24 Oct 2022director interest notice● Neutral
Luke C Brandenberg became a Granite Ridge Resources, Inc. President and CEO and company insider (initial ownership filing).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
24 Oct 2022director interest notice● Neutral
Thaddeus Darden became a Granite Ridge Resources, Inc. director and company insider (initial ownership filing).
24 Oct 2022director interest notice● Neutral
Grep Gp Ii, LLC became a Granite Ridge Resources, Inc. 10%+ owner and company insider (initial ownership filing).
29 Sept 2022business combination● NeutralMajor
The final proxy statement was filed, calling Executive Network Partnering Corporation (ENPC) stockholders to vote on October 20, 2022 on the combination with Grey Rock's GREP Holdings that creates Granite Ridge. GREP's owners would receive 130.0 million new shares valued at $10.00 each and would hold about 75.5% of the votes if no one redeems (99.0% if redemptions are at the maximum). Public holders can redeem for cash at roughly $10.00 a share (trust about $414.5 million at June 30, 2022), and ENPC must liquidate by December 18, 2022 if no deal closes. This finalises the deal described in the earlier drafts, and the board unanimously recommends a vote in favour.
28 Sept 2022securities registration● Neutral
Granite Ridge Resources, Inc. filed the final prospectus for a registered offering.
12 Sept 2022business combination● NeutralMajor
The amendment rolled the numbers to 30 June 2022 -- a trust of about $414.1 million, still around $10.00 a share -- and put a price on the structure: converting the Grey Rock funds into a taxable corporation carries a $25.8 million deferred tax liability and a $25.8 million pro forma tax charge. It also showed the 2021 reserve revisions: proved undeveloped reserves up 1,126 thousand barrels of oil equivalent on higher prices, less 38 thousand taken out where operators dropped locations from their drilling schedules.
11 Aug 2022business combination● NeutralMajor
The amendment added the two things a warrantholder needed. The board's own fairness opinion, obtained expressly so holders would have independent input when deciding whether to redeem. And a warning that Kirkland could not opine that the mergers "will" qualify as a tax-deferred exchange under Section 351, because that turns on who controls the company immediately afterwards. It also noted that redeeming holders keep their warrants -- about $8.8 million of value at the 9 August price, whatever the level of redemptions.
8 July 2022business combination● NeutralMajor
The amendment that put numbers on the deal creating Granite Ridge: the blank-cheque vehicle Executive Network Partnering Corporation would pay 130.0 million new shares for Grey Rock's GREP funds, leaving the existing GREP members with about 75.5% of the voting power if no ENPC holders redeemed - enough to make the listed company a 'controlled company' under NYSE rules from day one. Stephens Inc. gave ENPC's board the fairness opinion, and the company would be run from outside under a management services agreement with Grey Rock that carries its own break fee.
16 May 2022business combination▲ GoodMajor
Blank-check company Executive Network Partnering Corporation filed the registration statement for its planned combination with GREP Holdings, the operating vehicle for Grey Rock Energy Partners' oil and gas fund portfolio - proposing to issue about 183 million shares and 10.35 million warrants of the newly renamed Granite Ridge Resources, Inc.