Each one in plain English, with the numbers worked through for a shareholder.
2 Nov 2010dividend declaration● NeutralMajor
ARC's board approved converting the Trust into a dividend-paying corporation, also named ARC Resources Ltd., with a unitholder vote on December 15, 2010 and expected completion January 1, 2011. Each trust unit becomes one common share, and the company intends a $0.10 monthly dividend, the same as the current distribution. ARC says it has about $2.4 billion of tax pools and expects no material income tax until 2014. Conversion is still subject to securityholder, court and regulatory approvals.
ARC closed the Storm Exploration acquisition on August 17, 2010, in a deal valued at about $645 million at $19.53 per ARC unit. ARC issued 23,524,456 trust units and 1,744,038 exchangeable shares (exchangeable for 4,927,797 units) and assumed about $89 million of debt. ARC now expects 2010 production of 72,500 to 74,500 boe/d; the new exchangeable shares may not meet TSX listing minimums. This completes the deal announced earlier in August and adds units, which dilutes existing holders (inference).
Storm shareholders approved the ARC arrangement (100% of the 44.2% of shares voted in favour) and the Alberta court approved it; closing is expected August 17, 2010. The Storm Resources spin-off value was set at $3.28 per share, which sets the warrant exercise price. This moves the Storm deal closer to completion.
ARC and Storm Exploration announced Competition Act approval for their plan of arrangement, under which ARC would acquire Storm. For each Storm share, holders get either 0.5700 of an ARC unit or 0.201733 ARC exchangeable shares, plus 0.3333 of a Storm Resources (ExploreCo) share, about 0.1333 of a warrant, and $1.00 cash, assuming closing on August 17, 2010. Closing still needs Storm shareholder and court approval. This is a new acquisition, not previously in the context.
27 May 2010capital raising announcement▲ GoodMajor
ARC had the security on its bank facilities and senior notes released, so they are now unsecured, and closed a US$150 million private placement of senior unsecured notes at 5.36% with five equal repayments starting 2018. Proceeds repay part of its bank debt, to diversify its credit sources. This follows the April 2009 secured notes, which are now unsecured.
A routine notice from the transfer agent that ARC Energy Trust will hold its annual general meeting in Calgary on May 18, 2010, with a record date of April 9, 2010 (date written 09/04/2010). No other substance.
This filing only attaches exhibits: a Dec 14 and Dec 15, 2009 news release, a certificate of amalgamation and articles of amalgamation for ARC Resources Ltd. The Dec 14 release announced the $180 million cash purchase of a partnership holding Ante Creek and other northern Alberta assets (about 2,000 boe/d, 12.6 million boe proved plus probable reserves), financed by a bought deal of 10.31 million units at $19.40; it raised the 2010 capital budget from $575 million to $610 million. This continues the Ante Creek acquisition and financing already recorded (closed Dec 21, 2009 and Jan 5, 2010). The amalgamation documents' contents are not shown in the excerpt.
5 Jan 2010capital raising announcement● NeutralMajor
ARC closed a bought-deal offering of 13 million trust units at $19.40 for about $252 million gross. A portion repays $180 million of bank debt incurred for the Ante Creek and other Northern Alberta asset purchase completed December 21, 2009; the rest initially repays other bank debt to free up borrowing capacity for the capital program.
ARC closed a private placement of senior secured notes of about US$125 million in three tranches: US$67.5 million at 7.19%, US$35 million at 8.21%, and Cdn$29 million at 6.5%. Proceeds repay part of its bank debt to diversify its credit sources. It also extended its Prudential Capital Group agreement to April 2012, allowing draws up to US$225 million, with US$87 million currently drawn.
6 Feb 2009capital raising announcement● NeutralMajor
ARC closed a bought-deal offering of 15,474,400 trust units (including 2,018,400 from the over-allotment option) at $16.35, for about $253 million gross and about $240 million net. The net proceeds will partly fund the 2009 capital program.
23 Dec 2005capital raising announcement● NeutralMajor
ARC closed the bought-deal offering of 9,000,000 trust units at $26.65 for $240 million gross. Proceeds repay bank debt, including debt used for the acquisition announced December 8, 2005 and closed December 16, 2005. This completes the financing of the acquisition announced earlier in the month.
8 Dec 2005capital raising announcement● NeutralMajor
ARC announced a 2006 budget with a record $340 million capital program (up $70 million from 2005) targeting about 61,000 boe/d. It also announced a major long-life oil acquisition (Redwater and North Pembina Cardium Unit properties, expected to close mid-December 2005) with a bought-deal financing; the excerpt shown does not give the acquisition's price or the financing terms.
18 Nov 2003capital raising announcement● NeutralMajor
ARC Energy Trust closed a bought-deal offering of 11,000,000 trust units at $13.40, plus 3,500,000 more units from the underwriters' option, for gross proceeds of $194.3 million. The money first repays bank debt, then funds part of about $50 million of capital spending for the rest of 2003 and part of the 2004 program. This adds units for existing holders (dilution is an inference). It also confirms a $0.15 per unit distribution payable December 15, 2003.
9 June 2003capital raising announcement● NeutralMajor
ARC Energy Trust's filing covers a secondary offering of 16,891,891 trust units at $11.95 (about $201.9 million) by United ARC L.P., which got the units on May 30, 2003 by converting $200 million of the $320 million special debenture issued for the Star Oil & Gas acquisition. The Trust receives no proceeds from the sale but its debt is reduced by the conversion; a further roughly $120 million of debentures was offered separately. Also included: the exchangeable share ratio rises from 1.37557 to 1.39255 effective June 16, 2003.
