Each one in plain English, with the numbers worked through for a shareholder.
13 Jan 2017business combination● NeutralMajor
After the Venezuela sale, Harvest filed a preliminary proxy for a special meeting (record date 23 January 2017) asking holders to authorize selling all its Gabon interests to BW Energy Gabon Pte. Ltd. under a December 2016 agreement for $32 million in cash (the fee basis), plus an advisory vote on executive sale-related pay. It also asks holders to authorize the complete liquidation and dissolution of the company, which the board approved on 30 December 2016 and unanimously recommends. Both the sale and the dissolution need a majority of outstanding shares. This is the start of the wind-down that, per the earlier record, ended with dissolution and a $5.75 per share cash payment in May 2017; the amount of any distribution is not given in the text provided.
With Venezuela gone, Harvest agreed to sell its last operating asset too: 100% of the Dussafu subsidiary holding a 66.67% interest in the Gabon licence, to BW Energy Gabon for $32 million, $2.5 million of it held back in escrow. The company was now selling itself for parts, deliberately.
13 Oct 2016asset acquisition disposition● NeutralMajor
On 7 October 2016 Harvest sold its 51% of the Petrodelta holding company to Delta Petroleum, the assignee of CT Energy, for $69.4 million cash and a $12 million note. It also cancelled $40.4 million of CT Energy notes and the 34 million-share warrant, and took back CT Energy's 8,667,597 shares (about 16.8%).
HARVEST NATURAL RESOURCES, INC. VP Engineering & Business Dev Karl L Nesselrode exercised stock options for 215,000 shares and disposed of 318,119 shares.
CT Energy Holding SRL, Oswaldo Cisneros Fajardo reported no remaining HARVEST NATURAL RESOURCES, INC. shareholding in its periodic institutional filing.
Petroandina, which still held 29% of the Venezuelan holding company from the failed 2013 sale, had sued in Delaware and won an injunction in August that stopped the CT Energy sale outright. A September settlement lifted the injunction and provided for mutual releases, unblocking the only exit Harvest had left.
CT Energy Holding SRL, Oswaldo Cisneros Fajardo reported a HARVEST NATURAL RESOURCES, INC. shareholding of 8,667,597 shares (16.80% of votes) in a periodic institutional filing.
