for an offering in progress.
19 Oct 2006securities registration● Neutral
ENDEAVOUR INTERNATIONAL CORP filed a free-writing prospectus - marketing material for an offering in progress.
12 Oct 2006securities registration● Neutral
ENDEAVOUR INTERNATIONAL CORP filed a prospectus supplement for an offering off its existing shelf.
10 Oct 2006material agreement termination● NeutralMajor
On October 9, 2006 Endeavour changed its top management. William Transier became chairman, CEO and president, with pay raised to $800,000 a year from September 9, 2006, and he will be based in the UK office. John Seitz, formerly co-CEO, resigned as an officer and became vice chairman of the board; his employment agreement is replaced by a consulting agreement running through December 31, 2008 at $300,000 a year plus a bonus set by the board. Neither change accelerates vesting of existing options or restricted stock. This ends the co-CEO structure in place since February 2004.