5 Feb 2004listing compliance notice▼ BadMajor
PETROCORP INC's securities were notified for removal from listing and registration on its exchange.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 Feb 2004listing compliance notice▲ GoodMajor
PetroCorp stopped reporting to the SEC and came off the American Stock Exchange days later, the Unit Corporation merger having been approved by shareholders in January. Holders were bought out for cash and Unit stock; the company did not go dark or fail.
2 Jan 2004business combination● NeutralMajor
PetroCorp filed its definitive proxy for a January 30, 2004 special meeting to vote on the Unit Corporation merger. Terms were unchanged at a minimum of $13.37 cash per share, with up to $0.50 more held for three contingent liabilities, capped at $13.87 in total. Shareholders would also vote on letting management adjourn the meeting until as late as May 31, 2004.
17 Sept 2003business combination● NeutralMajor
PetroCorp filed a preliminary proxy statement asking shareholders to approve a merger in which Unit Corporation would acquire it, following the July 2003 letter of intent. Shareholders would receive a minimum of about $13.37 in cash per share at closing, plus up to $0.50 per share set aside for three contingent liabilities (up to about $13.87 total), with the deal valued at a maximum of $182,120,000. Approval needs two-thirds of outstanding shares, holders of about 51% of voting power have agreed to vote in favour, and the board unanimously recommends it; the meeting date is still blank.
1 July 2003business combination▲ GoodMajor
PetroCorp agreed in principle to sell itself to Unit Corporation for about $190 million - 2 million Unit shares plus cash - just over three months after announcing a buyback of a quarter of its stock. Management called it the final step in returning maximum value to shareholders.
20 Mar 2003asset acquisition disposition▲ GoodMajor
PetroCorp's board approved a buyback of up to 25% of its 12,655,726 shares, with the CEO calling the stock an attractive investment. This followed a September 2001 program under which it had bought 305,907 shares for $2,712,000.
21 June 2001asset acquisition disposition● NeutralMajor
PetroCorp completed its acquisition of Southern Mineral Corporation on June 6, 2001, by merging a PetroCorp subsidiary into it, at a price of about $74 million including assumed debt. Southern Mineral holders could take PetroCorp stock, but elections exceeded the 4 million shares available, so those electing stock get about 0.416 PetroCorp shares plus $0.55 cash per share (down from 0.471 shares), and others get $4.71 cash per share. Financial statements for the acquired business are to follow by amendment.