28 Apr 2021quarterly activities report▼ Bad
Valaris Ltd reported quarterly revenue of $307.1 million and a net loss of $910.0 million for the period ended 2021-03-31.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 Apr 2021quarterly activities report▼ Bad
Valaris Ltd reported quarterly revenue of $307.1 million and a net loss of $910.0 million for the period ended 2021-03-31.
26 Mar 2021director interest notice● Neutral
Valaris Ltd President and CEO Thomas Peter Burke sold 94,404 shares at $0.08.
16 Mar 2021director interest notice● Neutral
Valaris Ltd Controller Colleen Grable sold 4,285 shares at $0.09.
12 Mar 2021director interest notice● Neutral
Valaris Ltd President and CEO Thomas Peter Burke sold 222,575 shares at $0.10.
12 Mar 2021director interest notice● Neutral
Valaris Ltd Senior Vice President & COO Gilles Luca sold 83,158 shares at $0.10.
9 Mar 2021director interest notice● Neutral
Valaris Ltd Executive Vice President & CFO Jonathan Baksht sold 56,871 shares at $0.10.
9 Mar 2021director interest notice● Neutral
Valaris Ltd SVP-General Counsel/Secretary Michael Mcguinty sold 48,144 shares at $0.10.
5 Mar 2021bankruptcy or receivership▼ BadMajor
On March 3, 2021 the bankruptcy court confirmed the Fourth Amended Joint Chapter 11 Plan, resolving the plan confirmation thread; the plan is not yet effective, with the company targeting early in the second quarter of 2021 and giving no assurance. Existing shareholders (Class 13, 199,613,642 shares outstanding at Feb 22, 2021) receive only their pro rata share of new warrants in the new holding company. Noteholders get shares of a distributable pool (and some cash), revolver lenders get cash and shares, and general unsecured claims are paid in full in cash.
16 Feb 2021substantial holder notice● Neutral
Odey Asset Management Group Ltd, Odey Asset Management LLP, Odey Holdings AG reported no remaining Valaris Ltd shareholding in its periodic institutional filing.
12 Feb 2021substantial holder notice● Neutral
CONTRARIUS INVESTMENT MANAGEMENT LIMITED reported no remaining Valaris Ltd shareholding in its periodic institutional filing.
8 Feb 2021material agreement● NeutralMajor
On February 5, 2021, Valaris and some noteholders amended the restructuring support agreement to bring in lenders under the revolving credit facility, and the backstop agreement was amended to include them. The rights offering would be offered 97.6% to senior noteholders and 2.4% to certain revolver lenders. New Valaris would issue about 39% of its equity to noteholders (before dilution by a 0.5% newbuild pool), 28.3% to revolver lenders and 2.7% to backstop parties, and 30% of the new shares go to rights offering participants. 72% of noteholders and 88.72% of lenders had signed. The filing says nothing about existing shareholders' treatment, so the earlier open question on their recovery is not answered here.
2 Feb 2021listing compliance notice▼ BadMajor
Valaris Ltd terminated the registration of a class of securities, ending its reporting obligation for them.
10 Dec 2020director interest notice● Neutral
Valaris Ltd director Suzanne P Nimocks sold 825 shares at $0.07.
1 Dec 2020director interest notice● Neutral
Valaris Ltd director William E Albrecht sold 16,856 shares at $0.07.
9 Nov 2020director interest notice● Neutral
Valaris Ltd director Suzanne P Nimocks sold 18,294 shares at $0.08.
5 Nov 2020director interest notice● Neutral
Valaris Ltd director Mary Francis sold 9,643 shares at $0.08.
5 Nov 2020director interest notice● Neutral
Valaris Ltd Senior Vice President & COO Gilles Luca sold 1,000 shares at $0.08.
29 Oct 2020quarterly activities report▼ Bad
Valaris Ltd reported quarterly revenue of $285.3 million and a net loss of $670.9 million for the period ended 2020-09-30.
28 Sept 2020debt financing● NeutralMajor
On September 25, 2020, with court approval, Valaris and its Chapter 11 subsidiaries signed a debtor-in-possession credit agreement for up to $500.0 million with Wilmington Savings Fund Society as agent, maturing no later than August 17, 2021. It funds general needs and bankruptcy costs during the case and is secured on substantially all the debtors' property; it is the DIP Facility the plan was already expected to repay in cash. The filing states no change to shareholder terms.
11 Sept 2020material agreement● Neutral
On September 10, 2020 Valaris and the required noteholders amended the restructuring support and backstop agreements to extend the period for more holders to join as backstop parties to September 14, 2020. The company says over 70% of its noteholders have signed the agreements. The filing also notes the NYSE filed Form 25 on September 4, with delisting effective September 14, 2020. No change to shareholder terms is stated.
9 Sept 2020substantial holder notice● Neutral
BlackRock, Inc reported no remaining Valaris Ltd shareholding in its periodic institutional filing.
4 Sept 2020listing compliance notice● NeutralMajor
Valaris Ltd's exchange filed to remove a class of its securities from listing.
1 Sept 2020director interest notice● Neutral
Valaris Ltd director Luminus Management LLC sold 1,979,508 shares at $0.74.
1 Sept 2020substantial holder notice● Neutral
Luminus Management, LLC, Luminus Energy Partners Master Fund, Ltd, Jonathan Barrett reported a Valaris Ltd shareholding of 11,750,000 shares (5.89% of votes) in a periodic institutional filing.
1 Sept 2020director interest notice● Neutral
Valaris Ltd director Adam Weitzman sold 1,979,508 shares at $0.74.
28 Aug 2020director interest notice● Neutral
Valaris Ltd director Luminus Management LLC sold 9,920,492 shares.
28 Aug 2020director interest notice● Neutral
Valaris Ltd director Adam Weitzman sold 9,920,492 shares.
28 Aug 2020substantial holder notice● Neutral
Luminus Management, LLC, Luminus Energy Partners Master Fund, Ltd, Jonathan Barrett reported a Valaris Ltd shareholding of 14,729,508 shares (7.39% of votes) in a periodic institutional filing.
26 Aug 2020substantial holder notice● Neutral
Luminus Management, LLC, Luminus Energy Partners Master Fund, Ltd, Jonathan Barrett reported a Valaris Ltd shareholding of 24,650,000 shares (12.36% of votes) in a periodic institutional filing.