2 Dec 2009director interest notice● Neutral
ION GEOPHYSICAL CORP director James M Lapeyre Jr. received 12,000 shares as part of the equity award.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 Dec 2009director interest notice● Neutral
ION GEOPHYSICAL CORP director John N Seitz received 12,000 shares as part of the equity award.
2 Dec 2009director interest notice● Neutral
ION GEOPHYSICAL CORP director Bruce S Appelbaum received 12,000 shares as part of the equity award.
2 Dec 2009director interest notice● Neutral
ION GEOPHYSICAL CORP director G Thomas Marsh received 12,000 shares as part of the equity award.
2 Dec 2009director interest notice● Neutral
ION GEOPHYSICAL CORP director S James Nelson received 12,000 shares as part of the equity award.
2 Dec 2009director interest notice● Neutral
ION GEOPHYSICAL CORP SVP-Commercial Development Chris Friedemann received 10,000 shares and a 15,000-share option grant as part of the equity award.
2 Dec 2009director interest notice● Neutral
ION GEOPHYSICAL CORP director Nicholas G Vlahakis received 12,000 shares as part of the equity award.
2 Dec 2009director interest notice● Neutral
ION GEOPHYSICAL CORP Chief Exec Officer Robert P Peebler received 10,000 shares as part of the equity award.
2 Dec 2009director interest notice● Neutral
ION GEOPHYSICAL CORP Exec. VP & CFO R Brian Hanson received 75,000 shares as part of the equity award.
2 Dec 2009director interest notice● Neutral
ION GEOPHYSICAL CORP director Theodore H Elliott Jr. received 12,000 shares as part of the equity award.
24 Nov 2009director interest notice● Neutral
ION GEOPHYSICAL CORP Exec. VP & CFO R Brian Hanson sold 25,524 shares at $6.00.
20 Nov 2009director interest notice● Neutral
ION GEOPHYSICAL CORP director Theodore H Elliott Jr. sold 18,452 shares at $5.70.
4 Nov 2009financial restatement▼ BadMajor
ION said its unaudited second-quarter 2009 results can no longer be relied on and will be restated. It had booked revenue on a FireFly land seismic system sale in China that should not have been recognized, because a sales employee did not forward all the documentation. This lowers Q2 revenue by about $11.3 million and widens the Q2 operating loss from about $0.2 million to $7.5 million. About $3.3 million of extra stock compensation expense for 2006-2008 is also included. The problem surfaced during due diligence for the BGP deal; the customer has accepted the system and payment is expected in Q4 2009. A 10-Q/A is expected by November 9, 2009, and Ernst & Young has not audited the adjustments.
27 Oct 2009capital raising announcement● NeutralMajor
On October 23, 2009 ION signed a binding term sheet with BGP (a China National Petroleum Corporation subsidiary and long-time customer) for a joint venture in ION's land-based seismic equipment business. BGP would pay $108.5 million cash for 51% of the JV, buy shares at $2.80 to reach 19.99% held with any shares from the bridge loan and warrant, and arrange a new $100.0 million credit line and a refinancing of the term loan (about $106.3 million outstanding at Sept 30, 2009). Alongside, the sixth credit amendment raised the revolver from $100.0 million to $140.0 million, added Bank of China as a lender, and relaxed or waived some covenants. ION drew a $40.0 million convertible bridge loan from Bank of China on Oct 27, 2009 and issued BGP a warrant. Closing is subject to US and Chinese approvals including CFIUS review, with an outside date of March 31, 2010 and a $5.0 million break-up fee for either side. This follows the mid-2009 financing scramble (Jefferies bridge repaid, share placement, ICON loan) and is a new strategic partner. Existing holders face dilution (inference).
2 Sept 2009director interest notice● Neutral
ION GEOPHYSICAL CORP VP & Corp Controller Michael L Morrison had 441 shares withheld for taxes on vesting stock.
2 Sept 2009director interest notice● Neutral
ION GEOPHYSICAL CORP President & COO Jim Hollis had 1,323 shares withheld for taxes on vesting stock.
2 Sept 2009director interest notice● Neutral
ION GEOPHYSICAL CORP EVP-Global Bus Dev Tengbeng Koid had 882 shares withheld for taxes on vesting stock.
1 July 2009securities registration● Neutral
ION GEOPHYSICAL CORP amended a filing by which it filed notice of an exempt private placement.
1 July 2009debt financing● NeutralMajor
ION's ARAM subsidiaries took a $20.0 million secured equipment loan from ICON ION, LLC ($12.5 million advanced June 29, 2009, up to $7.5 million more due July 17), secured by ARAM seismic rental equipment and guaranteed by ION. It carries a fixed 15% interest rate, matures July 31, 2014, and is for working capital and general corporate purposes. This is the optional equipment financing the credit amendment had allowed.
23 June 2009securities registration● Neutral
ION GEOPHYSICAL CORP filed the final prospectus for a registered offering.
15 June 2009material agreement termination▲ GoodMajor
On June 9, 2009 ION repaid the full $40.8 million Jefferies Bridge Loan (due January 31, 2010), using about $3.0 million of cash and about $38.0 million from the share sale. This closes out the bridge debt from the 2008 ARAM acquisition financing.
12 June 2009securities registration● Neutral
ION GEOPHYSICAL CORP filed notice of an exempt private placement.
11 June 2009securities registration● Neutral
ION GEOPHYSICAL CORP registered a securities offering with the SEC using its shelf eligibility.
5 June 2009capital raising announcement● Neutral
ION announced it closed the private placement of 18,500,000 shares at $2.20 (about $40.7 million gross) on June 4, 2009. The press release also includes its estimated ranges for 2009 results, but the figures are not in the filing text.
What it means for a shareholder
18.5m new shares at $2.20 to raise about $40.7m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
2 June 2009capital raising announcement▼ BadMajor
ION agreed to sell 18,500,000 new shares at $2.20 each (about $40.7 million gross, about $38.0 million net) to seven investors, versus a $3.04 closing price that day, to repay the Jefferies bridge loan along with about $3.0 million of cash. It also amended its bank credit agreement (fifth amendment) with looser financial covenants and higher interest margins if leverage exceeds 2.25 to 1.0. The filing says management expected it would probably breach covenants by September 30, 2009 without action. Existing shareholders face dilution from the new shares (inference).
27 May 2009director interest notice● Neutral
ION GEOPHYSICAL CORP Exec. VP & CFO R Brian Hanson had 6,613 shares withheld for taxes on vesting stock.
12 May 2009director interest notice● Neutral
ION GEOPHYSICAL CORP President & COO Jim Hollis had 441 shares withheld for taxes on vesting stock.
24 Apr 2009business combination● Neutral
ION filed its definitive proxy statement (April 23, 2009) containing the same employee option-exchange proposal for the May 27, 2009 annual meeting. The program still has not started and needs stockholder approval. The filing itself adds no new terms.
9 Apr 2009business combination● Neutral
ION filed its preliminary proxy statement and flagged a proposal, to be voted on at the May 27, 2009 annual meeting, letting employees (not the CEO or directors) swap high-priced stock options for shares of common stock. The exchange has not started and cannot be completed without stockholder approval. This is a preliminary notice, not an offer.
12 Mar 2009director interest notice● Neutral
ION GEOPHYSICAL CORP director Theodore H Elliott Jr. bought 15,000 shares on the open market at $1.32.