Each one in plain English, with the numbers worked through for a shareholder.
1 Aug 2006agm notice● Neutral
Sky finally held its annual meeting at the second attempt - the June sitting was adjourned for want of a quorum, and even in July only 40% of the shares voted. Directors including Kinney, Meyer, Jobanputra, Baron, Cockcroft, McCue and Noonan were elected.
2 June 2006director officer appointment● NeutralMajor
The original shell-era management left: Daniel Meyer, who had bought control for $7,000 fourteen months earlier, resigned as president, finance chief James Screaton was paid off, and Shafiq Ur Rahman was appointed in his place. The bylaws were also loosened to let a third of shareholders form a quorum, a sign the register was too scattered to muster the usual half.
20 Dec 2005capital raising announcement▲ GoodMajor
Sky issued 16,013,120 unregistered common shares at $1.00 each for gross proceeds of about $16 million, placed mostly with non-U.S. investors with agents paid 10%. The price was above the $0.80 paid in the earlier placement, and Sky promised to file a resale registration statement by February 15, 2006.
10 Nov 2005director officer appointment● NeutralMajor
Sky ended Donald Cameron's contractor agreement as chief executive effective October 31, 2005, and appointed Brent Kinney, an energy lawyer with long Gulf experience, for three years at $17,500 a month. Sky could terminate him after October 2006 if the two Obligation Wells fell short of expectations and the Sir Abu Nuayr program yielded no commercial assets.
Michael Noonan's appointment as VP corporate was formalised with 600,000 options at $1.29, vesting over three years - the strike price shows how far the stock had run since the $0.50 placement in April.
An $11 million preferred share placement at $3.60 (convertible into four common shares each) closed with a single offshore investor, who also gets to appoint a director. Combined with the August raise this cleared all of Sky's outstanding debt, ending the demand-loan scramble that had funded the Mubarek payments since June.