14 Feb 2014substantial holder notice● Neutral
Amici Capital, LLC, A. Alex Porter, Paul E. Orlin reported no remaining HARVEST NATURAL RESOURCES, INC. shareholding in its periodic institutional filing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Feb 2014substantial holder notice● Neutral
Glenhill Advisors, LLC, Glenn J. Krevlin, Glenhill Capital Advisors, LLC, Glenhill Capital Management, LLC, Glenhill Capital Overseas Master Fund, LP reported a HARVEST NATURAL RESOURCES, INC. shareholding of 4,364,130 shares (10.80% of votes) in a periodic institutional filing.
11 Feb 2014substantial holder notice● Neutral
The Vanguard Group reported a HARVEST NATURAL RESOURCES, INC. shareholding of 1,046,857 shares (2.59% of votes) in a periodic institutional filing.
4 Feb 2014business combination● NeutralMajor
Harvest filed a preliminary proxy asking shareholders to authorize selling its remaining Venezuelan interest, an indirect 20.4% of Petrodelta, to Petroandina Resources Corporation N.V., an affiliate of Pluspetrol, for $275 million. The board unanimously recommends approval, which needs a majority of outstanding shares; there are no appraisal rights. Shareholders also vote on an advisory executive-compensation proposal tied to the sale and on adjournment. This is the shareholder-approval step for the Petroandina deal that, per the earlier record, was later only partly completed. The $275 million figure here is the sale price in this proxy.
20 Dec 2013asset acquisition disposition▲ GoodMajor
A second attempt to sell Venezuela, at a little over half the Pertamina price: Petroandina, part of Pluspetrol, agreed to buy Harvest's 80% of the Petrodelta holding company for $400 million in two steps. The first step closed the same day - 29% for $125 million in cash - which meant that for once Harvest actually received money rather than a promise.
5 Dec 2013securities registration● Neutral
HARVEST NATURAL RESOURCES, INC. filed notice of an exempt private placement.
27 Nov 2013capital raising announcement● Neutral
Harvest sold 1,704,800 new shares to 12 purchasers for $5,370,120 in a private placement that closed on 27 November 2013. Six officers and directors bought 246,000 of the shares for $774,900. This adds shares to the count and brings in a small amount of cash.
12 Nov 2013quarterly activities report● Neutral
HARVEST NATURAL RESOURCES, INC. reported a quarterly net income of $2.0 million for the period ended 2013-09-30.
8 Oct 2013securities registration● Neutral
HARVEST NATURAL RESOURCES, INC. filed notice of an exempt private placement.
8 Oct 2013securities registration● Neutral
HARVEST NATURAL RESOURCES, INC. filed notice of an exempt private placement.
7 Oct 2013capital raising announcement▼ Bad
Harvest sold 790,000 shares to six private buyers over four days for a combined $3.9 million - small, hand-to-mouth raises at around $5 a share from a company that had turned down nothing less than $725 million a year earlier.
9 Aug 2013quarterly activities report▼ Bad
HARVEST NATURAL RESOURCES, INC. reported a quarterly net loss of $4.5 million for the period ended 2013-06-30.
10 July 2013substantial holder notice● Neutral
BlackRock, Inc reported a HARVEST NATURAL RESOURCES, INC. shareholding of 967,259 shares (2.45% of votes) in a periodic institutional filing.
21 June 2013auditor change▼ BadMajor
PricewaterhouseCoopers was dismissed and UHY appointed. The parting opinion tells the story: PwC's 2012 report carried substantial doubt about whether Harvest could continue as a going concern and stated that its internal financial controls were not effective.
24 May 2013listing compliance notice▼ Bad
HARVEST NATURAL RESOURCES, INC. withdrew a registration statement, abandoning the offering it covered.
13 May 2013quarterly activities report● Neutral
HARVEST NATURAL RESOURCES, INC. reported a quarterly net income of $36.1 million for the period ended 2013-03-31.
13 May 2013quarterly activities report● Neutral
HARVEST NATURAL RESOURCES, INC. reported a quarterly net income of $36.1 million for the period ended 2013-03-31.
13 May 2013quarterly activities report● Neutral
HARVEST NATURAL RESOURCES, INC. reported a quarterly net income of $36.1 million for the period ended 2013-03-31.
13 May 2013late filing notice▼ Bad
HARVEST NATURAL RESOURCES, INC. notified the SEC that its quarterly report would be filed late.
6 May 2013quarterly activities report● Neutral
HARVEST NATURAL RESOURCES, INC. reported a quarterly net income of $36.1 million for the period ended 2013-03-31.
10 Apr 2013listing compliance notice▼ BadMajor
Because the restatement made it impossible to file the 2012 annual report on time, the New York Stock Exchange formally put Harvest on notice and under monitoring - accounting problems turning into a listing problem.
4 Apr 2013production update▼ BadMajor
Harvest wrote down assets in its 2012 accounts and issued an operational update the day after saying those accounts had to be redone - the write-offs and the restatement landing together.
3 Apr 2013financial restatement▼ BadMajor
A second, much wider restatement: three years of accounts back to 2010 could no longer be relied on, principally because the warrants issued with the 2010 MSD loan had been valued wrongly and treated as equity when they were liabilities. Coming four years after the Petrodelta restatement, this was a pattern rather than an accident.
29 Mar 2013substantial holder notice● Neutral
Glenhill Advisors, LLC, Glenn J. Krevlin, Glenhill Capital Advisors, LLC, Glenhill Capital Management, LLC disclosed a new substantial HARVEST NATURAL RESOURCES, INC. shareholding (5.20% of votes).
19 Mar 2013late filing notice▼ Bad
HARVEST NATURAL RESOURCES, INC. notified the SEC that its annual report would be filed late.
25 Feb 2013material agreement termination▼ BadMajor
The $725 million Pertamina sale collapsed: the Indonesian government, Pertamina's owner, declined to approve it, and Harvest terminated the agreement. Eight months of waiting ended with the company still holding an unsellable Venezuelan asset and $79.8 million of 11% debt it had raised in the meantime.
14 Feb 2013substantial holder notice● Neutral
JET CAPITAL INVESTORS, L.P, Jet Capital Management, L.L.C, Alan S. Cooper, Matthew Mark reported a HARVEST NATURAL RESOURCES, INC. shareholding of 3,633,212 shares (9.22% of votes) in a periodic institutional filing.
14 Feb 2013substantial holder notice● Neutral
Amici Associates L.P, Amici Qualified Associates, L.P, The Collectors' Fund L.P, Amici Fund International, Ltd, CF Advisors, LLC, A. Alex Porter, Paul E. Orlin, Third Party Fund A reported a HARVEST NATURAL RESOURCES, INC. shareholding of 3,621,632 shares (9.20% of votes) in a periodic institutional filing.
12 Feb 2013substantial holder notice● Neutral
The Vanguard Group reported a HARVEST NATURAL RESOURCES, INC. shareholding of 2,022,205 shares (5.12% of votes) in a periodic institutional filing.
8 Feb 2013substantial holder notice● Neutral
BlackRock, Inc reported a HARVEST NATURAL RESOURCES, INC. shareholding of 2,301,530 shares (5.84% of votes) in a periodic institutional filing.