Past year: ▲ 0%(0.01c – 0.01c USD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Feb 2009bankruptcy or receivership▼ BadMajor
On February 3, 2009 the parent and its subsidiary BPI Energy, Inc. filed voluntary Chapter 11 bankruptcy petitions in the U.S. Bankruptcy Court for the Northern District of Ohio. They continue to run their businesses as debtors in possession. This follows the GasRock forbearance, which ran to January 30, 2009, and the delisting. The filing says nothing about what happens to shareholders' shares.
13 Jan 2009listing compliance notice● NeutralMajor
BPI Energy Holdings, Inc.'s exchange filed to remove a class of its securities from listing.
2 Dec 2008listing compliance notice▼ BadMajor
The company chose not to appeal the NYSE Alternext delisting decision, and suspension of trading of its common stock became final on November 28, 2008. This resolves the delisting threat announced November 18, and the shares no longer trade on that exchange.
18 Nov 2008listing compliance notice▼ BadMajor
On November 17, 2008 NYSE Alternext US (formerly the American Stock Exchange) said it intends to delist the company's common stock. It cited substantial losses and an impaired financial condition, the company's October 30, 2008 press release saying it is insolvent, and the stock being, in the exchange's view, without value at its current price, along with the company's failure to file its annual report for the year ended July 31, 2008 on time. The company is weighing an appeal and a hearing, with a November 24, 2008 deadline, and warns that continued listing may not be granted. This escalates the earlier 2007 listing warning.
26 Sept 2008material agreement▼ BadMajor
On September 23, 2008 GasRock agreed to hold off enforcing what it claims are four covenant breaches under the credit agreement, plus possible further breaches, until January 30, 2009 (March 31, 2009 if no new breaches occur and a repayment agreement acceptable to GasRock is signed beforehand). In return, GasRock got a security interest in the June 18, 2008 Western Fuels of Illinois leases and a $200,000 fee added to the debt, and any proceeds from the company's litigation with Drummond Coal affiliates must go to the debt after legal fees. About $12.4 million is outstanding, all due January 30, 2009, and the cash part of interest is cut to 4% until then, with the rest added to principal. This continues the GasRock loan and shows the company was in breach of its terms, including a requirement to keep current assets above current liabilities.
4 Dec 2007debt financing● NeutralMajor
On November 29, 2007 the GasRock credit agreement was amended. The borrowing window and the due date for amounts owed moved from July 25, 2008 to January 30, 2009, GasRock's optional extension date moved from July 29, 2011 to January 30, 2013, and the initial commitment rose from $10.2 million to $10.7 million. The filing says only the $9.1 million drawn in July 2007 had been received from the initial commitment.
9 Oct 2007listing compliance notice▼ Bad
On October 3, 2007 the American Stock Exchange sent a warning letter because the company's audit committee had only two independent directors, one short of the required three, after William J. Centa resigned from the board on September 13, 2007. The company has until January 3, 2008 to appoint a third and says it has begun searching. This is a warning, not a delisting.
2 Aug 2007debt financing● NeutralMajor
On July 27, 2007 the operating subsidiary BPI Energy signed a credit agreement with GasRock Capital LLC: an initial $10.2 million commitment, plus up to $64.8 million more that GasRock may lend at its own discretion. It drew $9.1 million (about $8.8 million net of GasRock's fees and expenses). Interest is the greater of 15% or LIBOR plus 9% for the first year, with the principal due July 25, 2008 unless GasRock extends it. The loan is secured by substantially all of the subsidiary's assets, including its Southern Illinois Basin wells and CBM rights, and is guaranteed by the parent. GasRock also received a 1% royalty on CBM from existing leased and owned properties and an extra 4% royalty on existing Southern Illinois Basin wells. The company must also hedge: a 23-month collar with BP Corporation North America on 460,000 mmbtu, with a $7.00 floor and $11.00 cap per mmbtu. This is the company's first debt facility in this history.
27 June 2006material agreement termination● NeutralMajor
On June 23, 2006 the company's subsidiary signed the formal settlement with Colt LLC, AFC, American Premier Underwriters and Central States, finalising the June 13 memorandum. It paid Colt $3,000,000, acknowledged the April 3, 2001 lease had lapsed, received a quitclaim deed, and bought the coalbed methane estate on about 10,000 of the 43,000 acres, which includes all currently producing wells and proved reserves at the project. Colt may buy any wells on that land at fair market value and must plug them; the old lease and its royalty obligations are terminated.
15 June 2006material agreement● NeutralMajor
On June 13, 2006 the company reached a settlement memorandum of understanding with Colt LLC, AFC Coal Properties, American Premier Underwriters and Central States Coal Reserves of Illinois, ending the lawsuit it filed March 15, 2006 over the Southern Illinois Basin Project. It will pay Colt $3,000,000, give up its interest in the lease, and take ownership of the coalbed methane estate on about 10,000 of the 43,000 acres, including all currently producing wells and proved reserves there, and no longer owe the lease royalties (15% of gross sales, minimum $42,000 a month). A formal agreement was expected within 30 days. The filing also notes a press release on third-quarter results (quarter ended April 30, 2006), with no figures given in the text.
28 Apr 2006material agreement▲ GoodMajor
On April 26, 2006 the company signed two 20-year coalbed methane leases in Illinois: about 100,000 acres with IEC (Montgomery), LLC (royalty 6.25% until May 1, 2011, then 6.25% to 12.5% depending on price) and about 12,000 acres with Christian Coal Holdings, LLC (12.5% royalty). This adds to its Illinois Basin acreage position.
10 Feb 2006security holder rights change● NeutralMajor
At a February 9, 2006 special meeting, shareholders approved changing the company's name to BPI Energy Holdings, Inc., doubling authorised common shares from 100 million to 200 million, lowering the meeting quorum to 33 1/3% of shares, and allowing shareholder meetings outside British Columbia. This completes the name change flagged in December 2005. The larger share authorisation lets the company issue more shares in future, which could dilute existing holders (an inference; the filing does not state any plan to issue).
15 Dec 2005material agreement● Neutral
The company adopted a 2005 Omnibus Stock Plan, which took effect December 13, 2005 once shareholders approved it and the stock was delisted from the TSX Venture Exchange. It allows stock options, restricted stock and other awards for employees and directors, with a cap of 5,000,000 shares in total, which could dilute existing shareholders if awards are granted. The filing also confirms the Amex trading start (symbol BPG) and the TSX Venture delisting on December 13, 2005.
13 Dec 2005material agreement● Neutral
The company said it would begin doing business as BPI Energy (instead of BPI Industries) immediately, as part of a corporate identity initiative. A shareholder vote on the formal name change is expected at a special meeting in the near future. The filing is labelled as a material agreement, but the text describes only a press release about the name; no agreement is described.
12 Dec 2005listing compliance notice▲ GoodMajor
the American Stock Exchange certified BPI Energy Holdings, Inc.'s securities for listing, clearing them to begin trading.
12 Dec 2005listing compliance notice▲ GoodMajor
BPI announced its common stock would start trading on the American Stock Exchange (Amex) on December 13, 2005 under the ticker BPG, quoted in U.S. dollars. The TSX Venture Exchange accepted its application to delist, effective at the close of business December 13. This completes the Amex listing cleared on December 12 and moves the shares' trading from the TSX Venture Exchange to the Amex.
