Each one in plain English, with the numbers worked through for a shareholder.
13 Dec 2012capital raising announcement● NeutralMajor
On December 10, 2012 Vantage issued 5,000,000 ordinary shares to Tomdrill Corp., its agent on the Titanium Explorer contract, in exchange for cutting the cash otherwise payable to its agents over the eight-year drilling contract by about $10 million. The shares became issuable when the client accepted the Titanium Explorer for commencement of operations on December 7, 2012. That resolves the open thread on the Titanium Explorer starting operations; existing shareholders are diluted by 5,000,000 shares.
27 July 2010capital raising announcement● NeutralMajor
On July 26, 2010 Vantage disclosed it had received an unsolicited proposal to buy all its shares at a premium to market price, subject to due diligence and exclusivity and conditioned on abandoning the planned notes and share offerings. The board rejected it, choosing to proceed with the financings given its business plan and financing needs. No bidder, price or premium is stated. Shareholders keep their shares for now.
20 July 2010capital raising announcement● NeutralMajor
On July 19, 2010 Vantage launched a $50.0M share offering and, through subsidiary Offshore Group Investment Limited, a $960.0M offering of senior secured notes due 2015, to fund the Mandarin acquisition and Platinum Explorer payments. Proceeds are also to refinance debt including the 13 1/2% P2021 notes (issued only seven months earlier) and the existing credit facility. The share offering depends on the notes offering and the acquisition closing. The company now describes eight owned and managed units rather than nine.
On Jan 14, 2010 Vantage announced a proposed public offering of 27,100,000 ordinary shares (plus an option for 4,065,000 more), with Johnson Rice and Pareto Securities as joint bookrunners. Proceeds are for working capital and general corporate purposes; pricing was not yet set. This follows the Jan 15 prospectus supplement, and new shares would dilute existing holders.
19 Aug 2009capital raising announcement● NeutralMajor
On Aug 18, 2009 Vantage announced a proposed underwritten public offering of 46,500,000 ordinary shares (plus a 6,975,000-share over-allotment option) under its shelf registration, with Johnson Rice as sole bookrunner. Proceeds, together with the Aquamarine Driller financing, are to fund that rig's final construction payment, with the remainder for general corporate purposes. Pricing was not yet set.
8 June 2009capital raising announcement● NeutralMajor
On June 5, 2009 Vantage sold 17,769,535 new ordinary shares in a private placement for about $25.7M gross (about $25.0M net), including cancellation of about $5.5M of debt owed to managers and directors who took part. The money is for working capital and general corporate purposes; the placement adds shares for existing holders (dilution is implied by the share count) and the company must register the shares for resale within 120 days or pay liquidated damages.
The option on a second drillship (hull 3602) lapsed, leaving a $10.0M termination fee owed to Mandarin, which is owned by director Hsin-Chi Su. Vantage settled it by issuing 7,299,270 shares to F3 Capital instead of cash, which resolves the second-drillship option thread but dilutes existing shareholders.
15 Jan 2009capital raising announcement● NeutralMajor
Vantage sold 5,517,241 new shares to F3 Capital (owned by director Hsin-Chi Su) for $8.0M, to fund its share of the collateral for a performance bond and for general corporate purposes. This adds to the share count, and it continues the pattern of F3 funding the company.
