Each one in plain English, with the numbers worked through for a shareholder.
7 Apr 2017debt financing● Neutral
ARC filed a November 23, 2016 amendment to its November 2014 extendible revolving credit facility. The total commitment is reduced from $1,000 million to $950 million, and the maturity date is set at November 6, 2020 (previously November 6, 2019 after a 2015 extension). Société Générale leaves the lender group, and rate definitions are updated so that negative benchmark rates count as zero. The amendment itself states no reason for the smaller commitment; the filing is signed by CFO Van Dafoe.
ARC confirmed a $0.05 per share eligible dividend payable March 15, 2017 to holders of record February 28, 2017 (ex-dividend February 24). Trailing twelve-month payments are $0.60 per share. The board approved on February 8, 2017 the elimination of the dividend reinvestment plan and stock dividend program entirely, effective for the dividend payable April 17, 2017; enrolled holders will automatically receive cash. This goes further than the discount removal announced in November 2016. Stated enterprise value is about $7.8 billion.
ARC confirmed a $0.05 per share eligible dividend payable February 15, 2017 to holders of record January 31, 2017 (ex-dividend January 27). Trailing twelve-month payments fall to $0.65 per share, and the plan discount has now been eliminated as of January 1, 2017. Stated enterprise value is about $8.7 billion.
ARC confirmed a $0.05 per share eligible dividend payable January 16, 2017 to holders of record December 30, 2016 (ex-dividend December 28). Trailing twelve-month payments fall to $0.70 per share. As announced on November 17, the 3% discount on the dividend reinvestment and stock dividend plans is eliminated, applying to this January 16, 2017 payment. Stated enterprise value is about $9.4 billion.
8 Dec 2016asset acquisition disposition● NeutralMajor
ARC closed the sale of its Saskatchewan assets to Spartan Energy Corp. for $700 million cash, subject to customary post-closing adjustments, with an October 1, 2016 effective date. The sale covers about 7,500 boe per day of production and 37,893 Mboe of proved plus probable reserves at year-end 2015. This completes the transaction announced on November 17, 2016. Stated enterprise value is about $9.2 billion.
18 Nov 2016asset acquisition disposition● NeutralMajor
ARC agreed to sell all of its Saskatchewan assets (about 7,500 boe per day of production) to Spartan Energy Corp. for $700 million cash, with closing expected around December 8, 2016 and an effective date of October 1, 2016. ARC says the proceeds will strengthen its balance sheet and give more flexibility to fund capital programs, with focus on its Montney assets; this removes the Weyburn/Midale and other Saskatchewan holdings listed in the company's core areas. ARC also said it will eliminate the 3% discount on the dividend reinvestment and stock dividend plans from January 1, 2017 and review those plans with its 2017 budget, which will be updated in February 2017.
ARC confirmed a $0.05 per share eligible dividend payable November 15, 2016 to holders of record October 31, 2016 (ex-dividend October 27). Trailing twelve-month payments fall to $0.80 per share as older $0.10 payments roll off, and the 3% plan discount is unchanged. Stated enterprise value is about $9.3 billion, up from about $8.5 billion in September.
ARC confirmed a $0.05 per share eligible dividend payable October 17, 2016 to holders of record September 30, 2016 (ex-dividend September 28). Trailing twelve-month payments fall to $0.85 per share as $0.10 payments roll off, and the 3% plan discount is unchanged. Stated enterprise value is about $8.5 billion, down from about $9.4 billion in August.
ARC confirmed a $0.05 per share eligible dividend payable September 15, 2016 to holders of record August 31, 2016 (ex-dividend August 29). Trailing twelve-month payments are now $0.90 per share, reflecting the February cut from $0.10. The 3% plan discount is unchanged and stated enterprise value is about $9.4 billion. The filing is signed by Bevin Wirzba, Senior Vice President, Business Development, rather than David Carey.
ARC's board approved on February 10, 2016 a cut in the monthly dividend to $0.05 per share from $0.10, starting with the dividend payable March 15, 2016 (record February 29, ex-dividend February 25). The company says the cut reduces funding requirements by about $200 million a year, preserves balance sheet strength and better aligns dividends with expected funds from operations at current commodity prices. This ends the unchanged $0.10 rate held through 2014 and 2015; trailing twelve-month payments are still shown as $1.20 per share because the cut has not yet worked through. Stated enterprise value is about $7.4 billion.
ARC confirmed a $0.10 per share eligible dividend payable February 16, 2016 to holders of record January 29, 2016 (ex-dividend January 27). Trailing twelve-month payments remain $1.20 per share with the 3% plan discount unchanged. Stated enterprise value is about $6.3 billion, down from about $6.6 billion in December. This is the last notice at the $0.10 monthly rate.
ARC confirmed a $0.10 per share eligible dividend payable January 15, 2016 to holders of record December 31, 2015 (ex-dividend December 29). Trailing twelve-month payments remain $1.20 per share with the 3% plan discount unchanged. Stated enterprise value is about $6.6 billion, down from about $7.2 billion in November.
ARC confirmed a $0.10 per share eligible dividend payable December 15, 2015 to holders of record November 30, 2015 (ex-dividend November 26). Trailing twelve-month payments remain $1.20 per share with the 3% plan discount unchanged. Stated enterprise value is about $7.2 billion, down from about $8.2 billion in October.
ARC confirmed a $0.10 per share eligible dividend payable November 16, 2015 to holders of record October 30, 2015 (ex-dividend October 28). Trailing twelve-month payments remain $1.20 per share with the 3% plan discount unchanged. Stated enterprise value is about $8.2 billion, up from about $6.8 billion in September.
ARC confirmed a $0.10 per share eligible dividend payable October 15, 2015 to holders of record September 30, 2015 (ex-dividend September 28). Trailing twelve-month payments remain $1.20 per share with the 3% plan discount unchanged. Stated enterprise value is about $6.8 billion, down from about $7.3 billion in August.
ARC confirmed a $0.10 per share eligible dividend payable September 15, 2015 to holders of record August 31, 2015 (ex-dividend August 27). Trailing twelve-month payments remain $1.20 per share, the stock dividend and reinvestment plans stay at a 3% discount, and stated enterprise value is about $7.3 billion, down from about $9 billion in the February 2015 notice.
ARC confirmed a $0.10 per share eligible dividend payable March 16, 2015 to holders of record February 27, 2015 (ex-dividend February 25). Trailing twelve-month payments remain $1.20 per share, with the stock dividend and reinvestment plans at a 3% discount. Stated enterprise value is about $9 billion, up from about $8 billion in the January notice.
30 Jan 2015capital raising announcement● NeutralMajor
The underwriters fully exercised the over-allotment option on ARC's January bought deal, and ARC issued a further 2.329 million shares at $22.55 for about $52 million gross. With the earlier closing, total gross proceeds are about $402 million, which finishes this financing. The release does not restate the use of proceeds for this tranche.
What it means for a shareholder
2.3m new shares at C$22.55 to raise about C$52.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
26 Jan 2015capital raising announcement● NeutralMajor
ARC closed the bought deal announced January 7, issuing about 15.53 million common shares at $22.55 for roughly $350 million gross. Net proceeds are to temporarily reduce bank debt, increase working capital and fund capital programs. Underwriters kept an over-allotment option to January 30 for up to about 2.33 million more shares (about $52 million). This completes the first stage of the offering and adds to the share count.
ARC confirmed a $0.10 per share eligible dividend payable February 17, 2015 to holders of record January 30, 2015 (ex-dividend January 28). Trailing twelve-month payments remain $1.20 per share, with the stock dividend and reinvestment plans at a 3% discount. Stated enterprise value is about $8 billion, down from about $9 billion in the December notice.
8 Jan 2015capital raising announcement● NeutralMajor
ARC announced a bought deal to sell 15.5 million common shares at $22.55 each for about $350 million gross (up to $402.7 million with the over-allotment option), led by RBC Capital Markets and expected to close around January 26, 2015. Proceeds are to temporarily reduce bank debt, increase working capital and fund capital programs. It also cut its 2015 capital budget to $750 million from the previously announced $875 million, citing continued deterioration in commodity prices, while keeping 2015 production guidance at 120,000-125,000 boe/d. This follows the 2012 equity raise; new shares dilute existing holders.
ARC confirmed a $0.10 per share eligible dividend payable January 15, 2015 to holders of record December 31, 2014 (ex-dividend December 29). Trailing twelve-month payments remain $1.20 per share, and the stock dividend and reinvestment plans stay at a 3% discount. Stated enterprise value is about $9 billion, down from about $10 billion in the October notice.
ARC confirmed a $0.10 per share eligible dividend payable November 17, 2014 to holders of record October 31, 2014 (ex-dividend October 29). Trailing twelve-month payments remain $1.20 per share. The release shows the stock dividend and reinvestment plans at the 3% discount (down from 5%, as set in the August notice). Stated enterprise value is about $10 billion, down from about $11 billion in August.
ARC closed a US$150 million private placement of senior unsecured notes with Prudential Capital Group, at a 3.72% fixed coupon, 12-year amortization and ten-year average life. The notes rank equally with the bank facility and other senior notes, and the proceeds pay down the credit facility. Prudential also upsized the Master Shelf Agreement from US$225 million to US$350 million and extended its term three years from September 25, 2014, going beyond the April 2015 issuance period noted earlier. The release states enterprise value of about $10.5 billion and 2014 production guidance of 110,000-114,000 boe/d.
ARC confirmed a $0.10 per share eligible dividend payable September 15, 2014 to holders of record August 29, 2014 (ex-dividend August 27). The rate is unchanged at $1.20 per share over twelve months. The board approved a change on July 30, 2014 cutting the discount on shares issued under both the Stock Dividend Program and the reinvestment plan from 5% to 3%, effective for this September 15 payment. Shareholders already enrolled stay enrolled. This is a less favourable deal for participants than the 5% discount set up in 2013. Stated enterprise value is about $11 billion.
ARC confirmed a $0.10 per share eligible dividend payable August 15, 2014 to holders of record July 31, 2014 (ex-dividend July 29). The rate is unchanged at $1.20 per share over twelve months. The stated enterprise value is about $11 billion, down from about $11.5 billion in June. The 5% discount stock dividend and reinvestment options are restated.
ARC confirmed a $0.10 per share eligible dividend payable July 15, 2014 to holders of record June 30, 2014 (ex-dividend June 26). The rate is unchanged at $1.20 per share over twelve months. The stated enterprise value is about $11.5 billion, up from about $11 billion in May. The 5% discount stock dividend and reinvestment options are restated.
ARC confirmed a $0.10 per share eligible dividend payable June 16, 2014 to holders of record May 30, 2014 (ex-dividend May 28). The rate is unchanged at $1.20 per share over twelve months, and the stated enterprise value is about $11 billion. The 5% discount stock dividend and reinvestment options are restated.
ARC confirmed a $0.10 per share eligible dividend payable May 15, 2014 to holders of record April 30, 2014 (ex-dividend April 28). The rate is unchanged at $1.20 per share over twelve months. The stated enterprise value is about $11 billion, up from about $10 billion in the February notice. The 5% discount stock dividend and reinvestment options are restated.
ARC confirmed a $0.10 per share eligible dividend payable March 17, 2014 to holders of record February 28, 2014 (ex-dividend February 26). The rate is unchanged at $1.20 per share over twelve months, and the stated enterprise value is about $10 billion. The 5% discount stock dividend and reinvestment options are restated.
