26 Aug 2020director interest notice● Neutral
Valaris Ltd director Adam Weitzman sold 7,832,076 shares.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
26 Aug 2020director interest notice● Neutral
Valaris Ltd director Luminus Management LLC sold 7,832,076 shares.
25 Aug 2020listing compliance notice▼ BadMajor
Following the Chapter 11 filing, the NYSE notified Valaris on August 19, 2020 that it will delist the shares, and trading was suspended; the company does not intend to appeal. The shares now trade on the OTC Pink market as VALPQ, a more limited and likely less liquid market. A court order also sets notice and approval procedures for transfers by holders of 4.5% or more of the shares, to protect tax attributes. This continues the NYSE listing thread, but delisting here follows the bankruptcy filing.
24 Aug 2020director interest notice● Neutral
Valaris Ltd director Adam Weitzman sold 4,500,000 shares at $0.10.
24 Aug 2020director interest notice● Neutral
Valaris Ltd director Luminus Management LLC sold 4,500,000 shares at $0.10.
24 Aug 2020substantial holder notice● Neutral
Luminus Management, LLC, Luminus Energy Partners Master Fund, Ltd, Jonathan Barrett reported a Valaris Ltd shareholding of 32,482,076 shares (16.29% of votes) in a periodic institutional filing.
21 Aug 2020substantial holder notice● Neutral
ICS Opportunities, Ltd, Integrated Assets, Ltd, Integrated Assets II LLC, Millennium International Management LP, Millennium Management LLC, Millennium Group Management LLC, Israel A. Englander disclosed a new substantial Valaris Ltd shareholding (4.40% of votes).
19 Aug 2020bankruptcy or receivership▼ BadMajor
On August 18, 2020 Valaris signed a Restructuring Support Agreement with certain noteholders, to be carried out through Chapter 11 (the company and 89 subsidiaries filed August 19 per the next filing). This resolves the open question of restructuring terms. Proposed terms: revolver lenders get 32.5% of new stock, senior noteholders get 34.8% plus rights to buy $500M of new secured notes (backstopped by Consenting Noteholders), and existing shareholders get up to 0.01% of new stock plus 7-year warrants for up to 7% only if their class votes in support. Existing shareholders would be heavily diluted if the plan goes ahead, though the plan is not yet confirmed.
14 Aug 2020substantial holder notice● Neutral
Luminus Management, LLC, Luminus Energy Partners Master Fund, Ltd, Jonathan Barrett reported a Valaris Ltd shareholding of 36,982,076 shares (18.50% of votes) in a periodic institutional filing.
3 Aug 2020material agreement▼ BadMajor
On August 3, 2020 Valaris extended the bank waiver and the noteholder forbearance again, now to the earliest of August 15, 2020 or other listed events. It chose not to pay about $12.7M interest on the 3.00% exchangeable notes, about $11.7M on the 8.00% 2024 notes (both due July 31) and about $38.8M on the 7.75% 2026 notes (due August 1), using 30-day grace periods. The waiver also covers a subsidiary's interest and principal due August 15 on its 2020 and 2040 notes. Restructuring talks continue with no terms stated for shareholders.
30 July 2020quarterly activities report▼ Bad
Valaris Ltd reported quarterly revenue of $388.8 million and a net loss of $1107.4 million for the period ended 2020-06-30.
15 July 2020material agreement▼ BadMajor
On July 15, 2020 Valaris again extended its bank waiver and the noteholder forbearance, now to the earliest of August 3, 2020 or other listed events (including a US bankruptcy filing). It also chose not to pay about $7.6M interest on the 4.75% 2024 notes and about $11.7M on the 5.85% 2044 notes due that day, using the 30-day grace period to August 15, 2020. The waiver also covers later interest due July 31 and August 1 and a vendor payment. The company reports about $215M cash at July 14 and says restructuring talks continue, with no terms or shareholder outcome stated.
30 June 2020material agreement▼ BadMajor
On June 30, 2020 Valaris extended its bank waiver and, with certain noteholders, signed a forbearance agreement on the former Rowan notes, both lasting until the earliest of July 15, 2020 or other listed events (including acceleration, a termination of the other agreement, or a US bankruptcy filing). The waiver now also covers cross-defaults from the missed June interest, which continues the earlier grace-period approach. The filing says restructuring talks continue, but it states no restructuring terms and no outcome for shareholders.
17 June 2020director interest notice● Neutral
Valaris Ltd director Keith O Rattie exercised stock options for 2,533 shares and disposed of 2,794 shares.
5 June 2020director interest notice● Neutral
Valaris Ltd Controller Colleen Grable exercised stock options for 3,041 shares and disposed of 3,782 shares.
5 June 2020director interest notice● Neutral
Valaris Ltd director Paul E Rowsey III exercised stock options for 22,806 shares and disposed of 25,156 shares.
5 June 2020director interest notice● Neutral
Valaris Ltd director Keith O Rattie exercised stock options for 22,806 shares and disposed of 25,156 shares.
5 June 2020director interest notice● Neutral
Valaris Ltd director Suzanne P Nimocks exercised stock options for 22,806 shares and disposed of 25,156 shares.
5 June 2020director interest notice● Neutral
Valaris Ltd director Charles L Szews exercised stock options for 22,806 shares and disposed of 25,156 shares.
5 June 2020director interest notice● Neutral
Valaris Ltd director Mary Francis exercised stock options for 22,806 shares and disposed of 33,069 shares.
3 June 2020director interest notice● Neutral
Valaris Ltd Controller Colleen Grable exercised stock options for 2,184 shares and disposed of 3,951 shares.
3 June 2020director interest notice● Neutral
Valaris Ltd director Keith O Rattie exercised stock options for 5,170 shares and disposed of 5,703 shares.
3 June 2020director interest notice● Neutral
Valaris Ltd Executive Vice President & CFO Jonathan Baksht had 414 shares withheld for taxes on vesting stock.
3 June 2020director interest notice● Neutral
Valaris Ltd director Mary Francis exercised stock options for 5,170 shares and disposed of 7,497 shares.
3 June 2020director interest notice● Neutral
Valaris Ltd director Paul E Rowsey III exercised stock options for 7,109 shares and disposed of 7,842 shares.
1 June 2020debt financing▼ BadMajor
Valaris chose not to pay about $15.1 million of interest due June 1, 2020 on its 4.875% 2022 notes and about $10.8 million on its 5.40% 2042 notes, using the 30-day grace period to July 1, 2020. Its bank lenders (Citibank as agent) signed a waiver of any default under the revolving credit facility for these and the June 15 interest on the 7.375% 2025 notes. The company had about $238 million cash at May 29, 2020 and says it is in talks with lenders and bondholders on a possible comprehensive restructuring of its debt.
21 May 2020director interest notice● Neutral
Colleen Grable became a Valaris Ltd Controller and company insider (initial ownership filing).
19 May 2020director interest notice● Neutral
Valaris Ltd Vice President - Finance Tommy Darby disposed of 74,078 shares via option/appreciation-right settlement.
13 May 2020director interest notice● Neutral
Valaris Ltd President and CEO Thomas Peter Burke disposed of 466,704 shares via option/appreciation-right settlement.
13 May 2020director interest notice● Neutral
Valaris Ltd SVP-Business Development Alan Quintero disposed of 136,464 shares via option/appreciation-right settlement.