Each one in plain English, with the numbers worked through for a shareholder.
15 Dec 2017material agreement termination▼ BadMajor
Guinea verbally refused Hyperdynamics' request for a two-year appraisal extension, and the CLNG stock sale collapsed when the buyer walked away - closing out the Fatala campaign without the well ever being drilled and leaving the company without its rescue financing.
Hyperdynamics told shareholders that under the 2 November 2017 stock purchase agreement, CLNG Limited (Hong Kong) or an affiliate would buy 40,000,000 shares at $0.15 ($6,000,000), about 53% of the common stock, and that three directors (Elliston, Strange, Zeidman) would be replaced after closing. Closing was due by 1 December 2017 but depended on due diligence, a waiver from Series A preferred holders, and reductions in current liabilities. CLNG said it intends to borrow the purchase money with no terms agreed. This is the rescue deal that the later record shows fell through in December 2017.
Auditor Hein & Associates declined to stand for reappointment for fiscal 2018, again citing no disagreements but a standing going-concern qualification.
With SAPETRO gone, Hyperdynamics lined up a new outside investor, Hong Kong's CLNG Limited, to buy $6 million of stock at a steep discount of $0.15/share, contingent on due diligence and preferred-holder waivers.
13 Oct 2017material agreement termination▼ BadMajor
SAPETRO withdrew from the Fatala joint venture before drilling began, paying Hyperdynamics $4.9 million to settle its share of costs and unwinding the farm-in agreed just six months earlier.