Past year: ▼ 14%(5.00c – 40.0c USD)
Each one in plain English, with the numbers worked through for a shareholder.
22 Oct 2015capital raising announcement● Neutral
On Oct 22, 2015 the company agreed with one holder to swap about $3M of its 2.00% convertible notes due 2019 for common stock, expected to be about 880,000 shares, priced at a 15% discount to a 15-day average share price, with accrued interest paid in cash. About $148.5M of the notes will remain outstanding. Debt falls by $3M, but existing shareholders are diluted, and the final share count depends on the price.
24 Mar 2014capital raising announcement● NeutralMajor
On March 18, 2014 the company agreed to sell $140M of 2.00% convertible senior notes due 2019 to initial purchasers (Credit Suisse, Barclays); the $32.5M over-allotment was exercised in full on March 20, so $172.5M closed on March 24. Net proceeds are about $166.8M, expected to repay all borrowings under the Wells Fargo revolving credit facility and fund drilling, development and possible acquisitions. Notes are convertible at about $8.78 per share (113.9601 shares per $1,000), mature April 1, 2019, and the company cannot redeem them early; the Wells Fargo credit agreement was amended to allow the notes. This is the company's first debt of this kind in this record and could dilute shareholders if converted. The filing implies borrowings were outstanding on the revolver, which the Sept 2013 context said was undrawn (inference: drawn to fund acquisitions).
17 Oct 2013capital raising announcement● NeutralMajor
On Oct 17, 2013 the company closed the private sale to White Deer entities announced Sept 23, issuing 5,092,852 common shares for about $32.5M, and signed Amendment No. 2 to the Feb 19, 2013 registration rights agreement. The share count is higher than the roughly 4,645,102 shares described on Sept 23, which the earlier filing said was subject to adjustment (the filing does not explain the increase). The money, with the recent public offering proceeds, is for growth, leasing, acquisitions and capital spending. These are new shares, so existing holders are diluted.
23 Sept 2013capital raising announcement● NeutralMajor
On Sept 23, 2013 the company agreed to sell about 4,645,102 new common shares to White Deer entities (WDE Emerald Holdings LLC and White Deer Energy FI L.P.) at the public offering price less underwriting discounts, closing within 15 business days after a concurrent public offering; the deal can end if not closed by Oct 31, 2013. Press releases the same day announced 33,851 newly leased net operated Williston Basin acres for about $24.7M cash, a third rig in 2014, a preliminary 2014 drilling budget of about $182.0M for 18.2 net wells, 2014 production guidance of 3,300 BOE/d (versus 1,590 BOE/d for 2013), and a 15,000,000-share public offering. The leasing follows the Sept 2013 sale of non-operated assets, and the new shares dilute existing holders. The release also says President Mike Krzus will retire at year-end.
4 June 2013capital raising announcement● NeutralMajor
On June 4, 2013 the company closed the private sale to White Deer entities announced in May: 2,785,600 common shares for about $16.2M after about $0.2M of placement fees. An amendment to the February 19, 2013 registration rights agreement was signed at the same time. The share count is higher than the roughly 2,029,400 shares described in May. Proceeds go toward the 2013 capital budget, and the shares are new, so existing holders are diluted.
15 May 2013capital raising announcement● NeutralMajor
On May 13, 2013 the company agreed to sell about 2,029,400 common shares to White Deer at the public offering price less 80% of the underwriting discount, closing within ten business days after a concurrent public offering of common stock (10,000,000 shares announced, with an option for more). In the same filing it announced a second drilling rig starting in June 2013, raising its 2013 drilling budget from $90.1M to $127.6M and total 2013 capital spending to $148M from $100M, with 12.0 net operated wells targeted (from 8.2) and production guidance raised to 1,800 BOEPD on average. The offering will fund this budget. The press release also names McAndrew Rudisill as CEO, which differs from the earlier context listing Mike Krzus as CEO. More shares will be issued to fund the larger spending plan, diluting existing holders.
6 Feb 2013capital raising announcement● NeutralMajor
On Feb 1, 2013 the company agreed to take $50M from White Deer entities (WDE Emerald Holdings and White Deer Energy FI) in return for 500,000 Series A perpetual preferred shares (10% cumulative dividend), 5,114,633 Series B voting preferred shares, and warrants for 5,114,633 common shares at $5.77. The warrants equal about 19.99% of common shares outstanding at Feb 1. Series A holders rank ahead of common shareholders in a liquidation, can force a buyback on a change of control, and have approval rights over common dividends, buybacks and certain debt. White Deer gets one board seat (Thomas Edelman), and the board grows from seven to eight. Closing is scheduled for Feb 19, 2013, conditional on consent under the Nov 20, 2012 Wells Fargo credit agreement. The filing text was truncated, so remaining terms are not seen. Common shareholders would be diluted and subordinated if it closes.
10 Jan 2013capital raising announcement● Neutral
On Jan 9, 2013 the company bought oil and gas leases in McKenzie County, North Dakota from an unnamed third party for about $4.7M, paying in 851,315 new common shares valued at $5.50 each. This adds a small amount of dilution and more Williston acreage, paid for in stock rather than cash.
What it means for a shareholder
851,315 new shares at $5.50 to raise about $4.7m. That's 3.3% dilution: every existing holder's slice gets 3.3% smaller. If you held $1,000 of shares (182 at the issue price), your slice goes from 0.000735% to 0.000711% of the company. To keep it you'd need 6 more shares - about $33 at the issue price.
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7 Feb 2011capital raising announcement● NeutralMajor
Voyager sold 12,500,000 units at $4.00 each in a private placement that closed Feb 4, 2011, raising about $46.5 million net. Each unit has one share and a half-warrant, so up to 6,250,000 more shares at $7.10 each over five years, which means more shares outstanding for existing holders. Voyager must file a resale registration statement within 30 days of closing or face liquidated damages of 1% of the investment per month. This is the equity raise; in September 2010 the CEO had said the company preferred debt to issuing equity at the then share price.
