17 Dec 2012substantial holder notice● Neutral
Anthony Melchiorre, Chatham Asset Management, LLC, Chatham Asset High Yield Master Fund, Ltd disclosed a new substantial GMX RESOURCES INC shareholding (7.90% of votes).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 Dec 2012capital raising announcement▼ BadMajor
On Dec 6-7, 2012 GMX won consents from holders of $288.469M of its 2017 notes, signed a supplemental indenture, and closed the private placement from the November commitments: $30.0M of new Series B 2017 senior secured notes (about $27.1M net of discount) plus 15,979,253 shares (5,942,034 at $0.48 and 10,037,219 at $0.01). Net cash was about $30.1M, and the notes must be used to retire the remaining $27.1M of 2013 convertible notes. The Series B notes pay 11% in cash or 15% if paid in more notes, and rank equally with the existing 2017 notes. This completes the November financing and dilutes shareholders. The filing text was truncated, so later terms are not seen.
20 Nov 2012securities registration● Neutral
GMX RESOURCES INC filed notice of an exempt private placement.
9 Nov 2012quarterly activities report▼ Bad
GMX RESOURCES INC reported a quarterly net loss of $58.1 million for the period ended 2012-09-30.
9 Nov 2012capital raising announcement▼ BadMajor
On Nov 7, 2012 GMX signed commitment agreements with holders of about 72% of its 2017 secured notes (including GSO Capital Partners), giving GMX the option to sell them $30.0M of additional senior secured notes and 5,942,034 new shares at $0.48 each. Holders would also get a 3.0% cash fee and up to 10,037,219 shares at $0.01 as payment for the commitment, so existing shareholders face dilution of up to 15,979,253 shares. Closing depends on definitive documents and consent from a majority of the existing noteholders to indenture changes.
8 Nov 2012quarterly activities report▼ Bad
GMX RESOURCES INC reported a quarterly net loss of $58.1 million for the period ended 2012-09-30.
29 Oct 2012asset acquisition disposition▲ GoodMajor
On Oct 24, 2012 GMX closed the $69.0M sale of its Cotton Valley Sands and shallow-rights properties in East Texas and Louisiana to Summit Energy, effective Sep 1, 2012. Estimated proceeds after expenses and September 2012 adjustments were about $66.7M, and GMX will provide transition services for at least three months. This completes the sale agreed on Oct 1; the filing does not say how the cash will be used.
5 Oct 2012material agreement● NeutralMajor
On Oct 1, 2012 GMX agreed to sell certain operated and non-operated Cotton Valley Sands and shallow-rights oil and gas properties in East Texas and Louisiana to Summit Energy, LLC for $69.0M, subject to adjustments. Effective date is Sep 1, 2012 and closing is expected Oct 24, 2012; GMX will provide transition services for at least three months. This is the Cotton Valley sale the company had been considering, and it brings in cash, but the filing does not say how the proceeds will be used.
20 Sept 2012capital raising announcement● NeutralMajor
On Sep 19, 2012 GMX completed its exchange offers, issuing $51.458M of new 9% Senior Secured Second-Priority Notes due Mar 2018 and 7,176,384 common shares. It retired $24.918M of 2013 convertibles (for $24.918M of new notes and 7,136,384 shares) and $37.954M of 2015 convertibles (for $26.54M of new notes). The new notes rank behind the 2017 first-lien notes, and interest can be paid in stock before Sep 19, 2014. This swaps convertible debt for secured debt and adds shares, diluting shareholders. It resolves the August exchange offer; the tender total (about $62.9M) is below the $52.0M-plus-2015 cap but the filing doesn't say what remains outstanding.
13 Sept 2012securities registration● Neutral
GMX RESOURCES INC amended a filing by which it applied to qualify a debt indenture with the SEC.
17 Aug 2012securities registration● Neutral
GMX RESOURCES INC applied to qualify a debt indenture with the SEC.
9 Aug 2012quarterly activities report▼ Bad
GMX RESOURCES INC reported a quarterly net loss of $58.1 million for the period ended 2012-09-30.
9 Aug 2012quarterly activities report▼ Bad
GMX RESOURCES INC reported a quarterly net loss of $58.1 million for the period ended 2012-09-30.
9 Aug 2012business combination● NeutralMajor
On Aug 9, 2012 GMX launched an offer to swap its roughly $52.0M of 2013 convertible notes ($51.997M outstanding) and a limited amount of its 2015 convertibles for new second-priority secured notes due 2018. 2013 holders would get $1,000 of new notes plus 288 shares per $1,000, and 2015 holders $700 of new notes per $1,000, with new notes capped at $60M in total. The new notes pay 9% and are secured by the company's assets (not subsidiaries'); the offer expires Sep 6, 2012 unless extended. This turns the piecemeal stock swaps into a single, larger exchange.
11 July 2012substantial holder notice● Neutral
BlackRock, Inc reported a GMX RESOURCES INC shareholding of 1,638,565 shares (2.24% of votes) in a periodic institutional filing.
5 July 2012director interest notice● Neutral
GMX RESOURCES INC President Rohleder Michael J had 19,515 shares withheld for taxes on vesting stock.
5 July 2012director interest notice● Neutral
GMX RESOURCES INC Executive Vice President, Land Gary D Jackson had 9,323 shares withheld for taxes on vesting stock.
5 July 2012director interest notice● Neutral
GMX RESOURCES INC Executive VP-Geosciences Benton Timothy L had 10,758 shares withheld for taxes on vesting stock.
5 July 2012director interest notice● Neutral
GMX RESOURCES INC Executive VP, Finance Harry C Jr. Stahel had 8,606 shares withheld for taxes on vesting stock.
22 June 2012listing compliance notice▼ BadMajor
On Jun 20, 2012 the NYSE told GMX its stock is out of compliance with the listing rule requiring an average closing price of at least $1.00 over 30 trading days. GMX has six months to get back above $1.00, or it can pursue an action needing shareholder approval such as a reverse stock split; the stock stays listed for now. The CEO said the share price does not reflect the value of the oil and gas assets.
5 June 2012director interest notice● Neutral
GMX RESOURCES INC Executive VP-Geosciences Benton Timothy L had 2,402 shares withheld for taxes on vesting stock.
17 May 2012capital raising announcement▼ Bad
On May 16, 2012 GMX agreed with seven holders to swap $2.675M of its 5.00% 2013 Convertible Senior Notes for 2,370,421 new common shares, plus cash for accrued interest. This continues the stock-for-debt swaps; the shares issued per dollar of notes are noticeably higher than in April (about 886 shares per $1,000 vs. about 577, by my arithmetic), so each swap dilutes more.
10 May 2012quarterly activities report▼ Bad
GMX RESOURCES INC reported a quarterly net loss of $104.3 million for the period ended 2012-06-30.
8 May 2012agm notice● Neutral
GMX RESOURCES INC announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
2 May 2012quarterly activities report▼ Bad
GMX RESOURCES INC reported a quarterly net loss of $104.3 million for the period ended 2012-06-30.
26 Apr 2012capital raising announcement● Neutral
On Apr 25, 2012 GMX agreed with two holders to swap $4.7M of its 5.00% 2013 Convertible Senior Notes for 2,714,084 new common shares, plus cash for accrued interest. It continues the series of stock-for-debt swaps, reducing the 2013 notes but adding to the share count. Shares issued per $1,000 of notes are higher than in March (about 577 vs. about 545 on Mar 23, by my arithmetic).
25 Apr 2012agm notice● Neutral
GMX RESOURCES INC announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
24 Apr 2012agm notice● Neutral
GMX RESOURCES INC announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
16 Apr 2012quarterly activities report▼ Bad
GMX RESOURCES INC reported a quarterly net loss of $38.8 million for the period ended 2012-03-31.
12 Apr 2012agm notice● Neutral
GMX RESOURCES INC announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).