Past year: ▲ 1238%(49.5c – 6.91 USD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Aug 2007security holder rights change● Neutral
The rights plan was rewritten to let value investor Mohnish Pabrai build a stake of up to 16.5% without triggering it, and to give the board a general power to make similar exceptions in future - an accommodation of a friendly holder rather than a defence against a hostile one.
17 Aug 2007substantial holder notice● Neutral
Cumberland Associates LLC reported a HARVEST NATURAL RESOURCES, INC. shareholding of 3,875,186 shares (10.30% of votes) in a periodic institutional filing.
14 Feb 2007substantial holder notice● Neutral
Cumberland Associates LLC reported a HARVEST NATURAL RESOURCES, INC. shareholding of 3,043,300 shares (8.20% of votes) in a periodic institutional filing.
12 Feb 2007substantial holder notice● Neutral
Capital Research and Management Company reported a HARVEST NATURAL RESOURCES, INC. shareholding of 576,900 shares (1.50% of votes) in a periodic institutional filing.
23 Jan 2007substantial holder notice● Neutral
BARCLAYS GLOBAL INVESTORS, NA. and 1 other disclosed a new substantial HARVEST NATURAL RESOURCES, INC. shareholding (4.88% of votes).
3 Oct 2006material agreement▼ BadMajor
Harvest's Venezuelan company borrowed roughly $58 million from Banco Mercantil at 10% - securing it with $47.6 million of its own dollars deposited offshore - purely to pay the Venezuelan tax authority, to which it had just handed $35.6 million to settle assessments for 2001 to 2004. The cost of staying in Venezuela was being paid before Petrodelta had produced anything.
22 Sept 2006business combination▼ BadMajor
Harvest filed a preliminary proxy asking shareholders to approve transferring substantially all its assets to a joint venture, Empresa Mixta Petrodelta, between its 80%-owned Venezuelan subsidiary and a Venezuelan government-owned company. The subsidiary would own 40% of the joint venture. The board unanimously recommends a yes vote, calling it the only viable alternative and saying it believes the government will otherwise seize the assets, leaving only years-long arbitration. A majority of outstanding shares must approve, and there are no appraisal rights. The meeting date is blank, and the proposed transaction value is stated as $145,739,000 in the fee table. This is the start of the forced conversion into the Petrodelta mixed company.
7 Sept 2006other▼ BadMajor
Venezuela's tax authority issued a final assessment of about $56 million against Harvest's 80%-owned Venezuelan affiliate for 2001-2004, some $13 million more than the settlement both sides had negotiated in July and that Harvest had already booked. Harvest's own share was roughly $45 million, and the chief executive said publicly that the SENIAT had not honoured the deal - a first clear signal of the political risk that would define the company's Venezuelan exposure.
21 Aug 2006material agreement▲ GoodMajor
The compensation for giving up control arrived as acreage rather than cash: three more fields - Isleno, Temblador and El Salto - were added to the new mixed company, now named Petrodelta, and the state accepted that this settled what Harvest was owed for contributing its existing fields.
23 May 2006material agreement● Neutral
Directors' pay was reset for the year, with the audit-committee chair's retainer raised from $15,000 to $20,000.
8 May 2006substantial holder notice● Neutral
PALO ALTO INVESTORS reported a HARVEST NATURAL RESOURCES, INC. shareholding of 4.36% of votes in a periodic institutional filing.
4 Apr 2006material agreement● NeutralMajor
The shape of the Venezuelan conversion became clear: Harvest's local company signed a memorandum with PDVSA and state agency CVP to fold the South Monagas fields into a mixed company in which a Harvest affiliate would hold 40% - 32% net to Harvest - and the state 60%, under a twenty-year licence. Harvest was accepting minority status in the business it had built and operated.
14 Mar 2006director officer appointment● Neutral
Byron A. Dunn's contract as senior vice-president of corporate development was disclosed - $200,000 a year and options over 225,000 shares, backdated in effect to September 2005.
13 Feb 2006substantial holder notice● Neutral
Cumberland Associates LLC reported a HARVEST NATURAL RESOURCES, INC. shareholding of 2,525,000 shares (6.67% of votes) in a periodic institutional filing.
26 Jan 2006substantial holder notice● Neutral
BARCLAYS GLOBAL INVESTORS, NA. and 1 other disclosed a new substantial HARVEST NATURAL RESOURCES, INC. shareholding (6.62% of votes).
10 Jan 2006substantial holder notice● Neutral
Capital Research and Management Company, SMALLCAP World Fund, Inc reported a HARVEST NATURAL RESOURCES, INC. shareholding of 2,403,000 shares (6.30% of votes) in a periodic institutional filing.
18 Nov 2005director officer appointment● Neutral
J. Michael Stinson was elected to the board on the standard terms and given a first option grant. He would resign a decade later, in June 2015, as part of the CT Energy rescue.
19 Sept 2005director officer appointment● NeutralMajor
Chief executive Peter Hill retired at the end of September on a package that kept him as a $33,334-a-month consultant on Russia until May 2006 plus a $300,000 bonus. James Edmiston, hired a year earlier as operating chief, took over.
16 Sept 2005material agreement● Neutral
New employment contracts for finance chief Steven Tholen, general counsel Kerry Brittain and Karl Nesselrode, chiefly to improve what they would receive if the company changed hands - signed as the Venezuelan negotiation put the company's future in doubt.
8 Aug 2005material agreement▼ BadMajor
Venezuela began changing the terms. Harvest's 80%-owned local company signed a transitory agreement capping the fee it earned on the South Monagas Unit at two-thirds of the value of the oil, and committing both sides to negotiate converting the operating contract into a state-majority 'mixed company'. The asset Harvest depended on was being taken back under national control.
25 May 2005material agreement● Neutral
Directors' pay was set: a $36,000 annual retainer, $1,500 per meeting, committee-chair retainers of $10,000 to $15,000, and a further $120,000 a year for non-executive chairman Mr Chesebro.
16 May 2005security holder rights change● Neutral
This corrects a mistake in the April 2005 filing on the restated takeover-defence rights plan: one reference to the 'Record Date' should have read 'after the date of the Second Amended and Restated Rights Agreement'. It repeats the plan's terms in full: effective 31 March 2005, term extended to 28 April 2015, rights triggered when a person or group acquires 15% or more of the shares, and redeemable by the board at $.01 per right. No new terms are introduced.
18 Apr 2005security holder rights change● Neutral
Harvest restated its takeover-defence rights plan with Wells Fargo as rights agent - the standard mechanism that dilutes anyone crossing a set ownership threshold. The plan would be amended four more times over the next decade, each amendment marking a change in who was allowed to accumulate the stock.
8 Apr 2005substantial holder notice● Neutral
Capital Research and Management Company, SMALLCAP World Fund, Inc reported a HARVEST NATURAL RESOURCES, INC. shareholding of 4,273,400 shares (11.60% of votes) in a periodic institutional filing.
23 Feb 2005material agreement● Neutral
The board gave every director and elected officer a contractual indemnity for the fullest protection Delaware law allows, saying it needed to in order to attract and keep people.
14 Feb 2005substantial holder notice● Neutral
Trafelet & Company, LLC, Remy W. Trafelet reported a HARVEST NATURAL RESOURCES, INC. shareholding of 1,112,300 shares (3.05% of votes) in a periodic institutional filing.
14 Feb 2005substantial holder notice● Neutral
Capital Research and Management Company, SMALLCAP World Fund, Inc disclosed a new substantial HARVEST NATURAL RESOURCES, INC. shareholding (7.60% of votes).
26 Jan 2005substantial holder notice● Neutral
Cumberland Associates LLC disclosed a new substantial HARVEST NATURAL RESOURCES, INC. shareholding (5.20% of votes).
8 Dec 2004substantial holder notice● Neutral
HEARTLAND ADVISORS, INC. #, WILLIAM J. NASGOVITZ reported a HARVEST NATURAL RESOURCES, INC. shareholding of 1,551,300 shares (4.20% of votes) in a periodic institutional filing.
2 Sept 2004director officer appointment● Neutral
James A. Edmiston joined as executive vice-president and chief operating officer on $300,000 and a $50,000 signing bonus. He would become chief executive within a year and stay until the company was wound up thirteen years later.
