Each one in plain English, with the numbers worked through for a shareholder.
12 Nov 2013financial restatement▼ BadMajor
On Nov 12, 2013 ION said its Q1 and first-half 2013 cash flow statements should no longer be relied on, because spending on its multi-client seismic data libraries was shown under operating rather than investing activities (e.g., Q1 operating cash flow restated from $34.3M to $49.6M). The company says balance sheets, income statements, cash balances and liquidity are unaffected, but it reported a material weakness in controls over cash flow statements and delayed its Q3 10-Q (expected by Nov 18, 2013). This is a new accounting issue, separate from the 2009 China sales restatement.
ION GEOPHYSICAL CORP shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
ION GEOPHYSICAL CORP announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
13 May 2013security holder rights change● NeutralMajor
ION completed a private sale of $175M of 8.125% Senior Secured Second Priority Notes due May 15, 2018 on May 13, 2013, secured behind the China Merchants Bank credit facility and guaranteed by three US subsidiaries. Proceeds are intended to repay outstanding borrowings under that bank facility and for general purposes, including possible further capital contributions to its GeoRXT B.V. seabed seismic joint venture. ION also agreed to register an exchange offer for the notes.
Wellington Management Company, LLP reported a ION GEOPHYSICAL CORP shareholding of 8,976,135 shares (5.75% of votes) in a periodic institutional filing.
