Past year: ▼ 7%(9.73 – 12.58 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
24 Mar 2017regulatory community update● Neutral
Routine Computershare notice that the annual general and special meeting will be held May 25, 2017 in Calgary, with a record date of April 20, 2017. It carries no other substance; the 'special' business is not described.
29 Nov 2016capital raising announcement▲ GoodMajor
Advantage's board approved a 2017 capital budget of $205 million targeting 17% production growth to 236 mmcfe/d, and upsized the planned Glacier gas plant expansion from 350 to 400 mmcf/d, with construction planned for the second half of 2017 and completion expected by Q2 2018. Management's 2018-2019 estimates (not board-approved budgets) target 316 mmcfe/d in 2019, $625 million total capex fully funded by cash flow, and total debt falling from about $165 million at year-end 2016 to $55 million by year-end 2019 (at $2.95/mcf AECO). This continues the Glacier expansion thread funded partly by the March 2016 equity raise.
10 Mar 2016regulatory community update● Neutral
Routine Computershare notice that the annual general meeting will be held May 26, 2016 in Calgary, with a record date of April 7, 2016. It carries no other substance.
8 Mar 2016capital raising announcement● NeutralMajor
Advantage closed a bought-deal share offering of 13,427,075 common shares at $7.45 each for gross proceeds of $100,031,709, including 1,677,075 shares from a partial over-allotment exercise. Proceeds will first reduce bank debt, then be redrawn to fund Glacier Montney development, the next Glacier gas plant expansion, possible acquisitions and general purposes. For existing shareholders this adds new shares (dilution), and it is the first equity raise in this history since the 2014 Longview sale proceeds.
16 Mar 2015regulatory community update● Neutral
Routine Computershare notice that the annual general and special meeting will be held May 27, 2015 in Calgary, with a record date of April 17, 2015. It carries no other substance; the 'special' business is not described.
30 May 2014debt financing▲ GoodMajor
Advantage's lenders raised its borrowing base from $300 million to $400 million after the annual review (the review flagged for June 2014). Bank debt was about $84.7 million at March 31, 2014, leaving $315 million available. The company cites growth in Glacier proven developed producing reserves and production of about 135 mmcfe/d. Its Phase VII Glacier program targets 183 mmcfe/d in June 2015, with 7 of 33 planned wells rig released. This reverses the 2013 cut of the facilities to $230M.
1 May 2014regulatory community update● Neutral
Computershare amended the April 14 notice: the June 26, 2014 meeting in Calgary is now an annual general meeting rather than an annual general and special meeting. Record date (May 9, 2014) and meeting date are unchanged. The filing does not say why the type changed; the effect is that no special business is indicated for this meeting.
14 Apr 2014regulatory community update● Neutral
Routine Computershare notice that the annual general and special meeting will be held June 26, 2014 in Calgary, with a record date of May 9, 2014. It carries no other substance; the 'special' business is not described.
28 Feb 2014capital raising announcement● NeutralMajor
Advantage closed the sale of all 21,150,010 of its Longview shares at $4.45 each for gross proceeds of $94,117,544.50 and no longer owns any Longview shares. This ends the Longview stake (about 45% after the May 2012 sale); the filing does not state how the proceeds will be used.
17 May 2013asset acquisition disposition● Neutral
Advantage filed the April 30, 2013 amendment to the Questfire sale agreement, moving the closing date to April 30, 2013, setting the debenture amount at $44M (adjusted) less deposit, and cutting the cash payable at closing from $55M to $40M. It adds an office sublease arrangement, subject to the landlord's consent. Together with the April 30 release this shows the final terms. The filing also lists a third amendment to the operating and syndicated credit agreements and an advance notice bylaw, but their terms are not in the visible text.
1 May 2013debt financing▲ GoodMajor
Advantage closed the sale of substantially all its remaining non-core assets to Questfire for $40.2M cash, a $32.6M convertible senior secured Questfire debenture and 1.5M Questfire Class B shares; cash goes to reduce bank debt. Credit facilities were revised to $230M with the next review in June 2014, pro-forma bank debt is about $125M (undrawn $105M), and hedging is allowed up to 65% of production for three years and 50% in the fourth. The company calls itself a pure play on Glacier Montney, with other major assets being its ~45% of Longview and the Questfire debenture and shares. This completes the Feb 2013 Questfire agreement and cuts the facility from the $300M borrowing base set in 2012.
19 Apr 2013regulatory community update● Neutral
Routine notice from Computershare that the annual general and special meeting will be held June 20, 2013 in Calgary, with a record date of May 14, 2013. It carries no other substance; the 'special' business is not described.
15 Feb 2013asset acquisition disposition● NeutralMajor
Advantage filed the Asset Purchase and Sale Agreement dated Feb 5, 2013 to sell assets to Questfire Energy Corp. (TSXV-listed, Calgary). Closing is set for the later of April 1, 2013 and three business days after Competition Act and TSXV approvals. The visible text is mostly the table of contents and definitions; the price is redacted or not in the text, though the schedules reference a debenture form, a governance agreement and a deposit. The assets are not identified in the text provided.
8 June 2012debt financing▲ GoodMajor
Advantage and its lenders signed a May 17, 2012 second amendment to the syndicated credit agreement. It extends the Term Conversion Date by 364 days to June 14, 2013, raises the Borrowing Base Limit from Cdn. $275M to $300M and the Authorized Revolving Amount from $255M to $280M, and changes pricing (figures redacted). The lenders consent to the Longview share sale (8.3M shares, closed May 22, 2012), and HSBC is to assign its commitment to the other lenders and leave the syndicate. This resolves the June 2012 Term Conversion Date renewal thread. An operating facility amendment is also filed, but its terms are not in the visible text.
22 May 2012capital raising announcement▲ GoodMajor
Advantage closed the sale of 8.3 million Longview Oil Corp. shares at $9.00 each for gross proceeds of $74.7 million, through underwriters led by RBC Capital Markets and FirstEnergy Capital. It still owns about 21.15 million Longview shares, roughly 45.2%. Proceeds first reduce bank debt and are then intended to fund delineation drilling and development of the liquids rich Middle Montney at Glacier, which continues the Phase IV work reported in March.
16 Mar 2012drilling progress report▲ GoodMajor
Advantage reported year-end 2011 reserves (unaudited estimates): the 2011 capital program replaced 220% of production, adding 18.6 mmboe of proven and probable reserves at $8.85/boe. Net asset value is $9.35 per share, down from $15.07 a year earlier, and the release states it includes Longview shares at market value. Glacier reserves rose 10% to 183.7 mmboe, and an updated Sproule assessment raised total petroleum initially in place there to 10.07 Tcf gross. The Phase IV program had drilled 29 wells, and early Middle Montney wells had lower gas rates than expected but more natural gas liquids, which the company says needs more work to assess economics.
6 July 2011debt financing● Neutral
Advantage and its lenders signed a June 17, 2011 amendment to the Fifth Amended and Restated Syndicated Credit Agreement (dated April 14, 2011). It confirms the Borrowing Base Limit at Cdn. $275,000,000, extends the Term Conversion Date by 364 days to June 16, 2012, and changes the pricing margin table (the figures are redacted). Bank of Montreal ceased to be Co-Syndication Agent, leaving National Bank of Canada as sole Syndication Agent. An operating credit agreement was also filed as an exhibit; its terms are not in the text provided.
23 Mar 2011regulatory community update● Neutral
Routine notice from Computershare that the annual general meeting will be held May 25, 2011 in Calgary, with a record date of May 4, 2011 (dates as written in the notice). It carries no other substance.
14 Sept 2010debt financing● Neutral
Advantage filed its credit agreements and amendments with its lenders, led by The Bank of Nova Scotia, as exhibits: the syndicated agreement, the operating agreement and an amendment to each. The visible text is the fourth amended and restated syndicated agreement dated July 29, 2009 (the one that dissolved the old trust structure); the amendment terms, including any change to the facility size, are not in the text provided. The June 2010 review noted earlier is likely what the June 15, 2010 operating amendment relates to (inference).
8 June 2010capital raising announcement▲ GoodMajor
Advantage closed the sale of non-core, natural gas weighted assets in South Eastern Alberta (first referenced in a May 10, 2010 release) for gross cash proceeds of $67 million, subject to customary adjustments. The proceeds reduced bank debt under the credit facility, which may be redrawn for future capital spending and general corporate purposes. This follows the 2009 Package One and Two sales.
30 Mar 2010regulatory community update● Neutral
Routine notice from Computershare that the annual general and special meeting will be held May 26, 2010 in Calgary, with a record date of April 21, 2010. It carries no other substance.
9 Mar 2010drilling result▲ GoodMajor
Advantage reported year-end 2009 reserves (unaudited estimates) from Sproule: proven and probable reserves rose from 173.4 to 232.3 million boe, replacing 698% of 2009 production, mainly from Montney drilling at Glacier, Alberta. Net asset value per share rose 7.4% to $15.07; Glacier reserves rose to 137.4 million boe, and a new 50 mmcfd gas plant is nearing completion with production targeted at 50 mmcfd in the second quarter of 2010. Glacier was first acquired in 2007 with the Sound Energy Trust acquisition.
4 Jan 2010debt financing● NeutralMajor
The debenture offering announced December 10 closed at $86,250,000, including the full $11.25 million over-allotment. The 5.0% debentures convert at $8.60 per share, mature January 30, 2015 (per the closing release), and are listed on the TSX as AAV.DB.H; proceeds go to repay bank debt and general corporate purposes. The filing also attaches the underwriting agreement and the indenture with Computershare Trust Company of Canada.
11 Dec 2009debt financing● NeutralMajor
Advantage announced a bought-deal offering of $75.0 million of 5.0% unsecured subordinated convertible debentures through underwriters led by RBC Capital Markets, with an option for $11.25 million more. They mature January 31, 2015 and convert to shares at $8.60 each; proceeds are to repay bank debt and for general corporate purposes. Conversion could dilute shareholders if holders convert (inference).
14 Aug 2009debt financing● NeutralMajor
After the two asset sales (gross proceeds $252.6 million combined), lenders cut Advantage's credit facility from $710 million to $525 million. Debt is about $300 million, leaving roughly $225 million unused. The facility has a $20 million operating loan and a $505 million extendible revolver, secured by a $1 billion floating charge debenture, with a minimum cash flow to interest ratio of 3.5:1 and the next review expected in June 2010.
28 July 2009capital raising announcement▲ GoodMajor
Advantage closed the sale of its 'Package One' assets for gross proceeds of $176 million (effective April 1, 2009, subject to customary adjustments), the companion to the Package Two sale closed on July 16. Proceeds reduced bank debt, which may be redrawn for future capital spending and general corporate purposes.
17 July 2009capital raising announcement▲ GoodMajor
Advantage closed the sale of its 'Package Two' assets for gross proceeds of $76.6 million (effective April 1, 2009, subject to customary adjustments). The proceeds reduced bank debt under its credit facility, which may be redrawn later for capital spending and general corporate purposes.
