Past year: ▲ 38%(1.56 – 5.94 USD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Oct 2005capital raising announcement● NeutralMajor
On October 12, 2005, 2,519,664 preferred shares were converted into the same number of common shares, with directors and related holders among the converters (e.g. Hurtt trust 375,000, Todres 200,000, Barrett-related holders). Sovereign Bank also waived certain note terms, including the restriction on a 25%+ ownership change and the restriction on paying dividends.
7 Oct 2005material agreement▲ GoodMajor
The company signed an underwriting agreement with Oppenheimer & Co. and Sanders Morris Harris for 5,500,000 new common shares at $7.50 each, with an option for the underwriters to buy 825,000 more. This is the offering that the director warrant purchases depend on; gross proceeds at that price would be $41.25 million before fees (arithmetic from the filing's figures).
6 Oct 2005debt financing● NeutralMajor
The company agreed to buy back 3,516,645 outstanding warrants from its six directors (including CEO Whitener), but only if its 5,500,000-share public offering (registration declared effective October 5, 2005) completes. The price is the offering price less each warrant's exercise price ($0.30, $0.16 or $0.18), less a share of the 6.5% underwriting discount. It also signed indemnification agreements with CFO Kenneth Uselton and Vice President Daniel Winn.
30 Sept 2005debt financing● Neutral
The company took another General Electric Capital note of $286,235 at 7.25% over 36 months, with monthly principal payments of $7,971.79, to buy a further vibration vehicle. This adds to the two similar GE Capital notes of the prior weeks.
23 Sept 2005material agreement● Neutral
This amendment only corrects a typo in the September 20 filing: the Sovereign Bank credit line (up to $3,500,000) runs until September 16, 2006, not 2005. The loan and GE Capital note terms are otherwise repeated unchanged.
20 Sept 2005debt financing● Neutral
The company amended its Sovereign Bank note to allow borrowing up to $3,500,000 at prime plus 1.0%, secured by accounts receivable, with covenants including minimum liquidity of $500,000. It also took two General Electric Capital notes of $286,235 each at 7.25% over 36 months for two vibration vehicles. The filing's revolving end date reads September 16, 2005, which the next filing corrects.
31 Aug 2005debt financing● Neutral
The company signed a two-year employment contract (Aug 1, 2005 to July 31, 2007) with CEO Wayne Whitener at $175,000 a year plus a bonus of up to $175,000. It also replaced directors' indemnification agreements and leased an extra 10,000 sq ft of warehouse/office space plus 10,000 sq ft of outdoor storage in Plano for 38 months at $4,816 a month, after two abated months.
3 Aug 2005capital raising announcement● Neutral
On July 29, 2005 the company issued 103,000 new common shares (100,000 to Sidney Todres, 3,000 to an IRA account) when holders converted the same number of 8-1/2% Senior Convertible Preferred shares. This slightly increases common shares outstanding and reduces preferred shares.
6 June 2005material agreement● NeutralMajor
The company (filing under the name TGC Industries, Inc.) borrowed to buy a new ARAM ARIES recording system: it paid $594,044.65 down and financed the $3,366,253 balance over 36 months at a fixed 7.25% simple interest. The loan is secured by the new equipment, a recording truck and two semi-trailers; it follows an October 22, 2004 loan of $2,386,649 from the same lender at 6.85%.
15 Apr 2005listing compliance notice▲ GoodMajor
the American Stock Exchange certified DAWSON GEOPHYSICAL CO's securities for listing, clearing them to begin trading.
