16 Aug 2012securities registration● Neutral
Molycorp, Inc. filed a prospectus supplement for an offering off its existing shelf.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 Aug 2012quarterly activities report▼ Bad
Molycorp, Inc. reported quarterly revenue of $104.6 million and a net loss of $67.6 million for the period ended 2012-06-30.
2 Aug 2012quarterly activities report▼ Bad
Molycorp, Inc. reported quarterly revenue of $104.6 million and a net loss of $67.6 million for the period ended 2012-06-30.
15 June 2012asset acquisition disposition● NeutralMajor
Molycorp completed the Neo acquisition on June 11, 2012, paying about CDN$927.3 million (US$945.6 million, including cash to settle currency contracts), 13,545,426 new Molycorp shares and 507,203 exchangeable shares of its Canadian subsidiary. Neo's roughly US$230 million of convertible debentures now sit in a Molycorp subsidiary and Molycorp has guaranteed them; conversion would give holders cash and Molycorp stock, up to about 2,783,476 shares. This resolves the Neo deal and adds shares to the count, diluting existing holders.
11 June 2012business combination▲ GoodMajor
Molycorp obtained final Ontario court approval on June 8, 2012, and the Investment Canada Act approval, for the Neo acquisition, which it expected to close on or about June 11, 2012. This clears the last approvals named in the earlier thread.
7 June 2012business combination▲ Good
Molycorp reported that Neo's shareholders approved the acquisition at their May 30, 2012 meeting, and filed Neo's audited 2011/2010/2009 financial statements, its March 2012 quarterly statements and pro forma combined statements. Neo's filed 2011 statements show revenue of $800.0 million and net income of $210.3 million (US dollars) against $337.6 million and $60.6 million in 2010. This advances the Neo deal; remaining approvals are court and regulatory.
7 June 2012securities registration● Neutral
Molycorp, Inc. filed an automatic shelf registration, effective immediately as a well-known seasoned issuer.
30 May 2012debt financing● NeutralMajor
Molycorp issued the $650 million of 10% senior secured notes due June 1, 2020 on May 25, 2012 (trustee Wells Fargo), the notes flagged in the May pro forma filing. Proceeds, plus cash on hand, are to pay the cash portion of the Neo purchase; the money sits in escrow until then, and if Neo does not close by September 4, 2012 (or Molycorp drops the deal) the notes must be redeemed at face value plus interest. The notes are secured and guaranteed by domestic subsidiaries, and carry a 101% repurchase offer on a change of control.
14 May 2012business combination● NeutralMajor
Molycorp published pro forma financials showing the combined company with Neo, assuming a proposed $650 million senior secured notes offering due 2020. Pro forma 2011 sales were $1,196.9 million and the total purchase price was estimated at $1,573 million, with cash funded by the notes, the Molymet share sale and existing cash. It also bought Cdn $870 million forward to limit currency risk. This continues the Neo deal and signals the notes would be used rather than the bridge, as an inference from the funding description.
10 May 2012quarterly activities report▼ Bad
Molycorp, Inc. reported a quarterly net loss of $3.5 million for the period ended 2012-03-31.
10 May 2012quarterly activities report▼ Bad
Molycorp, Inc. reported a quarterly net loss of $3.5 million for the period ended 2012-03-31.
14 Mar 2012business combination● NeutralMajor
Molycorp agreed to buy all of Neo Material Technologies for about $1.3 billion, paying Cdn $11.30 per Neo share, roughly 71.2% in cash and 28.8% in Molycorp stock. Closing is expected in Q2 or Q3 2012, subject to court, Neo shareholder and regulatory approvals. A committed $635 million senior secured bridge facility (Morgan Stanley and Credit Suisse) backs the cash portion, and the commitment expires September 4, 2012. This is by far the largest deal in this record, and the filing says Molycorp intends to fund most of the cash with other financing.
14 Mar 2012substantial holder notice● Neutral
Molibdenos Y Metales S.A disclosed a new substantial Molycorp, Inc. shareholding (12.97% of votes).
23 Feb 2012quarterly activities report● Neutral
Molycorp, Inc. reported a quarterly net income of $26.6 million for the period ended 2011-12-31.
14 Feb 2012substantial holder notice● Neutral
JAT CAPITAL MANAGEMENT, L.P, JAT CAPITAL MANAGEMENT, LLC, JOHN THALER reported no remaining Molycorp, Inc. shareholding in its periodic institutional filing.
8 Feb 2012substantial holder notice● Neutral
Morgan Stanley I.R.S. #, Morgan Stanley Investment Managemen reported a Molycorp, Inc. shareholding of 8,647,566 shares (10.30% of votes) in a periodic institutional filing.
2 Feb 2012capital raising announcement▲ GoodMajor
Molycorp agreed to sell 12.5 million new shares to Molibdenos y Metales (Molymet) at $31.218 each (a 10% premium to a 20-day average price), a total of about $390 million by calculation from the filing. Molymet gets a board nominee and registration rights, and is limited to 19.9% ownership for two years. Closing still needs regulatory approvals; the share issuance dilutes existing holders.
What it means for a shareholder
12.5m new shares at $31.22 to raise about $390m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held $1,000 of shares (32 at the issue price), your slice goes from 0.0000382% to 0.0000332% of the company. To keep it you'd need 5 more shares - about $156 at the issue price.
Create a free account to see this worked out for your own holding.
11 Jan 2012substantial holder notice● Neutral
BAMCO INC /NY/, Baron Capital Group, Inc, Baron Capital Management, Inc, Ronald Baron reported a Molycorp, Inc. shareholding of 285,541 shares (0.34% of votes) in a periodic institutional filing.
10 Nov 2011quarterly activities report● Neutral
Molycorp, Inc. reported a quarterly net income of $45.4 million for the period ended 2011-09-30.
10 Nov 2011quarterly activities report● Neutral
Molycorp, Inc. reported a quarterly net income of $45.4 million for the period ended 2011-09-30.
3 Oct 2011substantial holder notice● Neutral
JAT CAPITAL MANAGEMENT, L.P, JAT CAPITAL MANAGEMENT, LLC, JOHN THALER disclosed a new substantial Molycorp, Inc. shareholding (6.00% of votes).
11 Aug 2011quarterly activities report● Neutral
Molycorp, Inc. reported a quarterly net income of $47.8 million for the period ended 2011-06-30.
11 Aug 2011quarterly activities report● Neutral
Molycorp, Inc. reported a quarterly net income of $47.8 million for the period ended 2011-06-30.
8 Aug 2011substantial holder notice● Neutral
Morgan Stanley I.R.S. #, Morgan Stanley Investment Managemen disclosed a new substantial Molycorp, Inc. shareholding (10.10% of votes).
5 Aug 2011securities registration● Neutral
Molycorp, Inc. filed the final prospectus for a registered offering.
5 Aug 2011securities registration● Neutral
Molycorp, Inc. filed an automatic shelf registration, effective immediately as a well-known seasoned issuer.
17 June 2011substantial holder notice● Neutral
Resource Capital Fund IV L.P, Resource Capital Associates IV L.P, RCA IV GP L.L.C, Resource Capital Fund V L.P, Resource Capital Associates V L.P, RCA V GP Ltd reported a Molycorp, Inc. shareholding of 11,042,605 shares (13.20% of votes) in a periodic institutional filing.
16 June 2011capital raising announcement● NeutralMajor
Molycorp completed a private offering of $230.0 million of 3.25% convertible senior notes due June 15, 2016, raising about $222.9 million net. The notes can be converted into cash, shares or a mix at about $71.40 per share, and the filing says the maximum initial share count is 3,221,288 (up to 4,509,794 with a make-whole change), so dilution is possible.
10 June 2011securities registration● Neutral
Molycorp, Inc. filed the final prospectus for a registered offering.
7 June 2011securities registration● Neutral
Molycorp, Inc. amended a filing by which it registered a securities offering with the SEC.