17 May 2013director interest notice● Neutral
MILLER ENERGY RESOURCES, INC. director Herman Gettelfinger bought 1,000 shares on the open market at $4.03.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 May 2013securities registration● Neutral
MILLER ENERGY RESOURCES, INC. filed a prospectus supplement for an offering off its existing shelf.
8 May 2013material agreement▼ Bad
A third Series C preferred sale in eight months, 500,000 shares at $22.25 for about $11.1 million. Each round priced lower than the last: the market was charging Miller more every time it came back.
7 May 2013securities registration● Neutral
MILLER ENERGY RESOURCES, INC. filed a free-writing prospectus - marketing material for an offering in progress.
6 May 2013securities registration● Neutral
MILLER ENERGY RESOURCES, INC. filed a prospectus supplement for an offering off its existing shelf.
30 Apr 2013dividend declaration● Neutral
Another quarterly Series C dividend of $0.67 a share, issued alongside an operational update on the Alaska assets.
26 Apr 2013debt financing● NeutralMajor
Miller Energy borrowed the remaining $10 million under the Apollo facility on April 25, 2013, after requesting it on April 17. This satisfied the Amendment No. 4 requirement and removed the $2 million unused fee. Total Apollo debt outstanding, including interest added to principal, was $55,306,667 after the draw.
12 Mar 2013quarterly activities report▼ Bad
MILLER ENERGY RESOURCES, INC. reported quarterly revenue of $8.0 million and a net loss of $5.3 million for the period ended 2013-01-31.
12 Mar 2013quarterly activities report▼ Bad
MILLER ENERGY RESOURCES, INC. reported quarterly revenue of $8.0 million and a net loss of $5.3 million for the period ended 2013-01-31.
26 Feb 2013director interest notice● Neutral
MILLER ENERGY RESOURCES, INC. director Merrill A/ Mcpeak bought 5,000 shares on the open market at $3.94.
14 Feb 2013substantial holder notice● Neutral
River Road Asset Management, LLC reported a MILLER ENERGY RESOURCES, INC. shareholding of 3,206,812 shares (7.40% of votes) in a periodic institutional filing.
13 Feb 2013securities registration● Neutral
MILLER ENERGY RESOURCES, INC. filed a prospectus supplement for an offering off its existing shelf.
13 Feb 2013material agreement● Neutral
Sold another 625,000 Series C preferred shares, this time at $22.90 -- ten cents below October's price and still well under the $25.00 they must eventually be redeemed at. About $14.3 million raised.
13 Feb 2013substantial holder notice● Neutral
Seaside, William J. Ritger, Denis M. O'Donnell disclosed a new substantial MILLER ENERGY RESOURCES, INC. shareholding (6.20% of votes).
12 Feb 2013securities registration● Neutral
MILLER ENERGY RESOURCES, INC. filed a free-writing prospectus - marketing material for an offering in progress.
11 Feb 2013securities registration● Neutral
MILLER ENERGY RESOURCES, INC. filed a prospectus supplement for an offering off its existing shelf.
8 Feb 2013debt financing▼ Bad
Paid Apollo a $200,000 fee for a waiver and drew a further $5 million, leaving $10 million of the $55 million base untouched. Borrowing money in order to pay the fee for permission to borrow it.
8 Feb 2013dividend declaration● Neutral
Declared dividends on both preferred series -- $5.16 a share on the 12% Series B and $0.67 on the 10.75% Series C. Two layers of preferred were now drawing cash ahead of the common shareholders.
7 Feb 2013material agreement▼ BadMajor
On February 7, 2013, Miller Energy signed Amendment No. 4 to the Apollo loan, for a $200,000 fee. Apollo waived existing defaults of the interest coverage, minimum production and general-and-administrative expense covenants, and moved the first covenant tests from January 31 to April 30, 2013. The company agreed to request a further $5 million draw, to pay a $2 million unused fee if it did not request the remaining $10 million by June 29, 2013, and to raise another $15 million of preferred equity before further loans. The filing states the Series B and C preferred are not to count as debt for covenant purposes. The covenant defaults and the preferred-raising condition tie the Apollo loan directly to the preferred stock sales in the context.
10 Dec 2012quarterly activities report▼ Bad
MILLER ENERGY RESOURCES, INC. reported quarterly revenue of $10.8 million and a net loss of $6.2 million for the period ended 2012-10-31.
10 Dec 2012quarterly activities report▼ Bad
MILLER ENERGY RESOURCES, INC. reported quarterly revenue of $10.8 million and a net loss of $6.2 million for the period ended 2012-10-31.
16 Nov 2012material agreement● Neutral
On November 14, 2012, Miller Energy signed Amendment No. 3 to its Apollo credit facility (up to $100 million, $55 million initially available, from June 2012). It lets the company finance insurance premiums with a customary lien on the premiums. No fee or other change is stated. It is a minor technical change to the Apollo loan.
7 Nov 2012dividend declaration● Neutral
Declared the first quarterly dividend on the Series C preferred, $0.41 a share. The obligation Miller had taken on to reach retail investors now had to be paid in cash every quarter, out of a business still restating its accounts.
22 Oct 2012securities registration● Neutral
MILLER ENERGY RESOURCES, INC. filed the final prospectus for a registered offering.
12 Oct 2012material agreement● Neutral
Set up a $100 million at-the-market programme through MLV to dribble out Series C preferred and common stock continuously -- turning the preferred issue into a standing funding tap rather than a one-off raise.
12 Oct 2012securities registration● Neutral
MILLER ENERGY RESOURCES, INC. filed a prospectus supplement for an offering off its existing shelf.
5 Oct 2012securities registration● Neutral
MILLER ENERGY RESOURCES, INC. registered a securities offering with the SEC using its shelf eligibility.
3 Oct 2012listing compliance notice▲ GoodMajor
the New York Stock Exchange certified MILLER ENERGY RESOURCES, INC.'s securities for listing, clearing them to begin trading.
28 Sept 2012bylaws amendment● NeutralMajor
Took the preferred stock public: 685,000 shares of 10.75% Series C sold at $23.00 against a $25.00 liquidation value, for about $15.8 million gross, on a best-efforts basis with four underwriters. A listed preferred paying 10.75% is retail money at a distressed price, and it became Miller's main funding source for the next two years.
28 Sept 2012securities registration● Neutral
MILLER ENERGY RESOURCES, INC. filed a free-writing prospectus - marketing material for an offering in progress.