Past year: ▼ 85%(0.20c – 1.70c USD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Apr 2014capital raising announcement● NeutralMajor
On April 16, 2014 Endeavour settled the SM Energy litigation over the terminated Marcellus purchase, paying $5 million and issuing a $4.5 million note payable in three graduated payments starting in twelve months. It also issued SM Energy warrants for 2,130,680 shares at $5.29 expiring April 2019, which could dilute shareholders. This resolves the open SM Energy dispute.
13 Mar 2014capital raising announcement● Neutral
On March 7, 2014 Endeavour exercised its option under the Whitebox agreement and issued another $5 million of 6.5% convertible notes on the same terms (convertible at about $4.662 per share), bringing the notes to $17.5 million. This continues the February financing and adds potential dilution.
6 Mar 2014capital raising announcement● NeutralMajor
On February 28, 2014 Endeavour sold Whitebox funds 2,917,834 shares plus warrants for 729,459 shares ($5.292 exercise price, expiring 2019) for $12.5 million, and $12.5 million of 6.5% convertible notes (convertible at about $4.662 per share), closed March 3. Whitebox also has a 90-day option for up to $30 million more, and the company has an option for up to $5 million more of notes if the stock closes above $5.00. The shares, warrants and convertible notes would dilute existing shareholders.
28 May 2013capital raising announcement▼ BadMajor
On May 21, 2013 the Cidoval production payment was amended, raising the termination amount by $20,192,037 to $145,767,962. Macquarie Bank received warrants for 560,000 shares at $3.685 expiring May 2018, adding to potential dilution. This continues the April production payment; the filing does not state the purpose of the increase.
What it means for a shareholder
560,000 new shares at $3.69 to raise about $2.1m. That's 1.2% dilution: every existing holder's slice gets 1.2% smaller. If you held $1,000 of shares (271 at the issue price), your slice goes from 0.000575% to 0.000568% of the company. To keep it you'd need 3 more shares - about $11 at the issue price.
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1 May 2013capital raising announcement▼ BadMajor
On April 30, 2013 Endeavour's UK subsidiary granted Cidoval S.à r.l. a production payment over part of its Alba and Bacchus production, to end when it repays a termination amount of $125,575,926 or production ceases. The filing states no cash proceeds received. It is secured by first liens on the Alba and Bacchus interests and second liens on other assets, behind Cyan. Investors also received warrants for 3,440,000 shares at $3.014 expiring April 2018, which could dilute shareholders. The $3.014 exercise price is well below the $7.31 and $10.50 on earlier warrants (a comparison from the context, not stated in the filing).
What it means for a shareholder
3.4m new shares at $3.01 to raise about $10.4m. That's 6.8% dilution: every existing holder's slice gets 6.8% smaller. If you held $1,000 of shares (332 at the issue price), your slice goes from 0.000703% to 0.000655% of the company. To keep it you'd need 24 more shares - about $72 at the issue price.
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15 Jan 2013capital raising announcement● NeutralMajor
On January 9, 2013 Endeavour replaced the Nordea-backed letters of credit (£20.6M, about $33.0M) with a new arrangement through Deutsche Bank, with cash pledged by shareholder HBK Master Fund via Max Participations II. It matures July 9, 2014 and costs 9% a year plus a 1% initial fee, a 2% fee on termination and 0.65% to cover bank fees. HBK received warrants for 1,000,000 shares at $7.31 expiring January 2018, which could dilute shareholders. The old Yellow Rock agreement was terminated with about $3.8 million of fees paid. The filing says the letters of credit have been outstanding and unchanged since 2006 and secure UK decommissioning obligations.
What it means for a shareholder
1.0m new shares at $7.31 to raise about $3.8m. That's 2.1% dilution: every existing holder's slice gets 2.1% smaller. If you held $1,000 of shares (137 at the issue price), your slice goes from 0.000293% to 0.000287% of the company. To keep it you'd need 3 more shares - about $22 at the issue price.
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30 May 2012capital raising announcement● NeutralMajor
On May 23, 2012 Endeavour arranged new letters of credit of £20.6 million (about $32.3 million) from Nordea Bank Norge, backed by cash pledged by outside investors including Smedvig affiliates. This freed £20.6 million of restricted cash for general use. In return Endeavour UK pays 11.5% a year (added to the balance quarterly) plus a 2% initial fee, and the company issued the investors warrants over 2,000,000 shares at $10.50, expiring January 24, 2016. The letters cover decommissioning obligations on UK licences and expire May 22, 2013. This follows the Commonwealth Bank collateral demand, and the warrants add possible dilution.
What it means for a shareholder
2.0m new shares at $10.50 to raise about $20.6m. That's 5.0% dilution: every existing holder's slice gets 5.0% smaller. If you held $1,000 of shares (95 at the issue price), your slice goes from 0.000251% to 0.000239% of the company. To keep it you'd need 5 more shares - about $53 at the issue price.
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22 July 2011capital raising announcement● NeutralMajor
Endeavour closed the sale of $135 million of 5.5% convertible senior notes due July 15, 2016 (including a fully exercised $15 million extra allotment), with net proceeds of about $130.0 million. The notes convert at roughly $18.51 per share, so they could dilute shareholders if converted. The proceeds are to fund the pending Marcellus purchase, with the rest for general purposes; if that deal fails, the company intends to use them for general purposes, possibly including repaying debt. This continues the financing for the July 2011 Marcellus deal.
5 Feb 2010capital raising announcement● NeutralMajor
Endeavour sold 23,457,779 new common shares at $0.90 each in a private placement, mainly to existing stockholders and certain directors, for about $20.5 million net. The money is meant to partly fund the 2010 capital budget, and the company must file a resale registration within 60 days. Existing shareholders are diluted by the new shares.
What it means for a shareholder
23.5m new shares at $0.900 to raise about $20.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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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.
30 Jan 2006capital raising announcement● Neutral
Endeavour settled its litigation with The GHK Company, GHK/Potato Hills Limited Partnership and Brian F. Egolf on January 25, 2006. It must issue them 1,500,000 common shares within fifteen days, in return for a full mutual release and dismissal of all pending suits with prejudice. It must also file a resale registration within sixty days of the registration rights agreement. The filing gives no cash amount; the new shares dilute existing holders.
19 Sept 2005capital raising announcement● Neutral
New executive vice president and CFO Lance Gilliland received inducement grants of 400,000 restricted shares and options on 400,000 shares at $5.02, based on the August 26, 2005 start of his employment. Both vest one-third on each of the first three anniversaries. This adds shares for management and is dilutive to existing holders.
What it means for a shareholder
400,000 new shares at $5.02 to raise about $2.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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2 Mar 2005capital raising announcement● Neutral
Endeavour sold a further $1.5 million of its 6.00% convertible senior notes due 2012 on March 1, 2005, bringing the total issued to $81.25 million, with the same terms as before. Fees across the offerings are estimated at $4.0 million. The $81.25 million total is above the original $65 million plus $16.25 million option.
25 Feb 2005capital raising announcement● Neutral
Endeavour sold another $14.75 million of its 6.00% convertible senior notes due 2012 on February 24, 2005, as investors exercised part of their option from the January placement, bringing the total to $79.75 million. The terms are unchanged, including conversion at about $5.02 per share. Placement fees and expenses for both rounds are estimated at $4.0 million.
24 Jan 2005capital raising announcement● NeutralMajor
Endeavour raised $65 million through a private placement of 6.00% convertible senior notes due 2012, with investors holding a 30-day option for up to $16.25 million more. The notes convert into stock at about $5.02 per share and can be called after five years. Proceeds are for exploring and developing oil and gas properties, working capital and general corporate purposes. This is Endeavour's first convertible debt in this record and could dilute shareholders if converted. (The filing text says 'January 20, 2004', which appears to be a typo for 2005, as the indenture is dated January 20, 2005.)
