6 Feb 2020listing compliance notice▼ BadMajor
ENCANA CORP terminated the registration of a class of securities, ending its reporting obligation for them.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 Jan 2020listing compliance notice● NeutralMajor
ENCANA CORP's exchange filed to remove a class of its securities from listing.
11 Dec 2019business combination● NeutralMajor
Encana filed its final proxy statement/prospectus (dated Dec 11, 2019, mailed from about Dec 16) for the Ovintiv move announced Oct 31, 2019. A special meeting is set for January 14, 2020 in Calgary, where shareholders and incentive awardholders vote on the plan: 1-for-5 share consolidation, one-for-one exchange into Ovintiv, then a move to Delaware. Holders would get one Ovintiv share (par US$0.01) per five Encana shares, with the same business, assets, liabilities, directors and officers. The board unanimously recommends a FOR vote, saying it believes the company's valuation is disconnected from U.S. peers and that U.S. status could open deeper pools of U.S. investment capital. The filing says the reorganization may be taxable for some holders depending on their circumstances, and still needs court approval. This continues the Ovintiv thread.
5 Nov 2019material agreement● NeutralMajor
Encana signed an agreement to move its home base to the U.S. A new parent, Ovintiv Inc., would acquire all Encana shares one-for-one after a 1-for-5 share consolidation, so holders would get one Ovintiv share for every five Encana shares. Ovintiv would then become a Delaware corporation, with the same business, assets, liabilities, directors and officers. It needs two-thirds shareholder approval plus court and stock exchange approvals. This is a new thread.
10 June 2019business combination▲ GoodMajor
Encana announced it plans to launch a substantial issuer bid in July 2019 to buy back up to $213 million of its shares, completing the $1.25 billion 2019 buyback announced after the Newfield deal. It has already spent $1.037 billion buying about 149.4 million shares at an average $6.94 since March. The release also says Encana agreed with CNOOC to end its China production sharing contract, expected July 31, 2019, and that it retired its $500 million 6.50% notes due May 2019 using commercial paper. This filing is a preliminary notice; the offer had not started.
7 May 2019debt financing● Neutral
Encana amended its existing revolving credit agreement with Royal Bank of Canada as agent, changing how the pricing margin is calculated, adding certain rating agencies and updating LIBOR-replacement provisions. The facility's size and maturity were not changed.
1 Mar 2019security holder rights change● Neutral
After the Newfield merger, Encana and Newfield now guarantee each other's bonds. Encana guarantees Newfield's $750 million 2022, $1 billion 2024 and $700 million 2026 notes, and Newfield guarantees Encana's nine series of notes, including $500 million due May 2019. Newfield also guarantees Encana's bank credit agreement, under which nothing was drawn.
28 Feb 2019business combination● Neutral
Encana filed Newfield's audited 2018 financial statements, pro forma combined financials and reserves information for the Newfield merger that closed February 13, 2019. This is paperwork for the completed deal; the visible text states no new terms. Newfield's statements show 2018 revenue of $2,643 million and net income of $817 million.
20 Feb 2019asset acquisition disposition▲ GoodMajor
Encana completed its all-stock acquisition of Newfield on February 13, 2019, resolving the pending merger from October 2018. It issued about 543.4 million new Encana shares and paid about $5.2 million in cash for certain Newfield share units; Newfield is now an indirect wholly-owned subsidiary. Steven W. Nance and Thomas G. Ricks, both from Newfield's side under the merger agreement, joined Encana's board. The press release says Encana will proceed with its previously announced $1.25 billion share buyback in 2019.
4 Dec 2018business combination● NeutralMajor
Encana filed its registration statement (Form S-4) to issue up to 547,430,751 common shares for the Newfield merger, continuing the deal announced October 31, 2018. The draft says Encana shareholders must vote to approve the share issuance, and that after closing existing Encana holders would own about 63.5% and former Newfield holders about 36.5% of the shares. Meeting dates were still blank and the document was preliminary.
2 Nov 2018business combination● NeutralMajor
On October 31, 2018, Encana agreed to buy Newfield Exploration in an all-stock deal: each Newfield share converts into 2.6719 Encana common shares. Two Newfield directors would join Encana's board after closing. Closing needs approval from both companies' shareholders, U.S. antitrust clearance, an effective registration statement and stock exchange listing, and either side can walk away after June 30, 2019. Termination fees are $300 million payable by Encana and $150 million payable by Newfield in specified cases, and $50 million for expenses in others.
29 Mar 2018debt financing● Neutral
Encana amended its main bank credit facility on March 28, 2018, cutting it from US$3.0 billion to US$2.5 billion and extending the maturity from July 16, 2020 to July 15, 2022; Royal Bank of Canada is agent. Its U.S. subsidiary Alenco Inc. also amended its separate US$1.5 billion facility (size unchanged), extending maturity to July 15, 2022, lowering the applicable margins, and appointing JPMorgan Chase Bank as successor agent in place of Citibank.
29 Oct 2009listing compliance notice▲ GoodMajor
the New York Stock Exchange certified ENCANA CORP's securities for listing, clearing them to begin trading.
25 Apr 2008listing compliance notice▼ Bad
ENCANA CORP withdrew a registration statement, abandoning the offering it covered.
5 Oct 2004listing compliance notice▼ BadMajor
ENCANA CORP's securities were notified for removal from listing and registration on its exchange.